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Journal Article
Managing the public's cash
Journal Article
After three rounds: 2-1
Working Paper
Housing prices and the (in)stability of mortgage prepayment models: evidence from California
Most empirical models of mortgage terminations emphasize refinancing incentives related to interest rate movements. We consider three sources of risk that lead to observed mortgage payment terminations: interest-rate related refinancing, default, and moving. We estimate models that identify the relative importance or regional risk factors leading to termination, using data on mortgage and housing market activity in fifteen California counties from 1992 through 1996. As expected, we find that the time-series dynamics of interest rates and house prices are important determinants of the ...
Journal Article
As the dust settles
Journal Article
Effects of welfare reform on Western States
Journal Article
Tech stocks and house prices in California
Journal Article
California banks playing catch-up
Journal Article
Water policy in California and Israel
Water policies throughout the world often avoid market-determined allocations. In this article, we focus on case studies of Israel and California. Despite major cultural and political differences, it is found that water is heavilty controlled through similar administrative mechanisms in both areas. Moreover, in both cases, these controls have led to inefficient allocation schemes favoring agriculture at the expense of other uses. This article examines the institutional factors that have led to such controls, and argues that adopting a new regulatory framework similar to that used to ...