NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Andrew Haughwout

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

Working Papers and Chapters

August 2012The Supply Side of the Housing Boom and Bust of the 2000s
with Richard W. Peach, John Sporn, Joseph Tracy
in Housing and the Financial Crisis, Edward L. Glaeser and Todd Sinai, editors
This chapter focuses on supply side developments in the housing market. It addresses four key issues. First, how much excess housing production occurred during the boom phase of the cycle and how far along is the correction? Second, it considers trends in the characteristics of new single-family homes built prior to, during, and after the construction boom to assess what effect, if any, the boom may have had on those trends. The third question is how the home-building industry changed as prices boomed during the 2000s. Finally, it addresses the question of whether these large developers reaped excess profits from the boom, or whether excess demand simply drove up land values in specific markets, enriching landowners.
May 2003Local Revenue Hills: Evidence from Four U.S. Cities
with Robert P. Inman, Steven Craig, Thomas Luce: w9686
We provide estimates of the impact and long-run elasticities of tax base with respect to tax rates for four large U.S. cities: Houston (property taxation), Minneapolis (property taxation), New York City (property, general sales, and income taxation), and Philadelphia (property, gross receipts, and wage taxation). Results suggest that three of our cities are near the peaks of their revenue hills; Minneapolis is the exception. A significant negative effect of a balanced budget increase in city property tax rates on city property tax base is interpreted as a capitalization effect and suggests that marginal increases in tax-financed city spending do not provide positive net benefits to property owners. Estimates of the effects of taxes on city employment levels for New York City and Philadelph...
August 2000Fiscal Policies in Open Cities with Firms and Households
with Robert P. Inman: w7823
With the renewed interest in cities as economic centers comes a need to understand how local public services and local taxes are likely to affect city economic performance. This paper provides an equilibrium model of an open city economy with mobile firms and resident workers. Given household preferences and firm technologies and an exogenous configuration of city tax rates and national grants and fiscal mandates, the model calculates equilibrium values for firm production and input use, household consumption and housing choices, city wages, rents, and population, and finally, local tax bases, revenues, and public goods provision. The model is calibrated to the Philadelphia economy for FY 1998; model predictions are compared to recent econometric estimates of the effects of city fiscal p...
March 2000Local Revenue Hills: A General Equilibrium Specification with Evidence from Four U.S. Cities
with Robert Inman, Steven Craig, Thomas Luce: w7603
We provide estimates of the impact and long-run elasticities of tax base with respect to tax rates for four large U.S. cities: Houston (property taxation), Minneapolis (property taxation), New York City (property, general sales, and income taxation), and Philadelphia (property, gross receipts, and wage taxation). Results suggest that all four of our cities are near the peaks of their longer-run revenue hills. Equilibrium effects are observed within three to four fiscal years after the initial increase in local tax rates. A significant negative impact (current period) effect of a balanced budget increase in city property tax rates on city property base is interpreted as a capitalization effect and suggests that marginal increases in city spending do not provide positive net benefits to pr...

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