Department of Economics
George Washington University
2115 G Street NW
Washington, DC 20052
NBER Working Papers and Publications
|April 2016||Who Sold During the Crash of 2008-9? Evidence from Tax-Return Data on Daily Sales of Stock|
with Jeffrey Hoopes, Patrick Langetieg, Stefan Nagel, Daniel Reck, Joel Slemrod: w22209
We examine individual stock sales from 2008 to 2009 using population tax return data. The share of sales by the top 0.1 percent of income recipients and other top income groups rose sharply following the Lehman Brothers bankruptcy and remained elevated throughout the financial crisis. Sales by top income and older age groups were relatively more responsive to increased stock market volatility. Volatility-driven sales were not concentrated in any one sector, but mutual fund sales responded more strongly to increased volatility than stock sales. Additional analysis suggests that gross sales in tax return data are informative about unobserved net sales.
|February 2014||Urban Population and Amenities: The Neoclassical Model of Location|
with David Albouy: w19919
We analyze a neoclassical general-equilibrium model to explain cross-metro variation in population, density, and land supply based on three amenity types: quality-of-life, productivity in tradables, and productivity in non-tradables. We develop a new method to estimate elasticities of housing and land supply, and local-productivity estimates, from cross-sectional density and land-area data. From wage and housing-cost indices, the model explains half of U.S. density and total population variation, and finds that quality of life determines locations more than employment opportunities. We show how changing quality of life, relaxing land-use regulations, or neutralizing federal taxes can redistribute populations massively.