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Jorda O.,Federal Reserve Bank of San Francisco | Jorda O.,University of California at Davis | Schularick M.,University of Bonn | Taylor A.M.,University of California at Davis
Economic Policy | Year: 2016

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the twentieth century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have risen substantially in many countries. Financial stability risks have been increasingly linked to real estate lending booms, which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in the modern macroeconomy. © 2016 CEPR, CESifo, Sciences Po. Source


Goetz C.F.,University of Maryland College Park | Shapiro A.H.,Federal Reserve Bank of San Francisco
International Journal of Industrial Organization | Year: 2012

Strategic alliances are arrangements in which firms combine efforts and resources to jointly pursue a business objective while remaining separate entities. An example of such a practice is airline codesharing, in which allied carriers engage in the cooperative marketing of certain flights. We empirically test for the presence of competitive motives behind such alliances by identifying an incumbent airline's use of codesharing in response to the threat of future entry by a competitor. Using within-flight segment, fixed-effects regressions on panel data from 1998 to 2010, we estimate the impact of exogenous threats of entry on an airline's decision whether to codeshare with a partner on a specific segment. Estimates show that when an incumbent carrier's segment is threatened by a low-cost competitor it is approximately 25% more likely than average to be codeshared with its partner. Further tests show that this effect depends strongly upon the level of market share that the airline has on the segment in question. We interpret this as evidence of a strategic alliance being used to preemptively act in anticipation of future competition. © 2012 Elsevier B.V. Source


Butsic V.,University of Wisconsin - Madison | Hanak E.,Public Policy Institute of California | Valletta R.G.,Federal Reserve Bank of San Francisco
Land Economics | Year: 2011

We apply a hedonic framework to estimate and simulate the impact of global warming on real estate prices near ski resorts in the western United States and Canada. Using data on housing values for selected U.S. Census tracts and individual home sales in four locations, combined with detailed weather data and characteristics of nearby ski resorts, we find precise and consistent estimates of positive snowfall effects on housing values. Simulations based on these estimates reveal substantial heterogeneity in the likely impact of climate change across regions, including large reductions in home prices near resorts where snow reliability already is low. © 2011 by the Board of Regents of the University of Wisconsin System. Source


Dunn A.,Bureau of Economic Analysis | Shapiro A.H.,Federal Reserve Bank of San Francisco | Liebman E.,Duke University
Journal of Health Economics | Year: 2013

This study introduces a new framework for measuring and analyzing medical-care expenditures. The framework focuses on expenditures at the disease level that are decomposed between price and utilization. We find that both price and utilization differences are important contributors to expenditure differences across commercial markets. Further examination shows that for some diseases utilization drives variation while for others price is more important. Finally, when disease-specific measures are aggregated across diseases, much of the important disease-specific variation is masked, leading to much smaller measures of aggregate variation. © 2013. Source


Jutte D.P.,University of California at Berkeley | Jutte D.P.,Public Health Institute | Miller J.L.,Build Healthy Places Network | Miller J.L.,Public Health Institute | Erickson D.J.,Federal Reserve Bank of San Francisco
Pediatrics | Year: 2015

Despite medical advances, childhood health and well-being have not been broadly achieved due to rising chronic diseases and conditions related to child poverty. Family and neighborhood living conditions can have lasting consequences for health, with community adversity affecting health outcomes in significant part through stress response and increased allostatic load. Exposure to this " toxic stress" influences gene expression and brain development with direct and indirect negative consequences for health. Ensuring healthy child development requires improving conditions in distressed, high-poverty neighborhoods by reducing children's exposure to neighborhood stressors and supporting good family and caregiver functioning. The community development industry invests more than $200 billion annually in low-income neighborhoods, with the goal of improving living conditions for residents. The most impactful investments have transformed neighborhoods by integrating across sectors to address both the built environment and the social and service environment. By addressing many facets of the social determinants of health at once, these efforts suggest substantial results for children, but health outcomes generally have not been considered or evaluated. Increased partnership between the health sector and community development can bring health outcomes explicitly into focus for community development investments, help optimize intervention strategies for health, and provide natural experiments to build the evidence base for holistic interventions for disadvantaged children. The problems and potential solutions are beyond the scope of practicing pediatricians, but the community development sector stands ready to engage in shared efforts to improve the health and development of our most at-risk children. Copyright © 2015 by the American Academy of Pediatrics. Source

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