EconStor Collection:
http://hdl.handle.net/10419/265
2024-03-19T08:11:47ZReport on the potential impacts of property tax abatement on rental housing construction in Boston
http://hdl.handle.net/10419/284012
Title: Report on the potential impacts of property tax abatement on rental housing construction in Boston
Authors: Alejandro, Patricia; Carter, Mary Ellen; DiPasquale, Denise; Glaeser, Edward L.; Guren, Adam M.; Willen, Paul
Abstract: Boston's high housing costs reflect a historic failure to build enough units to satisfy demand. Interest rates and construction costs have risen recently, and the flow of new market-rate residential housing projects has slowed. To spur more construction, the City of Boston is considering various policy options. Our committee was asked by Boston Mayor Michelle Wu to assess the market impacts of one of these options: real estate tax abatements. This report presents our analysis of the likely effects on the number of units constructed and the costs to taxpayers of various tax abatement alternatives. We do not recommend which policy, if any, the city should pursue; Boston officials are better positioned to assess whether the benefits of these policies warrant the costs to taxpayers.2024-01-01T00:00:00ZLease expirations and CRE property performance
http://hdl.handle.net/10419/280854
Title: Lease expirations and CRE property performance
Authors: Glancy, David P.; Wang, J. Christina
Abstract: This study analyzes how lease expirations affect the performance of commercial real estate (CRE) properties and how these patterns changed during the COVID-19 crisis. Even before the pandemic, lease expirations were associated with a notable increase in the downside risk to a property's occupancy or income, particularly in weaker property markets. These risks became more pronounced during the pandemic, driven mostly by office properties. During the pandemic, the adverse effect of lease expirations on office occupancy increased more than 50 percent overall, and it doubled for offices in central business districts (CBDs). This amplified effect of office lease expirations serves as a harbinger of further deterioration as leases continue to roll over in coming years, especially among CBD offices. Across lender groups, nonbank and large bank lenders are more exposed than regional and community banks to office loans in those distressed CBDs. This pattern somewhat alleviates the concern that CRE portfolio credit risk will exacerbate the headwinds faced by this latter group of banks.2023-01-01T00:00:00ZTo what degree and through which channel do central banks other than the Federal Reserve cause spillovers?
http://hdl.handle.net/10419/280847
Title: To what degree and through which channel do central banks other than the Federal Reserve cause spillovers?
Authors: Cotton, Christopher D.
Abstract: Spillovers play a crucial role in driving monetary policy around the world. The literature focuses predominantly on spillovers from the Federal Reserve. Less attention has been paid to spillovers from other central banks. I measure the degree to which 20 central banks cause spillovers. I show that central banks in medium- to high-income countries cause spillovers to medium- to long-term interest rates in similar countries through a bond-pricing channel. These effects are narrower than spillovers from the Federal Reserve, which also affect emerging markets, short-term interest rates, and other assets. However, they are still pronounced. Fourteen central banks other than the Federal Reserve cause significant spillovers: the central banks of Australia, Canada, Czechia, the eurozone, Japan, Mexico, Norway, New Zealand, Poland, Romania, South Korea, Sweden, Switzerland, and the United Kingdom. Consequently, the Federal Reserve causes only one-fifth of the spillovers to 10-year interest rates, and the United States is the recipient of large spillovers. My results imply that central banks, especially the Federal Reserve, are affected by greater spillovers than is commonly believed, and that non-Fed central banks cause spillovers through a bond-pricing channel.2023-01-01T00:00:00ZRuns and flights to safety: Are stablecoins the new money market funds?
http://hdl.handle.net/10419/280855
Title: Runs and flights to safety: Are stablecoins the new money market funds?
Authors: Anadu, Kenechukwu; Azar, Pablo D.; Cipriani, Marco; Eisenbach, Thomas M.; Huang, Catherine; Landoni, Mattia; La Spada, Gabriele; Macchiavelli, Marco; Malfroy-Camine, Antoine; Wang, J. Christina
Abstract: Stablecoins and money market funds both seek to provide investors with safe, money-like assets but are vulnerable to runs in times of stress. In this paper, we investigate similarities and differences between the two, comparing investor behavior during the stablecoin runs of 2022 and 2023 to investor behavior during the money market fund runs of 2008 and 2020. We document that, similarly to money market fund investors, stablecoin investors engage in flight to safety, with net flows from riskier to safer stablecoins during run periods. However, whereas in money market funds, run risk has historically materialized only in prime funds, with stablecoins, runs occurred in different stablecoin types across the 2022 and 2023 episodes. We also show that, similar to intrafamily flows in money market funds, stablecoin flows tend to be within blockchains. Finally, for stablecoins, we estimate a discrete "break-the-buck" threshold of $0.99, below which redemptions accelerate.2023-01-01T00:00:00Z