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Working Papers

Option Value and Storefront Vacancy in New York City

Erica Moszkowski, Daniel Stackman • April 12, 2023

Why do storefronts remain empty for more than a year in some of the world’s highest-rent retail districts? Landlords with vacancies derive option value from two sources of…
Working Papers

House Price Contagion and US City Migration Networks

Gregor Schubert • March 4, 2021

Why do national trends in house prices spread more to some cities than to others? This paper proposes an explanation of house price contagion based on migration spillovers…