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Using listings data, we construct a new repeat-sales house price index that describes house values at the contract date when the price is determined rather than the closing date when the property is transferred. We show that this difference in timing helps explain several puzzles about house prices, including their strong short-term serial correlation and their weak correlation with stock prices and macroeconomic news shocks. In addition, we show that a variant of our index that relies exclusively on listings data for recent transactions accurately reveals trends in house prices several months before existing price indexes like Case-Shiller become available.

After a stellar high school career as a leader in the JROTC program at San Diego High School and finishing nursing school at the University of San Francisco, Jennifer Moreno joined the Army. She pursued her dream, becoming an elite member of an all-female Cultural Support Team and served in Afghanistan with U.S. Rangers. She was killed in action while running to the aid of a fallen Ranger. Her story is told by her battle buddy, mentor, and sister that have to live with her sacrifice.

Studies of administrative politics focus primarily on political control and ignore organizational capacity. We argue that political and organizational factors, as well as the interaction between the two, are necessary for explaining executive policymaking. To test this theory, we consider the Office of Information and Regulatory Affairs (OIRA), an agency often perceived to be the president's political instrument. Using a new dataset of over 22,000 regulations reviewed by OIRA, we demonstrate that political factors influence review lengths, but organizational factors also exhibit a significant role. We find that reviews are longer when OIRA is understaffed and over-worked. Significantly, we demonstrate that low organizational capacity inhibits the president's ability to expedite priority rules. Overall, this study highlights the organizational limits of political control.

This paper develops a model of international trade with a continuum of countries and sectors, which combines Ricardian comparative advantage and increasing returns to scale. Trade consists of both inter-and intra-industry trade. The model predicts that the trade-weighted Grubel–Lloyd index of intra-industry trade is positively related to the number of exported sectors, and is negatively related to the number of imported sectors. Empirical evidence from a panel of countries using the UN Comtrade database supports these predictions, and the model fits the data better for non-OECD than for OECD countries.

UK workers have been experiencing unprecedented falls in real wages and living standards. Taking a balanced view of the available data suggests that since 2008 real weekly wages have fallen by around 8 per cent, which amounts to a fall in annual earnings of about £2000 for the typical (median) worker. Three factors are important drivers of these unprecedented real wage falls. First, unemployment has been exerting a larger downward pressure on wages than in previous recessions. Second, low wages and low business investment have created the conditions for an extremely poor productivity record through both the recession and recovery, though this has been good news for jobs. Third, and pre-dating the recession, due to rising inequality the wages of typical British workers are no longer keeping up with productivity gains made in the economy. If sustained increases in real wages are to occur, this requires a return to strong productivity growth and a recoupling of median wages to productivity.

This study aims to provide an analysis of the evolution of regional financial inequalities in Turkey over the 1988–2013 period. The theoretical premise of the study is the Keynesian view that the nature and the level of development of the banking system and the geography of financial intermediation are imperative to the understanding of regional economic disparities. Exploratory Spatial Data Analysis tools used in the analysis indicate the presence of a statistically significant non-random spatial pattern at the provincial NUTS 3 level for the 2006–2013 period. LISA cluster maps reveal that the southeastern provinces of the country constitute a hot spot of credit activity in this period. Moreover, the evolution of financial inequality indices suggests that this clustering has led to a reduction in regional financial disparities across the country over the period in question. The results of econometric conditional convergence analysis suggest regional beta-convergence in terms of Gross Value Added per Capita but no statistically significant link between beta-convergence and the reduction in financial disparities.

The European Community budget is, arguably, among the least satisfactory elements of EU economic governance and one which, moreover, has proved to be remarkably resistant to change since it was last subjected to major reform in 1988. In the intervening period, there has been no radical development, despite the increase in membership of the union from 12 to 27, completion of the internal market, and the extension of EU ambitions in external policy from development to international security. Although many facets of the budget look different or have acquired new labels, it is striking how little changed the budget of 2007 is from those of the late 1980s. The 2008/2009 review of the EU budget is an opportunity to achieve an irreversible shift in the economics and politics of the EU budget, but success cannot be taken for granted and it would not be at all surprising if the ended without firm agreement on how to move forward.