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"New York Staat"
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Red-hot and Righteous: The Urban Religion of the Salvation Army
The Salvation Army borrowed the forms and idioms of popular entertainment, commercial emporiums, and master marketers to deliver its message. This study shows their commitment to providing social services for the urban poor.
eBook
Affordable housing in New York : the people, places, and policies that transformed a city
How has America's most expensive and progressive city helped its residents to live? Since the nineteenth century, the need for high-quality affordable housing has been one of New York City's most urgent issues. Affordable Housing in New York explores the past, present, and future of the city's pioneering efforts, from the 1920s to the major initiatives of Mayor Bill de Blasio. The book examines the people, places, and policies that have helped make New York livable, from early experiments by housing reformers and the innovative public-private solutions of the 1970s and 1980s to today's professionalized affordable housing industry. More than two dozen leading scholars tell the story of key figures of the era, including Fiorello LaGuardia, Robert Moses, Jane Jacobs, and Ed Koch. Over twenty-five individual housing complexes are profiled, including Queensbridge Houses, America's largest public housing complex; Stuyvesant Town; Co-op City; and recent additions like Via Verde.--Publisher description.
Book
Judging Judge Fixed Effects
We propose a nonparametric test for the exclusion and monotonicity assumptions invoked in instrumental variable (IV) designs based on the random assignment of cases to judges. We show its asymptotic validity and demonstrate its finite-sample performance in simulations. We apply our test in an empirical setting from the literature examining the effects of pretrial detention on defendant outcomes in New York. When the assumptions are not satisfied, we propose weaker versions of the usual exclusion and monotonicity restrictions under which the IV estimator still converges to a proper weighted average of treatment effects.
Journal Article
Race to the Bottom? Local Tax Break Competition and Business Location
I analyze how competition between localities affects tax breaks and business location decisions. I first use a geographic instrument to show that spatial competition substantially increases firm-specific property tax breaks. I then use this pattern to estimate a model of localities competing for mobile firms by offering tax exemptions. In counterfactual exercises, restricting which levels of government can offer tax breaks has little effect on equilibrium business locations but lowers total exemptions by 30 percent. This suggests that local tax break competition primarily reduces taxes for mobile firms and is unlikely to substantially affect the efficiency of business location.
Journal Article
Jurisdictional homogeneity and coterminous local government borders: a comparison of counties in New Jersey and New York State
Tiebout (J Polit Econ 64:416–424, 1956) argues that local public goods will be provided efficiently if households vote with their feet to move to the jurisdiction that best matches their preferences. This outcome may be impeded by overlapping jurisdictions of municipalities, school districts, and police agencies. To investigate the impact of coterminous borders on Tiebout sorting, two counties with similar demographics are chosen within the New York City metropolitan area. Differing histories lead to municipalities in Bergen County, NJ, always being coterminous with elementary school districts and police agencies, while few municipalities in Nassau County, NY, have their own police agencies and even fewer have their own school districts. Heterogeneity of sociodemographics and service quality are calculated between neighboring Census block groups, and absolute difference in median household income is regressed on these measures and interactions between the three kinds of service area borders. School district and police agency borders and quality are found to not be individually significant (with one minor exception). Police agency borders interacted with municipal borders increase income sorting, while school district borders interacted with police agency borders decrease income sorting. Income differences are also correlated with differences in the proportion of White and Black population in neighboring block groups, supporting previous findings that Tiebout sorting may exacerbate segregation. Municipal borders are an independently significant influence on income sorting across all specifications, indicating the important and independent role of local public goods other than education and public safety in residential location.
Journal Article
Determinants of knowledge flows and their effect on innovation
Knowledge flows within and across countries may have important consequences for both productivity and innovation. We use data on 1.5 million patents and 4.5 million citations to estimate knowledge flows at the frontier of technology across 147 subnational regions during 1975-1996 within the frame of a gravity-like equation. We estimate that only 20% of average knowledge is learned outside the average region of origin, and only 9% is learned outside the country of origin. However, knowledge in the computer sector flows substantially farther, as does knowledge generated by technological leaders. In comparison with trade flows, we see that knowledge flows reach much farther. External accessible R&D gained through these flows has a strong positive effect on innovative activity for a panel of 113 European and North American regions over 22 years.
Journal Article
How Does Legal Enforceability Affect Consumer Lending? Evidence from a Natural Experiment
We use a natural experiment—an unexpected judicial decision—to study how the enforceability of debt contracts affects consumer lending. In May 2015, a federal court unexpectedly held that the usury statutes of three states—Connecticut, New York, and Vermont—applied to certain loans that market participants had assumed were exempt from those statutes. The case introduced substantial uncertainty about whether borrowers affected by the decision were under any legal obligation to repay principal or interest on their loans. Using proprietary data from three marketplace-lending platforms, we use a difference-in-differences design to study the decision’s effects. We find no evidence that borrowers defaulted strategically as a result of the decision. However, the decision reduced credit availability for higher-risk borrowers in affected states. Secondary-market data indicate that the price of notes backed by above-usury loans issued to borrowers in affected states declined, particularly when those borrowers were late on their payments.
Journal Article
Do Public Benefits of Voluntary Cleanup Programs Justify Their Public Costs? Evidence from New York
This paper contributes to the debate over public benefits and costs of state-funded voluntary cleanup programs, using evidence from property values in New York City. We value site redevelopment separately from cleanup and examine time to capitalization. Using property fixed effects and controlling for time-varying shocks, New York’s Brownfield Cleanup Program added 4% to property values. Off-site gains averaged 5.6% for properties with three units or less and 1.2% for multifamily residences, producing a $579.3 million tax gain that does not exceed the $667.9 million in program spending. Benefits stem from program participation and cleanup, but not from site redevelopment.
Journal Article
Bank Leverage and Regulatory Regimes: Evidence from the Great Depression and Great Recession
In the boom before the Great Depression, capital requirements for commercial banks were low and fixed. Bankers faced double liability. Failing banks were not bailed out. During the boom before the Great Recession, capital requirements were proportional to risk-weighted assets. Bankers faced limited liability. Banks deemed too big to fail received bailouts. During the 1920s, the largest banks increased capital levels as asset prices rose. During the boom from 2002 to 2007, the largest institutions kept capital levels near regulatory minimums. Our results suggest more market discipline would have induced the largest U.S. banks to hold greater capital buffers prior to the financial crisis of 2008.
Journal Article