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Residential buildings and the cost of construction: new evidence on the efficiency of the housing market
(MIT Press, 1999-05)
Present value studies of asset market efficiency are controversial because they compare asset prices to unobserved discounted streams of future rents. As an alternative, if housing markets are efficient, then the price of ...
Property tax capitalization in a model with tax-deferred assets, standard deductions, and the taxation of nominal interest
(MIT Press, 1999-02)
Previous property tax capitalization studies assume that families itemize, that they save in taxable assets, and that real interest income is taxed. However, many families do not itemize, many families invest in tax-deferred ...