In the 1980s, housing market analysts and policymakers were concerned that Freddie Mac and Fannie Mae were not adequately facilitating the financing of affordable housing for lowand moderate-income families. To address these concerns, the Department of Housing and Urban Development established quantitative Affordable Housing Goals requiring the Government Sponsored Enterprises (GSEs) to increas...

The role of real estate during the global financial and economic crisis has prompted efforts to better incorporate housing channels into macro models, improve develop macroprudential tools, reform system. This article provides an overview major, recent contributions literature in relation earlier research on what drives prices how they affect activity. Particularly emphasized are studies, both ...

The present paper thoroughly explores second-best efficient allocations in an adverse selection insurance economy. We start from a natural extension of the classical model, assuming less than perfect risk perceptions. We propose first and second welfare theorems, by means of which we describe efficiencyenhancing policies. Notions of weak and strong adverse selection are promising for interpreti...

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«Is State-led protection of historical buildings legitimate? Should a buil-ding be protected against the will its owners? How do we reconcile to preserve architectural heritage with individual freedom and property rights? In what way does this interference State affect entrepreneurship?
 represents yet another government meddling in private property. Its enforcement condemns owners maintai...

An identity links the rate of economic growth, the speed of poverty reduction and changes in the distribution of income during some time period in a given country. A few authors used that identity to understand the causes for observed changes in poverty and to identify the exact role of economic growth in poverty reduction. Yet, many empirical cross-country studies of the relationship between g...