Institutional Affiliation: NBER
|How Much does COVID-19 Increase with Mobility? Evidence from New York and Four Other U.S. Cities|
with , : w27519
How effective are restrictions on geographic mobility in limiting the spread of the COVID-19 pandemic? Using zip code data for Atlanta, Boston, Chicago, New York (NYC), and Philadelphia, we estimate that total COVID-19 cases per capita decrease on average by approximately 20 percent for every ten percentage point fall in mobility between February and May 2020. To address endogeneity concerns, we instrument for travel by the share of workers in remote work friendly occupations, and find a somewhat larger average decline of COVID-19 cases per capita of 27 percent. Using weekly data by zip code for NYC and a panel data specification including week and zip code fixed effects, we estimate a similar average decline of around 17 percent, which becomes larger when we measure mobility using NYC tur...
|Global Capital and Local Assets: House Prices, Quantities, and Elasticities|
with : w27370
Interconnected capital markets allow mobile global capital to flow into immobile local assets. This paper examines how foreign demand affects U.S. housing markets, and uses this demand shock to estimate local price elasticities of supply. Other countries introduced foreign-buyer taxes meant to deter Chinese housing investment beginning in 2011. We first show house prices grew 8 percentage points more in U.S. zipcodes with high foreign-born Chinese populations after 2011, subsequently reversing with the onset of the U.S.–China trade war. Second, we use international tax policy changes as a U.S. housing demand shock and estimate local house price and quantity elasticities with respect to international capital. We find that a 1% increase in instrumented foreign capital raises house prices at ...