Research Areas
Real estate finance; urban and real estate economics; housing markets
Current Projects
Housing market fundamentals; Land use regulations and housing affordability; commercial real estate cycles
Representative Publications
Urban Decline and Durable Housing” Journal of Political Economy 113.2 (2005): 345-375.
"Why is Manhattan So Expensive? Regulation and the Rise in House Prices.” Journal of Law and Economics 48.2: 331-370 (2005).
"The Structure of Local Public Finance and the Quality of Life." Journal of Political Economy 99.4 (August 1991).
Education
PhD, University of Chicago, 1984; AB, Duke University, 1978
Recent Consulting
Private equity investing in real estate; real estate securities and valuation issues; housing market analysis
Academic Positions Held
Wharton: 1984-present; (Chairperson, Real Estate Department, 2007-present; Chairperson, Real Estate Department, 2000-2003; Acting Chair, Real Estate Department, 1999-2000; Director, Samuel Zell and Robert Lurie Real Estate Center, 1998-present; Research Director, Wharton Real Estate Center, 1993-95; Associate Director, Wharton Real Estate Center, 1992-93). Visiting appointment: University of California, Los Angeles
Other Positions
Visiting Scholar, Federal Reserve Bank of Philadelphia, 1989-90, 1996-97
Professional Leadership 2005-2009
Editorial Boards: Journal of Urban Economics; Real Estate Finance and Economics; Journal of Regional Science; Research Associate, National Bureau of Economic Research, Public Economics Program
Corporate and Public Sector Leadership 2005-2009
Trustee, Urban Land Institute; Trustee, EII Realty Securities, Inc.; Executive Committee, Philadelphia District Council of the Urban Land Institute; Trustee, Max and Marian Farash Foundation
