Block-Transitive Designs in Affine Spaces

This paper deals with block-transitive $t$-$(v,k,\lambda)$ designs in affine spaces for large $t$, with a focus on the important index $\lambda=1$ case. We prove that there are no non-trivial 5-$(v,k,1)$ designs admitting a block-transitive group of automorphisms that is of affine type. Moreover, we show that the corresponding non-existence result holds for 4-$(v,k,1)$ designs, except possibly when the group is one-dimensional affine. Our approach involves a consideration of the finite 2-homogeneous affine permutation groups.Comment: 10 pages; to appear in: "Designs, Codes and Cryptography

The Dynamic Impact of Monetary Policy on Regional Housing Prices in the United States

This paper uses a factor-augmented vector autoregressive model to examine the impact of monetary policy shocks on housing prices. To simultaneously estimate the model parameters and unobserved factors we rely on Bayesian estimation and inference. Policy shocks are identified using high-frequency surprises around policy announcements as an external instrument. Impulse response functions reveal differences in regional housing price responses, which in some cases are substantial. The heterogeneity in policy responses is found to be significantly related to local regulatory environments and housing supply elasticities. Moreover, housing prices responses tend to be similar within states and adjacent regions in neighboring states

New Estimates of State and Local Government Tangible Capital and Net Investment

Measures of the state and local government capital stock and investment are necessary inputs into several areas of economic analysis, including the measurement of national wealth and its growth. We estimate net investment and depreciation of state and local government nonresidential capital. In aggregate, we estimate a net state and local nonresidential capital stock of $1.8 trillion in 1985, 17% larger than that estimated by the Bureau of Economic Analysis. Net state and local government investment has exceeded the state and local deficit annually for the last forty-five years. While the fraction of state and local purchase of goods and services devoted to net investment has fallen, it has exceeded federal government net capital formation except during defense buildups and has averaged more than 40% of private fixed nonresidential net investment since 1951. Similar comparisons reveal that the state and local government net capital stock substantially exceeds state and local debt, and is about twice the federal government capital stock.

The regional transmission of uncertainty shocks on income inequality in the United States

This paper explores the relationship between household income inequality and macroeconomic uncertainty in the United States. Using a novel large-scale macroeconometric model, we shed light on regional disparities of inequality responses to a national uncertainty shock. The results suggest that income inequality decreases in most states, with a pronounced degree of heterogeneity in terms of the dynamic responses. By contrast, some few states, mostly located in the Midwest, display increasing levels of income inequality over time. Forecast error variance and historical decompositions highlight the importance of uncertainty shocks in explaining income inequality in most regions considered. Finally, we explain differences in the responses of income inequality by means of a simple regression analysis. These regressions reveal that the income composition as well as labor market fundamentals determine the directional pattern of the dynamic responses.Series: Working Papers in Regional Scienc

The transmission of uncertainty shocks on income inequality: State-level evidence from the United States

In this paper, we explore the relationship between state-level household income inequality and macroeconomic uncertainty in the United States. Using a novel large-scale macroeconometric model, we shed light on regional disparities of inequality responses to a national uncertainty shock. The results suggest that income inequality decreases in most states, with a pronounced degree of heterogeneity in terms of shapes and magnitudes of the dynamic responses. By contrast, some few states, mostly located in the West and South census region, display increasing levels of income inequality over time. We find that this directional pattern in responses is mainly driven by the income composition and labor market fundamentals. In addition, forecast error variance decompositions allow for a quantitative assessment of the importance of uncertainty shocks in explaining income inequality. The findings highlight that volatility shocks account for a considerable fraction of forecast error variance for most states considered. Finally, a regression-based analysis sheds light on the driving forces behind differences in state-specific inequality responses.Series: Working Papers in Regional Scienc

Relative Riemann-Zariski spaces

In this paper we study relative Riemann-Zariski spaces attached to a morphism of schemes and generalizing the classical Riemann-Zariski space of a field. We prove that similarly to the classical RZ spaces, the relative ones can be described either as projective limits of schemes in the category of locally ringed spaces or as certain spaces of valuations. We apply these spaces to prove the following two new results: a strong version of stable modification theorem for relative curves; a decomposition theorem which asserts that any separated morphism between quasi-compact and quasi-separated schemes factors as a composition of an affine morphism and a proper morphism. (In particular, we obtain a new proof of Nagata's compactification theorem.)Comment: 30 pages, the final version, to appear in Israel J. of Mat