Review

The author provides an overview of longer-run trends in housing and housing finance. The United States is well housed, and the housing finance system has been working efficiently in recent years.

The authors first discuss how airport congestion arises and how it can be dealt with. Because services provided by one airport are related to the services provided by many airports, delays at one airport have adverse effects on the movement of passengers and freight at other airports.

The author describes and documents 23 years of FOMC forecasts. He evaluates the information content of two summary statistics—the low and high forecasts among all the FOMC policymakers (the full range) and the central tendency—and defines two FOMC forecasts based on those statistics: the midpoint of the full range (FR) and the midpoint of the central tendency range (CT).

The author tests for strategic interaction among U.S. states in the determination of tax rates on capital income. He finds that states have a positively sloped reaction function to the tax policies of rival states when tax rates are chosen simultaneously.