RESEARCH

Professor Case's research has been in the areas of real estate, housing, and public finance. He is author or co-author of five books including Principles of Economics, Economics and Tax Policy and Property Taxation: The Need for Reform and has published numerous articles in professional journals. Principles of Economics, a basic text coauthored with Ray C. Fair and Sharon Oster, is in its ninth edition and has been adopted at more than 500 colleges and universities.

For a complete list of Professor Case's publications, please see below.

Housing Markets and the Economy is based on a 2007 conference to honor the work of Karl “Chip” Case and his scientific contributions to the economics of housing and public policy. The chapters analyze risk in the housing market, the regulation of housing markets by government, and other issues in U.S. housing policy. Chapters investigate derivative markets; the role that home equity insurance can play in reducing risk; the role that the regulation of government-sponsored enterprises has played in extending credit to home purchasers in low-income neighborhoods; and the growth in the market for subprime mortgages. The impact of local zoning regulations on housing prices and new construction is also considered. Edward Glaeser highlights much of Professor Case's seminal research in this volume which has been called "a must read during a time of restructuring our nation’s system of housing finance."

BOOKS
          
Principles of Economics (with Ray C. Fair), Englewood Cliffs, NJ: Prentice‑Hall (1989), Second Edition (1992), Third Edition (1994), Fourth Edition (1996), Fifth Edition (1999), Sixth Edition (2002), Seventh Edition (2004), Eighth Edition (2007), Ninth Edition (with Sharon Oster) (2009), 10th Edition (2011).  Also available as Principles of Microeconomics and Principles of Macroeconomics.

Economics and Tax Policy, Boston, MA: Oelgeschlager, Gunn and Hain Publishers (1986); reprinted (2003).

Fair Model Student Manual: An Economic Laboratory in Theory, Policy and Forecasting (with Anthony Blackburn), Englewood Cliffs, NJ: Prentice Hall (1985).

Property Taxation: The Need for Reform, Cambridge, MA: Ballinger Publishing Company (1978).

Discrimination in Rural Housing Markets (with Janet K. Marantz and Herman B. Leonard), Lexington, MA: D.C. Heath (1976).

 

ARTICLES AND MONOGRAPHS

"Wealth Effects Revisited 1978-2009" (with John M. Quigley and Robert J. Shiller), NBER Working Paper, No.16848 (February 2011).

 "A Dream House After All," The New York Times, op.ed., (September 2, 2010): A47.

"How Housing Busts End:  House Prices, User Cost and Rigidities During Down Cycles" (with John M. Quigley), The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations, Susan J. Smith and Beverley A. Searle (Eds.), West Sussex, UK: Wiley-Blackwell (2010).

"Identifying, Managing and Mitigating Risks to Borrowers in Changing Mortgage and Consumer Credit Markets" (with Eric S. Belsky and Susan J. Smith), Working Paper UCC08-14, Joint Center for Housing Studies, Harvard University (February 2008).

"The Central Role of Home Prices in the Current Financial Crisis: How will the Market Clear?," Brookings Papers on Economic Activity, (Fall 2008): 161-193. 

"Musgrave's Vision of the Public Sector: The Complex Relationship between Individual, Society and State in Public Good Theory," Journal of Economics and Finance, 32(4) (October 2008): 348-355.

"A Response to Guerrien and Benicourt," Review of Radical Political Economics, 40(3) (Summer 2008): 331-335.

"How Housing Booms Unwind:  Income Effects, Wealth Effects and Feedbacks Through Financial Markets" (with John M. Quigley), European Journal of Housing Policy, 8(2) (June 2008): 161-180.

"The Value of Land in the United States: 1975-2005," Land Policies and Their Outcomes, Gregory K. Ingram and Yu-Hung Hong (Eds.), Cambridge, MA: Lincoln Institute of Land Policy (March 2007).

"The Changing Housing Market: A Bang or a Whimper?," New England Public Policy Center Policy Brief 06-4, Federal Reserve Bank of Boston, (December 2006): 1-4.

"Full House" (with Robert J. Shiller), The Wall Street Journal, op.ed., (August 30, 2006): A10.

"Comparing Wealth Effects: The Stock Market versus the Housing Market" (with John   M. Quigley and Robert J. Shiller), Advances in Macroeconomics, 5(1) (March 2005): 1-32.

"Mi Casa Es Su Housing Bubble" (with Robert J. Shiller), The Wall Street Journal, op.ed., (August 24, 2004): A12.

"Is There a Bubble in the Housing Market?" (with Robert J. Shiller), Brookings Papers on Economic Activity, (2) (2003): 299-342.

"Home Buyers, Housing and the Macroeconomy" (with John M. Quigley and Robert J. Shiller), Asset Prices and Monetary Policy, Anthony Richards and Tim Robinson (Eds.), Reserve Bank of Australia, (August 2003).

"Home Appreciation in Low- and Moderate-Income Markets," (with Maryna Marynchenko) Communities and Banking, Federal Reserve Bank of Boston, (Spring 2002): 8-12.

"Reconsidering Crucial Concepts in Micro Principles," American Economic Review, Papers and Proceedings of the One Hundred Fourteenth Annual Meeting of the American Economic Association, 92(2) (May 2002): 454-458.              

"Home Appreciation in Low- and Moderate-Income Markets" (with Maryna Marynchenko), Low Income Homeownership: Examining the Unexamined Goal, Nicolas Retsinas and Eric Belsky (Eds.), Joint Center for Housing Studies at Harvard University and Brookings Institution Press, (2002).

"Property Tax Limits, Local Fiscal Behavior, and Property Values: Evidence from Massachusetts under Proposition 2 1/2" (with Katherine L. Bradbury and Christopher Mayer), Journal of Public Economics, 80(2) (May 2001): 287-311. 

"Real Estate and the Macroeconomy," Brookings Papers on Economic Activity, William C. Brainard and George L. Perry (Eds.), (2) (February 2000): 119-162.

"School Quality and Massachusetts Enrollment Shifts in the Context of Tax Limitations" (with Katharine L. Bradbury and Christopher Mayer), New England Economic Review, (July/August 1998): 3-20.

"Chasing Good Schools in Massachusetts" (with Katharine L. Bradbury and Christopher Mayer), Regional Review, 8(3) (1998): 25-26.

"The Effect of Economic Events on Votes for President: A State by State Analysis" (with Brock S. Blomberg), Advances in International Macroeconomic Theory, 3 (Winter 1997).

"Volatility, Speculation and the Efficiency of Land Markets," Land Use and Taxation, H. James Brown (Ed.), Lincoln Institute of Land Policy, (1997).   

"Measuring Urban Land Values," Wellesley College Working Paper #97-10, (October 1997).

"Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate" (with Robert J. Shiller), Journal of Housing Research, 7(2) (1996): 243-258. 

"Housing Price Dynamics within a Metropolitan Area" (with Christopher Mayer), Regional Science and Urban Economics, 26(3-4) (June 1996): 387-407.

"School Quality, Local Budgets, and Property Values: A Re-Examination of Capitalization" (with Katharine L. Bradbury and Christopher Mayer), Wellesley College Working Paper #95-15, (1995).

"Index-Based Future, Options, and Equity Insurance, " Into the Public Markets: Real Estate and the New Financial Era, Proceedings of the 10th Anniversary Symposium, Massachusetts Institute of Technology Center for Real Estate, (November 1994): 18-24.

"The Housing Cycle in Eastern Massachusetts: Variations among Cities and Towns" (with Christopher Mayer), New England Economic Review, (March/April 1995): 24-40.

"A Decade of Boom and Bust in the Prices of Single-Family Homes: Boston and Los Angeles, 1983-1993" (with Robert J. Shiller), New England Economic Review, (March/April 1994): 40-51.  

"Land Prices and House Prices in the United States," Housing Markets in the United States and Japan, Yukio Noguchi and James M. Poterba (Eds.), Chicago, IL: University of Chicago Press (1994).

 "Index-Based Futures and Options Markets in Real Estate" (with Robert J. Shiller), Journal of Portfolio Management, 19(2) (Winter 1993): 83-91.

"How the Commercial Real Estate Boom Undid the Banks" (with Lynn E. Browne), Real Estate and the CreditCrunch, Lynn E. Brown and Eric S. Rosengren (Eds.), Federal Reserve Bank of Boston, Conference Series No. 36, (September 1992): 57-113.            

"Consistent Comparisons Between Monopoly and Perfect Competition" (with Susan E. Skeath, Ann D. Velenchik and Len M. Nichols), Journal of Economic Education, 23(3) (Summer 1992): 255-261.

"Taxes and Speculative Behavior in Land and Real Estate Markets," Review of Urban and Regional Development Studies, 4 (2) (July 1992): 226-239; republished in Research in Urban Economics, R.D. Norton (Ed.), JAI Press, 9 (1993) and 12 (1999).

"The Real Estate Cycle and the Economy: The Consequences of the Massachusetts Boom of 1984-1987," New England Economic Review, (September/October 1991): 37-46; revised version in Urban Studies, 29(2) (Spring 1992): 171-183; second revision published in French in Financiere et Economie, (1994).

"Property Tax Incidence in a Multijurisdictional Neoclassical Model" (with James Grant), Public Finance Quarterly, 19(4) (October 1991).

"Investors, Developers and Supply‑Side Subsidies: How Much is Enough?," Housing Policy Debate, 2(2) (April 1991).

"Forecasting Prices and Excess Returns in the Housing Market" (with Robert J. Shiller), Journal of the American Real Estate and Urban Economics Association, 18(3) (1990): 263-273.

"Retrospective of the 1980s" (with Lynn E. Browne, Jennifer L. Givens, Katharine L. Bradbury, Andrew Evans, Robert Tannenwald and Yolanda K. Henderson), New England Economic Indicators, Q I (1990): iv-xi.

"Principles, Politics and Budgets," Journal of Student Financial Aid, 20(2) (Spring 1990): 35-36.

"Single Family Home Prices in the United States: 1950-1990," Wellesley College Working Paper #90-07, (December 1990).

"Regional Economic Cycles: The Massachusetts Downturn in Perspective," Bank Regulation, Real Estate and the Massachusetts Economy, monograph published by the Massachusetts Bankers Association, (June 1990): 13-23.

"Geographic Patterns of Mortgage Lending in Boston, 1982-1987" (with Katherine L. Bradbury and Constance R. Dunham), New England Economic Review, (September/October 1989): 3-30.

"The Asset Approach to Pricing Urban Land: Empirical Evidence," Real Estate Economics, 17(2) (June 1989): 175-176.

"The Distributional Effects of Housing Price Booms: Winners and Losers in Boston, 1980-89" (with Leah Cook), New England Economic Review, (May/June 1989): 3-12.

"The Efficiency of the Market for Single-Family Homes" (with Robert J. Shiller), American Economic Review, 79(1) (March 1989): 125-137.

"The Shift from Federal to State and Local Revenue Sources: Effects on Progressivity," Wellesley College Working Paper #131, (December 1988).

"The Behavior of Home Buyers in Boom and Post-Boom Markets" (with Robert J. Shiller), New England Economic Review, (November/December 1988): 29-46. 

"Housing in America: A New Role for States?," Wellesley College Working Paper #128, (October 1988).

"Observations on the Use of Textbooks in the Teaching of Principles of Economics," Journal of Economic Education, 19(2) (Spring 1988): 165-168.

"Prices of Single-Family Homes Since 1970: New Indexes for Four Cities" (with Robert J. Shiller), New England Economic Review, (September/October 1987): 45-56.

"State Tax Policy and the Telecommunications Industry," The Telecommunications Revolution: Challenge for State Policymakers, J. Chaisson and B. Dyer (Eds.), Council of State Policy and Planning Agencies, (1987); revised version published (1993).

"College Costs, Financial Aid and a Bunch of Confused Parents," Journal of Student Financial Aid, 17(2) (Spring 1987): 49-53.

"A New Office of Family Finance and Planning," American Association for Higher Education Bulletin, 39(3) (November 1986): 8-11.

"The Market for Single-Family Homes in Boston, 1979-1985," New England Economic Review, (May/June 1986): 38-48.

"Does Need-Based Student Aid Discourage Saving For College?" (with Michael S. McPherson), The Washington Office of the College Board, (January 1986).

"Macro Simulations for PCs in the Classroom" (with Ray C. Fair), American Economic Review, Papers and Proceedings from the Ninety-Seventh Annual Meeting of the American Economic Association, 75(2) (May1985): 85-90.

"Equal Access Goods and Subsidy-Taxes in the U.S. System of Redistribution" (with Michael S. McPerson), Wellesley College Working Paper #90, (December 1984).

"Taxes and Business Location:  A Simulation of the Effects of State and Local Taxes on the Profits of Manufacturing Firms in New York and Competing Jurisdictions and a Review of the Research on the Impact of Taxes on Business Location Decisions" (with Leslie Papke and Susan Koenigsberg), Report for the Legislative Tax Study Commission of the State of New York, (August 1983).

"Homeownership and Housing Affordability in the United States 1963-1983" (with H. James Brown), Monograph for the Joint Center for Urban Studies of M.I.T. and Harvard University, 1st edition of The State of the Nation’s Housing, (July 1983).

"Growth, Technology and the Role of Government," Wellesley College Working Paper #68, (June 1983).

"The Relative Employment Impacts of Public Assistance to Residential, Commercial and Industrial Development," Urban Anaylis, 7 (1982): 45-55.

"Land Prices, Housing Prices and Housing Production: Does the Market Work or Doesn’t It?," Monograph for the Joint Center for Urban Studies of M.I.T. and Harvard University, (March 1982).

"Housing Market Modeling to Assist in Planning for Residential Photovoltaic Systems: A Review and an Alternative Approach" (with Donald Walls and David Kresge), Working Paper for the Joint Center for Urban Studies of M.I.T. and Harvard University, (July 1981).

"The Effects of Property Tax Limitations on the Distribution of Housing Investment,” Property Tax Restraints and Housing Availability, Lincoln Institute of Land Policy, Monograph #82-1, (June 1981): 1-16.

"The Effects of Demographic Trends on Housing Tenure Choice," Wellesley College Working Paper #43, (May 1981).

"The Market Effects of Neighborhood Stabilization Policy: Urban Homesteading 1976-1979," Monograph Prepared for the Department of Housing and Urban Development, (March 1981).

"Proposition 13 and the Distribution of Income," The Economics of State and Local Tax Limitations, Daniel M. Holland (Ed.), University of Wisconsin Press, (1981).

"The Impact of Condominium Conversion: Preliminary Findings and Discussion" (with John F. Kain and Herman B. Leonard), Wellesley College Working Paper #29, (March 1980).

"Housing Prices in Urban Homesteading Neighborhoods, 1970-1978," Report Prepared for the Department of Housing and Urban Development, (March 1980).

"Race and Housing in Non-Metropolitan Areas: An Empirical Analysis" (with Herman B. Leonard), Paper Presented at the Urban Economics Workshop, University of Chicago, (November 1977).

"Financing State and Local Governments" (with Virginia Rogers), Current History, (November 1975): 183-188.

"The Distribution of Fiscal Burdens and Benefits" (with Richard A. Musgrave and Herman B. Leonard), Public Finance Quarterly, 2(3) (July 1974): 259-311.

"Housing and Federal Taxation," Housing in the Seventies, National Housing Policy Review, United States Department of Housing and Development, Government Printing Office, (1974): 953-981.