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Economic Brief

February 2009, No. 09-02

Residential Externalities

Pierre-Daniel G. Sarte and Kevin A. Bryan

A Richmond, Va.,-based community development program provides a natural experiment for measuring how the choices of one property owner can increase or decrease the value of neighboring properties.

Additional Resources

Accordino, John, George Galster, and Peter Tatian. The Impacts of Targeted Public and Nonprofit Investment on Neighborhood Development. Community Affairs Office, Federal Reserve Bank of Richmond, July 2005.

Rossi-Hansberg, Esteban, Pierre-Daniel G. Sarte, and Raymond E. Owens III. "Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs." Federal Reserve Bank of Richmond Working Paper 08-03, June 2008.

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