As NYCer without a car, I'm personally indifferent to congestion pricing. As an economist who teaches the ideas of negative externalities, congestion pricing, from a policy sense, is about as good as it gets. See you on the roads now that they're "free" again.

Some of my thoughts for NPR's MarketPlace on the state of the U.S. housing market. Sellers are likely trying to lock in the equity gains from strong price appreciation, due to the lack of new supply.

www.marketplace.org/2025/02/13/d...

With today's consumer price inflation data, it is fortuitous that my NYU Schack Institute of Real Estate lecture today is on the #fed, #monetarypolicy, #inflation and #caprates.

In what should be a surprise to no one, the Federal Reserve and Chair Powell has said no rush on further rate reductions. He rightly noted "housing inflation" is not the purview of the Fed.

As I prepare my lecture on monetary policy, interest rates and inflation, I return to this graph frequently. Simply put, Covid and fiscal stimuli distorted consumption. We bought stationary bikes and stopped going out to dinner. Each successive round of fiscal policy exacerbated the situation.

Posted without comment, other than to say, to first approximation, nominal = real + inflation expectations.