Local ordinances that limit rent increases for some rental housing units, such as in New York and San Francisco, have had a positive impact over the past three decades on the amount and quality of broadly affordable rental housing in cities that have used them.
|Daron Acemoglu||MIT||Disagree||4||Bio/Vote History|
|Alberto Alesina||Harvard||Strongly Disagree||9||Bio/Vote History|
|Joseph Altonji||Yale||Did Not Answer||Bio/Vote History|
|Alan Auerbach||Berkeley||Disagree||6||Bio/Vote History|
|David Autor||MIT||Strongly Disagree||8||
Rent control discourages supply of rental units. Incumbent renters benefit from capped prices. New renters face reduced rental options.
|Katherine Baicker||Harvard||Disagree||5||Bio/Vote History|
|Marianne Bertrand||Chicago||Did Not Answer||Bio/Vote History|
|Raj Chetty||Harvard||Disagree||7||Bio/Vote History|
|Judith Chevalier||Yale||Strongly Disagree||9||
Rent control will have similar effects to any price control.
|Janet Currie||Princeton||Disagree||5||Bio/Vote History|
I suspect zoning and building limits have been more important.
|Angus Deaton||Princeton||Strongly Disagree||9||Bio/Vote History|
|Darrell Duffie||Stanford||Uncertain||2||Bio/Vote History|
Rent control lowers incentives to invest and increases incentives to hold underoccupied rentals
|Barry Eichengreen||Berkeley||Uncertain||2||Bio/Vote History|
|Ray Fair||Yale||Strongly Disagree||10||Bio/Vote History|
Price controls create disincentives to increase supply. But without rent control, no one outside the top 1% would be left in Manhattan.
|Claudia Goldin||Harvard||Strongly Disagree||7||Bio/Vote History|
|Austan Goolsbee||Chicago||Disagree||5||Bio/Vote History|
|Michael Greenstone||Chicago||Strongly Disagree||8||
Great if you are lucky enough to get one of those apartments! Bad for all others The worst policies apply to new construction.
|Robert Hall||Stanford||Strongly Disagree||9||Bio/Vote History|
|Bengt Holmström||MIT||Agree||3||Bio/Vote History|
|Caroline Hoxby||Stanford||Strongly Disagree||10||
Rent controlled units do not end up in the hands of low income people. Rent control discourages landlords from creating modest priced units.
|Kenneth Judd||Stanford||Strongly Disagree||9||Bio/Vote History|
|Anil Kashyap||Chicago||Disagree||3||Bio/Vote History|
|Pete Klenow||Stanford||Disagree||3||Bio/Vote History|
|Edward Lazear||Stanford||Strongly Disagree||8||
Even in the short run, rent control induces owners to move property to other uses, misallocate the property, and substitute non-price alloc.
|Jonathan Levin||Stanford||No Opinion||
I'm skeptical - but don't know enough about the programs to have a very informed view.
|Eric Maskin||Harvard||Disagree||7||Bio/Vote History|
|William Nordhaus||Yale||Disagree||5||Bio/Vote History|
|Maurice Obstfeld||Berkeley||Disagree||5||Bio/Vote History|
While well intended, theoretically they also likely limit expansions in supply and improvements in quality.
|Emmanuel Saez||Berkeley||Disagree||6||Bio/Vote History|
|José Scheinkman||Princeton||Disagree||6||Bio/Vote History|
|Richard Schmalensee||MIT||Strongly Disagree||8||
Unless al the textbooks are wrong, this is wrong.
|Hyun Song Shin||Princeton||Disagree||3||Bio/Vote History|
|James Stock||Harvard||Did Not Answer||Bio/Vote History|
|Nancy Stokey||Chicago||Strongly Disagree||9||
The planets are lined up here: theory and evidence point in the same direction.
Next questions: does the sun revolve around the earth.
|Christopher Udry||Yale||Disagree||5||Bio/Vote History|
|Luigi Zingales||Chicago||Disagree||6||Bio/Vote History|
This panel explores the extent to which economists agree or disagree on major public policy issues. To assess such beliefs we assembled this panel of expert economists. Statistics teaches that a sample of (say) 40 opinions will be adequate to reflect a broader population if the sample is representative of that population.
To that end, our panel was chosen to include distinguished experts with a keen interest in public policy from the major areas of economics, to be geographically diverse, and to include Democrats, Republicans and Independents as well as older and younger scholars. The panel members are all senior faculty at the most elite research universities in the United States. The panel includes Nobel Laureates, John Bates Clark Medalists, fellows of the Econometric society, past Presidents of both the American Economics Association and American Finance Association, past Democratic and Republican members of the President's Council of Economics, and past and current editors of the leading journals in the profession. This selection process has the advantage of not only providing a set of panelists whose names will be familiar to other economists and the media, but also delivers a group with impeccable qualifications to speak on public policy matters.
Finally, it is important to explain one aspect of our voting process. In some instances a panelist may neither agree nor disagree with a statement, and there can be two very different reasons for this. One case occurs when an economist is an expert on a topic and yet sees the evidence on the exact claim at hand as ambiguous. In such cases our panelists vote "uncertain". A second case relates to statements on topics so far removed from the economist's expertise that he or she feels unqualified to vote. In this case, our panelists vote "no opinion".
The Economic Experts Panel questions are emailed individually to the members of the panel, and each responds electronically at his or her convenience. Panelists may consult whatever resources they like before answering.
Members of the public are free to suggest questions (see link below), and the panelists suggest many themselves. Members of the IGM faculty are responsible for deciding the final version of each week’s question. We usually send a draft of the question to the panel in advance, and invite them to point out problems with the wording if they see any. In response, we typically receive a handful of suggested clarifications from individual experts. This process helps us to spot inconsistencies, and to reduce vagueness or problems of interpretation.
The panel data are copyrighted by the Initiative on Global Markets and are being analyzed for an article to appear in a leading peer-reviewed journal.