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NBER WORKING PAPER SERIES

TARNISHING THE GOLDEN AND EMPIRE STATES:
LAND-USE RESTRICTIONS AND THE U.S. ECONOMIC SLOWDOWN

Kyle F. Herkenhoff
Lee E. Ohanian
Edward C. Prescott
Working Paper 23790
http://www.nber.org/papers/w23790

NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
September 2017

We thank Narayana Kocherlakota and Chris Tonetti , and seminar participants at NYU, the St.
Louis Fed, and the NBER "Macroeconomics Across Space and Time Conference" for very
helpful comments. We thank Jing Hang, Carter Braxton, and Diana Van Patten for excellent
research assistance. The views expressed herein are those of the authors and do not necessarily
reflect the views of the National Bureau of Economic Research.
NBER working papers are circulated for discussion and comment purposes. They have not been
peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies
official NBER publications.
© 2017 by Kyle F. Herkenhoff, Lee E. Ohanian, and Edward C. Prescott. All rights reserved.
Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission
provided that full credit, including © notice, is given to the source.