Jeffrey P. Cohen

Professor

Finance

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Ph.D. in Economics, University of Maryland at College Park, December 1998

M.A. in Economics, University of Toronto, Canada, June 1993

B.S. in Quantitative Economics, Tufts University, May 1992

Biography

Jeffrey P. Cohen is the Kinnard Scholar in Real Estate, and a Professor at UCONN’s Center for Real Estate and Urban Economic Studies, the Department of Finance, and the School of Business. He is also currently a Research Fellow, Institute for Economic Equity, Federal Reserve Bank of St. Louis (see his St. Louis Fed profile here). From 2001-2020 he had been a frequent visiting scholar with the research division of the St. Louis Fed. In 2024, he is a Visiting Research Fellow at the Federal Reserve Bank of Boston’s Regional & Community Outreach department. He was a Senior Research Fellow at Saint Louis University from 2021 to 2024. Professor Cohen has been a visiting researcher at the RWI-Leibnitz Institute for Economic Research in Essen, Germany since 2017. Since 2020, he has been a Fellow with the Homer Hoyt Institute for Real Estate and Land Economics.

Professor Cohen’s current research interests include transit oriented development and housing; examining the extent to which real estate wealth associated with highway construction has been distributed inequitably across residents; climate change, green stormwater infrastructure, renewable energy and real estate; the impact of airports, airport noise and other transportation noise on property values; equitable approaches to property taxation; land value estimation; housing price spillovers across jurisdictions; and the relationships between substance use treatment provider operating costs and urban economic issues (such as transit and affordable housing). Among over 50 peer-reviewed journal publications, he has published his research in several top journals, including: Review of Economics and Statistics, Journal of Urban Economics, Journal of Regional Science, Regional Science and Urban Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research, Real Estate Economics, Transportation Research Part D: Transport and Environment; Federal Reserve Bank of St. Louis Review; and others.

He has previous teaching experience at Tufts University, the University of Maryland at College Park, the University of Toronto, and the University of Hartford. Professor Cohen has also worked full-time at the U.S. Environmental Protection Agency as part of an award from the National Academies; and has been a Fellow with and a seminar organizer for the Lincoln Institute of Land Policy. He also has previous full-time employment experience in the private sector as a Senior Economist at Standard & Poor’s.

Professor Cohen is currently the Principal Investigator of an $88,000 award from the Eversource Energy Center. He and his team are studying how houses with Electric Vehicle Charging Stations and solar panels are valued differently than other houses, and whether homeowners of different demographic groups benefit the same from having these renewable energy features.

He was recently the Principal Investigator of a $500,000, multi-year grant from the Robert Wood Johnson Foundation’s Systems for Action. In this project, he and his team studied how transit proximity impacts the operating costs of substance use treatment providers, equitable treatment outcomes, and the potential implications for aligning transport and treatment systems. Read about this project here.

Professor Cohen recently completed Phase 2 of a $306,000 grant project (as the Principal Investigator), funded by the State of Connecticut Department of Transportation and the U.S. Department of Transportation/Federal Highway Administration/Federal Transit Administration, on the property value impacts of a bus rapid transit line (called CTfastrak). Here is a link to a data visualization tool his team developed for Phase 2 of this project. He was also the PI on Phase 1 of this project ($194,000), which was completed in 2017. Watch a video about Phase 1 of this project here and read the report for Phase 1 of this project here.

He was recently the Principal Investigator on Phase 1 of a $262,000 grant from the State of Connecticut Department of Transportation and the U.S. Department of Transportation/Federal Transit Administration, to study how the new commuter rail line (called the Hartford Line) connecting New Haven, Hartford, and Springfield MA, impacts real estate in neighborhoods near the stations. Read the report for Phase 1 of this project here.

In 2017, Professor Cohen received the Distinguished Member Award from the Transportation and Public Utilities Group, of the American Economic Association (the national association for economists in the U.S.); other past awardees have included two Nobel Laureates in Economics (Daniel McFadden and William Vickrey).

At UCONN, Professor Cohen teaches courses in Real Estate Finance (undergraduate); Principles of Real Estate (undergraduate); and Real Estate Capital Markets (MBA level), and works with graduate (masters and Ph.D.) students on research. In the summer of 2022, he served as Interim Director of the UCONN Center for Real Estate and Urban Economic Studies, where he now continues to interact with the real estate community, students, and alumni.

 

Google Scholar Page for: Jeffrey P. Cohen

Repec Page for: Cohen, Jeffrey P.

ResearchGate Page for: Jeffrey P. Cohen

LinkedIn Page: https://www.linkedin.com/pub/jeffrey-cohen/8/526/81b

SSRN page for: Jeffrey P. Cohen

Selected Recent Journal Publications and Research In-Progress:

Selected Recent Journal Publications:

1. Feng, P., Yasar, M. and Cohen, J. 2023. Do Higher House Prices Crowd-Out or Crowd-In Manufacturing? A Spatial Econometrics Approach. Forthcoming in the Journal of Real Estate Finance and Economics.
2. Feng, P., Zhou, Z., Cohen, J., and Yasar, M. Air Pollution and the Effects on House Prices: A Push for Sustainability. Forthcoming in Journal of Real Estate Research.
3. Cohen, J.,  Coughlin, C.,  Crews, J, and Ross, S.L. 2023. Longer-Term Housing Market Effects of a Major U.S. Airport Closure.  Forthcoming in Real Estate Economics. Older version: NBER Working Paper #29385, October 2021.
4. Cohen, J., Coughlin, C., and Soques, D. Housing Price Cycle Interdependencies and Comovement: A Markov-Switching Approach. Forthcoming in Journal of Real Estate Research.
5. Cohen, J.P., Huleatt, S., Murphy, S., and Rash, C. 2024. Transit and Treatment: Aligning Systems to Address Substance Use in Connecticut. Forthcoming in Health Services Research.
6. Breidenbach, P., Cohen, J., and Schaffner, S. 2022. Continuation of Air Services at Berlin-Tegel Airport and its Effects on Apartment Rental Prices.  Real Estate Economics 50:1548-1575.
7. Wang, C., Cohen, J. & Glascock, J. 2022.  Geographically Overlapping Real Estate Assets, Liquidity Spillovers, and Liquidity Multiplier Effects.  Journal of Real Estate Finance and Economics, 1-22.
8. Cohen, J. P., Lownes, N., & Zhang, B. 2022. 1960s Interstate Highways and Homeowner Wealth Distribution. Federal Reserve Bank of St. Louis Review.
9. Cohen, J., Barr, J.M., Kim, E. 2021. Storm Surges, Informational Shocks, and the Price of Urban Real Estate:  An Application to the Case of Hurricane Sandy. Regional Science and Urban Economics 90, 103694.
10. Cohen, J., Friedt, F., and Lautier, J. 2022. The Impact of the Coronavirus Pandemic on New York City Real Estate: First Evidence.  Journal of Regional Science 62(3), 858-888.
11. Friedt, F. and Cohen, J. 2021. Perception vs. Reality: The Noise Complaint Effect on Home Values. Transportation Research Part D: Transport and Environment 100, 103011.
12. Clapp, J., Cohen, J., and Lindenthal, T. 2021. Are Estimates of Rapid Growth in Urban Land Values
    an Artifact of the Land Residual Model?  Journal of Real Estate Finance and Economics, 1-49.
13. Friedt, F. and Cohen, J. Valuation of Noise Pollution and Abatement Policy: Evidence from the Minneapolis-St. Paul International Airport. Land Economics 97(1):107 -136.
14. Cohen, J. and Harding, J. 2020. The Impact of Investors on Housing Values and Markets: The Case of Denver, Colorado. Journal of Real Estate Finance and Economics, 1-36.
15. Cohen, J., Zabel, J. 2020. Local House Price Diffusion. Real Estate Economics, 48(3), 710-743. 
16. Cohen, J., Coughlin, C., and Zabel, J. 2020. Time-Geographically Weighted Regressions and Residential Property Value Assessment. Journal of Real Estate Finance and Economics 60: 134-154.
17. Cohen, J., & LaCour-Little, M. 2020. New Perspectives on Real Estate Valuation. The Journal of Real Estate Finance and Economics, 60(1-2), 1-2.
18. Wang, C., Cohen, J. & Glascock, J. 2019. Geographic Proximity and Competition for Scarce Capital: Evidence from U.S. REITs. International Real Estate Review 22(4): 535-570.
19. Cohen, J., Coughlin, C., and Crews, J. 2019.  Traffic Noise in Georgia: Sound Levels and Inequality.  Journal of Housing Economics 44: 150-165.
20. Cohen, J., Yang, K., Danko, J. 2019. Proximity to a Water Supply Reservoir and Dams: Is There Spatial Heterogeneity in the Effects on Housing Prices? Journal of Housing Economics 43: 14-22.
21. Cohen, J. and M. Brown. 2017. Does a New Rail Rapid Transit Line Announcement Affect Various Commercial Property Prices Differently? Regional Science and Urban Economics 66: 74-90.
22. Cohen, J., Fedele, M.J. 2017. Where in Connecticut is the Best Location for a Split Tax? An Analysis of Land Assessment Equity in Several Cities. Buildings 7(4) 108: 1-19.
23. Cohen, J., Fedele, M.J. 2017. Connecticut’s Land Value Taxation Public Act: Who Would Bear the Burden?  Journal of Real Estate Research,  39(1): 39-63.
24. Cohen, J. P., Coughlin, C. C., & Clapp, J. M. 2017. “Local Polynomial Regressions versus OLS for Generating Location Value Estimates: Which is More Efficient in Out-of-Sample Forecasts?,” Journal of Real Estate Finance and Economics, 54(3), 365-385. Earlier version: Working Papers 2015-14, Federal Reserve Bank of St. Louis.
25. Cohen, J. and P. Checko. 2017. Too Big, Too Small, or Just Right? Cost-Efficiency of Environmental Inspection Services in Connecticut. Health Services Research 52(S2): 2285-2306.
26. Cohen, Jeffrey P. and Coughlin, Cletus C. and Yao, Vincent W. 2016. Sales of Distressed Residential Property: What Have We Learned from Recent Research? Federal Reserve Bank of St. Louis Review, Vol. 98, Issue 3, pp. 159-88, 2016.
27. Jeffrey Cohen & Yannis M. Ioannides & Win (Wirathip) Thanapisitikul, 2016. “Spatial Effects and House Price Dynamics in the U.S.A,” Journal of Housing Economics 31, 1-13.
28. Cohen, J., Cromley, R. G., Banach, K. T. 2015. Are Homes Near Water Bodies and Wetlands Worth More or Less? An Analysis of Housing Prices in One Connecticut Town. Growth and Change, 46(1): 114-132.
29. Eloff, J., Cohen, J. 2015. Airport Infrastructure Investment: Strategic Interaction or Strategic Allocation? Transportation Research Record, Transportation Research Board of the National Academies, vol. 2471.
30.  Barr, Jason & Cohen, Jeffrey P., 2014. “The floor area ratio gradient: New York City, 1890–2009,” Regional Science and Urban Economics, Elsevier, vol. 48(C), pages 110-119.
31.  Cohen, Jeffrey P. & Osleeb, Jeffrey P. & Yang, Ke, 2014. “Semi-parametric regression models and economies of scale in the presence of an endogenous variable,” Regional Science and Urban Economics, Elsevier, vol. 49(C), pages 252-261.
32. Cohen, Jeffrey P. & Coughlin, Cletus C. & Lopez, David A., 2012. “The boom and bust of U.S. housing prices from various geographic perspectives,” Review, Federal Reserve Bank of St. Louis, issue Sep, pages 341-368.
33.  Kiku Ichihara & Jeffrey Cohen, 2011. “New York City property values: what is the impact of green roofs on rental pricing?,” Letters in Spatial and Resource Sciences, Springer, vol. 4(1), pages 21-30, March.
34.  Jeffrey P. Cohen & Cletus C. Coughlin, 2010. “Response To “Spatial Multipliers In Hedonic Analysis: A Comment On ‘Spatial Hedonic Models Of Airport Noise, Proximity, And Housing Prices’ ”,” Journal of Regional Science, Wiley Blackwell, vol. 50(5), pages 999-1000, December.
35.  Cohen, Jeffrey P., 2010. “The broader effects of transportation infrastructure: Spatial econometrics and productivity approaches,” Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 46(3), pages 317-326, May.
36. Jeffrey P. Cohen & Cletus C. Coughlin, 2009. “Changing Noise Levels and Housing Prices Near the Atlanta Airport,” Growth and Change, Wiley Blackwell, vol. 40(2), pages 287-313.
37. Jeffrey P. Cohen & Cletus C. Coughlin & Lesli S. Ott, 2009. “Auctions as a vehicle to reduce airport delays and achieve value capture,” Review, Federal Reserve Bank of St. Louis, issue Nov, pages 569-588.
38.  Jeffrey Cohen & Kristen Monaco, 2009. “Inter-county spillovers in California’s ports and roads infrastructure: the impact on retail trade,” Letters in Spatial and Resource Sciences, Springer, vol. 2(2), pages 77-84, October.
39. Jeffrey Cohen & Kristen Monaco, 2008. “Ports and Highways Infrastructure,” International Regional Science Review, vol. 31(3), pages 257-274, July.
40. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. “Spatial Hedonic Models Of Airport Noise, Proximity, And Housing Prices,” Journal of Regional Science, Wiley Blackwell, vol. 48(5), pages 859-878.
41. Cohen, Jeffrey P. & Morrison Paul, Catherine, 2008. “Agglomeration and Cost Economies for Washington State Hospital Services,” Regional Science and Urban Economics, Elsevier, vol. 38(6), pages 553-564, November.
42.  Jeffrey P. Cohen & Catherine Morrison Paul, 2007. “The Impacts Of Transportation Infrastructure On Property Values: A Higher-Order Spatial Econometrics Approach,” Journal of Regional Science, Wiley Blackwell, vol. 47(3), pages 457-478.
43. Jeffrey Cohen, 2006. “The impacts of education spending and finance reform on manufacturing property shadow values: a cost function approach,” Journal of Productivity Analysis, Springer, vol. 26(2), pages 181-190, October.
44.  Cohen, Jeffrey P. & Paul, Catherine J. Morrison, 2005. “Agglomeration economies and industry location decisions: the impacts of spatial and industrial spillovers,” Regional Science and Urban Economics, Elsevier, vol. 35(3), pages 215-237, May.
45. Jeffrey P. Cohen & Cletus C. Coughlin, 2005. “An introduction to two-rate taxation of land and buildings,” Review, Federal Reserve Bank of St. Louis, issue May, pages 359-374.
46.  Jeffrey P. Cohen & Catherine J. Morrison Paul, 2004. “Public Infrastructure Investment, Interstate Spatial Spillovers, and Manufacturing Costs,” The Review of Economics and Statistics, MIT Press, vol. 86(2), pages 551-560, May.
47. Cohen, Jeffrey P. & Morrison Paul, Catherine J., 2003. “Airport infrastructure spillovers in a network system,” Journal of Urban Economics, Elsevier, vol. 54(3), pages 459-473, November.
48.  Jeffrey P. Cohen & Cletus C. Coughlin, 2003. “Congestion at airports: the economics of airport expansions,” Review, Federal Reserve Bank of St. Louis, issue May, pages 9-26.
49. Jeffrey P. Cohen & Catherine J. Morrison Paul, 2003. “Spatial and supply/demand agglomeration economies: State- and industry-linkages in the U.S. food system,” Empirical Economics, Springer, vol. 28(4), pages 733-751, November.
50. Cletus C. Coughlin & Jeffrey P. Cohen & Sarosh R. Khan, 2002. “Aviation security and terrorism: a review of the economic issues,” Review, Federal Reserve Bank of St. Louis, issue Sep, pages 9-24.
51. Jeffrey P. Cohen, 2002. “Reciprocal State and Local Airport Spending Spillovers and Symmetric Responses to Cuts and Increases in Federal Airport Grants,” Public Finance Review, , vol. 30(1), pages 41-55, January.

Research in Progress and Working Papers

1. Cohen, J., Ling, D., Naranjo, A., and Wang, C.  Overlapping Real Estate Networks and Corporate Investment.
2. Cohen, J., Coughlin, C., Friedt, F. Hear Ye, Bear Ye: Housing Prices, Noise Levels, and Noise Inequality.
3. Cohen, J. and Schaffner, S. A New Highway in Germany and the Impacts on Real Estate.
4. Feng, P., Zhou, Z., Yasar, M. and Cohen, J. The Relationships Between Judicial Auction Housing Purchase Restriction Policy and Online Housing Auction Markets.
5. Friedt,. F., Cohen, J.P., and Z. Qian. The Nature of Noise Complainers and Housing Price Effects around Minneapolis-Saint Paul International Airport: An IV Approach.
6. Cohen, J., Fuess, R., Ghosh, C., and Hayunga, D. Bargaining Outcomes of Housing Investors Across Diverse Neighborhoods.
7. Liu, X., Cohen, J., Ghosh, C., and Gillingham, K. A Bright Future for Housing Investors? Solar Panels and Investors in Single Family Homes.
8. Liu, X., Cohen, J., Ghosh, C., and Lu Andrews, R. Accessory Dwelling Units’ Contagion Effects: New Spatial Evidence from Los Angeles.
9. Cohen, J.P., Coughlin, C., and Crews, J. and Soques, D. Regional Housing Vacancy Rates: Differences in Regimes and Spillovers Using Markov-Switching Models.
10. Clayton, J., Cohen, J.P., Rolheiser, L., and Adams, A. Anticipated Access: Transit Station Announcements and Upzoning.
11. Cohen, J.P., Hoeltken, C., and Huang, Y. Firms’ Births, Relocations, Deaths, and Rental Time on the Market: A Quasi-experiment with German Commercial Real Estate.
12. Cohen, J.P., Huang, Y., and McMillen, D. Can Fairness Flow in Philly? Real Estate Assessment Equity for Green Stormwater Infrastructure Finance.
13. Cohen, J.P. A Natural Experiment Approach to Separating Land and Structure Values.
14. Cohen, J.P., Prueser, J., Schmidt, T., Soques, D. European Union House Price Cycles.
15. Cohen, J.P., Ghosh, C., Raithatha, M. Economic and Real Consequences of Regulatory Reform: Evidence from the Real Estate Sector in India.

Other Working Papers

1. Cohen, J., Coughlin, C., and Crews, J. 2017. Airport Noise in Atlanta: The Inequality of Sound. Working Papers 2017-015, Federal Reserve Bank of St. Louis.
2. Cohen, J., Ioannides, Y. Intercity Trade and Housing Prices in U.S. Cities.
3. Cohen, Jeffrey P. & Coughlin, Cletus C. & Clapp, John M., 2014. “Semi-Parametric Interpolations of Residential Location Values: Using Housing Price Data to Generate Balanced Panels,” Working Papers 2014-50, Federal Reserve Bank of St. Louis.
4. Jeffrey P. Cohen & Cletus C. Coughlin, 2009. “Spatial heterogeneity and the geographic distribution of airport noise,” Working Papers 2009-058, Federal Reserve Bank of St. Louis.
5. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. “Airport-related noise, proximity, and housing prices in Atlanta,” Working Papers 2005-060, Federal Reserve Bank of St. Louis.
6. Jeffrey P. Cohen, 2007. “Economic Benefits of Investments in Transport Infrastructure,” OECD/ITF Joint Transport Research Centre Discussion Papers 2007/13, OECD Publishing.
7. Jeffrey P. Cohen & Cletus C. Coughlin, 2006. “Spatial hedonic models of airport noise, proximity, and housing prices,” Working Papers 2006-026, Federal Reserve Bank of St. Louis.
8. Cletus C. Coughlin & Jeffrey P. Cohen & Sarosh R. Khan, 2002. “Aviation security and terrorism: a review of the economic issues,” Working Papers 2002-009, Federal Reserve Bank of St. Louis.