We investigate whether the introduction of fixed-price U.S. federal deposit insurance in 1933 increased the risk-taking of banks over the succeeding period. We examine 60 financial institutions and find that [...]
The nation's 11.2 million extremely low income renter households account for 25.7% of all renter households and 9.5% of all households in the United States. The U.S. has a shortage [...]
Nominal stock prices are arbitrary. Therefore, when evaluating how a piece of news should affect the price of a stock, rational investors should think in percentage rather than dollar terms. [...]
Gentrification is a powerful force for economic change in our cities, but it is often accompanied by extreme and unnecessary cultural displacement. While gentrification increases the value of properties in [...]
The U.S. government guarantees a majority of residential mortgages, which is often justified as a means to promote homeownership. In this paper we use property-level data to estimate the effect [...]
The objective of this report is to detail the health, safety and economic contributions of the professional beauty industry and the critical role professional beauty licensing plays in protecting those [...]
At moderate levels, debt improves welfare and enhances growth. But high levels can be damaging. When does debt go from good to bad? We address this question using a new [...]
Does the use of assumed investment returns to value liabilities and calculate required contributions lead public pension plans to invest more in risky assets? The analysis finds that, even after [...]
This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the [...]
We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of [...]