This paper investigates the effectiveness of nine non-interest rate policies on house prices and housing credit using data from 57 economies and periods of up to three decades. We find [...]
Although there is broad recognition that cities differ in their tendency to experience house price bubbles, most studies assume away any possibility of within-city heterogeneity in response to a bubble. [...]
Housing construction, measured by housing starts, leads GDP in a number of countries. Measured as residential investment, the lead is observed only in the United States and Canada; elsewhere, residential [...]
This paper measures the impact of individual-level housing capital gains on transitions into and out of self-employment. Drawing on special features of the 1985–2013 American Housing Survey (AHS) panel, our [...]
States without a judicial requirement for foreclosures are twice as likely to foreclose on delinquent homeowners. Comparing zip codes close to state borders with differing foreclosure laws, we show that [...]
In this paper we seek to understand the role of financial constraints in the housing market and their effectiveness as a macroprudential policy tool aimed at cooling a housing boom. [...]
We study a controlled experiment in which a bank’s loan officers were incentivized based on originated loan volume to encourage prospecting for new business. While treated loan officers did attract [...]
We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). Specifically, in the HRS we examine [...]
We build a model of the U.S. economy with multiple aggregate shocks (income, housing finance conditions, and beliefs about future housing demand) that generate fluctuations in equilibrium house prices. Through [...]
A broadly accepted view contends that the 2007-09 financial crisis in the U.S. was caused by an expansion in the supply of credit to subprime borrowers during the 2001- 2006 [...]