In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations [...]
Because of a severe shortage of affordable housing in the United States, an increasing number of low-income households suffer from housing instability. However, little evidence exists as to why they [...]
I study the short-run effect of new housing construction on housing affordability using individual address history data. Because most new construction is expensive, its effect on the market for more [...]
The economic link between globalization and income distribution has been rigorously studied from the perspectives of the international-trade paradigm. However, the international-trade viewpoint does not address the impact of globalization [...]
In this study, we provide a measure of the severity of the 2014-2018 US supervisory stress tests, and examine how that severity measure has evolved. Since the passage of the [...]
We present a model in which households facing income and housing-price shocks use long-term mortgages to purchase houses. Interest rates on mortgages reflect the risk of default. The model accounts [...]
Scholarly work seeking to understand academics’ commercial activities often draws on abstract notions of the institution of science and of the representative scientist. Few scholars have examined whether and how [...]
This study reports estimates of the marginal benefits and costs of increasing the regulatory minimum bank equity-to-asset “leverage ratio” from 4 to 15 percent. Benefits arise from reducing the probability [...]
In a recent study, The Perryman Group (TPG), a world-renowned group of economists widely used and respected by industry and government, measured the effect of the AIA and PTAB on [...]
Historically, and consistently, direct copyright infringement has been understood to be a strict liability tort. Unfortunately, some recent lower court decisions addressing infringement of copyrighted content on online platforms could [...]