To what extent did an expansion and contraction of credit drive the 2000s housing boom and bust? The existing literature offers sharply divergent answers — ranging from credit explaining virtually …
PublishedAmerican Economic ReviewOnline 1 Feb 2026Published Feb 2026
How do consumer credit spreads — the gap between household borrowing rates and deposit rates — affect aggregate business cycle dynamics and the distribution of consumption across the wealth …
Online FirstQuarterly Journal of EconomicsOnline 25 Jul 2026
Using tailored surveys of more than 11,000 US and German households, retail investors, financial professionals, and academic experts, the paper documents the "mental models" people use when reasoning …
PublishedQuarterly Journal of EconomicsOnline 10 Sep 2024Published Jan 2025
Maxted, Laibson, and Moll study fiscal and monetary policy in a partial-equilibrium heterogeneous-agent model in which homeowners have present-biased time preferences (Instantaneous Gratification …
PublishedAmerican Economic ReviewOnline 1 Jan 2026Published Jan 2026
This paper estimates the racial/ethnic gap in realized housing returns using administrative data on individual housing transactions, and investigates the mechanisms that generate those gaps. The …
Online FirstJournal of Money, Credit and BankingOnline 25 Nov 2025
This paper investigates how rising house prices affect the composition of household debt portfolios in Sweden during 2010–2014. Specifically, the authors ask whether homeowners who experience housing …
PublishedJournal of Monetary EconomicsOnline 1 Dec 2025Published Dec 2025
This paper documents a puzzle for canonical limited-participation models: when U.S. stock market participation rose from 31.6% to 53% between 1989 and 2007—a period also characterized by the Great …
PublishedQuarterly Journal of EconomicsOnline 26 Dec 2024Published Apr 2025
This paper asks whether relieving downstream medical debt — debt that has been sold to third-party debt collectors — causes improvements in financial outcomes, mental and physical health, and …
This review systematically compares heterogeneous-agent incomplete-markets models to see which model features and calibration strategies can deliver both a realistically large average marginal …