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 …
PublishedReview of Economic StudiesOnline 26 Sep 2025Published May 2026
This paper asks why job polarization and income inequality are higher in large U.S. cities, and proposes a novel housing-market mechanism that operates independently of — but interacts with — 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 …
PublishedReview of Economic StudiesOnline 15 Oct 2025Published Jul 2026
This paper estimates the long-term causal effects of the Kampung Improvement Program (KIP), one of the world's largest slum upgrading programs, on urban development in Jakarta, Indonesia. KIP ran from …
PublishedQuarterly Journal of EconomicsOnline 10 Oct 2025Published Jan 2026
Lyons, Shertzer, Gray, and Agorastos construct the first consistent, annual, quality-adjusted market rent and home sales price series for American cities spanning 1890–2006. The paper addresses a …
PublishedReview of Economic StudiesOnline 18 Oct 2025Published Jul 2026
Using sales and leasing transaction records for the Greater Toronto Area (2006–2018), this paper finds three novel effects of a higher property transaction tax: higher buy-to-rent transactions …