Housing

Dominik Boddin · Daniel Marcel te Kaat · Chang Ma · Alessandro Rebucci

This paper identifies and quantifies a housing portfolio channel of quantitative easing (QE) transmission that operates through household portfolio rebalancing toward second homes (as opposed to the …

Eric Chyn · Diego Daruich

How should governments design neighborhood-based policies to improve long-run outcomes for children, once one accounts for general equilibrium (GE) forces—endogenous rents, neighborhood quality, …

Elliot Anenberg · Tess Scharlemann · Eileen van Straelen

Does monetary policy stimulate household borrowing and consumption by enabling cash-out mortgage refinancing ("the cash-out refinance channel"), or does it primarily induce substitution across …

Walter Beckert · Howard Smith · Yuya Takahashi

How does individually negotiated pricing — where buyers make discrete choices among differentiated products and negotiate transaction-specific prices — affect market power and merger effects in …

Daniel L. Greenwald · Adam Guren

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 …

Emmanuel De Veirman · Jasper De Jong

De Veirman and de Jong develop a new approach to estimating the macroeconomic effects of changes in regulatory loan-to-value (LTV) limits on mortgage loans. The central questions are: (1) how do …

Andrii Parkhomenko

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 …

Amir Kermani · Francis Wong

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 …

Boaz Abramson · Stijn Van Nieuwerburgh

Abramson and Van Nieuwerburgh study Rent Guarantee Insurance (RGI), a product in which an insurer pays the landlord on behalf of a tenant who defaults on rent due to a negative income or health …

Anna Grodecka-Messi · Jieying Li · Xin Zhang

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 …

Aram Grigoryan

Grigoryan (2021) develops a unified general-equilibrium framework that jointly models school assignment mechanisms and the housing market to evaluate the welfare and distributional consequences of …

Mariaflavia Harari · Maisy Wong

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 …

Matthew J Delventhal · Andrii Parkhomenko

Delventhal and Parkhomenko build a quantitative spatial model of the United States to study how the rise of telecommuting reshapes the distribution of residents, jobs, and housing costs across and …

Nicolas Coeurdacier · Florian Oswald · Marc Teignier

This paper asks how cities grow in the process of structural transformation — specifically, whether urban expansion occurs at the intensive margin (higher density within a fixed area) or the extensive …

Samuel Bazzi · Andreas Ferrara · Martin Fiszbein · Thomas Pearson · Patrick A Testa

This paper investigates how white migration out of the postbellum South diffused Confederate culture and entrenched racial norms across the United States during a critical juncture of westward …

Greg Howard · Hansen Shao

Howard and Shao document a new empirical regularity in U.S. internal migration: the t-year interstate migration rate — defined as the share of people living in a different state than they did t years …

Jesper Böjeryd · Roine Vestman · Björn Tyrefors · Dany Kessel

This paper estimates a causal housing wealth effect on consumption using a quasi-natural experiment in Stockholm, Sweden. The identification exploits an unanticipated political decision — announced in …

Ronan C Lyons · Allison Shertzer · Rowena Gray · David Agorastos

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 …

Lu Han · L. Rachel Ngai · Kevin D. Sheedy

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 …

Greg Buchak · Gregor Matvos · Tomasz Piskorski · Amit Seru

This paper examines frictions in dealer intermediation in durable consumer goods markets, using iBuyers — technology-driven real estate companies such as Opendoor and Offerpad — as a lens. The central …