We use the price effects caused by the passage of rent control in St. Paul, Minnesota in 2021, to study the transfer of wealth across income groups. First, we find that rent control caused property values to fall by 6-7%, for an aggregate loss of $1.6 billion. A calibrated model of house prices...

Little is known about the participation of small individual landlords in the rental market, and about rental income earned by households. Using unique tax filings data from Australia, we show that 20% of middle and retirement age median-income individuals are landlords. This fraction has risen...

We use the price effects caused by the passage of rent control in St. Paul, Minnesota in 2021, to study the transfer of wealth across income groups. First, we find that rent control caused property values to fall by 6-7%, for an aggregate loss of $1.6 billion. Both owner-occupied and rental...

We develop tests for discrimination that we apply to 25 years of mortgage lending. Our tests limit the scope for omitted variables in a conventional benchmarking test by combining high-frequency mortgage evaluations with the notion that economic incentives can mitigate subjective biases. Loan...

We study the propagation of valuation errors through house prices. Verifying prior research, we first show that house sellers and landlords exhibit long memory: those having purchased when aggregate prices were high (low) ask, and obtain, abnormally high (low) prices and rents many years later....

Recent local price growth explains differences in search behavior across prospective homebuyers. Those experiencing higher growth in their postcode of residence search more broadly across locations and house characteristics, without changing attention devoted to individual sales listings....

Monetary policy works through financial markets to affect real consumer decisions. Buying a home is one of the most important consumer decisions, and we study the impact of the FOMC cycle on the timing and cost of mortgage applications. We find that the FOMC cycle is a focal point of attention...