"Between 1996 and 2006, real housing prices rose by 53 percent according to the Federal Housing Finance Agency price index. One explanation of this boom is that it was caused by easy credit in the form of low real interest rates, high loan-to-value levels and permissive mortgage approvals. We...

"This paper uses detailed administrative data from one of the largest community colleges in the United States to quantify the extent to which academic performance depends on students being of similar race or ethnicity to their instructors. To address the concern of endogenous sorting, we use...