The paper compares two methods to evaluate the effect of market fundamentals on housing price dynamics. The first method follows the traditional two-step procedures found in the literature in which one first estimates a house price index and then uses the estimated index in subsequent structural...

"This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the recent financial crisis. Using a comprehensive sample of CMBS deals from 1996 to 2008, we show that (unlike the residential mortgage market) the loans underlying CMBS did not...

The deposit business differs at large versus small banks. We provide a parsimonious model and extensive empirical evidence supporting the idea that much of the variation in deposit-pricing behavior between large and small banks reflects differences in "preferences and technologies." Large banks...