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Corbae, Dean - 2013

How much of the recent rise in foreclosures can be explained by the large number of high-leverage mortgage contracts originated during the housing boom? We present a model where heterogeneous households select from a set of mortgage contracts and choose whether to default on their payments given...

Persistent link: https://www.econbiz.de/10012459338

Forbearance by Contract : How Building and Loans Mitigated the Mortgage Crisis of the 1930s

Fleitas, Sebastián - 2015

During the Great Depression, Building and Loans (B&Ls), the leading home lenders, had a structure that mitigated the crisis. Borrowers were owners of the B&L and dissolution of the institution required a two-thirds majority vote. Using panel data from New Jersey in the 1930s, we find that this...

Persistent link: https://www.econbiz.de/10012456885

Internal Migration in the United States

Molloy, Raven - 2011

We review patterns in migration within the US over the past thirty years. Internal migration has fallen noticeably since the 1980s, reversing increases from earlier in the century. The decline in migration has been widespread across demographic and socioeconomic groups, as well as for moves of...

Persistent link: https://www.econbiz.de/10012461350

The Political Economy of the U.S. Mortgage Default Crisis

Mian, Atif - 2008

We examine the determinants of congressional voting behavior on two of the most significant pieces of federal legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic Stabilization Act of 2008. We find evidence that...

Persistent link: https://www.econbiz.de/10012464179

Will Subprime be a Twin Crisis for the United States?

Dooley, Michael P. - 2008

We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments...

Persistent link: https://www.econbiz.de/10012464668

The industrial organization and regulation of the securities industry

Lo, Andrew W. (ed.) - 1996

Persistent link: https://www.econbiz.de/10000937532

Unemployment in the Great Recession : A Comparison of Germany, Canada and the United States

Hoffmann, Florian - 2014

States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates … did not change substantially in Germany, increased and remained at relatively high levels in the United States, and … increased moderately in Canada. More recent data also show that, unlike Germany and Canada, the U.S. unemployment rate remains …

Persistent link: https://www.econbiz.de/10012457972

Liquidity Traps : A Unified Theory of the Great Depression and Great Recession

Eggertsson, Gauti B.; Egiev, Sergey K. - National Bureau of Economic Research - 2024

This paper presents a unified framework to explain three major economic downturns: the U.S. Great Depression, the U.S. Great Recession, and Japan's Long Recession. Temporary economic disruptions, such as banking crises and excessive debt accumulation, can drive natural interest rates into...

Persistent link: https://www.econbiz.de/10015145146

The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008

Bordo, Michael D. - 2010

In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating the Great Contraction. The issue hinges over whether the panics were illiquidity shocks and hence in support of Friedman and Schwartz (1963) greatly exacerbated the recession which had begun in...

Persistent link: https://www.econbiz.de/10012462291

Loans for the "Little Fellow : " Credit, Crisis, and Recovery in the Great Depression

Quincy, Sarah - National Bureau of Economic Research - 2023

This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to diversify away local liquidity shortfalls, allowing it...

Persistent link: https://www.econbiz.de/10014421204