Existing theories of media competition imply that advertisers will pay a lower price in equilibrium to reach consumers who multi-home across competing outlets. We generalize and extend this theoretical result and test it using data from television and social media advertising. We find that...

Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...

We propose a method to correct estimates from historical linked data for bias arising from type-I error--"false matches." We estimate the rate of false matching from the disagreement rate in characteristics that should agree across the two linked datasets. Combined with an understanding of the...

We examine how parental income and family structure during childhood and adolescence affect adult income, emphasizing the timing of these effects. Using an ordered multinomial probability model with functional covariates, we find that these familial influences are strongest in middle childhood...

Utilizing new panel micro data on the ownership sequences of all types of borrowers from 1997-2012 leads to a reinterpretation of the U.S. foreclosure crisis as more of a prime, rather than a subprime, borrower issue. Moreover, traditional mortgage default factors associated with the economic...

There is a consensus that the proportion of suicides committed with a firearm is the best proxy for gun ownership prevalence. Cerqueira et al. (2108) exploit the socioeconomic characteristics of suicide victims in order to develop a new and more refined proxy. It is based on the fixed effects of...

This paper provides the first nationally representative estimates of vulnerability to severe com-plications from COVID-19 overall and across race-ethnicity and socioeconomic status. We use the Panel Study of Income Dynamics (PSID) to examine the prevalence of specific health condi-tions...

Wealth varies considerably across the population and changes significantly over the lifecycle. In this paper, we trace out trajectories of wealth across several key life milestones, including marriage, homeownership, childbirth, divorce, disability, health shocks, retirement and widowhood using...

The COVID-19 pandemic has necessitated the adoption of a number of policies that aim to reduce the spread of the disease by promoting housing stability. Housing precarity, which includes both the risk of eviction and utility disconnections or shut-offs, reduces a person's ability to abide by...

Studies of the dynamics of bond risk premia that do not account for the corresponding dynamics of bond risk are hard to interpret. We propose a new approach to modeling bond risk and risk premia. For each of the US and China, we reduce the government bond market to its first two...