How does the large market for credit score improvement products affect consumers and market efficiency? For consumers …, we use a randomized encouragement design on a standard credit builder loan (CBL) and find null average effects on scores … credit activity. CBLs induce delinquency on pre-existing loan obligations, suggesting that even a seemingly modest additional …

-primary houses fueled the entire mortgage boom during 2014Q4-2016Q3. The mortgage expansion disproportionately increased the share of … mortgage markets. Our cross-city evidence provides empirical support for this channel …

Empirical models of mortgage default typically find that the influence of unemployment is negligible compared to other … assigns a critical role to unemployment status in the decision to stop payment on a mortgage. We help reconcile this …

In this paper we examine the relationship between homeowners' bankruptcy decisions and their mortgage default decisions …

We propose a new approach to studying the pass-through of credit expansion policies that focuses on frictions, such as … estimating heterogeneous MPBs and MPLs in the U.S. credit card market. Using panel data on 8.5 million credit cards and 743 … credit limit regression discontinuities, we find that the MPB is declining in credit score, falling from 59% for consumers …

increased (+24%). Finally, the bank's imputed credit-default model lost its predictive power. Overall, loan …

Lending standards are a direct measure of credit conditions. We use the micro data merged from three separate sources … extensive data analysis disciplines how we introduce credit frictions in the banking sector into a macroeconomic model. The … model estimation reveals that an exogenous shock to credit supply drives cyclical lending standards and accounts for a …