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On Fiscal Illusion and Ricardian Equivalence in Local Public Finance

Banzhaf, Spencer; Oates, Wallace E. - National Bureau of Economic Research (NBER) - 2012

We re-evaluate two forms of fiscal illusion in local public finance: debt illusion and renter illusion. The Ricardian Equivalence Theorem for local governments suggests the form of finance of a public program (tax or debt finance) has no effects on substantive outcomes. For the local case, this...

Persistent link: https://www.econbiz.de/10011271460

Cleaning the Bathwater with the Baby: The Health Co-Benefits of Carbon Pricing in Transportation

Knittel, Christopher R.; Sandler, Ryan - National Bureau of Economic Research (NBER) - 2011

Efforts to reduce greenhouse gas emissions in the US have relied on Corporate Average Fuel Economy (CAFE) Standards and Renewable Fuel Standards (RFS). Economists often argue that these policies are inefficient relative to carbon pricing because they ignore existing vehicles and do not...

Persistent link: https://www.econbiz.de/10009278242

Subprime Mortgages: What, Where, and to Whom?

Mayer, Christopher; Pence, Karen - National Bureau of Economic Research (NBER) - 2008

We explore the types of data used to characterize risky subprime lending and consider the geographic dispersion of subprime lending. First, we describe the strengths and weaknesses of three different datasets on subprime mortgages using information from LoanPerformance, HUD, and HMDA. These...

Persistent link: https://www.econbiz.de/10005720569

Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market

Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent - National Bureau of Economic Research (NBER) - 2013

Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...

Persistent link: https://www.econbiz.de/10010703331

Changes in Buyer Composition and the Expansion of Credit During the Boom

Schoar, Antoinette; Adelino, Manuel; Severino, Felipe - National Bureau of Economic Research (NBER) - 2015

Earlier research has suggested that distortions in the supply of mortgage credit during the run up to the 2008 … prices and the subsequent collapse of the housing market. Focusing on individual mortgage transactions rather than whole zip … composition. In fact, the relationship between individual mortgage size and income growth during the housing boom was very similar …

Persistent link: https://www.econbiz.de/10011123645

Developments in Decumulation: The Role of Annuity Products in Financing Retirement

Mitchell, Olivia - National Bureau of Economic Research (NBER) - 2001

Longer lifespans are generally seen as a positive outcome of economic growth. Yet life extension also means that more people face the risk of living too long -- that is, outliving their assets and means of support. A range of financial products exists currently or can be envisioned for the...

Persistent link: https://www.econbiz.de/10005714302

Social Security as a Financial Asset: Gender-Specific Risks and Returns

Baxter, Marianne - National Bureau of Economic Research (NBER) - 2001

Social Security is a financial asset whose 'purchase' is compulsory for most working individuals; the return during the individual's working lifetime is related to the rate of change of aggregate labor income. If an individual's labor income is strongly related to aggregate labor income, then...

Persistent link: https://www.econbiz.de/10005828815

Default, Framing and Spillover Effects: The Case of Lifecycle Funds in 401(k) Plans

Mitchell, Olivia; Mottola, Gary R.; Utkus, Stephen P.; … - National Bureau of Economic Research (NBER) - 2009

Important behavioral factors such as default and framing effects are increasingly being employed to optimize decision-making in a variety of settings, including individually-directed retirement plans. Yet such approaches may have unintended "spillover" effects, as we show with regard to the...

Persistent link: https://www.econbiz.de/10005036805

Fertility and Financial Development: Evidence from U.S. Counties in the 19th Century

Basso, Alberto; Bodenhorn, Howard; Cuberes, David - National Bureau of Economic Research (NBER) - 2014

The old-age security hypothesis establishes that one important reason why parents have a large offspring is to ensure that they will receive financial support from them in old age. In this paper we use data on fertility and financial development in 19th century U.S. to indirectly test this...

Persistent link: https://www.econbiz.de/10010951184

Estimating Racial Price Differentials in the Housing Market

Bayer, Patrick; Ferreira, Fernando V.; Casey, Marcus D.; … - National Bureau of Economic Research (NBER) - 2012

This paper uses unique panel data covering over two million repeat-sales housing transactions from four metropolitan areas to test for the presence of racial price differentials in the housing market. Drawing on the strengths of these data, our research design controls carefully for unobserved...

Persistent link: https://www.econbiz.de/10011271413

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