We introduce a model of a rational credit card user's rather complex usage choices and develop an empirical framework to test its predictions. Employing a large national database of U.S. card accounts, we estimate how prices impact card usage and find that price effects are mostly well explained...

We document and analyze price dispersion in the U.S. mortgage market. We find significant price dispersion in posted prices in the retail channel: for example, a consumer with a prime credit score and with a 20% down payment for a conforming loan might see a spread in interest rates of 50 basis...

Using a novel combination of mortgage datasets, we analyze the effects of two policy levers that influence the scope of Fannie Mae and Freddie Mac's (GSEs) involvement in the U.S. residential mortgage market. First, we find that small changes in mortgage guarantee fees charged by the GSEs were...

We analyze and summarize the microeconomic theory of pass-through rates. We start by analyzing a monopolist firm in a standard Micro 101 frictionless market, then add more nuances to the model, including, but not limited to oligopolistic competition, menu costs, price points, endogenous quality...