We examine the generalizability of internally valid estimates of causal effects in a fixed population over time when that population is subject to aggregate shocks. This temporal external validity is shown to depend upon the distribution of the aggregate shocks and the interaction between these...

The Spanish Christmas Lottery is one of the most common lottery games played in Spain. This paper analyses how local windfall gains from the Christmas Lottery can affect household consumption behavior. We find that there is a significant increase in goods consumption in the winning Regions. More...

Using the earnings from the first prize of the Spanish Christmas Lottery (one of the most popular lottery games in Spain), we study how local windfall gains from the Christmas Lottery can affect household consumption behavior. After estimating the direct impact of the lottery winnings on...

We use unique data in which both partners report about household finances to demonstrate that there is often disagreement about whether the household has experienced financial difficulty in the past year. Four alternative explanations for this disagreement are tested using the data. The results...

We use unique data in which both partners report about household finances to demonstrate that there is often disagreement about whether the household has experienced financial difficulty in the past year. Four alternative explanations for this disagreement are tested using the data. The results...

Using data from the U.S. Centers for Disease Control and Prevention's Behavioral Risk Factor Surveillance System, we examine the impact of the Great Recession on subjective well-being (as measured by life satisfaction) and attempt to identify disparate effects by age. We find that those...

The booming retail trade and the above-target consumer prices inflation in 2023-2024 in Russia, amid tightening monetary policy stance, raise an issue of the strength of the monetary policy interest rate channel. The focus of our paper is the interest rate elasticity (given inflation...

This paper tests one specific monetary transmission mechanism through households: portfolio rebalancing. We use a unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets such as mutual funds and equities, as well as bank...

I develop a structural model of mortgage demand and lender competition to study how leverage regulation affects the equilibrium in the UK mortgage market. Using variation in risk-weighted capital requirements across lenders and across mortgages with differential loan-to-values, I show that a...

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions, taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain...