This paper examines whether rising house prices immediately prior to children entering their college years impacts their intergenerational earnings mobility and/or educational outcomes. Higher house prices provide homeowners, especially liquidity constrained ones, with additional funding to...

This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that...

Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for The Global Interdependence Center's Conference on "Financial Interdependence in the World's Post-Crisis Capital Markets", Philadelphia, March 3, 2010

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the South Shore Chamber of Commerce, Quincy, MA, March 6, 2008

Discussion by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the U.S. Monetary Policy Forum, New York, NY, February 29, 2008

We show that homeowners are able to maintain a high level of consumption following job loss or disability in periods of rising house values. However, the consumption drop for consumers who simultaneously lose their job and equity in their houses is substantial. Using data from the Panel Study of...

The United States is known for the ability of its residents to move to where the jobs are, and this has helped the nation maintain its position as the world’s top economy. Households’ decisions to move depend not only on job prospects but also on the relative cost of housing. I investigate...

U.S. policymakers are concerned that negative home equity arising from the severe housing market decline may be constraining geographic mobility and consequently serving as a factor in the nation's persistently high unemployment rate. Indeed, the widespread drop in house prices since 2007 has...

In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...

Opening remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the conference, “Understanding the Housing Collapse: What is to Blame and What Can Be Done?”, co-sponsored by the Harvard Kennedy School's Rappaport Institute for Greater Boston,...