The transition to a lower rate of home ownership resulted in large flows of households into rental properties. Many of these households chose to rent single family properties, both because of the different characteristics of a single family versus a multifamily property, but also because the...

This study examines the demographic and financial determinants of housing choices of older Americans, and how they have changed over the past several decades. Using logistic regressions with the Panel Study of Income Dynamics (PSID), a nationally representative longitudinal survey from 1968 to...

Housing markets still display significant dislocations that developed during the Great Financial Crisis (GFC), including low rates of homeownership and household formation, low levels of total housing construction, low vacancy rates, housing shortages and issues with affordability. Yet amidst...

Lament (1997) claims to find evidence of credit market imperfections that distort financing and investment decisions of a sample of oil-dependent firms, as investment by nonoil units fell when oil cash flow dropped. However, a simple test reveals that few of these firms behaved in a fashion...

This paper models a firm's issuance of commercial paper (CP) as a strategy to lower its borrowing costs by taking advantage of a quot;clientele effectquot; in the demand for safe assets. The firm is willing to expose itself to liquidity risk in order to enjoy the savings on borrowing costs. A...

Why are housing markets so prone to boom-bust cycles? The mortgage market structure prior to the Savings and Loan crisis contributed to the volatility in real housing activity which, in turn, amplified the volatility in housing prices. The subsequent development of a national, market-based...

Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to...