[...]In this article, we examine the wage-puzzle phenomenon ofthe 1990s. Specifically, we explore whether changes in paystructure can account for the behavior of CPH during thedecade. Labor markets have changed considerably over the pasttwenty years: workers today receive a higher portion of...

[...]In this paper, we update this affordability debateusing data from the 1990s. We follow Gyourko and Linneman(1993) in addressing the affordability issue by asking asimple question: Is a home of a given quality from ten ortwenty years ago more or less affordable today to a householdsimilarly...

We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...