We study how investors in housing markets have changed after the 2009 financial crisis and the consequences for the markets and the economy. We document several new facts: (a) Institutional investors have replaced individual investors. (b) Most new investors are buy-and-hold investors as they...

In the mid-2000s, household private debt reached a new level 1.2 times larger than personal income? before collapsing during the Great Recession. This paper uses microeconomic data to document the main changes in personal debt and explore the behavior of debt across generations over two periods:...

Despite the growing popularity of free college proposals, countries with higher college subsidies tend to have higher enrollment rates but not higher graduation rates. To capture this evidence and evaluate potential free college policies, we rely on a dynamic model of college enrollment,...