This study considers an under-explored channel through which credit-constrained house- holds may smooth consumption – buying ahead. We employ a differences-in-differences-in- differences strategy and exploit variation from state tax laws introduced in different states in different years. Using...

After almost a decade of strong price appreciation, the housing market fell into a steep decline in 2007. By 2008, foreclosure filings on owner-occupied homes were surpassing record levels. Due to the housing downturn, fewer renters may aspire to own a home, which could have lasting implications...

This paper uses repeated cross-sectional data from the Surveys of Consumer Finances (SCF) to characterize cohort patterns of net worth and debt of American households. Cohort patterns provide a useful benchmark for identifying potentially vulnerable households based on relative financial...

The lack of research on how the 2004 safety-related withdrawal of the drug Vioxx affected consumer drug utilization or outcomes for competitors is a missed opportunity to learn from the largest drug withdrawal event in history. Our study fills this void using state-level repeated cross section...

Prior to 2010 regulatory changes, lenders faced few penalties for disclosing inaccurate mortgage closing costs to borrowers during the mortgage application process. Given this policy context, lenders might have intentionally understated closing costs in order to lure unsuspecting borrowers into...

Financial education is commonly assumed to affect knowledge and behavior, yet its impacts remain relatively untested. Very low-income families in a subsidized housing program were randomly assigned to a mandatory financial education program and tracked for 12 months. Financial education led to...

Due to the rise in foreclosure filings, policymakers are increasingly concerned with helping families in financial distress keep their homes. This paper tests the extent to which distressed mortgage borrowers benefit from three types of state foreclosure polices: (1) judicial foreclosure...

Loan modifications offer one strategy to prevent mortgage foreclosures by lowering interest rates, extending loan terms and/or reducing principal balance owed. Yet we know very little about who receives loan modifications and/or the terms of the modification. This paper uses data from a sample...