Automated valuation models (AVMs) are increasingly being used as a substitute for home appraisals in mortgage origination. This paper examines whether there are differences in the credit risk of mortgages originated using AVMs relative to traditional appraisals. This question is explored through...

The effects of skills achieved in early adulthood—as measured by the Armed Forces Qualifying Test (AFQT) score, the Rotter score, and Deming’s (2017) Social score—are shown to impact education, income, and homeownership levels achieved in later life. Mediation analysis is used to identify...

This paper examines the potential market impacts of continuous forbearance mortgages (CFM). This mortgage design embeds an insurance contract at origination that reduces the interest bearing balance to the smaller of the unpaid balance and an estimate of the current home value in exchange for an...

Asymptotic local power analysis has become an important and increasingly used technique in econometrics. This paper reviews the history of local power analysis and delineates the contribution of J. Neyman, E.J.G. Pitman, and G. Noether

This paper examines whether identification is a 'common' or 'rare' phenomenon in nonlinear parametric models. For several broad classes of models, it is shown that there is an open and dense subset of identified models, and that consequently the set of nonidentified models is nowhere dense. The...