Using new high-frequency rent data for apartments in Chicago, this paper documents the origin of rent stickiness and its implications for income distribution in the rental housing market. This paper finds that neither Calvo nor Taylor’s models fully explain rent-setting behaviors because...

This paper documents the link between political voice and economic decision-making. Combining the repeal of Section 5 of the Voting Rights Act as a shock to the enfranchisement of black Americans with granular data on the US mortgage market, we document a 14% decline in mortgage origination for...

This paper presents a new mechanism through which the geography of bank deposits increases financial fragility. We document the within-bank geographic concentration of deposits -- 30% of bank deposits are concentrated in a single county. We combine this within-bank geographic concentration of...

Chonsei deposits are a unique form of real estate credit popular in the Korean housing market, in which tenants make interest-free loans to landlords in exchange for paying reduced rent. This paper constructs an equilibrium model of the Chonsei market. Chonsei deposit size is pinned down by...