This paper analyzes how relative housing wealth affects labor supply. Using China's great housing boom as a natural experiment, we examine this empirical question and find that an appreciation in relative housing wealth significantly reduces the average working hours. We also find that this...

The debate on the impact of economic conditions on health has been recently amplified by the drug crisis in the US attributed by some to “deaths of despair.” There is little understanding of the magnitude of the impact of economic conditions on health and the reasons why it varies across...

A general equilibrium model, that incorporates endogenous production and local housing markets, is developed in order to explain the price relationship among human capital, housing, and stocks, and to uncover the role of housing in asset pricing. Housing serves as an asset as well as a durable...

Buyers’ onsite viewing activities reveal important information about their housing demands, yet empirically we know little about their impact on transaction outcomes. Using a unique proprietary dataset which includes 4,397,652 onsite viewing records and 621,040 transaction outcomes from the...

Following the 2008 financial crisis, mortgage credit tightened and banks lost significant mortgage market share to nonbank lenders, including to fintech firms recently. Have fintech firms expanded credit access, or are their customers similar to those of traditional lenders? Unlike in small...

We measure the causal impact of reductions in benchmark interest rates on the renegotiation and performance of distressed loans, using 2000s subprime adjustable-rate mortgages as a laboratory. Subprime borrowers treated with larger benchmark Libor rate declines benefited from increased...

We examine household location choice for eight cities in Switzerland. In line with other studies for Europe and the U.S., empirical evidence for the income gradient is weak in standard regression specifications that control for household characteristics and amenities. We provide a possible...

This paper estimates the impact of opioid abuse on real estate prices. We exploit the variation in opioid prescriptions induced by the staggered passage of state laws intending to limit the abuse of opioids. We document a long-term negative relationship between opioid prescriptions and...

This paper shows the importance of interest rate risk and prepayment risk in fixed-rate mortgages in influencing banks’ securitization of mortgages. Banks with longer-maturity liabilities are more capable of taking the interest rate risk and therefore securitize fewer mortgages. In contrast,...