This paper empirically and theoretically analyzes the effect of debt reductions that reduce long-term but not short-term obligations. Isolating the effect of future…
BABC 04-21: Federal law has long been a primary source of important individual rights, from voting and other civil rights to workplace safety. State law, however, has…
BABC 04-10: Spending financed by home equity extraction helps smooth household consumption and bolster the economy in economic downturns, but may reduce wealth…
This paper examines trends in prime-market mortgage lending to low- and moderate-income families and to families living in underserved areas, hereafter affordable lending,…