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…
What is the microelasticity of mortgage demand to interest rates? Despite the importance of this parameter for models of monetary policy efficacy, little is known about the…
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,…