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…
W04-13: Over the past 50 years, housing expenditures have accounted for more than one fifth of the nation’s gross domestic product. But housing’s influence on the…
W98-7: Due to the financing mechanisms currently available, homeowners tend to have too much of their portfolios invested in their homes and institutional investors have…