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…
RR07-10: In recent years, housing has all but disappeared from national-level debate except for occasional discussions of a possible housing “bubble” and the all-too-…