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…
At the turn of the millennium, fully two-thirds of American households were owner-occupants. In addition, through the middle of the year in 2000, real home prices were rising…