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 04-6: This paper examines home purchase mortgage choice employing data from 2002. Conventional, FHA, subprime, and special programs for low-to-moderate income…