The Unassuming Economist

Note that this post will be updated as links to papers and presentations become available. Last updated: 11:/20/2024

On Housing Cycles & Housing Affordability

• Identifying Housing Market Bubbles: Bespoke Bubbles for Diverse Market Structures
• The Effect of Local Stock Market Participation on Local Housing Prices
• Macro Shocks and Housing Markets
• Negative Capital Shock, Overseas Buyers, and Housing Market
• A Housing Portfolio Channel of QE Transmission
• Land Development and Frictions to Housing Supply Over the Business Cycle
• Competitive Human Capital Accumulation and Housing Prices
• The Channels of Amplification: Dissecting the Credit Boom that led to the Global Financial Crisis
• Fiscal Stimulus Payments, Housing Demand, and House Price Inflation
• A Tale of Two U.S. House Price Booms
• Capital Flows, Income Inequality, and Housing Prices

On Housing Supply

• The Effects of Neighborhood Redevelopment on Housing Markets and Beyond: Evidence from HOPE VI Revitalization Programs
• The Housing Supply and Price Effects of Reducing Parking Requirements in U.S. Cities
• Housing regulation
• The Effects of Floodplain Regulation on Housing Markets
• Tax Incentives and the Supply of Low-Income Housing
• The Housing Supply and Price Effects of Reducing Parking Requirements in U.S. Cities

Housing Wealth and Mortgages

• When Prejudice Hits Home: Hate Crime and the Market for Mortgage Credit
• Intergenerational Mobility and Housing Wealth in the United States
• Mortgage Lock-in, Life-cycle Migration, and the Welfare Effects of Housing Market Liquidity
• Unlocking Mortgage Lock-In
• Real Estate Commissions and Homebuying
• Mortgage Credit and Housing Markets
• Land Use Regulation, Homeownership, and Wealth Inequality
• Reverse Mortgages, Housing, and Consumption: An Equilibrium Approach
• Effect of Credit Score Constraints on Mortgage Loans in the Housing Market
• Blockbusting and the Challenges Faced by Black Families in Building Wealth through Housing in the Postwar United States
• Does Homeownership Preserve Wealth for Low-Income and Minority Senior Households?
• Mortgage Seasonality, Capacity Constraints, and Lender Responses

On Environment and Housing

• (Re)labeling and Preference: Evidence from Air Quality Standards and Housing Markets in South Korea
• Home Prices Following a Climate Risk Information Shock
• Levees and Levies: Local Financing of Climate Infrastructure Maintenance and Housing Market Dynamics
• Flooded House or Underwater Mortgage? The Macrofinancial Implications of Climate Change and Adaptation
• Racial Housing Discrimination and Flood Risk

Spatial Economics

• Spatial Extrapolation in the Housing Market
• Dynamic Urban Economics
• The Spatial and Distributive Implications of Working-from-Home: A General Equilibrium Model
• Spatial Misallocation in Housing and Land Markets: Evidence from China

Insurance and Bargaining

• The Numbers Game: Effects of Listing and Counteroffer Pricing Format in Housing Bargaining
• The Winner’s Curse in Housing Markets
• Dual Credit Markets: Income Risk, Household Debt, and Consumption
• Eviction as Bargaining Failure: Hostility and Misperceptions in the Rental Housing Market
• Bidder Beware: Intergenerational Wealth Transfers and Overpayment in Housing Markets
• Risk Taking under Assimilation and Contrast: Theory, Experiments, and Applications
• Rent Guarantee Insurance
• Insuring Landlords

Discrimination

• Racial Housing Covenants: The Case of a Southern U.S. City
• LGBTQIA+ PEOPLE’S ACCESS TO HOUSING SERVICES IN THE CONTEXT OF ECONOMIC CONSTRAINTS: THE TÜRKİYE CASE
• Racial Differences in the Total Rate of Return on Owner-Occupied Housing
• Immigration Enforcement and the Local Housing Market: Evidence Using Fintech Data

Miscellaneous

• Impact of Institutional Owners on Housing Markets
• When the Levy Breaks: School Levies, Public Goods, and the Housing Market
• Does Opportunity Come with Trade-Offs? The Impact of Small Area Fair Market Rents on Search Outcomes
• Behavioral Lock-In: Aggregate Implications of Reference Dependence in the Housing Market
• Labor and Housing as Essential Links in the Critical Materials Supply Chain
• Institutional Investors in the Market for Single-Family Housing: Where Did They Come From, Where Did They Go?
• Equilibrium Multiplicity: A Systematic Approach using Homotopies, with an Application to Chicago
• Split Incentives and Energy Efficiency Investment: Evidence from the Housing Market
• Evidence on the Determinants and Variation of Idiosyncratic Risk in Housing Markets
• The Welfare and Targeting Impacts of Public Housing vs Vouchers: Lottery Evidence from Miami
• Horizon Risk in Renting: Evidence From a PropTech Rental Platform
• The Effects of Prevailing Wages on Affordable Housing Construction Costs in California
• The Impact of Unconditional Cash Transfers on Consumption and Household Balance Sheets: Experimental Evidence from Two U.S. States
• Mandatory Pension Saving and Homeownership
• Housing Demand and Remote Work

From a paper by Cintia Darma Yenti, Nathasya , Akmal Yusuf , and Erni Febrina Harahap:

“This research aims to analyze the factors that influence income inequality in West Sumatra Province. Some of the variables that are taken into consideration are: unemployment, education and poverty. The research uses secondary data from the Central Statistics Agency (BPS), using panel data regression analysis in 19 Regencies/Cities in West Sumatra Province, during 2017-2023. The selected research model uses the Fixed Effect Model (FEM). The research results show that: (1) the unemployment variable has a positive and insignificant effect on income inequality, (2) the education variable has a negative and significant effect on income inequality, (3) the poverty variable has a positive and significant effect on income inequality.”

From a paper by Sunil Sharma:

“Despite over a decade of reforms, financial systems remain fragile, and with the ongoing degradation of the biosphere addressing these fragilities is becoming even more challenging. The green digital transition requires innovation and experimentation. Laws and rules must support competition for novel technologies and solutions, allow for failure, and facilitate re-allocation of labor, real assets, and capital. Hence, the case for robust banks, nonbank financial intermediaries, and market infrastructure is even more urgent and compelling.

Complexity and deep uncertainty characterize the green digital transition and the operation of economic systems. Taking this seriously means recognizing that simpler heuristic approaches may dominate complicated optimization strategies. We must be cognizant of what we know, what we can know over relevant time horizons, and what may be unknowable.

Given the weaknesses of the current approach to financial regulation and oversight, changes in institutional and financial structure should be considered that would reduce the use of “runnable” short-term debt, create more transparency and better incentives for all players, and hence lessen the need for complicated rules, explicit and implicit State guarantees, and interventions in markets.

In an era of chronic and acute disruptions, durable price and financial stability will require not just accounting for financial hazards, but also engaging in promoting a structural transition. With time running out and the world approaching critical ecological thresholds, central banks and financial regulators will have to integrate environmental considerations into their operations and policies and collaborate more closely with other government agencies.

To increase the systemic resilience of the financial sector, the policy essay argues for:

(i) simplicity in prudential rules; (ii) higher buffers in financial institutions; (iii) greater modularity in the structure of the financial system; (iv) better use of market forces and public discipline; and (v) more credible and effective supervision.”

From a paper by Roman Horvath, Eva Horvatova, Maria Siranova:

“We examine the determinants of financial development using our global sample and employing different measures of financial development that assess the degree of depth and efficiency of financial intermediaries. We use instrumental variable Bayesian model averaging to test competing theories with this unifying framework. After examining nearly 20 potential determinants of financial development, we find that the rule of law, as well as some of its components, is the most important. In addition, our results suggest that wealth inequality is irrelevant to banking sector development but positively associated with stock market development.”

From a paper by Radhika Pandey, Ila Patnaik and Rajeswari Sengupta:

“It has been eight years since India adopted the inflation targeting (IT) framework for its monetary
policy. In this paper we present a comprehensive analysis of the IT regime, addressing several critical
aspects. We evaluate the performance of inflation over this period, and review the conduct of monetary
policy during and after the Covid-19 pandemic. We also identify key challenges that persist particularly
in context of the Impossible Trilemma and highlight issues that may require further examination in
order to improve the effectiveness of the IT framework in the future.”