Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2021

Housing Shock and Online Consumption

Hanming FANG, Long WANG, Zoe YANG
To establish the causal relationship between housing price appreciation and online consumption behavior, this study exploits a unique and comprehensive dataset assembled from October 1, 2016 to December 31, 2018 by the largest e-commerce company in China. In order to overcome the empirical challenge...
Keywords: Mortgage market structure, bank merger policy, household nance.
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

Housing price, Labor Supply and Household Behaviors – the Dream City Effect

Yongheng DENG, Wei HUANG, Xiangyu GUO
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Annual Conference

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Household Finance

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May 2022

Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility

Carlos GARRIGA, Aaron HEDLUND
Using an equilibrium macro-housing model with incomplete markets, defaultable mortgage debt, and endogenous liquidity, this paper analyzes how institutional details of the housing finance system impact macroeconomic fragility and the magnitude of boom-bust episodes. With a focus on the recent U.S. e...
Keywords: Housing, Consumption, liquidity, Debt, Great Recession
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

Housing booms and shirking

Wenlan QIAN, Jia HE, Quanlin GU
This paper studies the incentive costs of housing booms. We use the type and actual time stamps of 9.3 million credit card transactions by over 200,000 cardholders from a large commercial bank to detect non-work-related behavior during work hours. After positive shocks to house prices, employees in ...
Keywords: Incentive costs, housing booms, distortionary effect, Elasticity
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field

Stephen G. DIMMOCK, Roy KOUWENBERG, Olivia S. MITCHELL, Kim PEIJNENBURG
We test the relation between probability weighting and household portfolio choice in a representative household survey, using custom-designed incentivized lotteries. On average, people display Inverse-S shaped probability weighting, overweighting the small probabilities of tail events. As theory pre...
Keywords: Household Finance, portfolio underdiversification, probability weighting, rank dependent utility, cumulative prospect theory, salience theory, household portfolio puzzles, stock market participation
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