Annual Conference

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Household Finance

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May 2024

In victory or defeat: Consumption responses to wealth shocks

Alex IMAS, Tse-Chun LIN, Yan LUO, Xiaohuan WANG
Using a novel representative sample of digital payment and fund investment data, we observe a robust U-shaped relation between individual investors’ consumption and their financial wealth shocks. Contrary to the prediction of the wealth effect, individuals increase their consumption shortly after ...
Keywords: Wealth shocks, Consumption responses, Behavioral finance, Individual investors, Financial retail therapy, Digital payment data
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Annual Conference

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Real Estate and Urban Economics

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May 2024

Investments that Make our Homes Greener: The Role of Regulation

Nuno CLARA, Joao F. COCCO, S. Lakshmi NAARAAYANAN, Varun SHARMA
The operation of residential buildings (our homes) is responsible for roughly 22% of the global energy consumption and 17% of the CO2 emissions. We study the effects of a regulatory intervention aiming to reduce carbon emissions by requiring privately rented properties to satisfy minimum energy effi...
Keywords: Real Estate, Household Finance, Energy Efficiency, Climate Change.
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Annual Conference

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Real Estate and Urban Economics

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May 2024

Gone with the Flood: Natural Disasters, Selective Migration, and Media Sentiment

Yi FAN, Qiuxia GAO, Yinghao Elliot SITOH, Wayne Xinwei WAN
Exploiting variations in flood timing from the United States as a quasi-natural experiment, this study shows that floods cause population replacement in affected regions with 1.9% inflow and 2.7% outflow migration, respectively. They trigger younger, highly educated, and employed residents out of, a...
Keywords: Flood, migration, media sentiment, population replacement, residential location choice
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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Long-Run Environmental Consequences of Land Development

Congyan HAN, Lu HAN, Vincent YAO
We study the long-run environmental impacts of land development activities using flood claims and land use data at the zip code level. Employing long differences and instrumental variable approaches, we find that an increase in developed land is associated with a significant increase in flood claims...
Keywords: Land Use, Flood Damage, Environmental Effects, Right to Work Law
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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Lasting Impact of Historical Residential Security Maps on Experienced Segregation

Daniel AARONSON, Joel Kaiyuan HAN, Daniel A. HARTLEY, Bhashkar MAZUMDER
We study the impact of the 1930s HOLC residential security maps on experienced segregation based on cell phone records which track visits out of and into home neighborhoods. We compare adjacent neighborhoods, one of which was assigned a lower grade for creditworthiness than the other. We use a sampl...
Keywords: Redlining, access to credit, experienced segregation, intergroup exposure, within-city mobility
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