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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Household Finance, Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2022

FinTech Adoption and Household Risk-Taking

Claire Yurong HONG, Xiaomeng LU, Jun PAN
Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the...
Keywords: FinTech, Digital Payment, Financial Inclusion, Consumption, Risk Taking
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Politician’s Asset Allocation and Economic Bill Proposals

Hyun-Soo CHOI, Hugh Hoikwang KIM, Paul Youngwook KIM
We study the impact of politicians’ asset allocation on their economic bill proposals. Using a novel database of comprehensive financial disclosures of Congress members in South Korea, we find that the Congress members with more real estate assets in their portfolios are less likely to propose eco...
Keywords: political economy, economic bill proposal, politician’s asset allocations, real estate
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Like Father Like Son? Social Engineering and Intergenerational Mobility in Housing Consumption

Sumit AGARWAL, Wenlan QIAN, Tien Foo SING, Yi FAN
We estimate the rate of intergenerational mobility in housing consumption in the context of largescale social engineering programs in Singapore. Using a comprehensive set of data on residential demographics merged with the real housing transaction records covering 149,745 parents-child pairs from 19...
Keywords: housing consumption, intergenerational mobility, social engineering programs, human capital
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Coronavirus Pandemic and Unemployment: Evidence from Mobile Phone Data in China

Yongheng DENG, Panle Jia BARWICK, Shanjun LI, Teng LI, Xinfei HUANG
Based on mobile phone records for 71 million users and location tracking information for one million users over two years, this study examines the labor market impacts of the COVID-19 pandemic in China’s Guangdong province, whose GDP is larger than all but the top 12 countries in the world. Using ...
Keywords: COVID-19, Mobile Phone, Recovery, Unemployment
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