Annual Conference

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Real Estate and Urban Economics

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May 2021

Adverse housing market events can affect credit conditions not only by hurting the financial fundamentals of banks, but may also by changing the lending behaviors of individual loan officers. In this paper, we test the latter mechanism by analyzing loan-level mortgage applications from 2008 to 2016 ...
Keywords: mortgage lending, foreclosure, risk
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2021

This paper estimates the amenity value of urban trees. The empirical strategy exploits an ecological catastrophe—the emerald ash borer (EAB) infestation—to instrument for the evolution of the tree canopy in Toronto between 2008 and 2018. One additional tree within a range of 50m from the centroi...
Keywords: Housing price, wealth e ects, collateral e ects, online consumption, China
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2021

Keywords: CRT securities, Credit Risk, government investment, mortgage
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Homeowners’ insurance provides households financial protection from climate losses. To improve access and affordability, state regulators impose price controls on insurance companies. Using novel data, we construct a new measure of rate setting frictions for individual states and show that differe...
Keywords: regional business cycles, dynamic spatial equilibrium, credit conditions, Mortgages, first-time buyers, home ownership, house prices, subsidies, Millennials."
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Using detailed micro-level data, we show that individuals' beliefs about climate change influence their choice and level of flood insurance coverage. Our empirical strategy exploits the heterogeneous impact of widening partisan polarization on climate change beliefs after the 2016 general election. ...
Keywords: Global warming, adaptation, ood insurance, perceptions
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