Annual Conference

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Real Estate and Urban Economics

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May 2021

Lenders' access to soft information on appraisal inflation could lead to adverse selection in private mortgage securitization. Combining a nationwide mortgage data with a real estate transaction data and using a difference-in-differences empirical design, we document that securitized refinance loans...
Keywords: Appraisal Inflation, adverse selection, Mortgage Securitization
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Annual Conference

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Real Estate and Urban Economics

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May 2021

We propose a new housing portfolio channel of quantitative easing (QE) transmission. QE induces regional households to rebalance portfolios from bonds to houses, lowering bond and housing expected future returns, possibly stimulating consumption and output. We study this channel in a panel of all Ge...
Keywords: unconventional monetary policy, EONIA, Quantitative Easing, regional business cycles, Germany, 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 2021

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

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May 2021

In this paper, we develop high frequency indexes to measure sales in service industries and production activity in the manufacturing industry by using GPS mobility data from mobile applications. First, focusing on the possibility that the number of customers in service industries can be estimated us...
Keywords: mobility data, clustering, nowcasting
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Annual Conference

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Real Estate and Urban Economics

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May 2021

This paper demonstrates that the protracted decrease in young homeownership since the Great Recession was driven by high-house price regions, despite credit standards changing mostly nationally. Using a panel of U.S. metro areas, I calibrate an equilibrium spatial macro-finance model with overlappin...
Keywords: Domestic violence, Intimate partner violence, Cannabis, Recreational marijuana legalization, Alcohol co-use
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