Annual Conference

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Real Estate and Urban Economics

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May 2021

Borrowers may misestimate their probability of mortgage approval in the absence of precise signals of creditworthiness. Credit reports, which contain such signals, became easily accessible for all U.S. consumers since 2005, while it was already the case in seven states. A difference-in-differences s...
Keywords: Environmental amenities, urban heat island, urban green in- frastructure.
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Annual Conference

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Real Estate and Urban Economics

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May 2021

We examine whether beliefs about climate change affect loan officers’ mortgage lending decisions. We show that abnormally high local temperature leads to elevated attention to and belief in climate change in a region. Loan officers approve fewer mortgage applications and originate lower amount of ...
Keywords: Climate Change, Global warming, mortgage lending, Temperature Anomaly
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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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