Last site update: 5/29/2015
I am an assistant professor of economics at UCLA. My research interests are in urban economics, real estate and real estate finance, household finance, and applied microeconomics more broadly.
Mortgage Market Institutions and Housing Market Outcomes -- added 3/26/2015
(replaces previous papers on continuous workout mortgages)
What it's about: I develop an equilibrium model of housing and mortgage markets where house prices, mortgage interest rates, and leverage ratios are determined endogenously. Counterfactuals related to mortgage credit availability and mortgage contract design are explored. General equilibrium effects are shown to be important.
The Effect of Credit Availability on House Prices: Evidence from the Economic Stimulus Act of 2008 -- updated 4/27/2015
What it's about: I use the 2008 conforming loan limit (CLL) increases to study the effect of credit availability on house prices. I use the original asking price of a home-for-sale as a non-parametric estimate for the likelihood that it will be purchased with a loan in the range affected by the CLL increases.
Information Technology and Product Variety in the City: The Case of Food Trucks (with Elliot Anenberg) -- updated 1/15/2015
What it's about: Using the food truck industry as the setting, we show how information technology can complement consumption variety in cities by reducing spatial information frictions associated with locally produced goods.
Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures (with Elliot Anenberg) -- published in the American Economic Review, Vol. 104 No.8 (August 2014)
What it's about: Using a novel dataset that matches house for-sale listings to housing transactions, we provide new evidence about the magnitude and the mechanisms behind the effect of foreclosures on nearby property values.
Works in Progress:
Measuring Neighborhood Preferences Under Credit Constraints (with Ralph Mastromonaco)
What it's about: We study the biases that result from ignoring credit constraints in revealed preference models. We use a dataset that merges housing transactions with buyer credit reports to demonstrate the bias in willingness-to-pay for school quality.
Measuring Mortgage Credit Availability: A Nonparametric Frontier Approach (with Elliot Anenberg, Aurel Hizmo and Raven Molloy)
What it's about: We construct a new measure of mortgage credit availability using methods from the literature on estimating production frontiers. The measure is less likely to conflate credit supply and housing demand factors than existing measures, and can be used to examine individual-level heterogeneity in credit constraints.