Research

Macro-Housing

• Amazon HQ2: A Tale of Shocks to Housing Price Expectations with Matthew Famiglietti and Eugenio Miravete

• Search for Yield in Housing Markets with Pedro Gete and  Athena Tsouderou

• Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility with Aaron Hedlund

• Credit Supply Shocks and the Scarring Effects on Home Ownership  with Pedro Gete and Aaron Hedlund

• Residence Policies and Housing Market with Yang Tang

• The Postwar Conquest of the Home Ownership Dream with Matt Chambers and Don Schlagenhauf (R&R  American Economic Journal: Macroeconomics)

• Home Equity, Foreclosures, and Bail-out Programs during the Subprime Crises with Don Schlagenhauf

Education

• Cows Don't Give Milk: An Effort Model of College Education  with Maria Marta Ferreyra, Juan David Martin, and Angelica Maria Sanchez Diaz.

• A General Equilibrium Theory of College with Education Subsidies, In-School labor Supply, and Borrowing Constraints with Mark P. Keightley.

Publications

• The Limited Impact of Free College Policies with Maria Marta Ferreyra, Juan David Martin, and Angelica Maria Sanchez Diaz  forthcoming European Economic Review.

• Rural-Urban Migration, Structural Transformation, and the Housing Markets in China with Aaron Hedlund, Yang Tang and Ping Wang in the American Economic Journal: Macroeconomics, April 2023.

• The Economic Effects of Real Estate Investors with Pedro Gete and  Athena Tsouderou in Real Estate Economics, January 2023.

• Optimal Management of an Epidemic: Lockdown, Vaccine and Value of Life with Rody Manuelli and Sid Sanghi in the Journal of Economics Dynamics and Control,  July 2022.

• MONK: Mortgages in a New Keynesian Model with Finn Kydland and Roman Sustek in the Journal of Economics Dynamics and Control, February 2021.

• Rural-Urban Migration and House Prices in China with Aaron Hedlund, Yang Tang and Ping Wang in the Regional Studies and Urban Economics, November 2020.

• Deconstructing the Great Recession with Michele Boldrin, Juan Sanchez, and Adrian Peralta-Alva, Review, Federal Reserve Bank of St. Louis, Vol. 102, No. 3, Third Quarter 2020.

• Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession with Aaron Hedlund,  American Economic Review, June 2020.

• The Geography of Housing Market Liquidity During the Great Recession with Matthew Famiglietti and Aaron Hedlund, Review, Federal Reserve Bank of St. Louis, Vol. 102, No. 1, First Quarter 2020.

• Crises in the Housing Market: Causes, Consequences, and Policy Lessons with Aaron Hedlund, Oxford Research Encyclopedia of Economics and Finance, August 2019.

• A Macroeconomic Model of Price Swings in the Housing Market with Rodolfo Manuelli and Adrian Peralta-Alva, American Economic Review, June 2019.

• Mortgages and Monetary Policy with Finn Kydland and Roman Sustek,  Review Financial Studies April 2017. 

• Optimal Fiscal Policy in Overlapping Generations Models Public Finance Review November 2017.

• Household Debt and the Great Recession with Bryan Noeth and Don Schlagenhauf,  Review, Federal Reserve Bank of St. Louis, Vol. 99, No. 2, Second Quarter 2017.

• The Homeownership Experience of Minorities During the Great Recession with Lowell Ricketts and Don Schlagenhauf,  Review, Federal Reserve Bank of St. Louis, Vol. 99, No. 1, First Quarter 2017.

• Intergenerational Policy and Measures of Tax Incidence with Juan Carlos Conesa, European Economic Review, April 2016.

• Did Housing Policies Cause the Postwar Boom in Home Ownership? with Matthew Chambers and Don Schlagenhauf, "Housing and Mortgage Markets in Historical Perspective". Editors P. Fishback, K. Snowden, and E.N. White, Chicago Press, 2014.

• Intertemporal Discounting and Policy Selection with Juan Carlos Conesa,  Review, Federal Reserve Bank of St. Louis, Vol. 95, No. 2, March/April 2013.

• Demographics, Redistribution, and Optimal Inflation with Jim Bullard and Chris Waller, Review, Federal Reserve Bank of St. Louis, Vol. 94, No. 6, November/December 2012.

• Withdrawal History, Private Information, and Bank Runs with Chao GU, Review, Federal Reserve Bank of St. Louis, Vol. 94, No. 4, July/August 2012.

• A Primer on Social Security Systems and Reforms with Craig Aubuchon and Juan Carlos Conesa, Review, Federal Reserve Bank of St. Louis, January 2011.

• The Role of Construction in the Housing Boom and Bust in Spain at Fedea Monograph on The Crisis of the Spanish Economy, Marcial Pons, 2010. 

• Housing Policy and the Progressivity of Income Taxation with Matthew Chambers  and Don Schlagenhauf, Journal of Monetary Economics, December 2009.

• Indirect Taxation and the Welfare Effects of Altruism on the Optimal Fiscal Policy with Fernando Sánchez-Losada, Economic Modelling, November 2009.

• The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice with Matthew Chambers and Don Schlagenhauf, Review of Economic Dynamics, (12) 2009. 

• Accounting for Changes in the Homeownership Rate with Matthew Chambers and Don Schlagenhauf, International Economic Review, February 2009.

Media Coverage Wall Street Journal: Mortgage Innovation Boosted Home Ownership, Business Week: A Troubled 'Ownership Society' , The Housing Bust's latest Blow, Calculated Risk: Home Builders and Homeownership Rates, Naples Daily News: Mortgage Bankers Go back to Basics

• Estate Taxation with Warm-Glow Altruism with  Fernando Sánchez-Losada, Portuguese Economic Journal, February 2009.

• Optimal Fiscal Policy in the Design of Social Security Reforms with Juan Carlos Conesa, International Economic Review, February 2008.

• Mortgage Innovation, Mortgage Choice, and Housing Decisions with Matthew Chambers and Don Schlagenhauf,  Review, Federal Reserve Bank of St. Louis, Vol. 90, No. 6, November/December 2008. 

• Optimal Taxation with Imperfect Competition and Increasing Returns to Specialization with Javier Coto and Fernando Sánchez-Losada, Journal of the European Economic Association, December 2007.

• Optimal Response to a Transitory Demographic Shock in Social Security Financing with Juan Carlos Conesa,"Strategies for Reforming Pension Schemes". Editors G. de Menil and P. Pestieau, MIT Press, 2007.

• Overconsumption, Reference Groups, and Equilibrium Efficiency Economic Letters, (91) 2006.

• Recent Trends in Ownership with William T. Gavin and Don Schlagenhauf, Review, Federal Reserve Bank of St. Louis, Vol. 88, No. 5, September/October 2006.

• The Status Quo Problem in Social Security Reforms with Juan Carlos Conesa, Macroeconomic Dynamics (7) 2003.

• A General Equilibrium Analysis of Two Social Security Reforms (in Spanish) Investigaciones Económicas 2005. 

• Reform of the Social Security System and Skill Acquisition (in Spanish) with Juan Carlos Conesa, Investigaciones Económicas May 2000.

• Fiscal System and Social Security Reform (in Spanish) with Juan Carlos Conesa, Cuadernos Económicos de ICE,  (65) 2000.

• A Simple Model of Endogenous Retirement (in Spanish) with Antonio Manresa, Cuadernos Económicos de ICE, (64) 2000.

• The Financing of the Social Security System in Spain: Dynamic Aspects of a Reform (in Spanish) with Juan Carlos Conesa, Hacienda Pública Española, (30) 2000.

Early research was supported by the National Science Foundation (2007-2009) under Grant SES-0649374, the Ministerio de Educacion y Ciencia (SEJ2006-02879, SEC2003-06080, SEC2001-3392), and the Generalitat de Catalunya (SGR01-00029, 1999-SGR16). Any opinions, findings, and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the National Science Foundation, the Federal Reserve Bank of St. Louis, or the Federal Reserve  System.