The Cost of Consumer Collateral: Evidence from Bunching,
with Benjamin Collier and Cameron Ellis, Econometrica, 93(3), May 2025.
The Value of Student Debt Relief and the Role of Administrative Barriers:
Evidence from the Teacher Loan Forgiveness Program,
with Brian Jacob and Damon Jones. Journal of Labor Economics, 42(S1), April 2024.
What Determines Consumer Financial Distress? Place- and Person-Based Factors,
with Neale Mahoney and Hanbin Yang. Review of Financial Studies, 36(1), January 2023.
Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance,
with Neil Bhutta. Review of Financial Studies, 35(2), February 2022.
Investment Over the Business Cycle: Insights from College Major Choice,
with Erica Blom and Brian C. Cadena. Journal of Labor Economics, 39(4), October 2021.
Refinancing, Monetary Policy, and the Credit Cycle,
with Gene Amromin and Neil Bhutta. Annual Review of Financial Economics, 12, November 2020.
Minimum Payments and Debt Paydown in Consumer Credit Cards,
with Jialan Wang. Journal of Financial Economics, 131(3), March 2019.
The Credit Market Consequences of Job Displacement,
Review of Economics and Statistics, 100(3), July 2018.
Unsecured Credit Supply, Credit Cycles, and Regulation,
with Song Han and Geng Li. Review of Financial Studies, 31(3), March 2018.
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging,
with Di Maggio, Kermani, Piskorski, Ramcharan, Seru, and Yao. American Economic Review, 107(11), November 2017. (NBER Digest)
with Devin G. Pope and Jaren C. Pope. Journal of Financial Economics, 122(3), December 2016. (NBER Digest)
Regional Redistribution Through the U.S. Mortgage Market,
with Erik Hurst, Amit Seru, and Joseph Vavra. American Economic Review, 106(10), October 2016.
Interest Rates and Equity Extraction During the Housing Boom,
with Neil Bhutta. American Economic Review, 106(7), July 2016.
Human Capital and the Lifetime Costs of Impatience,
with Brian C. Cadena. American Economic Journal: Economic Policy, 7(3), August 2015.
Can Self-Control Explain Avoiding Free Money? Evidence from Interest-Free Student Loans,
with Brian C. Cadena. Review of Economics and Statistics, 95(4), October 2013.
Lender Screening and the Role of Securitization: Evidence from Prime and Subprime Mortgage Markets,
with Amit Seru and Vikrant Vig. Review of Financial Studies, 25(7), July 2012.
Did Securitization Lead to Lax Screening? Evidence from Subprime Loans,
with Tanmoy Mukherjee, Amit Seru and Vikrant Vig. Quarterly Journal of Economics, 125(1), February 2010.
Financial Regulation and Securitization: Evidence from Subprime Mortgage Loans,
with Tanmoy Mukherjee, Amit Seru and Vikrant Vig. Journal of Monetary Economics, 56(5), July 2009.
with Xavier de Souza Briggs. Urban Studies, 46(2), February 2009.
Does Merit Pay Reward Teachers? Evidence from a Randomized Experiment,
with Thomas S. Dee. Journal of Policy Analysis and Management , 23(3), Summer 2004.
Global Capital and Local Assets: House Prices, Quantities, and Elasticities,
with Caitlin S. Gorback. NBER Working Paper No. 27370, June 2020. (elasticity data)
Conditionally Accepted, Review of Financial Studies.
The Effects of Emergency Rental Assistance During the Pandemic: Evidence from Four Cities,
with Collinson, DeFusco, Humphries, Phillips, Reina, Turner, and van Dijk. NBER Working Paper No. 32463, April 2024.
Revision requested, American Economic Journal: Economic Policy.
Neglected No More: Mortgage Lending, House Prices, and Sea Level Rise,
with Philip Mulder. NBER Working Paper No. 27930, October 2020. (NBER Digest, 2-page summary)
Revision requested, Review of Financial Studies.
with Ben Collier, Dan Hartley, and Xian Ng, NBER Working Paper No. 32845, August 2024. Under review.
Property Insurance and Disaster Risk: New Evidence from Mortgage Escrow Data,
with Philip Mulder, NBER Working Paper No. 32579, June 2024.
Affordability, Financial Innovation, and The Start of the Housing Boom,
with Jane K. Dokko and Lindsay E. Relihan. Federal Reserve Bank of Chicago Working Paper 2019-01, January 2019. Under review.
Credit Market Consequences of Credit Flag Removals,
with Will Dobbie and Neale Mahoney. July 2017.
Pricing Protection: Credit Scores, Disaster Risk, and Home Insurance Affordability,
with Joshua Blonz, Mallick Hossain, Philip Mulder, and Joakim Weill.
Segmentation and Returns on Rental Housing,
with Jessie Handbury and Sam Hughes.
Racial Disparities in the U.S. Mortgage Market and the Evolving Role of Arbitrary Credit Score Thresholds,
with Will Dobbie and Andrew Paciorek.
Aging in Place and the Misallocation of Housing,
with Caitlin Gorback.
Evidence and Innovation in Housing Law and Policy (open access),
co-edited with Lee Fennell, Cambridge University Press, 2017.
Housing, Climate Risk, and Insurance
NBER Reporter, June 2025.
The Labor Market Consequences of Impatience
with Brian C. Cadena, IZA World of Labor, 233v2, October 2022.
Bolstering the Housing Safety Net: The Promise of Automatic Stabilizers
with Rob Collinson and Ingrid Gould Ellen, Hamilton Project Policy Proposal 2021-02, The Brookings Institution, April 2021. [Executive Summary]
Mortgage Refinancing during the Great Recession: The Role of Credit Scores
with Gene Amromin and Michael J. Murto, Chicago Fed Letter No. 355, 2016.
Mortgage Financing in the Housing Boom and Bust
with Tomasz Piskorski, Amit Seru, and Vikrant Vig, in E. Glaeser and T. Sinai, eds., Housing and the Financial Crisis, University of Chicago Press, NBER Conference Report Series, 2013.
And Banking for All?
with Michael S. Barr and Jane K. Dokko, in Barr, Michael, No Slack: The Financial Lives of Low-Income Americans, Brookings Institution Press, 2012.
Borrowing to Make Ends Meet
with Michael S. Barr and Jane K. Dokko, in Barr, Michael, No Slack: The Financial Lives of Low-Income Americans, Brookings Institution Press, 2012.
Exploring the Determinants of High-Cost Mortgages to Homeowners in Low- and Moderate-Income Neighborhoods
with Michael S. Barr and Jane K. Dokko, in S. Wachter and M. Smith, eds., The American Mortgage System: Rethink, Recover, Rebuild, University of Pennsylvania Press, 2011.
Hurt the Worst: The Risk of Unemployment Among Disadvantaged and Advantaged Male Workers, 1968-2003
with Sheldon Danziger, in K. Newman, ed., Laid Off, Laid Low: Political and Economic Consequences of Employment Insecurity, Social Science Research Council / Columbia University Press, 2008.
Trends in Income and Consumption Volatility, 1970-2000
in D. Joliffe and J. Ziliak, eds., Income Volatility and Food Assistance in the United States, Upjohn Institute for Employment Research, 2008.
Dollars and Sense: What a Tennessee Experiment Tells us about Merit Pay
with Thomas S. Dee. Education Next, 5(1), p. 60-67, Winter 2005.
Increased Life Expectancy: A Global Perspective
with Barry P. Bosworth, in H. Aaron and W. B. Schwartz, eds., Coping with Methuselah: Molecular Medicine and the Problems of an Aging Society. Brookings Press, 2004.
Implications of the Bush Commission Pension Reforms for Married Couples
with Barry P. Bosworth and Gary Burtless, Center for Retirement Research Working Paper 2003-03, February 2003.
"The Housing Shortage, Explained," NPR Fresh Air, December 11, 2024.
"Climate Change Should Make You Rethink Homeownership," New York Times Opinion, October 29, 2024.
"Your Homeowner's Insurance Bill is the Canary in the Climate Coal Mine," New York Times Opinion, May 7, 2023.
"Roger Taney's Statue will be Ousted from the U.S. Capitol. Next: Renaming the Philly Street," with Tyrique Glasgow and Joshua Isserman, Philadelphia Inquirer Opinion, July 2, 2021.
"Bud Light of Insurance: Florida Official Blames Insurer Crisis on Wokeness," MSNBC, July 12, 2023.
"Disaster Uninsured," ABC News Special, November 16, 2023.