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Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis
We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in theExpand
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Public Infrastructure Investments, Productivity and Welfare in Fixed Geographic Areas
Measures of the value of public investments are critical inputs into the policy process, and aggregate production and cost functions have become the dominant methods of evaluating these benefits.Expand
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Land Use Regulation and Welfare
We evaluate the effect of land use regulation on the value of land and on welfare. Our estimates are based on a decomposition of the effects of regulation into three components: an own‐lot effect,Expand
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Measuring Student Debt and Its Performance
Studies continue to indicate that higher education is frequently a worthwhile investment for individuals and that it raises the productivity of the workforce as a whole. While the rising cost ofExpand
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The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit
The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. TheExpand
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Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt
Household surveys are the source of some of the most widely studied data on consumer balance sheets, with the Survey of Consumer Finances (SCF) generally cited as the leading source of wealth dataExpand
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Fiscal Policies in Open Cities with Firms and Households
With the renewed interest in cities as economic centers comes a need to understand how local public services and local taxes are likely to affect city economic performance. This paper provides anExpand
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Do We Know What We Owe? Consumer Debt as Reported by Borrowers and Lenders
Household surveys are the source of some of the most widely studied data on consumer balance sheets, with the Survey of Consumer Finances (SCF) generally cited as the leading source of wealth dataExpand
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Second Chances: Subprime Mortgage Modification and Re-Default
Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In this paper, we examine how the structure of a mortgage modification affects theExpand
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Aggregate Production Functions, Interregional Equilibrium, and the Measurement of Infrastructure Productivity☆
Abstract Recent studies examined the role of public goods in aggregate production functions, with a variety of results. But the relationship between public goods and aggregate output depends on aExpand
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