• Publications
  • Influence
The Real Costs of Credit Access: Evidence from the Payday Lending Market*
Using geographic differences in the availability of payday loans, I estimate the real effects of credit access among low-income households. Payday loans are small, high interest rate loans thatExpand
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Retail Financial Advice: Does One Size Fit All?
Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raisingExpand
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Unemployment Insurance as a Housing Market Stabilizer
This paper studies the impact of unemployment insurance (UI) on the housing market. Exploiting heterogeneity in UI generosity across US states and over time, we find that UI helps the unemployedExpand
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Positive Externalities of Social Insurance: Unemployment Insurance and Consumer Credit
This paper studies the impact of unemployment insurance (UI) on consumer credit markets. Exploiting heterogeneity in UI generosity across U.S. states and over time, we find that UI helps theExpand
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Mortgage Debt Overhang: Reduced Investment by Homeowners with Negative Equity
Homeowners with negative equity have less incentive to invest in their property. They face a debt overhang: in expectation, some value created by equity investments in the property will go to theExpand
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Competition and Adverse Selection in the Small-Dollar Loan Market: Overdraft versus Payday Credit
We find that competition from payday lenders leads depository institutions to raise overdraft fees and reduce the availability of “free” checking accounts. We attribute this rise in prices partly toExpand
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Accelerator or Brake? Microeconomic estimates of the ‘Cash for Clunkers’ and Aggregate Demand*
This paper uses vehicle-level data and differences-in-differences methods to measure the impact of the Federal Government's Car Allowance Rebate System (CARS) on partial- equilibrium aggregate demandExpand
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The Costs and Benefits of Financial Advice
We assess the value that financial advisors provide to clients using a unique panel dataset on the Canadian financial advisory industry. We find that advisors influence investors’ trading choices,Expand
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Mortgage Debt Overhang: Reduced Investment by Homeowners at Risk of Default
Homeowners at risk of default face a debt overhang that reduces their incentive to invest in their property: in expectation, some value created by investments in the property will go to the lender.Expand
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Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment
We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Using an event-study design with data from the Consumer ExpenditureExpand
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