• Publications
  • Influence
Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?
Using a unique dataset matched at the individual level from two administrative sources, we examine household choices between liabilities and assess the informational content of prime and subprimeExpand
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Payday Loan Choices and Consequences
High‐cost consumer credit has proliferated in the past two decades, raising regulatory scrutiny. We match administrative data from a payday lender with nationally representative credit bureau filesExpand
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Payday Loans, Uncertainty and Discounting: Explaining Patterns of Borrowing, Repayment, and Default
Ten million American households borrowed on payday loans in 2002. Typically, to receive two weeks of liquidity from these loans households paid annualized (compounded) interest rates over 7000%.Expand
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Information Asymmetries in Consumer Credit Markets: Evidence from Payday Lending
Information asymmetries are prominent in theory but difficult to estimate. This paper exploits discontinuities in loan eligibility to test for moral hazard and adverse selection in the payday loanExpand
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The Ticket to Easy Street? The Financial Consequences of Winning the Lottery
This paper examines whether giving large cash transfers to financially distressed people causes them to avoid bankruptcy. A comparison of Florida Lottery winners who randomly received $50,000 toExpand
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Do Payday Loans Cause Bankruptcy?
An estimated ten million American households borrow on payday loans each year. Despite the prevalence of these loans, little is known about the effects of access to this form of short-term, high-costExpand
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The Pawn Industry and Its Customers: The United States and Europe
As humankind’s oldest financial institution, pawnbroking has served the financial needs of low-income families for centuries. Recently, and especially in the last five years, an increasing number ofExpand
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The Ticket to Easy Street? The Financial Consequences of Winning the Lottery
This paper examines whether giving large cash transfers to financially distressed people causes them to avoid bankruptcy. A comparison of Florida Lottery winners who randomly received $50,000 toExpand
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Pecuniary Mistakes? Payday Borrowing by Credit Union Members
This chapter examines patterns of financial choices by a credit union’s members using transaction-level administrative data on checking, savings, and line-of-credit (LOC) accounts. We observeExpand
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