• Publications
  • Influence
Distance and Private Information in Lending
We study the effects of physical distance on the acquisition and use of private information in informationally opaque credit markets. Using a unique data set of all loan applications by small firmsExpand
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Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore
This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscalExpand
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The Reaction of Consumer Spending and Debt to Tax Rebates—Evidence from Consumer Credit Data
We use a new panel data set of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, andExpand
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Cognitive Abilities and Household Financial Decision Making
We analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer the entireExpand
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Optimal Mortgage Refinancing: A Closed Form Solution
We derive the first closed-form optimal refinancing rule: Refinance when the current mortgage interest rate falls below the original rate by at least [Formula: see text] In this formula W(.) is theExpand
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Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the HomeExpand
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The Spending and Debt Response to Minimum Wage Hikes
Immediately following a minimum wage hike, household income rises on average by about $250 per quarter and spending by roughly $700 per quarter for households with minimum wage workers. Most of theExpand
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Telecommunications and economic growth: a panel data approach
Telecommunication investment is increasingly identified as one with a strong potential to improve economic productivity and growth. The objective of this study is to investigate the long runExpand
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Learning in the Credit Card Market
Agents with more experience make better choices. We measure learning dynamics using a panel with four million monthly credit card statements. We study add-on fees, specifically cash advance, lateExpand
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Do Banks Pass Through Credit Expansions to Consumers Who Want To Borrow?
We examine the ability of policymakers to stimulate household spending during the Great Recession by reducing banks’ cost of funds. Using panel data on 8.5 million credit cards and 743 credit limitExpand
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