• Publications
  • Influence
Housing wealth, financial wealth, and consumption: New evidence from micro data
Fluctuations in the stock market and in house values over the course of recent years have led to renewed macroeconomic policy debate as regards the effects of financial and housing wealth in theExpand
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Race, Immigrant Status, and Housing Tenure Choice
This paper applies Census microdata from 1980 and 1990 to assess the determinants of housing tenure choice among racial and ethnic groups in the Los Angeles metropolitan area. Like previous research,Expand
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Asymmetric Information, Adverse Selection, and the Pricing of CMBS
We demonstrate that asymmetric information between sellers (loan originators) and purchasers (investors and securities issuers) of commercial mortgages gives rise to a standard lemons problem,Expand
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Quality of the Business Environment Versus Quality of Life: Do Firms and Households Like the Same Cities?
This paper develops a new measure of the quality of business environment that complements existing measures of the quality of life. An annual panel of these measures is constructed and analyzed forExpand
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Compensating Differentials and Evolution in the Quality-of-Life Among U.S. States
This paper provides the first application of the compensating differential paradigm to the evaluation of the extent and sources of evolution in state quality-of-life. The compensating differentialsExpand
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Race, redlining, and residential mortgage loan performance
Theories of discrimination in credit markets suggest that under certain circumstances systematic lender bias may result in creditors holding minority applicants or applicants from minorityExpand
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Discrimination, Competition, and Loan Performance in FHA Mortgage Lending
This study tests for the presence of prejudicial or noneconomic discrimination on the part of mortgage lenders by evaluating the performance of home mortgage loans. The approach differs from that ofExpand
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Rental Housing Markets, the Incidence and Duration of Vacancy, and the Natural Vacancy Rate
New intermetropolitan and time-series data from the BLS are used to derive and modelthe incidence and the duration of rental vacancies and to assess the importance of thoseindicators to the priceExpand
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Household Location and Race: Estimates of Multinomial Logit Model
A multinomial logit model of household location choice, in which families choose from a number of mutually exclusive residential location, is estimated. Regression results indicate that theExpand
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Race, Default Risk and Mortgage Lending: A Study of the FHA and Conventional Loan Markets
Allegations of widespread racial discrimination in mortgage lending by commercial banks and thrift institutions have recently regained national prominence.' Although certainly not unheard during theExpand
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