We show that financial constraints lead to spatial misallocation and contribute to racial
disparities in housing and wealth accumulation. Using bunching and difference-in …

We use a search and matching model to study the heterogeneous welfare effects of housing
market illiquidity due to mortgage lock-in over the lifecycle. We find that younger home …

In coming decades, Africa's urban populations will expand, and the effects of climate change
be more keenly felt. Land policies and institutions will be key for urban dwellers to be able …

Using a novel data set that links mortgage loan officer registration records to individual loan
applications in the US, we find that minority loan officers expand credit access for minority …

We estimate the willingness-to-pay to bypass a loan-to-value (LTV) cap. Our identification
relies on exogenous variation in debt exempt from the LTV regulation that can only be used …

Mortgage lending by banks is still predominantly a local business. Local branches have a
significant advantage in attracting and originating mortgages. More than 25% of borrowers …

Automated valuation models (AVMs), which exclude an appraiser's input in estimating a
home's price, hold great promise for reducing costs and increasing the accuracy of home …

Mortgage appraisal accuracy became a major concern following the global financial crisis in
the late 2000s. Legislative standards and industry guidance have adjusted professional …

Using a novel micro-level dataset that encompasses the universe of housing transactions in
major German cities and spans the past four decades, I document significant differences in …

In the US, many mortgage borrowers are required by law to maintain flood insurance, but
compliance is weakly enforced. Lapsed policies can thus impose high monitoring costs on …