Using a nationally representative panel of credit reports, we show that the 2001–2006 credit
boom and the 2007–2009 rise in mortgage defaults were concentrated among prime …

Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking
over core functions for both cost savings and operational efficiency reasons. AI will assist …

In this paper, we use two comprehensive micro-data sets to study how the distribution of
mortgage debt evolved during the 2000s housing boom. We show that the allocation of …

We study the performance of collateralized loan obligations (CLOs) to understand the
market imperfections giving rise to these vehicles and their corresponding economic costs …

The purpose of the research is to analyze the formation and development of Von Hayekʼs
theory of private money and its application in the conditions of the digitalization. The theory …

Households are one of the key participants in the economy as they provide land, labor, and
capital to the external economy, in exchange for incomes including rents, wages, interests …

We document the emergence of a disconnect between mortgage and Treasury interest rates
in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in …

Financial crises occur out of prolonged and credit-fueled boom periods and, at times, they
are initiated by relatively small shocks that can have large effects. Consistent with these …

Securities dealers receive mortgages as collateral for credit lines provided to mortgage
companies and reuse the same collateral to borrow money. Exploiting the 2005 BAPCPA …

The joint supply of public and private liquidity is examined when financial intermediaries
issue both riskless and risky debt and the economy is vulnerable to liquidity crises …