Recent years have seen a surge of applied work using bunching approaches, a
development that is closely linked to the increased availability of administrative data. These …

We ask three questions about the connection between monetary policy and inequality. First,
does monetary policy affect inequality? While different households respond to changes in …

Using household survey data for the US and the UK, we show that the aggregate response
of consumption to interest rate changes is driven by households with a mortgage. Outright …

Using administrative wealth records from Denmark, we study the effects of wealth taxes on
wealth accumulation. Denmark used to impose one of the world's highest marginal tax rates …

We provide a Keynesian growth theory in which pessimistic expectations can lead to very
persistent, or even permanent, slumps characterized by high unemployment and weak …

Mortgage brokers acting as expert advisors for households often receive commission
payments from lenders. This paper analyzes the effects on welfare and market structure of …

We investigate housing market responses to transaction taxes using administrative data on
all property transactions in the UK from 2004 to 2012 combined with quasi-experimental …

We investigate the effect of house prices on household borrowing using administrative
mortgage data from the United Kingdom and a new empirical approach. The data contain …

This article studies how credit markets respond to policy constraints on household leverage.
Exploiting a sharp policy-induced discontinuity in the cost of originating certain high …

ABSTRACT I develop a structural model of mortgage demand and lender competition to
study how leverage regulation affects the UK mortgage market. Using variation in risk …