We review an empirical literature that studies the role of social interactions in driving
economic and financial decision-making. We first summarize recent work that documents an …

We follow a representative panel of US borrowers to study the suspension of household
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …

What is the role of the financial sector in explaining business cycles? This question is as old
as the field of macroeconomics, and an extensive body of research conducted since the …

Ten years after the financial crisis of 2008, there is widespread agreement that the boom in
mortgage lending and its subsequent reversal were at the core of the Great Recession. We …

How do different bankruptcy approaches affect the local economy? Using US Census
microdata, we explore the spillover effects of reorganization and liquidation on …

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 …

Political identity and partisanship are salient features of today's society. Using deeds records
and voter rolls, we show that current residents are more likely to sell their homes when …

We examine the consequences of a sudden increase in household debt burdens by
exploiting variation in exposure to household foreign currency debt during Hungary's late …

Historical anecdotes abound of new investors being drawn into a booming asset market,
only to suffer when the market turns. While the role of investor contagion in asset bubbles …

The rigidity of mortgage contracts and a variety of frictions in the design of the market and
the intermediation sector hindered efforts to restructure or refinance household debt in the …