We document the portfolio activity of federal housing agencies and provide evidence on its
impact on mortgage markets and the economy. Through a narrative analysis, we identify …

Using narrative evidence with a novel database of real-time data and forecasts from the
Bank of Canada's staff projections (1974–2015), we construct a new measure of monetary …

We examine the real effects of changes in bank mortgage loan underwriting standards by
combining responses to the Federal Reserve's Senior Loan Officer Opinion Survey …

This paper discusses the conditions for identification in SVAR-IVs when only the shock of
interest or a subset of the structural shocks can be recovered as a linear combination of the …

Fannie Mae and Freddie Mac, the two large government-sponsored enterprises (GSEs) that
are at the center of US residential mortgage finance, are “elephants in the room” that are …

This paper finds that declining bank equity or liquidity reduces liquidation values of bank-
owned real estate and accelerates the pace of asset sales. Buyers of these assets earn …

Over the course of the 1970s, inflation became a monetary phenomenon. At the beginning of
the decade, price increases were attributed to a complex intersection of domestic and …

The US government guarantees a majority of residential mortgages to promote
homeownership. This paper uses property-level data to estimate the effect of government …

Credit policies can expand targeted lending volumes by subsidizing private credit risks, and
an expansion in targeted lending may crowd out other loans. I document that US housing …

We study the spillovers from government intervention in the mortgage market on
households' consumption. Expansionary credit policy increases the consumption of …