The foreclosure crisis was detrimental to the financial well-being of many households, yet
the non-economic consequences are still poorly understood. This systematic review aims to …

We study the impact of rising mortgage rates on mobility and labor reallocation. Using
individual‐level credit record data and variation in the timing of mortgage origination, we …

We develop a framework where mismatch between vacancies and job seekers across
sectors translates into higher unemployment by lowering the aggregate job-finding rate. We …

We compare the inflation expectations reported by consumers in a survey with their behavior
in a financially incentivized investment experiment. The survey is found to be informative in …

The dynamics of house prices, sales, construction, and population growth in response to city-
specific income shocks are characterized for 106 US cities. A dynamic model of search in …

How do consumer credit markets affect the allocation of workers to firms, output, and labour
productivity? We address this question in two steps. First, we use new micro-data to estimate …

The paper documents the shift in the Beveridge curve in the United States since the Great
Recession. It argues that a decline in quits, the relatively poor performance of the …

This paper estimates a lifecycle model of consumption, housing choice, and migration in the
presence of aggregate and regional shocks, using the Survey of Income and Program …

We investigate the role of housing and mortgage debt in the transmission and effectiveness
of monetary policy. First, monetary policy induced-movements in house prices translate into …

A recent decline in internal migration in the United States may have been caused in part by
falling house prices, through the “lock in” effects of financial constraints faced by households …