Household finance—the normative and positive study of how households use financial
markets to achieve their objectives—has gained a lot of attention over the past decade and …

In this paper, we solve a dynamic model of households' mortgage decisions incorporating
labor income, house price, inflation, and interest rate risk. Using a zero‐profit condition for …

This paper uses new data from the PSID to quantify the relative importance of negative
equity versus ability to pay, in driving mortgage defaults between 2009 and 2013. These …

This study examines the effect of market risk on the financial performance of 31 non-financial
companies listed on the Casablanca Stock Exchange (CSE) over the period 2000–2016. We …

Do deals with debt collectors alleviate consumer financial distress? Using new data linking
court and credit registry records, we examine civil collection lawsuits where consumers can …

We use individual-level credit reports merged with loan-level mortgage data to estimate how
home equity interacted with mobility in relatively weak and strong labor markets in the …

We study the effect of bank capital on the supply of mortgages. We fully control for
endogenous matching between borrowers, loan contracts, and banks by submitting …

In purely economic terms, mortgage arrears can pose a risk to the stability of banks and limit
households' future access to credit. Moreover, arrears have social ramifications: they reduce …

Using a newly constructed database for 26 countries over 2000-2014, we analyze cross-
country and within-country differences in mortgage arrears. We find that restrictive macro …

This paper examines the impact of refinancing on mortgage defaults based on an empirical
investigation of the Home Affordable Refinance Program (HARP). We study a unique …