This essay surveys the literature on directed search and competitive search equilibrium,
covering theory and a variety of applications. These models share features with traditional …

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 …

We empirically establish that unemployed individuals maintain significant access to credit
and that upon a layoff, the unconstrained borrow while the constrained default and delever …

Using a quantitative heterogeneous agents macro-housing model and detailed microdata,
this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption …

In stark contrast with liquid asset returns, commercial real estate idiosyncratic return means
and variances do not scale with the holding period, even after accounting for all cash flow …

This article uses a structural model to show that foreclosures played a crucial role in
exacerbating the recent housing bust and to analyse foreclosure mitigation policy. We …

Using data on house sales and inventories, this paper shows that housing transactions are
driven mainly by listings and less so by transaction speed, thus the decision to move house …

This article summarizes research on the macroeconomic aspects of the housing market. In
terms of the macroeconomic stylized facts, this article demonstrates that with respect to …

The real estate market is highly intermediated, with 90% of buyers and sellers hiring an
agent. However, low barriers to entry and fixed commission rates result in large market …

Employing parcel-level data on vacant houses in a depopulating city in the Tokyo
metropolitan area, we provide the evidence of negative externalities of long-term vacant …