This chapter surveys the literature on housing in macroeconomics. We first collect facts on
house prices and quantities in both the time series and the cross section of households and …

Economists both failed to predict the global financial crisis and underestimated its
consequences for the broader economy. Focusing on the second of these failures, this …

This article argues that firms' balance sheets were instrumental in the transmission of
consumer demand shocks during the Great Recession. Using micro-level data from the US …

We provide new time-varying estimates of the housing wealth effect back to the 1980s. We
use three identification strategies: ordinary least squares with a rich set of controls, the Saiz …

We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …

Abstract The coronavirus (COVID-19) eruption is first and prime human tragedy across the
globe, affecting the lives of millions of people. It has greatly impacted the global economy …

We document a causal response of local retail prices to changes in local house prices, with
elasticities of 15–20 percent across housing cycles. These price responses are largest in zip …

Using confidential establishment-level data from the US Census Bureau's Longitudinal
Business Database, this paper documents how local shocks propagate across US regions …

We investigate the effect of house prices on household borrowing using administrative
mortgage data from the United Kingdom and a new empirical approach. The data contain …

This paper shows that the unequal incidence of recessions in the labor market amplifies
aggregate shocks. Using administrative data from the United States, I document a positive …