Research

Working Papers:

Rural-Urban Migration, Structural Transformation, and Housing Markets in China (with Carlos Garriga, Yang Tang, and Ping Wang) — REVISION COMING VERY SOON!
R&R, American Economic Journal: Macroeconomics

Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility (with Carlos Garriga) — preliminary!

Accounting for Tuition Increases across U.S. Colleges (funded by NSF grant 1730121 with Grey Gordon)

Down Payments and the Homeownership Dream: Not Such a Barrier After All?

Publications:

Rural-Urban Migration and House Prices in China (with Carlos Garriga, Yang Tang, and Ping Wang)
Accepted, Regional Science and Urban Economics

Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession (with Carlos Garriga)
American Economic Review, 2020, Vol. 110(6), p. 1603 – 1634 (lead article)

The Geography of Housing Market Liquidity During the Great Recession (with Matthew Famiglietti and Carlos Garriga)
Federal Reserve Bank of St. Louis Review, 2020, Vol. 102(1), p. 51 - 78

Crises in the Housing Market: Causes, Consequences, and Policy Lessons (with Carlos Garriga)
Oxford Research Encyclopedia of Economics and Finance, 2019

Failure to Launch: Housing, Debt Overhang, and the Inflation Option
American Economic Journal: Macroeconomics, 2019, Vol. 11(2), p. 228 – 274

Pork-Barrel Politics and Polarization
Federal Reserve Bank of St. Louis Review, 2019, Vol. 101(1), p. 57 - 68

Accounting for the Rise in College Tuition (with Grey Gordon)
NBER Volume: Education, Skills, and Technical Change: Implications for Future U.S. GDP Growth, 2019
Published Volume | WSJ | MarketWatch | Marginal Revolution | Inside Higher Ed | Zero Hedge | American Action Forum (Non-Technical Summary)

Credit Constraints, House Prices, and the Impact of Life Cycle Dynamics
Economics Letters, 2018, Vol. 171, p. 202 – 207

Estate Taxation and Human Capital with Information Externalities
Macroeconomic Dynamics, 2018, p. 1 - 33

Illiquidity and its Discontents: Trading Delays and Foreclosures in the Housing Market
Journal of Monetary Economics, 2016, Vol. 83, p. 1 – 13

The Cyclical Dynamics of Illiquid Housing, Debt, and Foreclosures
Quantitative Economics, 2016, Vol. 7(1), p. 289 – 328

Work in Progress:

Monetary Policy, Heterogeneity, and the Housing Channel (with Fatih Karahan, Kurt Mitman, and Serdar Ozkan)

The College and Labor Market Implications of Aid Policies (funded by NSF grant 1730121 with Grey Gordon)

State Subsidies and the Dynamics of College Tuition (funded by NSF grant 1730121 with Grey Gordon)

Monetary Policy and Redistribution over the Homeownership Cycle (with Carlos Garriga, Finn Kydland, and Roman Sustek)