Research

Publications:

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

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

Estate Taxation and Human Capital with Information Externalities
Forthcoming, Macroeconomic Dynamics

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

Pork-Barrel Politics and Polarization
Forthcoming, Federal Reserve Bank of St. Louis Review

Failure to Launch: Housing, Debt Overhang, and the Inflation Option
Forthcoming, American Economic Journal: Macroeconomics

Working Papers:

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

Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession (with Carlos Garriga)
R&R, American Economic Review

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) — preliminary!

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

Credit Constraints, House Prices, and the Impact of Life Cycle Dynamics

Work in Progress:

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

Housing Crises (in preparation for the Oxford Research Encyclopedia of Economics and Finance)

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