Working Papers

From Federal Reserve Bank of Philadelphia
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24-19: Testing for Endogeneity: A Moment-Based Bayesian Approach

Siddhartha Chib, Minchul Shin and Anna Simoni

24-18: Inference Based on Time-Varying SVARs Identified with Sign Restrictions

Jonas E. Arias, Juan F Rubio-Ramirez, Minchul Shin and Daniel Waggoner

24-17: Savings Versus Debt: The Effects of Survey Question Order on Consumers’ Reported Financial Priorities

Tom Akana, Will Daniel and Amber Lee

24-16: How Much Does College Cost and How Does It Relate to Student Borrowing? Tuition Growth and Borrowing over the Past 30 Years

W. Looney

24-15: xtevent: Estimation and Visualization in the Linear Panel Event-Study Design

Constantino Carreto, Simon Freyaldenhoven, Christian Hansen, Jorge Pérez Pérez and Jesse Shapiro

24-14: Beneath the Crypto Currents: The Hidden Effect of Crypto “Whales”

Alan Chernoff and Julapa Jagtiani

24-13: Institutional Investors, Rents, and Neighborhood Change in the Single Family Residential Market

Keyoung Lee and David Wylie

24-12: The Price of Housing in the United States, 1890–2006

David Agorastos, Rowena Gray, Ronan Lyons and Allison Shertzer

24-11: Paying Too Much? Borrower Sophistication and Overpayment in the US Mortgage Market

Neil Bhutta, Andreas Fuster and Aurel Hizmo

24-10: Bankruptcy Lawyers and Credit Recovery

Brian Jonghwan Lee

24-09: How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions

Neil Bhutta, Aurel Hizmo and Daniel R. Ringo

24-08: The Effect of Student Loan Payment Burdens on Borrower Outcomes

Tomás Monarrez and Lesley Turner

24-07: Navigating Higher Education Insurance: An Experimental Study on Demand and Adverse Selection"

Ege Aksu, Sidhya Balakrishnan, Eric Bettinger, Jonathan Hartley, Michael Kofoed, Dubravka Ritter and Douglas Webber

24-06: Price-Level Determination Under the Gold Standard

Jesus Fernandez-Villaverde and Daniel Sanches

24-05: Inference Based on Time-Varying SVARs Identified with Sign Restrictions

Jonas E. Arias, Juan F Rubio-Ramirez, Minchul Shin and Daniel Waggoner

24-04: The Changing Polarization of Party Ideologies: The Role of Sorting

Satyajit Chatterjee and Burcu Eyigungor

24-03: CECL Implementation and Model Risk in Uncertain Times: An Application to Consumer Finance

Jose J. Canals-Cerda

24-02: HOUSING SPECULATION, GSES, AND CREDIT MARKET SPILLOVERS

Natee Amornsiripanitch, Philip E. Strahan, Song Zhang and Xiang Zheng

24-01: Extreme Wildfires, Distant Air Pollution, and Household Financial Health

Xudong An, Stuart Gabriel and Nitzan Tzur-Ilan

23-30: Decomposing Gender Differences in Bankcard Credit Limits

Nathan Blascak and Anna Tranfaglia

23-29: Who Bears Climate-Related Physical Risk?

Natee Amornsiripanitch and David Wylie

23-28: The Opioid Epidemic and Consumer Credit Supply: Evidence from Credit Cards

Sumit Agarwal, Wenli Li, Raluca Roman and Nonna Sorokina

23-27: CMBS Market Evolution and Emerging Risks

Xudong An, Lawrence R. Cordell and Nicholas Smith

23-26: Did Fintech Loans Default More During the COVID-19 Pandemic? Were Fintech Firms “Cream-Skimming” the Best Borrowers?

Brandon Goldstein, Julapa Jagtiani and Catharine Lemieux

23-25: Can Everyone Tap into the Housing Piggy Bank? Racial Disparities in Access to Home Equity

James Conklin, Kristopher Gerardi and Lauren Lambie-Hanson

23-24: Climate Shocks in the Anthropocene Era: Should Net Domestic Product Be Affected by Climate Disasters

Leonard Nakamura and Brian Sliker

23-23: Social Capital and Mortgages

Xudong An, Sadok El Ghoul, Omrane Guedhami, Ross Levine and Raluca Roman

23-22: Institutional Housing Investors and the Great Recession

Dick Oosthuizen

23-21: The Role of Bank-Fintech Partnerships in Creating a More Inclusive Banking System

Alan Chernoff and Julapa Jagtiani

23-20: I've Got 99 Problems But a Bill Ain't One: Hospital Billing Caps and Financial Distress in California

Yaa Akosa Antwi, Marion Aouad and Nathan Blascak

23-19: Urban Renewal and Inequality: Evidence from Chicago’s Public Housing Demolitions

Milena Almagro, Eric Chyn and Bryan Stuart

23-18: The Effects of Racial Segregation on Intergenerational Mobility: Evidence from Historical Railroad Placement

Eric Chyn, Kareem Haggag and Bryan Stuart

23-17: Failing Just Fine: Assessing Careers of Venture Capital-backed Entrepreneurs via a Non-Wage Measure

Graham J. Abbott, Natee Amornsiripanitch, Paul Gompers, George Hu, Will Levinson and Vladimir Mukharlyamov

23-16: Economic Activity by Race

Fatima Mboup

23-15: Scalable Demand and Markups

Enghin Atalay, Erika Frost, Alan Sorensen, Christopher Sullivan and Wanjia Zhu

23-14: Lending by Servicing: Monetary Policy Transmission Through Shadow Banks

Isha Agarwal, Malin Hu, Raluca Roman and Keling Zheng

23-13: "Let Us Put Our Moneys Together": Minority-Owned Banks and Resilience to Crises

Allen N. Berger, Maryann P. Feldman, W. Scott Langford and Raluca Roman

23-12: Micro- and Macroeconomic Impacts of a Place-Based Industrial Policy

Enghin Atalay, Ali Hortacsu, Mustafa Runyun, Chad Syverson and Mehmet Ulu

23-11: Market Concentration in Fintech

P. Dean Corbae, Pablo D'Erasmo and Kuan Liu

23-10: A Structural Approach to Combining External and DSGE Model Forecasts

Thorsten Drautzburg

23-09: Monetary Policy with Racial Inequality

Makoto Nakajima

23-07: The Changing Polarization of Party Ideologies: The Role of Sorting

Satyajit Chatterjee and Burcu Eyigungor

23-06: The Conundrum of Zero APR: An Analytical Framework

Lukasz Drozd and Michal Kowalik

23-05: California Wildfires, Property Damage, and Mortgage Repayment

Siddhartha Biswas, Ethan Hossain and David Zink

23-04: Not Cashing In on Cashing Out: An Analysis of Low Cash-Out Refinance Rates

Ethan Hossain, Igor Livshits and Collin Wardius

23-03: The Age Gap in Mortgage Access

Natee Amornsiripanitch

23-02: Funding Liquidity Creation by Banks

Anjan V. Thakor and Edison Yu

23-01: Owner-Occupancy Fraud and Mortgage Performance

Ronel Elul, Aaron Payne and Sebastian Tilson

22-41: The Push of Big City Prices and the Pull of Small Town Amenities

Heidi Artigue, Jeffrey Brinkman and Svyatoslav Karnasevych

22-39: One Threshold Doesn’t Fit All: Tailoring Machine Learning Predictions of Consumer Default for Lower-Income Areas

Vitaly Meursault, Daniel Moulton, Larry Santucci and Nathan Schor