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- September 2021
- Article
Did Technology Contribute to the Housing Boom? Evidence from MERS
By: Stefan Lewellen and Emily Williams
We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with...
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Keywords:
Credit Supply;
Housing Boom;
Financial Innovation;
Nonbank Lenders;
Mortgages;
Credit;
Expansion;
Information Technology;
Outcome or Result
Lewellen, Stefan, and Emily Williams. "Did Technology Contribute to the Housing Boom? Evidence from MERS." Journal of Financial Economics 141, no. 3 (September 2021): 1244–1261.
- November 2017
- Article
Credit-Induced Boom and Bust
By: Marco Di Maggio and Amir Kermani
Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy....
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Keywords:
Great Recession;
Subprime;
Credit Supply;
Credit Expansion;
Household Leverage;
Household Debt;
Preemption Rule;
Mortgages;
Laws and Statutes;
Credit;
Household;
Borrowing and Debt;
Economic Slowdown and Stagnation
Di Maggio, Marco, and Amir Kermani. "Credit-Induced Boom and Bust." Review of Financial Studies 30, no. 11 (November 2017): 3711–3758. (Lead article and Editor's choice
Winner of the 2018 RFS Rising Scholar Award.)
- 2018
- Working Paper
Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath
By: Antonio Falato, Giovanni Favara and David Scharfstein
We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase...
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Falato, Antonio, Giovanni Favara, and David Scharfstein. "Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath." Working Paper.
- 2011
- Chapter
The Economics of Housing Finance Reform
By: David S. Scharfstein and Adi Sunderam
This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced...
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Keywords:
Economics;
Housing;
Governing Rules, Regulations, and Reforms;
Policy;
Government and Politics
Scharfstein, David S., and Adi Sunderam. "The Economics of Housing Finance Reform." In The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market, edited by Martin Neil Baily. Brookings Institution Press, 2011.
- 20 Mar 2000
- Research & Ideas
No Place Like Home: America’s Housing Crisis and Its Impact on Business
In many parts of the country, housing costs and shortages have begun to show signs of adversely affecting corporations, workers, and local economies. Affordable housing — such as Boston's Orchard Gardens, —...
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- 24 Feb 2011
- Research & Ideas
What’s Government’s Role in Regulating Home Purchase Financing?
The collapse of the US housing finance system, the subprime mortgage crisis, was a key contributor to the international economic crisis ignited in 2008. What should government do to prevent such an economic short-circuit in the future? On...
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- 26 Jan 2015
- Working Paper Summaries
The Rise and Fall of Demand for Securitizations
- 2019
- Article
The Social Desirability of Offshoring: A Swiss Consensus (1945–1975)
By: Sabine Pitteloud
This article focuses on the evolution of the rhetoric and practice of corporate offshoring in Switzerland from the post-war economic boom to the industrial crisis in the mid-seventies. The virtue of a historical perspective on the issue of offshoring is to show how...
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Keywords:
Multinationals;
Offshoring And Outsourcing;
Relocation;
Labor Relations;
Multinational Firms and Management;
Labor and Management Relations;
Job Cuts and Outsourcing;
Switzerland
Pitteloud, Sabine. "The Social Desirability of Offshoring: A Swiss Consensus (1945–1975)." Zeitschrift für Unternehmensgeschichte 64, no. 2 (2019).
- 06 Dec 2011
- First Look
First Look: Dec. 6
behavior. Then we can understand that rationality also includes things that were once considered irrational, such as altruism or sacrifice in the interest of the greater good. The Economics of Housing Finance Reform Authors:David S....
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Keywords:
Sean Silverthorne
- 11 Mar 2001
- Research & Ideas
Merchants to Multinationals: British Trading Companies in the Nineteenth and Twentieth Centuries
Geoffrey Jones A second major influence on the diversification strategies of the trading companies was the boom in commodity prices. Industrialization in Europe and the United States stimulated a worldwide search for new sources of supply...
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by Geoffrey Jones
- 23 May 2018
- Research & Ideas
How to Know If Your Neighborhood Is Being Gentrified
City.” “But we think it is more likely that Starbucks has insight into neighborhoods that are going to be expanding.” Either way, a new Starbucks is a predictor of rising housing prices. “If you want to know if a neighborhood is going to...
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by Dina Gerdeman
- 03 Mar 2008
- First Look
First Look: March 4, 2008
scale. In time, the South Sea Company won the bidding war, and the House of Commons approved its debt conversion plan. Now it was up to the House of Lords to approve or reject the deal. Purchase this case:...
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Keywords:
Martha Lagace
- 29 Oct 2008
- Research & Ideas
The Next Marketing Challenge: Selling to ’Simplifiers’
experiences, not heavy goods for the home. The economic boom of the 1990s fuelled consumption and democratized access to a wider than ever spectrum of goods transforming former luxuries into "must-have" necessities. Millions played the...
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- 09 Aug 2016
- First Look
August 9, 2016
reframing distress as passion can improve observers' impressions of the expresser. Publisher's link: https://pubwww.hbs.edu/faculty/Pages/item.aspx?num=51433 Credit-Induced Boom and Bust By: Di Maggio, Marco, and Amir Kermani Abstract—Can a...
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Keywords:
Sean Silverthorne
- 12 Mar 2007
- Research & Ideas
The New Real Estate
How long can the real estate boom last? No one knows the answer, but this is the most exciting time in real estate during my almost thirty years in the business. The world is awash with liquidity, and real estate is capturing much of it...
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- 04 Feb 2021
- Research & Ideas
Inside CEOs' Pandemic Worries: Uncertainty, Employees, and Kids
contact. While some businesses have boomed amid demand for videoconferencing and collaborative technology, the CEOs of other firms will likely face difficult decisions, if they haven’t already. On a personal level, CEOs faced many of the...
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- 22 Jun 2009
- Research & Ideas
“Too Big To Fail”: Reining In Large Financial Firms
regulated and transparent markets and institutions and into the lightly regulated or unregulated shadow markets encompassing mortgage brokers, hedge funds, private-equity funds, off-balance sheet structured-investment vehicles, and a View Details
- 23 Jan 2015
- Research & Ideas
Oil Price Fallout: What Happens Next?
The last six years have proved just how fluid the international oil market is. And if recent support of the Keystone Pipeline by the U.S. House of Representatives and the Nebraska Supreme Court (which approved the pipeline's path through that state) are any indication,...
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- 16 Aug 2017
- Research & Ideas
Researchers Use Google Street View to See the Future of Cities
safety. “Surprisingly, income and housing prices had little correlation with improvement” Next, they obtained Street View images from the same streets captured in 2007 and 2014. After algorithmically removing image pairs containing...
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- 04 Oct 2016
- First Look
October 4, 2016
purchasing Treasuries did not have such differential effects. We find that the Fed's purchase of MBS (rather than exclusively Treasuries) during QE1 resulted in an additional $600 billion of refinancing, substantially reduced interest payments for refinancing...
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