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Journal Article
New limits for the New Year
Journal Article
The yield curve and recessions
Journal Article
Deposit deregulation and the behavior of M1
Journal Article
Adequate's not good enough
Journal Article
Market responses to Continental Illinois
Journal Article
Household formation among young adults
The muted housing recovery in recent years can be traced in part to slower household formation among young adults. Analysis suggests that the boom and bust in housing has been a key factor. Recent weakness in household formation relative to population growth among young adults represents a reversal of the unusual strength during the boom years. The net effect has left shares of current young adults heading households at levels similar to those in the mid-1990s before the housing boom.
Journal Article
Corporate debt
Journal Article
International dimensions of U.S. economic policy in the 1980s
Journal Article
Did the housing boom affect mortgage choices?
Rapid house price appreciation during the housing boom significantly influenced homebuyer selection of adjustable-rate mortgages over fixed-rate mortgages. In markets with high house price appreciation, house price gains directly influenced mortgage choice. But in markets with less appreciation, price gains did not influence borrower choices between adjustable or fixed-rate mortgages. In addition, the influence of fundamental drivers of mortgage choice, such as mortgage interest rate margins, tended to be muted in markets with high price appreciation.