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Working Paper
Low-income-rental-housing programs in the Fourth District
In the aftermath of the Great Recession, many policy analysts are rethinking national housing policies, including affordable housing programs. We review the literature to compare the largest tenant-based (housing choice voucher or HCV) and place-based (low-income-housing tax credit or LIHTC) programs with respect to cost efficiency and access to better quality neighborhoods. We also provide an overview of low-income-rental-housing policy trends and perform a rough comparison of neighborhood quality across programs and counties, focusing on four main urban counties in the Fourth Federal ...
Working Paper
Cross-lender variation in home mortgage lending
A lender-specific analysis of differences in minority and low-income mortgage loan originations using new applicant-level data gathered under the Home Mortgage Disclosure Act of 1975.
Working Paper
Lender consistency in housing credit markets
An examination of how and why individual financial institutions vary in their propensity to attract and approve mortgage applications from minorities, using Home Mortgage Disclosure Act data.
Working Paper
Posted rates as signals in mortgage lending markets
A discussion of how mortgage lenders might use posted lending terms to signal both their eagerness to take new loan applications and their lending standards.
Journal Article
Issues in CRA reform
An analysis of the prevailing community-lending environment, including a history of the implementation of the Community Reinvestment Act, a discussion of related research studies, and a recommendation of important economic considerations as policymakers attempt to reform the process of enhancing credit flows to disadvantaged communities.
Journal Article
Monetary policy in the cold war era
An explanation of why, in the face of a booming economy, low unemployment, and scant inflation pressures, the Federal Reserve must continue its campaign to achieve price stability.
Journal Article
Cross-lender variation in home mortgage lending
An evaluation of the feasibility of using Home Mortgage Disclosure Act (HMDA) data to form quantitative measures of fair lending for use in enforcement. The authors find that cross-lender differences in minority and low-income originations primarily reflect differences in application rates, not in approval rates, and that most of the variation in lender behavior cannot be attributed to variance in applicant characteristics reported in the HMDA data or to differences in the geographic markets served by the lenders.
Journal Article
Inflation targets: the next step for monetary policy
An argument that adopting specific inflation targets as a way of achieving price stability would enhance the United States' economic performance.
Journal Article
Collective bargaining and disinflation
A discussion of wage behavior over the business cycle and of the effect of deferred wage increases, cost-of-living adjustments, and current settlements on labor union rates, using the auto industry as an example.