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Journal Article
New views on immigration
Working Paper
Did affordable housing legislation contribute to the subprime securities boom?
No. In this paper we use a regression discontinuity approach to investigate whether affordable housing policies influenced origination or affected prices of subprime mortgages. We use merged loan-level data on non-prime securitized mortgages with individual- and neighborhood-level data for California and Florida. We find no evidence that lenders increased subprime originations or altered pricing around the discrete eligibility cutoffs for the Government Sponsored Enterprises (GSEs) affordable housing goals or the Community Reinvestment Act. Our results indicate that the extensive purchases of ...
Journal Article
Employment trends in nearby metro areas take different paths
Working Paper
Risk Aversion at the Country Level
In this paper we provide estimates of the coefficient of relative risk aversion for 80 countries using data on self-reports of personal well-being from the Gallup World Poll. For most countries we cannot reject the null hypothesis that the coefficient of relative risk aversion equals 1. We conclude that our result supports the use of the log utility function in numerical simulations.
Journal Article
The economics of giving
Journal Article
Adding up the economic effects of immigration
The influx of low-skilled and undocumented workers raises concerns about the impact on low-skilled U.S.-born workers and on the tax burden for all those born in the United States.
Working Paper
What do happiness and health satisfaction data tell us about relative risk aversion?
In this paper we provide estimates of the coefficient of relative risk aversion using information on self-reports of subjective personal well-being from the 2006 Gallup World Poll. We expand the existing literature on the use of happiness data to analyze economic issues by considering the implications of allowing for health state dependence in the utility function. Our estimates of relative risk aversion using pooled data from various country groupings are smaller than one, suggesting less concavity than log utility. We also find that controlling for health dependence generally reduces these ...
Journal Article
In some cases, a sick economy can be a prescription for good health
A recession, as long as it?s not too deep or too long, may be good for your health, recent studies suggest.