Working Papers

From Federal Reserve Bank of Philadelphia
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25-14: On the Testability of the Anchor-Words Assumption in Topic Models

Simon Freyaldenhoven, Shikun Ke, Dingyi Li and Jose Luis Montiel Olea

25-13: The Effect of the Great Recession on Student Loan Borrowing and Repayment

Michel Grosz and Tomás Monarrez

25-12: Concentration in Mortgage Markets: GSE Exposure and Risk-Taking in Uncertain Times

Ronel Elul, Deeksha Gupta and David K. Musto

25-11: Measuring Climate Transition Risk at the Regional Level with an Application to Community Banks

Mitchell Berlin, SungJe Byun, Pablo D'Erasmo and Edison Yu

25-10: Mortgage-Backed Securities

Andreas Fuster, David Lucca and James Vickery

25-09: Coverage Neglect in Homeowner's Insurance

J Anthony Cookson, Emily Gallagher and Philip Mulder

25-08: Sequential Search for Corporate Bonds

Mahyar Kargar, Benjamin Lester, Sébastien Plante and Pierre-Olivier Weill

25-07: The Value of Piped Water and Sewers: Evidence from 19th Century Chicago

Michael Coury, Toru Kitagawa, Allison Shertzer and Matthew Turner

25-06: Who Provides Credit in Times of Crisis? Evidence from the Auto Loan Market

Jose J. Canals-Cerda and Brian Jonghwan Lee

25-05: Constructing Applicants from Loan-Level Data: A Case Study of Mortgage Applications

Hadi Elzayn, Simon Freyaldenhoven and Minchul Shin

25-04: Measuring Fairness in the U.S. Mortgage Market

Hadi Elzayn, Simon Freyaldenhoven, Ryan Kobler and Minchul Shin

25-03: How Wealth and Age Interact to Affect Entrepreneurship

Philippe d’Astous, Vyacheslav Mikhed, Sahil Raina and Barry Scholnick

25-02: Who Remains Unbanked in the United States and Why?

Paul S. Calem, Chris Henderson and Jenna Wang

25-01: Climate Shocks in the Anthropocene Era: Should Net Domestic Product Reflect Climate Disasters?

Leonard Nakamura and Brian Sliker

24-23: Flood Underinsurance

Natee Amornsiripanitch, Siddhartha Biswas, John Orellana and David Zink

24-22: Inventory, Market Making, and Liquidity in OTC Markets

Assa Cohen, Mahyar Kargar, Benjamin Lester and Pierre-Olivier Weill

24-21: Banking on Deforestation: The Cost of Nonenforcement

Allen N. Berger, Cristina Ortega, Matias Ossandon Busch and Raluca Roman

24-20: Predicting College Closures and Financial Distress

Robert Kelchen, Dubravka Ritter and Douglas Webber

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