Current Research

The Rent-Price Ratio During the Boom and Bust: Measurement and Implications
With Jaclene Begley and Paul S. Willen

Maybe Some People Shouldn’t Own (3) Homes
With Christopher L. Foote, Jaromir Nosal and Paul S. Willen

Working Papers

Consumption of Housing During the 2000s Boom: Evidence and Theory
Job Market Paper
(Version on Google Drive)

Technological Innovation in Mortgage Underwriting and the Growth in Credit: 1985–2015
With Christopher L. Foote and Paul S. Willen

Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications
With Christopher L. Foote and Paul S. Willen
(R&R, Review of Economic Studies)
Press: Washington Post, January 2017

Anchoring or Loss Aversion? Empirical Evidence from Art Auctions
With Kathryn Graddy, Michael Moses, Jianping Mei, and Rachel Pownall

Competition Among Retail Depository Institutions: The Market Power of Credit Unions
Draft available upon request.
Over the last few decades, credit unions have become more prominent as depository institutions and producers of small business loans and mortgages. This marks a significant change from the past, when their lending was dominated by small consumer loans. In response, commercial banks have expressed concern about competition from credit unions. They claim that credit unions directly compete with commercial banks and, unlike commercial banks, unfairly benefit from a tax-exempt status. While the presence of credit unions in certain areas has been growing, they remain small in size and market share relative to commercial banks. This paper uses an entry model with endogenous product choices to test whether credit unions affect the profits of national and local commercial banks and finds that credit unions are not a threat to commercial banks. In contrast, large, multi-market commercial banks do have a significant negative effect on the profits of small, local commercial banks.