In his widely discussed book 'Fault Lines'(2010), Raghuram Rajan argues that many low
and middle income consumers have reduced their saving and increased debt since income …

WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018
ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS'TOP …

We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …

The study of household finance is challenging because household behavior is difficult to
measure, and households face constraints not captured by textbook models. Evidence on …

How do individuals form expectations about future inflation? We propose that individuals
overweight inflation experienced during their lifetimes. This approach modifies existing …

Households that fail to refinance their mortgage when interest rates decline lose out on
substantial savings. Using a random sample of outstanding US mortgages in December …

One of the central questions of comparative po liti cal economy is why there is so much more
poverty in the United States than in any other developed country. In any way that we can …

Since the classic work of Henri Lefebvre and David Harvey, the 'secondary circuit of
capital'has been a focal point for debate among critical urban scholars. Against the …

This article analyzes the role in the credit crisis of the processes by which market
participants produce knowledge about financial instruments. Employing documentary …

The housing market is of central concern to monetary policy makers. To achieve the dual
goals of price stability and maximum sustainable employment, monetary policy makers must …