Annual Conference

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Real Estate and Urban Economics

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May 2025

Fiscal Stimulus Payments, Housing Demand, and House Price Inflation

Leming LIN
During the COVID-19 pandemic, the U.S. housing market experienced an unprecedented boom, with house prices climbing at record rates despite widespread economic disruptions. This paper studies whether the fiscal stimulus transfers— specifically the Economic Impact Payments (EIPs) and expanded Child...
Keywords: Stimulus payments, fiscal policies, housing demand, house prices, homeownership, inflation
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Cost Pass-Through and Mortgage Credit: The Case of Guarantee Fees

Ankit KALDA, Gavin PEARSON, David SOVICH
Fannie Mae and Freddie Mac charge lenders “guarantee fees” to insure mortgages against credit risk. Using changes in guarantee fees as quasi-exogenous variation, we show that lenders completely pass through cost shocks to borrowers, on average, primarily via interest rates rather than upfront fe...
Keywords: mortgage lending, interest rates, origination charges, g-fee, cost Pass-through, distributive effects
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Mortgages, Subways and Automobiles

Sumit AGARWAL, Yeow Hwee CHUA, Pulak GHOSH, Soumya GHOSH, Liuyang SHE
We examine the impact of subway expansions on mortgage repayment behavior in Delhi, India. Using administrative data from one of India’s largest mortgage lenders, we estimate that households in postal codes with newly opened stations experience a 4.42% decrease in mortgage delinquencies and a 1.38...
Keywords: Subway, Public Transit, Household Finance, Mortgage, Delinquency, Prepayment, Financial Constraints, Inequality
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Individual Landlords in the Mortgage Market

Joao F. COCCO, S. Lakshmi NAARAAYANAN, Jagdish TRIPATHY
We use administrative data on the universe of mortgage originations to individual landlords in the United Kingdom to study their asset and financing choices around a large unexpected credit tightening event. This event led to an increase in rental yields driven by a decline in property values, despi...
Keywords: Individual landlords, Mortgages, Interest rates, House prices, Rents
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Annual Conference

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Accounting

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May 2025

Economic Consequences of Bias in Fair Value Accounting: Evidence from the Korean Bond Markets

Daniel AOBDIA, Doyeon KIM, Derrald STICE
We study the effect of competition between bond pricing agencies (BPAs) on bias in fair value prices, and whether there is an effect on liquidity in the corporate bond markets. BPAs are agencies in Korea which provide fair value estimates of all OTC-traded products to financial institutions. We use ...
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