Most previous empirical research on scale efficiency in banking has found increasing returns
to scale only among relatively small banks, and decreasing returns to scale among larger …

The Survey of Consumer Finances (SCF) is designed to gather extensive data on the assets,
liabilities, income and other financial characteristics of US households. To be useful, a …

There is an earlier series of surveys done by the University of Michigan with sponsorship of
the 1 Federal Reserve. However, these surveys were largely intended for purposes other …

This paper examines the impact of refinancing on mortgage defaults based on an empirical
investigation of the Home Affordable Refinance Program (HARP). We study a unique dataset …

This paper examines whether identification is a ‘common’ or ‘rare’ phenomenon in nonlinear
parametric models. For several broad classes of models, it is shown that there is an open …

In the field of Housing Economics, filtering is the process by which properties, as they age
and depreciate in quality, tend to be occupied by lower-income households. This is the …

This paper models bank closure policy for a risk-averse bank that enjoys flat-rate deposit
insurance. We find that increasing the level of net worth at which banks are closed can increase …

Asymptotic local power analysis has become an important and increasingly used technique
in econometrics. This paper reviews the history of local power analysis and delineates the …

This article evaluates the effect of payment reduction on mortgage default within the context
of the Home Affordable Refinance Program. We find that mortgage default is sensitive to …

To what degree has the development of alternative mortgage funding channels promoted the
recent boom and bust in US housing markets? Past research examined whether Alt‐A and …