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  • September 2021
  • Article

Did Technology Contribute to the Housing Boom? Evidence from MERS
By: Stefan Lewellen and Emily Williams
We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with...  View Details
Keywords: Credit Supply; Housing Boom; Financial Innovation; Nonbank Lenders; Mortgages; Credit; Expansion; Technology; Outcome or Result
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  • 2019
  • Article

The Social Desirability of Offshoring: A Swiss Consensus (1945–1975)
By: Sabine Pitteloud
This article focuses on the evolution of the rhetoric and practice of corporate offshoring in Switzerland from the post-war economic boom to the industrial crisis in the mid-seventies. The virtue of a historical perspective on the issue of offshoring is to show how...  View Details
Keywords: Multinationals; Offshoring And Outsourcing; Relocation; Labor Relations; Multinational Firms and Management; Labor and Management Relations; Job Cuts and Outsourcing; Switzerland
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  • November 2017
  • Article

Credit-Induced Boom and Bust
By: Marco Di Maggio and Amir Kermani
Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy....  View Details
Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation
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  • 2018
  • Working Paper

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath
By: Antonio Falato, Giovanni Favara and David Scharfstein
We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase...  View Details
Keywords: Risk and Uncertainty; Financial Markets; Investment; Corporate Finance; Banks and Banking
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  • 2011
  • Chapter

The Economics of Housing Finance Reform
By: David S. Scharfstein and Adi Sunderam
This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced...  View Details
Keywords: Economics; Housing; Governing Rules, Regulations, and Reforms; Policy; Government and Politics
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