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Displaying results 1 to 13 of 13.

  1. Paying too much?
    price dispersion in the us mortgage market
    Author: Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel
    Published: 24 June 2020
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14924
    Scope: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  2. Beyond signaling and human capital
    education and the revelation of ability
    Author: Arcidiacono, Peter; Bayer, Patrick J.; Hizmo, Aurel
    Published: 2008
    Publisher:  National Bureau of Economic Research, Cambridge, Mass.

    "In traditional signaling models, education provides a way for individuals to sort themselves by ability. Employers in turn use education to statistically discriminate, paying wages that reflect the average productivity of workers with the same... more

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    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
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    "In traditional signaling models, education provides a way for individuals to sort themselves by ability. Employers in turn use education to statistically discriminate, paying wages that reflect the average productivity of workers with the same given level of education. In this paper, we provide evidence that education (specifically, attending college) plays a much more direct role in revealing ability to the labor market. We use the NLSY79 to examine returns to ability early in careers; our results suggest that ability is observed nearly perfectly for college graduates but is revealed to the labor market much more gradually for high school graduates. As a result, from very beginning of the career, college graduates are paid in accordance with their own ability, while the wages of high school graduates are initially completely unrelated to their own ability. This view of ability revelation in the labor market has considerable power in explaining racial differences in wages, education, and the returns to ability. In particular, we find no racial differences in wages or returns to ability in the college labor market, but a 6-10 percent wage penalty for blacks (conditional on ability) in the high school market. These results are consistent with the notion that employers use race to statistically discriminate in the high school market but have no need to do so in the college market. That blacks face a wage penalty in the high school but not the college labor market also helps to explains why, conditional on ability, blacks are more likely to earn a college degree, a fact that has been documented in the literature but for which a full explanation has yet to emerge"--National Bureau of Economic Research web site

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: NBER working paper series ; 13951
    Subjects: Humankapital; Bildungsniveau; Qualifikation; Lohnniveau; Lohnstruktur; Schwarze Menschen; USA
    Scope: 39 S., graph. Darst.
  3. Beyond signaling and human capital
    education and the revelation of ability
    Author: Arcidiacono, Peter; Bayer, Patrick J.; Hizmo, Aurel
    Published: 2010
    Publisher:  Duke Univ., Dep. of Economics, Durham, NC

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ERID working paper ; 32
    Scope: Online-Ressource (33 S.), graph. Darst.
  4. How resilient is mortgage credit supply?
    evidence from the COVID-19 pandemic
    Author: Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren; Vickery, James; Willen, Paul
    Published: [2021]
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 21, 20 (May 2021)
    Subjects: mortgage; credit; financial intermediation; fintech; COVID-19
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  5. Measuring mortgage credit availability
    a frontier estimation approach
    Author: Anenberg, Elliot; Hizmo, Aurel; Kung, Edward; Molloy, Raven S.
    Published: March 28, 2017
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

    We construct a new measure of mortgage credit availability that describes the maximum amount obtainable by a borrower of given characteristics. We estimate this "loan frontier" using mortgage originations data from 2001 to 2014 and show that it... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We construct a new measure of mortgage credit availability that describes the maximum amount obtainable by a borrower of given characteristics. We estimate this "loan frontier" using mortgage originations data from 2001 to 2014 and show that it reflects a binding borrowing constraint. Our estimates reveal that the expansion of mortgage credit during the housing boom was substantial for all borrowers, not only for low-score or low-income borrowers. The contraction was most pronounced for low-score borrowers. Using variation in the frontier across metropolitan areas over time, we show that borrowing constraints played an important role in the recent housing cycle

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Finance and economics discussion series ; 2017, 101
    FEDS Working Paper ; No. 2017-101
    Subjects: Constraints; Construction; Credit Availability; Frontier; House prices; Mortgages
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  6. How resilient is mortgage credit supply?
    evidence from the COVID-19 pandemic
    Author: Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren; Vickery, James; Willen, Paul
    Published: [2021]
    Publisher:  Federal Reserve Bank of Boston, Boston

    We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the... more

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    DS 82
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    We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the pass-through of low rates to borrowers. Markups typically rise during periods of peak demand, but this historical relationship explains only part of the large increase during the pandemic. We present evidence that pandemic-related labor market frictions and operational bottlenecks contributed to unusually inelastic credit supply, and that technology-based lenders, likely less constrained by these frictions, gained market share. Rising forbearance and default risk did not significantly affect rates on "plain-vanilla" conforming mortgages, but it did lead to higher spreads on mortgages without government guarantees and loans to the riskiest borrowers. Mortgagebacked securities purchases by the Federal Reserve also supported the flow of credit in the conforming segment.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/238086
    Edition: This version: May 2021
    Series: Working papers / Federal Reserve Bank of Boston ; no. 21, 4
    Subjects: mortgage; credit; financial intermediation; fintech; COVID-19
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  7. Paying too much?
    price dispersion in the us mortgage market
    Author: Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel
    Published: June 30, 2020
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Finance and economics discussion series ; 2020, 062
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  8. How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic
    Author: Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren; Vickery, James; Willen, Paul
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the pass-through of low rates to borrowers. Markups typically rise during periods of peak demand, but this historical relationship explains only part of the large increase during the pandemic. We present evidence that pandemic-related labor market frictions and operational bottlenecks contributed to unusually inelastic credit supply, and that technology-based lenders, likely less constrained by these frictions, gained market share. Rising forbearance and default risk did not significantly affect rates on "plain vanilla" conforming mortgages, but it did lead to higher spreads on mortgages without government guarantees and loans to the riskiest borrowers. Mortgage-backed securities purchases by the Federal Reserve also supported the flow of credit in the conforming segment

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28843
    Subjects: Coronavirus; Epidemie; Hypothek; Immobilienfinanzierung; USA
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  9. How resilient is mortgage credit supply?
    evidence from the Covid-19 pandemic
    Author: Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren; Vickery, James; Willen, Paul
    Published: 2021
    Publisher:  Swiss Finance Institute, Geneva

    We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the... more

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    Verlag (kostenfrei)

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 544
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    We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the pass-through of low rates to borrowers. Markups typically rise during periods of peak demand, but this historical relationship explains only part of the large increase during the pandemic. We present evidence that pandemic-related labor market frictions and operational bottlenecks contributed to unusually inelastic credit supply, and that technology-based lenders, likely less constrained by these frictions, gained market share. Rising forbearance and default risk did not significantly affect rates on “plain vanilla” conforming mortgages, but it did lead to higher spreads on mortgages without government guarantees and loans to the riskiest borrowers. Mortgage-backed securities purchases by the Federal Reserve also supported the flow of credit in the conforming segment

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Research paper series / Swiss Finance Institute ; no 21, 41
    Subjects: mortgage; credit; financial intermediation; fintech; COVID-19
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  10. How resilient is mortgage credit supply?
    evidence from the COVID-19 pandemic
    Author: Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren; Vickery, James; Willen, Paul
    Published: July 12, 2021
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Source: Union catalogues
    Language: English
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    Series: Finance and economics discussion series ; 2021, 048
    Subjects: mortgage; credit; financial intermediation; fintech; COVID-19
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  11. Paying too much?
    borrower sophistication and overpayment in the US mortgage market
    Author: Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel
    Published: [2024]
    Publisher:  Swiss Finance Institute, Geneva

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Keine Rechte
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    Language: English
    Media type: Book
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    Series: Swiss Finance Institute research paper series ; no 24, 21
    Scope: 1 Online-Ressource (circa 93 Seiten), Illustrationen
  12. How much does racial bias affect mortgage lending?
    evidence from human and algorithmic credit decisions
    Author: Bhutta, Neil; Hizmo, Aurel; Ringo, Daniel
    Published: August 2, 2022
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Edition: Current draft: August 2, 2022
    Series: Finance and economics discussion series ; 2022, 067
    Subjects: Hypothek; Kreditgeschäft; Schwarze Menschen; Hispano-Amerikaner; Ethnische Diskriminierung; USA
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  13. Do minorities pay more for mortgages?
    Author: Bhutta, Neil; Hizmo, Aurel
    Published: October, 2019
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Source: Union catalogues
    Language: English
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    Series: Finance and economics discussion series ; 2020, 007
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen