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Stijn Van Nieuwerburgh

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Rico Wyss, 2013. "V. V. Acharya, S. van Nieuwerburgh, M. Richardson, and L. J. White (2011): Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance, Princeton University Press. 176 pages, USD 24.95," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(1), pages 125-126, March.

    Mentioned in:

    1. Still Riding the GSE Train
      by Kim Schoenholtz in Money, Banking and Financial Markets on 2014-05-05 18:16:46
  2. Brunnermeier, Markus & Langfield, Sam & Pagano, Marco & Reis, Ricardo & Van Nieuwerburgh, Stijn & Vayanos, Dimitri, 2016. "ESBies: Safety in the Tranches," CEPR Discussion Papers 11537, Centre for Economic Policy Research.
    • Markus K. Brunnermeier & Sam Langfield & Marco Pagano & Ricardo Reis & Stijn Van Nieuwerburgh & Dimitri Vayanos, 2017. "ESBies: safety in the tranches," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 32(90), pages 175-219.

    Mentioned in:

    1. To Form a More Perfect Union
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2018-05-28 11:38:54
  3. Viral V. Acharya & Matthew Richardson & Stijn Van Nieuwerburgh & Lawrence J. White, 2011. "Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance," Economics Books, Princeton University Press, edition 1, number 9400, December.

    Mentioned in:

    1. Ninth Anniversary of the GSEs' Conservatorships: Not a Time to Celebrate
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2017-08-21 17:38:21
    2. Thoughts on Deposit Insurance
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2021-03-22 11:48:22
  4. Tim Landvoigt & Stijn Van Nieuwerburgh & Daniel Greenwald, 2017. "Financial Fragility with SAM?," 2017 Meeting Papers 1525, Society for Economic Dynamics.

    Mentioned in:

    1. Financial Fragility with SAM?
      by Christian Zimmermann in NEP-DGE blog on 2018-04-12 13:53:29
  5. Bernard Herskovic & Bryan Kelly & Hanno Lustig & Stijn Van Nieuwerburgh, 2020. "Firm Volatility in Granular Networks," Journal of Political Economy, University of Chicago Press, vol. 128(11), pages 4097-4162.

    Mentioned in:

    1. Chris Sampson’s journal round-up for 7th December 2020
      by Chris Sampson in The Academic Health Economists' Blog on 2020-12-07 12:00:03

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Elenev, Vadim & Landvoigt, Tim & Van Nieuwerburgh, Stijn, 2020. "Can the Covid Bailouts Save the Economy?," CEPR Discussion Papers 14714, Centre for Economic Policy Research.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Finance and credit

Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Jack Favilukis & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2017. "The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 125(1), pages 140-223.

    Mentioned in:

    1. The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium (JPE 2017) in ReplicationWiki ()

Working papers

  1. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2026. "Are Government Bonds Safe in Times of War and Pandemic?," NBER Working Papers 34820, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kachalia, Muhammad Anas & Audi, Marc & Ali, Amjad, 2026. "Geopolitical Conflict and Financial Market Reactions: Evidence from the 2026 US–Israel–Iran Crisis," MPRA Paper 129143, University Library of Munich, Germany.

  2. Brian Greaney & Andrii Parkhomenko & Stijn Van Nieuwerburgh, 2025. "Dynamic Urban Economics," NBER Working Papers 33512, National Bureau of Economic Research, Inc.

    Cited by:

    1. Charles Labrousse & Yann Perdereau, 2026. "Geography versus Income: The Heterogeneous Effects of Carbon Taxation," Working papers 1063, Banque de France.

  3. Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2025. "The Austerity Threshold," NBER Working Papers 34397, National Bureau of Economic Research, Inc.

    Cited by:

    1. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2026. "Manufacturing risk-free government debt," Journal of Financial Economics, Elsevier, vol. 176(C).

  4. Zigang Li & Stijn Van Nieuwerburgh & Wang Renxuan, 2023. "Understanding Rationality and Disagreement in House Price Expectations," NBER Working Papers 31516, National Bureau of Economic Research, Inc.

    Cited by:

    1. Han, Leyla Jianyu, 2025. "Announcements, expectations, and stock returns with asymmetric information," Journal of Monetary Economics, Elsevier, vol. 151(C).
    2. Cocco, João F. & Gomes, Francisco & Lopes, Paula, 2025. "Evidence on expectations of household finances," LSE Research Online Documents on Economics 125547, London School of Economics and Political Science, LSE Library.
    3. Liu, Haoyang & Palmer, Christopher, 2026. "Implicit extrapolation and the beliefs channel of investment demand," Journal of Financial Economics, Elsevier, vol. 175(C).
    4. Adam, Klaus & Pfäuti, Oliver & Reinelt, Timo, 2025. "Subjective housing price expectations, falling natural rates, and the optimal inflation target," Journal of Monetary Economics, Elsevier, vol. 149(C).
    5. Le Blanc, Julia & Slacalek, Jiri & White, Matthew N., 2025. "Housing wealth across countries: the role of expectations, institutions and preferences," Working Paper Series 3021, European Central Bank.

  5. Kaniel, Ron & Lin, Zihan & Pelger, Markus & Van Nieuwerburgh, Stijn, 2023. "Machine-Learning the Skill of Mutual Fund Managers," CEPR Discussion Papers 18129, Centre for Economic Policy Research.

    Cited by:

    1. Maarten P. Scholl & Mahmoud Mahfouz & Anisoara Calinescu & J. Doyne Farmer, 2025. "Learning to Manage Investment Portfolios beyond Simple Utility Functions," Papers 2510.26165, arXiv.org.
    2. Ma, Tian & Wang, Wanwan & Jiang, Fuwei, 2025. "Machine learning the performance of hedge fund," Journal of International Money and Finance, Elsevier, vol. 155(C).
    3. Clint Howard, 2024. "Choices Matter When Training Machine Learning Models for Return Prediction," Financial Analysts Journal, Taylor & Francis Journals, vol. 80(4), pages 81-107, October.
    4. Jozef Barunik & Martin Hronec & Ondrej Tobek, 2024. "Forecasting stock return distributions around the globe with quantile neural networks," Papers 2408.07497, arXiv.org, revised Aug 2025.
    5. Fragkiskos, Apollon & Krasotkina, Olga & Spilker, Harold D. & Wermers, Russ, 2025. "Private Equity Fund Performance: A Time-Series Approach," Journal of Banking & Finance, Elsevier, vol. 177(C).
    6. Dong Hwan Oh & Andrew J. Patton, 2026. "Skill and Efficiency in the U.S. Mutual Fund Industry," Finance and Economics Discussion Series 2026-032, Board of Governors of the Federal Reserve System (U.S.).
    7. Liu, Tianyi & Wang, Qianchao & Yi, Yanping & Zhang, Yonghui, 2026. "Bayesian evaluation of mutual fund performance with non-random missing data: Application to the Chinese market," Journal of Econometrics, Elsevier, vol. 256(PB).
    8. DeMiguel, Victor & Gil-Bazo, Javier & Nogales, Francisco J. & Santos, André A.P., 2023. "Machine learning and fund characteristics help to select mutual funds with positive alpha," Journal of Financial Economics, Elsevier, vol. 150(3).
    9. Damir Filipovi'c & Puneet Pasricha, 2022. "Empirical Asset Pricing via Ensemble Gaussian Process Regression," Papers 2212.01048, arXiv.org, revised Mar 2026.
    10. Ferriani, Fabrizio & Marchetti, Sabina, 2025. "The micro-determinants of portfolio allocation shifts in mutual funds: Evidence from machine learning models," Finance Research Letters, Elsevier, vol. 85(PB).
    11. Jiang, Hao & Li, Sophia Zhengzi & Yuan, Peixuan, 2025. "Granular information and sectoral movements," Journal of Economic Dynamics and Control, Elsevier, vol. 171(C).
    12. Guo, Norman (Xuxi), 2026. "Decoding mutual fund performance: Dynamic return patterns via deep learning," Journal of Financial Stability, Elsevier, vol. 84(C).
    13. Cong Wang, 2024. "Stock return prediction with multiple measures using neural network models," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-34, December.
    14. Wu, Haoran & Gao, Zhiwei & Nie, Boyang & Zhao, Binru, 2025. "Can machines learn Chinese mutual funds?," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    15. Ha, Yeonjeong & Oh, Haejune, 2024. "Choice for smart investment in mutual funds: Single- or multi-period performance ranks," Finance Research Letters, Elsevier, vol. 59(C).
    16. Alexandre Momparler & Pedro Carmona & Francisco Climent, 2025. "Catalyzing Sustainable Investment: Revealing ESG Power in Predicting Fund Performance with Machine Learning," Computational Economics, Springer;Society for Computational Economics, vol. 65(3), pages 1617-1642, March.
    17. Yizhan Shu & Chenyu Yu & John M. Mulvey, 2025. "Dynamic asset allocation with asset-specific regime forecasts," Annals of Operations Research, Springer, vol. 346(1), pages 285-318, March.
    18. Hanauer, Matthias X. & Kalsbach, Tobias, 2023. "Machine learning and the cross-section of emerging market stock returns," Emerging Markets Review, Elsevier, vol. 55(C).
    19. Müller, Sebastian & Pugachyov, Nikolay & Weigert, Florian, 2026. "Forecasting mutual fund performance: Combining return-based with portfolio holdings-based predictors," CFR Working Papers 26-01, University of Cologne, Centre for Financial Research (CFR).
    20. Yizhan Shu & Chenyu Yu & John M. Mulvey, 2024. "Dynamic Asset Allocation with Asset-Specific Regime Forecasts," Papers 2406.09578, arXiv.org, revised Aug 2024.
    21. Li, Zhiyong & Wang, Yining & Qiao, Fang & Yu, Mei, 2026. "Convertible bond return predictability with machine learning," Journal of Financial Markets, Elsevier, vol. 79(C).
    22. Amit Pandey & Anil Kumar Sharma, 2023. "Indian institutional investor's portfolio concentration decision: skill and performance," Journal of Advances in Management Research, Emerald Group Publishing Limited, vol. 21(1), pages 66-95, December.
    23. Inigo Martin-Melero & Raul Gomez-Martinez & Maria Luisa Medrano-Garcia & Felipe Hernandez-Perlines, 2025. "Comparison of sectorial and financial data for ESG scoring of mutual funds with machine learning," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-31, December.
    24. Li, Bin & Rossi, Alberto G. & Yan, Xuemin (Sterling) & Zheng, Lingling, 2025. "Machine learning from a “Universe” of signals: The role of feature engineering," Journal of Financial Economics, Elsevier, vol. 172(C).
    25. Fausch, Jürg & Frigg, Moreno & Ruenzi, Stefan & Weigert, Florian, 2026. "Machine learning mutual fund flows," CFR Working Papers 26-03, University of Cologne, Centre for Financial Research (CFR).
    26. Badidi, Samia, 2026. "Essays in Asset Pricing," Other publications TiSEM c9616064-608b-4a02-a55a-5, Tilburg University, School of Economics and Management.
    27. Li, Zhiyong & Rao, Xiao, 2023. "Exploring the zoo of predictors for mutual fund performance in China," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    28. Matteo Bagnara & Benoit Vaucher, 2025. "Performance Misattributions," Journal of Asset Management, Palgrave Macmillan, vol. 26(7), pages 883-894, December.
    29. Guilherme V. Moura & Andr'e P. Santos & Hudson S. Torrent, 2025. "Variable selection for minimum-variance portfolios," Papers 2508.14986, arXiv.org.
    30. Evangelos Liaras & Michail Nerantzidis & Antonios Alexandridis, 2024. "Machine learning in accounting and finance research: a literature review," Review of Quantitative Finance and Accounting, Springer, vol. 63(4), pages 1431-1471, November.
    31. Gang Kou & Yang Lu, 2025. "FinTech: a literature review of emerging financial technologies and applications," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-34, December.
    32. Yang ZHANG & Ziang QIU Ziang & Donghyun PARK & Shu TIAN, 2026. "Role of Artificial Intelligence in Finance: Selective Literature Review and Implications for Asia's Financial Stability," Working Papers wp61, South East Asian Central Banks (SEACEN) Research and Training Centre, revised Feb 2026.
    33. Drienko, Jo & Gao, Chao & Liu, Yifei, 2026. "A skew is a skill: Portfolio skewness of mutual fund holdings," Journal of Empirical Finance, Elsevier, vol. 85(C).
    34. Sophia Zhengzi Li & Yushan Tang, 2025. "Automated Volatility Forecasting," Management Science, INFORMS, vol. 71(7), pages 6248-6274, July.

  6. Gupta, Arpit & Martinez, Candy & Van Nieuwerburgh, Stijn, 2023. "Converting Brown Offices to Green Apartments," CEPR Discussion Papers 18396, Centre for Economic Policy Research.

    Cited by:

    1. Clara, Nuno & Cocco, João F. & Naaraayanan, S. Lakshmi & Sharma, Varun, 2026. "Investments that make our homes greener: The role of regulation," Journal of Financial Economics, Elsevier, vol. 177(C).

  7. Stijn Van Nieuwerburgh, 2022. "The Remote Work Revolution: Impact on Real Estate Values and the Urban Environment," NBER Working Papers 30662, National Bureau of Economic Research, Inc.

    Cited by:

    1. Cigdem Gedikli & Robert Hill & Oleksandr Talavera & Okan Yilmaz, 2025. "Online Real Estate Agencies and their Impact on the Housing Market," Discussion Papers 25-01, Department of Economics, University of Birmingham.
    2. Thiemo Fetzer & Benjamin Guin & Felipe Netto & Farzad Saidi, 2025. "Insurers monitor shocks to collateral: micro evidence from mortgage‑backed securities," Bank of England Staff Working Paper series 1119, Bank of England.
    3. Leung, Charles Ka Yui, 2022. "Housing and Macroeconomics," MPRA Paper 115500, University Library of Munich, Germany.
    4. Fetzer, Thiemo & Guin, Benjamin & Netto, Felipe & Saidi, Farzad, 2024. "Insurers Monitor Shocks to Collateral: Micro Evidence from Mortgage-backed Securities," CAGE Online Working Paper Series 721, Competitive Advantage in the Global Economy (CAGE).

  8. Arpit Gupta & Vrinda Mittal & Stijn Van Nieuwerburgh, 2022. "Work From Home and the Office Real Estate Apocalypse," NBER Working Papers 30526, National Bureau of Economic Research, Inc.

    Cited by:

    1. Laura Ketter & Todd Morris & Lizi Yu, 2025. "A new equilibrium: COVID-19 lockdowns and WFH persistence," Papers 2506.16671, arXiv.org.
    2. Glancy, David & Kurtzman, Robert & Loewenstein, Lara, 2026. "JUE Insight: Shovel ready projects and commercial construction activity’s long and variable lags," Journal of Urban Economics, Elsevier, vol. 151(C).
    3. Lalinsky, Tibor & Anyfantaki, Sofia & Benkovskis, Konstantins & Bergeaud, Antonin & Bun, Maurice & Bunel, Simon & Colciago, Andrea & De Mulder, Jan & Lopez, Beatriz Gonzalez & Jarvis, Valerie & Krasno, 2024. "The impact of the COVID-19 pandemic and policy support on productivity," Occasional Paper Series 341, European Central Bank.
    4. Sandro Heiniger & Winfried Koeniger & Michael Lechner, 2022. "The Heterogeneous Response of Real Estate Asset Prices to a Global Shock," CESifo Working Paper Series 10083, CESifo.
    5. Olszewski Krzysztof & Trojanowski Dariusz & Łaszek Jacek, 2024. "Low Interest Rates and Uncreative Destruction in the Office Market," Real Estate Management and Valuation, Paradigm, vol. 32(2), pages 90-99.
    6. Byeonghwa Jeong & Karen Chapple, 2025. "Does class matter? Understanding differential pandemic recovery via a building typology," Environment and Planning B, , vol. 52(9), pages 2139-2152, November.
    7. Cigdem Gedikli & Robert Hill & Oleksandr Talavera & Okan Yilmaz, 2025. "Online Real Estate Agencies and their Impact on the Housing Market," Discussion Papers 25-01, Department of Economics, University of Birmingham.
    8. Wulff Pabilonia, Sabrina & Vernon, Victoria, 2023. "Remote Work, Wages, and Hours Worked in the United States," GLO Discussion Paper Series 1321, Global Labor Organization (GLO).
    9. Lambert, Derek & Mahony, Michael & McGeever, Niall, 2024. "The financial resilience of Irish CRE borrowers," Financial Stability Notes 4/FS/24, Central Bank of Ireland.
    10. Brueckner, Jan K., 2025. "Work-from-home and cities: An elementary spatial model," Regional Science and Urban Economics, Elsevier, vol. 111(C).
    11. Steven Bond-Smith & Philip McCann, 2022. "The work-from-home revolution and the performance of cities," Working Papers 2022-6R, University of Hawaii Economic Research Organization, University of Hawaii at Manoa, revised Oct 2022.
    12. Chen, Yi-Hsuan & Kräussl, Roman & Verwijmeren, Patrick, 2023. "The pricing of digital art," CFS Working Paper Series 716, Center for Financial Studies (CFS).
    13. Abdul Rahman, Mohd Shahril & Awang, Mariah & Jagun, Zainab Toyin, 2024. "Polycrisis: Factors, impacts, and responses in the housing market," Renewable and Sustainable Energy Reviews, Elsevier, vol. 202(C).
    14. David P. Glancy, 2026. "Pretend or Amend? On Evergreening in CRE," Finance and Economics Discussion Series 2026-025, Board of Governors of the Federal Reserve System (U.S.).
    15. Gilles Duranton & Jessie Handbury, 2023. "Covid and Cities, Thus Far," NBER Working Papers 31158, National Bureau of Economic Research, Inc.
    16. Sr Dr Tham Kuen-wei & Chai Woei-Chyi & Dr Cheng Chin-Tiong & Dr Alan Chong Kim-Wing & Pang Khai-Shuen, 2024. "A Review of COVID-19 Impacts on Global Residential Property Prices and Key Trends: UK, China, Malaysia, Singapore and United States," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 2038-2059, December.
    17. Jan K. Brueckner & David R. Agrawal, 2025. "Work-from-Home and Wage Convergence Across Cities: An Exploration," CESifo Working Paper Series 12150, CESifo.
    18. Jiang, Erica Xuewei & Matvos, Gregor & Piskorski, Tomasz & Seru, Amit, 2024. "Monetary tightening and U.S. bank fragility in 2023: Mark-to-market losses and uninsured depositor runs?," Journal of Financial Economics, Elsevier, vol. 159(C).
    19. Stijn Van Nieuwerburgh, 2023. "The remote work revolution: Impact on real estate values and the urban environment: 2023 AREUEA Presidential Address," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 7-48, January.
    20. Franco, Sofia F. & Waxman, Andrew R., 2026. "Surface parking lots in downtown areas and the role of regulatory delay in optimal dynamic land use," Regional Science and Urban Economics, Elsevier, vol. 118(C).
    21. Jan K. Brueckner, 2024. "Work-from-Home and Cities: An Elementary Spatial Model," CESifo Working Paper Series 11121, CESifo.
    22. Xudong An & Lawrence R. Cordell & Nicholas Smith, 2023. "CMBS Market Evolution and Emerging Risks," Working Papers 23-27, Federal Reserve Bank of Philadelphia.
    23. Daniel Broxterman & Lawrence R. Cordell & Casey Dougal & Xingliang Ma, 2025. "Does Skin in the Game Align Incentives? The Case of CRE CLOs," Working Papers 25-43, Federal Reserve Bank of Philadelphia.
    24. Lee, Kangoh, 2023. "Working from home as an economic and social change: A review," Labour Economics, Elsevier, vol. 85(C).
    25. Zs'ofia Z'ador & Bal'azs Lengyel & Riccardo Di Clemente, 2026. "Workplace dependence in urban economies," Papers 2608.07588, arXiv.org.
    26. Gerrit von Jorck & Tobias Börger & Linda Ghirardello & Jürgen Meyerhoff & Barbara Praetorius, 2025. "The impact of work arrangements on the choice to work from home: a discrete-continuous choice experiment," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 59(1), pages 1-15, December.
    27. Yijia Wen & Li Fang & Qing Li, 2022. "Commercial Real Estate Market at a Crossroads: The Impact of COVID-19 and the Implications to Future Cities," Sustainability, MDPI, vol. 14(19), pages 1-16, October.
    28. Chun, Hyunbae & Kwon, Eunjee & Yang, Dongyun, 2024. "The rise of e-commerce and generational consumption inequality: Evidence from COVID-19 in South Korea," Regional Science and Urban Economics, Elsevier, vol. 104(C).
    29. Brueckner, Jan K. & Sayantani, S., 2023. "Intercity impacts of work-from-home with both remote and non-remote workers," Journal of Housing Economics, Elsevier, vol. 59(PB).
    30. Li, Wenli & Su, Yichen, 2026. "The great reshuffle: Remote work and residential sorting," European Economic Review, Elsevier, vol. 182(C).

  9. Chen, Zefeng & Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy, 2022. "Exorbitant Privilege Gained and Lost: Fiscal Implications," CEPR Discussion Papers 17340, Centre for Economic Policy Research.

    Cited by:

    1. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2024. "What Drives Variation in the U.S. Debt‐to‐Output Ratio? The Dogs that Did not Bark," Journal of Finance, American Finance Association, vol. 79(4), pages 2603-2665, August.
    2. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    3. Thomas M. Eisenbach & Gregory Phelan, 2023. "Fragility of Safe Assets," Working Papers 23-02, Office of Financial Research, US Department of the Treasury.
    4. Gomez-Gonzalez, Patricia & Mathy, Gabriel, 2025. "The world’s first global safe asset: British public debt, 1718-1913," Explorations in Economic History, Elsevier, vol. 97(C).
    5. Korevaar, Matthijs, 2023. "Reaching for yield and the housing market: Evidence from 18th-century Amsterdam," Journal of Financial Economics, Elsevier, vol. 148(3), pages 273-296.
    6. Joseph Abadi & Jesús Fernández-Villaverde & Daniel R. Sanches, 2026. "International Currency Dominance," Working Papers 26-21, Federal Reserve Bank of Philadelphia.
    7. Yang, Bohan & Wang, Bin, 2024. "The time-varying U.S. treasury bond demand elasticity," Economics Letters, Elsevier, vol. 241(C).
    8. Thomas M. Eisenbach & Gregory Phelan, 2022. "Fragility of Safe Asset Markets," Staff Reports 1026, Federal Reserve Bank of New York.
    9. Marijn A Bolhuis & Jakree Koosakul & Neil Shenai, 2025. "Fiscal R-Star: Fiscal-Monetary Tensions and Implications for Policy," RBA Annual Conference Papers acp2025-05, Reserve Bank of Australia, revised Nov 2025.

  10. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy, 2022. "Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis," CEPR Discussion Papers 17341, Centre for Economic Policy Research.

    Cited by:

    1. YiLi Chien & Harold L. Cole & Hanno Lustig, 2023. "What about Japan?," Working Papers 2023-028, Federal Reserve Bank of St. Louis, revised 11 Mar 2025.
    2. Equiza-Goñi, Juan, 2026. "Inflationary U.S. Federal Budget Projections," Finance Research Letters, Elsevier, vol. 97(C).
    3. Marijn A Bolhuis & Jakree Koosakul & Neil Shenai, 2025. "Fiscal R-Star: Fiscal-Monetary Tensions and Implications for Policy," RBA Annual Conference Papers acp2025-05, Reserve Bank of Australia, revised Nov 2025.

  11. Ralph S. J. Koijen & Hae Kang Lee & Stijn Van Nieuwerburgh, 2022. "Aggregate Lapsation Risk," NBER Working Papers 30187, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kubitza, Christian & Grochola, Nicolaus & Gründl, Helmut, 2025. "Life insurance convexity," Journal of Banking & Finance, Elsevier, vol. 178(C).
    2. Andreas Loffler & Stefan Steins, 2026. "Surrender runs," Papers 2608.20982, arXiv.org.
    3. Baoilan, Aizelle S. & Barret, Dorothy Zoe D. & Bohol, Laica Jane N.. & Bulala, Francine May C.. & Calderon, Gracel Maye D. & Conoman, Clariz Nina P. & Fuentes, Jimkyl Klovis R. & Mazo, Hillary Grace B, 2025. "Evaluating Policy Lapse Behavior on Life Insurance Policyholders in Digos City," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(4), pages 4092-4111, April.
    4. Chen, Bingzheng & Liang, Zongxia & Pang, Shunzhi, 2025. "Dynamic investment-driven insurance pricing and optimal regulation," Insurance: Mathematics and Economics, Elsevier, vol. 125(C).
    5. Bingzheng Chen & Zongxia Liang & Shunzhi Pang, 2024. "Dynamic Investment-Driven Insurance Pricing and Optimal Regulation," Papers 2410.18432, arXiv.org, revised Apr 2025.
    6. Ziang Li & Derek Wenning, 2026. "From Long to Short: How Interest Rates Shape Life Insurance Markets," Papers 2608.04925, arXiv.org, revised Aug 2026.
    7. Bingzheng Chen & Jan Dhaene & Chun Liu & Shunzhi Pang, 2026. "Robust Investment-Driven Insurance Pricing and Liquidity Management," Papers 2603.18962, arXiv.org, revised Jun 2026.

  12. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2021. "Bond Convenience Yields in the Eurozone Currency Union," Research Papers 3976, Stanford University, Graduate School of Business.

    Cited by:

    1. Gilchrist, Simon & Wei, Bin & Yue, Vivian Z. & Zakrajšek, Egon, 2022. "Sovereign risk and financial risk," Journal of International Economics, Elsevier, vol. 136(C).
    2. Schmidt, Sebastian, 2026. "Fiscal seigniorage and price level determination in a currency union," Working Paper Series 3183, European Central Bank.
    3. Ricardo Reis, 2022. "Debt Revenue and the Sustainability of Public Debt," Journal of Economic Perspectives, American Economic Association, vol. 36(4), pages 103-124, Fall.
    4. Corradin, Stefano & Schwaab, Bernd, 2023. "Euro area sovereign bond risk premia before and during the Covid-19 pandemic," European Economic Review, Elsevier, vol. 153(C).
    5. Bittner, Christian & Bonfim, Diana & Heider, Florian & Saidi, Farzad & Schepens, Glenn & Soares, Carla, 2022. "The augmented bank balance-sheet channel of monetary policy," Working Paper Series 2745, European Central Bank.
    6. Matias Moretti & Lorenzo Pandolfi & Sergio L. Schmukler & Tomas Williams & German Villegas-Bauer, 2025. "Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds," Mo.Fi.R. Working Papers 192, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    7. Corradin, Stefano & Grimm, Niklas & Schwaab, Bernd, 2021. "Euro area sovereign bond risk premia during the Covid-19 pandemic," Working Paper Series 2561, European Central Bank.
    8. Kaldorf, Matthias & Röttger, Joost, 2025. "Convenient but risky government bonds," European Economic Review, Elsevier, vol. 180(C).

  13. Elenev, Vadim & Landvoigt, Tim & Shultz, Patrick & Van Nieuwerburgh, Stijn, 2021. "Can Monetary Policy Create Fiscal Capacity?," CEPR Discussion Papers 16414, Centre for Economic Policy Research.

    Cited by:

    1. Alexandre Corhay & Thilo Kind & Howard Kung & Gonzalo Morales, 2021. "Discount Rates, Debt Maturity, and the Fiscal Theory," Staff Working Papers 21-58, Bank of Canada.
    2. Nissinen, Juuso & Sihvonen, Markus, 2024. "Bond convenience curves and funding costs," Journal of International Economics, Elsevier, vol. 151(C).
    3. Diamond, William & Landvoigt, Tim & Sánchez, Germán Sánchez, 2025. "Printing away the mortgages: Fiscal inflation and the post-covid boom," Journal of Financial Economics, Elsevier, vol. 171(C).
    4. Malmierca, María, 2022. "Stabilization and the policy mix in a monetary union," The Quarterly Review of Economics and Finance, Elsevier, vol. 83(C), pages 92-118.
    5. Diamond, William & Jiang, Zhengyang & Ma, Yiming, 2024. "The reserve supply channel of unconventional monetary policy," Journal of Financial Economics, Elsevier, vol. 159(C).
    6. Wanping Yang & Zhenya Zhang & Yajuan Wang & Peidong Deng & Luyao Guo, 2022. "Impact of China’s Provincial Government Debt on Economic Growth and Sustainable Development," Sustainability, MDPI, vol. 14(3), pages 1-21, January.
    7. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2024. "The U.S. Public Debt Valuation Puzzle," Econometrica, Econometric Society, vol. 92(4), pages 1309-1347, July.
    8. Jing Cynthia Wu & Yinxi Xie, 2025. "Unconventional Monetary and Fiscal Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 56, April.
    9. George‐Marios Angeletos & Chen Lian & Christian K. Wolf, 2024. "Can Deficits Finance Themselves?," Econometrica, Econometric Society, vol. 92(5), pages 1351-1390, September.

  14. Goetzmann, William & Spaenjers, Christophe & Van Nieuwerburgh, Stijn, 2021. "Real and Private Value Assets," CEPR Discussion Papers 16083, Centre for Economic Policy Research.

    Cited by:

    1. Yi Fan & Maggie Rong & Wayne Xinwei Wan & Zhenping Wang, 2023. "A Tale of Two Cities: Mainland Chinese Buyers in the Hong Kong Housing Market," Review of Finance, European Finance Association, vol. 27(6), pages 2205-2232.
    2. Doeswijk, Ronald & Swinkels, Laurens, 2026. "The risk and reward of investing," Journal of International Money and Finance, Elsevier, vol. 160(C).
    3. Jörg Claussen & David Streich & Katerina Vlieg & Steffen Zetzmann, 2026. "Statutory Incidence Matters: Evidence from a Policy Intervention in the German Housing Market," CESifo Working Paper Series 12618, CESifo.
    4. Kräussl, Roman & Tugnetti, Alessandro, 2023. "Non-fungible tokens (NFTs): A review of pricing determinants, applications and opportunities," CFS Working Paper Series 693, Center for Financial Studies (CFS).
    5. Whitaker, Amy & Kräussl, Roman, 2023. "Art collectors as venture capitalists," CFS Working Paper Series 696, Center for Financial Studies (CFS).
    6. Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2024. "Refinancing cross-subsidies in the mortgage market," Journal of Financial Economics, Elsevier, vol. 158(C).
    7. Arpit Gupta & Vrinda Mittal & Stijn Van Nieuwerburgh, 2022. "Work From Home and the Office Real Estate Apocalypse," NBER Working Papers 30526, National Bureau of Economic Research, Inc.
    8. Amy Whitaker & Roman Kräussl, 2025. "Art collectors as venture-stage investors," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 49(4), pages 659-687, December.
    9. Jawad M. Addoum & Piet Eichholtz & Eva Steiner & Erkan Yönder, 2024. "Climate change and commercial real estate: Evidence from Hurricane Sandy," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 687-713, May.
    10. Bernardus van Doornik & Dimas Fazio & Tarun Ramadorai & Janis Skrastins, 2024. "Housing and Fertility," Working Papers Series 612, Central Bank of Brazil, Research Department.

  15. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2021. "Manufacturing Risk-Free Government Debt," CESifo Working Paper Series 8902, CESifo.

    Cited by:

    1. Alexandre Corhay & Thilo Kind & Howard Kung & Gonzalo Morales, 2021. "Discount Rates, Debt Maturity, and the Fiscal Theory," Staff Working Papers 21-58, Bank of Canada.
    2. Li, Xiaoxian & Guo, Hongcai & Liu, Tongzhou, 2026. "Can public debt drive the development of advanced productive forces? Evidence from AI development," International Review of Economics & Finance, Elsevier, vol. 109(C).
    3. Jiang, Zhengyang, 2021. "US Fiscal cycle and the dollar," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 91-106.
    4. Gaetano Bloise & Pietro Reichlin, 2023. "Low safe interest rates: A case for dynamic inefficiency?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 633-656, December.
    5. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    6. YiLi Chien & Wenxin Du & Hanno Lustig, 2025. "Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money," Working Papers 2025-023, Federal Reserve Bank of St. Louis.
    7. Chien, YiLi & Wen, Yi, 2022. "The determination of public debt under both aggregate and idiosyncratic uncertainty," Journal of Economic Theory, Elsevier, vol. 203(C).
    8. Vadim Elenev & Tim Landvoigt & Patrick J. Shultz & Stijn Van Nieuwerburgh, 2021. "Can Monetary Policy Create Fiscal Capacity?," NBER Working Papers 29129, National Bureau of Economic Research, Inc.

  16. Greenwald, Dan & Leombroni, Matteo & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2021. "Financial and Total Wealth Inequality with Declining Interest Rates," CEPR Discussion Papers 16081, Centre for Economic Policy Research.

    Cited by:

    1. Hui, Xitong, 2025. "Asset prices, wealth inequality, and welfare: safe assets as a solution," Working Paper Series 3162, European Central Bank.
    2. Paul Beaudry & Césaire Meh, 2021. "Monetary Policy, Trends in Real Interest Rates and Depressed Demand," Staff Working Papers 21-27, Bank of Canada.
    3. Felici, Marco & Kenny, Geoff & Friz, Roberta, 2023. "Consumer savings behaviour at low and negative interest rates," European Economic Review, Elsevier, vol. 157(C).
    4. Alessandro Franconi & Giacomo Rella, 2026. "Monetary Policy and the Wealth Distribution," Working papers 1064, Banque de France.
    5. Jesus Fernandez-Villaverde & Oren Levintal, 2024. "The Distributional Effects of Asset Returns," PIER Working Paper Archive 24-009, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    6. Arrigoni, Simone, 2024. "Who gets the flow? Financial globalisation and wealth inequality," Journal of Macroeconomics, Elsevier, vol. 81(C).
    7. Andersen, Torben M. & Bhattacharya, Joydeep & Grodecka-Messi, Anna & Mann, Katja, 2024. "Pension reform and wealth inequality: Theory and evidence," European Economic Review, Elsevier, vol. 165(C).
    8. Wolff, Edward N., 2025. "Is there really an inflation tax? Not for the middle class," Structural Change and Economic Dynamics, Elsevier, vol. 72(C), pages 297-319.
    9. Xiaoshan Chen & Spyridon Lazarakis & Petros Varthalitis, 2025. "Debt targets and fiscal consolidation in a Euro Area HANK model," Quantitative Economics, Econometric Society, vol. 16(4), pages 1321-1359, November.
    10. Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2024. "Refinancing cross-subsidies in the mortgage market," Journal of Financial Economics, Elsevier, vol. 158(C).
    11. Andersen, Torben M. & Bhattacharya, Joydeep & Grodecka-Messi, Anna & Mann, Katja, 2022. "Pension reform and wealth inequality: evidence from Denmark," Working Paper Series 411, Sveriges Riksbank (Central Bank of Sweden).
    12. Paz-Pardo, Gonzalo, 2022. "Younger generations and the lost dream of home ownership," Research Bulletin, European Central Bank, vol. 91.
    13. Lugo, Stefano, 2025. "Inequality and capital structure," Journal of Banking & Finance, Elsevier, vol. 174(C).
    14. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "What explains the decline in r ∗ ? Rising income inequality versus demographic shifts," Working Papers 2021-12, Princeton University. Economics Department..
    15. Gupta, Arpit & Hansman, Christopher & Mabille, Pierre, 2025. "Financial constraints and the racial housing gap," Journal of Financial Economics, Elsevier, vol. 173(C).
    16. Castaldo, Stefano & Tirelli, Mario, 2025. "Subjective income risk and precautionary saving," Economic Modelling, Elsevier, vol. 143(C).

  17. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy, 2021. "The U.S. Public Debt Valuation Puzzle," CEPR Discussion Papers 16082, Centre for Economic Policy Research.

    Cited by:

    1. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2026. "Manufacturing risk-free government debt," Journal of Financial Economics, Elsevier, vol. 176(C).
    2. Markus Brunnermeier & Sebastian Merkel & Yuliy Sannikov, 2020. "The Fiscal Theory of the Price Level with a Bubble," Working Papers 2020-47, Princeton University. Economics Department..
    3. Alexandre Corhay & Thilo Kind & Howard Kung & Gonzalo Morales, 2021. "Discount Rates, Debt Maturity, and the Fiscal Theory," Staff Working Papers 21-58, Bank of Canada.
    4. Mehrotra, Neil R. & Sergeyev, Dmitriy, 2021. "Debt sustainability in a low interest rate world," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 1-18.
    5. Jiang, Zhengyang, 2021. "US Fiscal cycle and the dollar," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 91-106.
    6. Peng, Juan & Tang, Zian & Yang, Jinqiang & Zhang, Zhanhao, 2025. "Managing government debt, taxes and public investment," Economics Letters, Elsevier, vol. 247(C).
    7. Hans Gersbach & Jean-Charles Rochet & Ernst-Ludwig von Thadden, 2024. "Fiscal Policy and the Balance Sheet of the Private Sector," CRC TR 224 Discussion Paper Series crctr224_2024_544, University of Bonn and University of Mannheim, Germany.
    8. Markus K. Brunnermeier & Sebastian Merkel & Yuliy Sannikov, 2021. "Debt as Safe Asset," Working Papers 2021-30, Princeton University. Economics Department..
    9. Gersbach, Hans & Rochet, Jean-Charles & von Thadden, Ernst-Ludwig, 2023. "Public Debt and the Balance Sheet of the Private Sector," TSE Working Papers 23-1412, Toulouse School of Economics (TSE).
    10. Zheng, Huanhuan, 2023. "Sovereign debt responses to the COVID-19 pandemic," Journal of International Economics, Elsevier, vol. 143(C).
    11. Fabrizio Zampolli, 2026. "Financial stability limits on fiscal space," BIS Working Papers 1339, Bank for International Settlements.
    12. Keinsley, Andrew, 2025. "Measuring the monetary services of US treasury securities," Economic Modelling, Elsevier, vol. 143(C).
    13. Liu, Yang, 2023. "Government debt and risk premia," Journal of Monetary Economics, Elsevier, vol. 136(C), pages 18-34.
    14. Victor Duarte & Diogo Duarte & Dejanir H. Silva, 2024. "Machine Learning for Continuous-Time Finance," CESifo Working Paper Series 10909, CESifo.
    15. Kaldorf, Matthias & Röttger, Joost, 2025. "Convenient but risky government bonds," European Economic Review, Elsevier, vol. 180(C).
    16. Gaetano Bloise & Pietro Reichlin, 2023. "Low safe interest rates: A case for dynamic inefficiency?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 633-656, December.

  18. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy, 2021. "What Determines the Government's Funding Costs When r=g? Unpleasant Fiscal Asset Pricing Arithmetic," Research Papers 3947, Stanford University, Graduate School of Business.

    Cited by:

    1. Christian Gollier & Frederick van der Ploeg & Jiakun Zheng, 2022. "The discounting premium puzzle: survey evidence from professional economists," Economics Series Working Papers 976, University of Oxford, Department of Economics.
    2. Vadim Elenev & Tim Landvoigt & Patrick J. Shultz & Stijn Van Nieuwerburgh, 2021. "Can Monetary Policy Create Fiscal Capacity?," NBER Working Papers 29129, National Bureau of Economic Research, Inc.

  19. Gupta, Arpit & Mittal, Vrinda & Peeters, Jonas & Van Nieuwerburgh, Stijn, 2021. "Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate," CEPR Discussion Papers 16080, Centre for Economic Policy Research.

    Cited by:

    1. Ghinami, Francesca, 2023. "Effects of remote work on population distribution across cities: US evidence from a QSE model," SocArXiv krnzq, Center for Open Science.
    2. Fu, Hongqiao & Cheng, Terence C. & Zhan, Jiajia & Xu, Duo & Yip, Winnie, 2024. "Dynamic effects of the COVID-19 pandemic on the demand for telemedicine services: Evidence from China," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 531-557.
    3. Hyojung Lee & Kfir Mordechay, 2025. "Do Metropolitan Zoning Asymmetries Influence the Geography of Suburban Growth and Gentrification?," Land, MDPI, vol. 14(8), pages 1-15, July.
    4. Giovanni Dosi & Lucrezia Fanti & Maria Enrica Virgillito, 2024. "Attributes and trends of rentified capitalism," LEM Papers Series 2024/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    5. Bruneel-Zupanc, Christophe & Chapelle, Guillaume & Eyméoud, Jean-Benoît & Wasmer, Etienne, 2026. "Housing prices propagation: A theory of spatial interactions," European Economic Review, Elsevier, vol. 184(C).
    6. Agrawal, David R. & Chen, Xinyu, 2026. "State and Local Tax Policy in a Time of Telework," GLO Discussion Paper Series 1708, Global Labor Organization (GLO).
    7. Bloom, Nicholas & Dahl, Gordon & Rooth, Dan-Olof, 2026. "Work from Home and Disability Employment," IZA Discussion Papers 18555, IZA Network @ LISER.
    8. Jesse Matheson & Brendon McConnell & James Rockey & Argyris Sakalis, 2026. "Do remote workers deter neighborhood crime? Evidence from the rise of working from home," IFS Working Papers W26/31, Institute for Fiscal Studies.
    9. Federica Ciocchetta & Elisa Guglielminetti & Alessandro Mistretta, 2024. "What Drives House Prices in Europe?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 86(5), pages 1089-1121, October.
    10. Sandro Heiniger & Winfried Koeniger & Michael Lechner, 2022. "The Heterogeneous Response of Real Estate Asset Prices to a Global Shock," CESifo Working Paper Series 10083, CESifo.
    11. Adams, Brian & Verbrugge, Randal, 2025. "Location, location, structure type: Rent divergence within neighborhoods," Journal of Housing Economics, Elsevier, vol. 69(C).
    12. Schouten, Andrew & Kawano, Yoh, 2024. "COVID-19 and the demand for transit access: Residential real estate prices in the Tokyo metropolitan area," Journal of Transport Geography, Elsevier, vol. 114(C).
    13. Nataliya Rybnikova & Dani Broitman & Daniel Czamanski, 2023. "Initial signs of post-covid-19 physical structures of cities in Israel," Letters in Spatial and Resource Sciences, Springer, vol. 16(1), pages 1-11, December.
    14. Le Tung Bach, 2023. "The behavioral intention to adopt Proptech services in Vietnam real estate market," Papers 2312.06994, arXiv.org.
    15. Datta, Nikhil & Kulka, Amrita & Wehbe, Jawad, 2026. "The Hidden Geography of Housing Demand Exposes Policy Failure: Evidence from Billions of Housing Searches," CAGE Online Working Paper Series 820, Competitive Advantage in the Global Economy (CAGE).
    16. Thea Jansen & Andrea Ascani & Alessandra Faggian & Alessandro Palma, 2024. "Remote work and location preferences: a study of post-pandemic trends in Italy," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 73(3), pages 897-944, October.
    17. Ashton de Silva & Maria Yanotti & Sarah Sinclair & Sveta Angelopoulos, 2023. "Place‐Based Policies and Nowcasting," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 56(3), pages 363-370, September.
    18. Howard, Greg & Liebersohn, Jack & Ozimek, Adam, 2023. "The short- and long-run effects of remote work on U.S. housing markets," Journal of Financial Economics, Elsevier, vol. 150(1), pages 166-184.
    19. Paula Prenzel & Samuel Tomczyk, 2025. "How exogenous shocks may shape regional quality of life: a dynamic perspective on migration determinants during the Covid-19 pandemic," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 45(3), pages 505-537, September.
    20. Griffin, John M. & Kruger, Samuel & Mahajan, Prateek, 2026. "Did pandemic relief fraud inflate house prices?," Journal of Financial Economics, Elsevier, vol. 180(C).
    21. Burdett, Ashley & Etheridge, Ben & Tang, Li & Wang, Yikai, 2024. "Worker productivity during Covid-19 and adaptation to working from home," European Economic Review, Elsevier, vol. 167(C).
    22. Naoto Mikawa & Michio Naoi & Shohei Yasuda, 2026. "COVID-19, Teleworking, and the Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 73(1), pages 134-154, July.
    23. Schulz, Rainer & Watson, Verity & Wersing, Martin, 2023. "Teleworking and housing demand," Regional Science and Urban Economics, Elsevier, vol. 101(C).
    24. Kuzey Yilmaz, 2026. "Two-worker Households, Decentralized Employment, and Residential Segregation," The Journal of Real Estate Finance and Economics, Springer, vol. 73(2), pages 193-220, August.
    25. Liu, Sitian & Su, Yichen, 2021. "The impact of the COVID-19 pandemic on the demand for density: Evidence from the U.S. housing market," Economics Letters, Elsevier, vol. 207(C).
    26. Erdsiek, Daniel & Rost, Vincent, 2022. "Working from home after COVID-19: Firms expect a persistent and intensive shift," ZEW Expert Briefs 22-06, ZEW - Leibniz Centre for European Economic Research.
    27. Walter D'Lima & Luis Arturo Lopez & Archana Pradhan, 2022. "COVID‐19 and housing market effects: Evidence from U.S. shutdown orders," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(2), pages 303-339, June.
    28. Aaron Hedlund & Kieran Larkin & Kurt Mitman & Serdar Ozkan, 2025. "Mortgage Market Structure and the Transmission of Monetary Policy During the Great Inflation," Working Papers 2025-016, Federal Reserve Bank of St. Louis.
    29. Behrens, Kristian & Kichko, Sergey & Thisse, Jacques-François, 2021. "Working from home: Too much of a good thing?," CEPR Discussion Papers 15669, Centre for Economic Policy Research.
    30. Lina Bjerke & Steven Bond-Smith & Philip McCann & Charlotta Mellander, 2025. "Work-from-home, relocation, and shadow effects: Evidence from Sweden," Working Papers 2025-1, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    31. Bloom, Nicholas & Han, Ruobing & Liang, James, 2023. "How hybrid working from home works out," LSE Research Online Documents on Economics 121377, London School of Economics and Political Science, LSE Library.
    32. François Koulischer & Pauline Perray & Thi Thu Huyen Tran, 2022. "COVID-19 and the Mortgage Market in Luxembourg," JRFM, MDPI, vol. 15(3), pages 1-24, March.
    33. Parkhomenko, Andrii & Delventhal, Matthew J, 2023. "Spatial Implications of Telecommuting in the United States," Institute of Transportation Studies, Working Paper Series qt97q6c2rg, Institute of Transportation Studies, UC Davis.
    34. Nicholas Bloom & Arjun Ramani, 2021. "The donut effect of Covid-19 on cities," CEP Discussion Papers dp1793, Centre for Economic Performance, LSE.
    35. Bertrand Achou & Hippolyte d'Albis & Eleni Iliopulo, 2021. "House prices and rents: a reappraisal," Cahiers de recherche / Working Papers 6, Institut sur la retraite et l'épargne / Retirement and Savings Institute.
    36. Behnam Asadieh & Paulina Maria Neisch, 2024. "From the City to the Suburb: City Dynamics in the Time of a Polycrisis," Sustainability, MDPI, vol. 16(24), pages 1-18, December.
    37. Bergeaud, Antonin & Eyméoud, Jean-Benoît & Garcia, Thomas & Henricot, Dorian, 2022. "Working from home and corporate real estate," LSE Research Online Documents on Economics 117800, London School of Economics and Political Science, LSE Library.
    38. Gregg Fisher & Eva Steiner & Sheridan Titman & Ashvin Viswanathan, 2022. "Location density, systematic risk, and cap rates: Evidence from REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(2), pages 366-400, June.
    39. Theo Connell-Variy & Kusal Nanayakkara & Laura West & Sara Wilkinson, 2026. "STAR (Sustainable Temporary Adaptive Reuse) Toolkit: Innovation for Value Creation in Commercial Property," Urban Planning, Cogitatio Press, vol. 11.
    40. Sabrina Wulff Pabilonia & Victoria Vernon, 2025. "Remote work, wages, and hours worked in the United States," Journal of Population Economics, Springer;European Society for Population Economics, vol. 38(1), pages 1-49, March.
    41. Bertrand Achou & Hippolyte d'Albis & Eleni Iliopulos, 2021. "Real Estate and Rental Markets during Covid Times," Working Papers halshs-03231807, HAL.
    42. Richard De Thorpe, 2026. "Remote Work and Residential Sorting: IV Evidence From Expiring Office Leases," Working Papers 26-34, Center for Economic Studies, U.S. Census Bureau.
    43. Brueckner, Jan K., 2025. "Work-from-home and cities: An elementary spatial model," Regional Science and Urban Economics, Elsevier, vol. 111(C).
    44. Sumit Agarwal & Yongheng Deng & Jia He & Yonglin Wang & Qi Zhang, 2023. "Lenders’ pricing strategy: Do neighborhood risks matter?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(4), pages 1011-1047, July.
    45. Andree Ehlert & Andreas Lagemann & Jan Wedemeier, 2024. "Regional Variation in German Real Estate Prices: Socio-Economic and Pandemic Influences," Bremen Papers on Economics & Innovation 2402, University of Bremen, Faculty of Business Studies and Economics.
    46. Steven Bond-Smith & Philip McCann, 2022. "The work-from-home revolution and the performance of cities," Working Papers 2022-6R, University of Hawaii Economic Research Organization, University of Hawaii at Manoa, revised Oct 2022.
    47. Jose Maria Barrero & Nicholas Bloom & Steven J. Davis, 2021. "Why working from home will stick," CEP Discussion Papers dp1790, Centre for Economic Performance, LSE.
    48. Jordi Jofre-Monseny & Rodrigo Martínez-Mazza & Mariona Segú, 2023. "Effectiveness and supply effects of high-coverage rent control policies," Post-Print hal-04264579, HAL.
    49. Yunjie Feng & Zihan Xu & Jiaxin Qi & Yao Shen, 2025. "Spatial Reconfiguration of Housing Price Patterns and Submarkets in Shanghai Before and After COVID-19," Land, MDPI, vol. 14(10), pages 1-29, October.
    50. Waros Ngamsiriudom & Mohan Menon & Mitra Devkota, 2024. "How The Resurgence Of School Quality Shapes Home Pricing Decisions Post-Covid-19: Evidence From North Georgia," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 5-15, June.
    51. Gokan, Toshitaka & Kichko, Sergei & Matheson, Jesse A. & Thisse, Jacques-François, 2024. "How the rise of teleworking will reshape labor markets and cities," LIDAM Discussion Papers CORE 2024010, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    52. Chongyu Wang & Tingyu Zhou, 2023. "Face‐to‐face interactions, tenant resilience, and commercial real estate performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(6), pages 1467-1511, November.
    53. Keith Ihlanfeldt & Cynthia Fan Yang, 2025. "Single-family home spaciousness and COVID-19," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 74(1), pages 1-29, March.
    54. Hansen, Jacob H. & Møller, Stig V. & Pedersen, Thomas Q. & Schütte, Christian M., 2024. "House price bubbles under the COVID-19 pandemic," Journal of Empirical Finance, Elsevier, vol. 75(C).
    55. Lina Bjerke & Steven Bond-Smith & Philip McCann & Charlotta Mellander, 2024. "Work-from-home, relocation, and shadow effects: Evidence from Sweden," Working Papers 2024-3, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    56. Anja Hahn & Sanela Omerovic & Sofie Waltl, 2025. "A Framework to Monitor the Effects of External Shocks on Housing Markets," Papers 2502.03012, arXiv.org.
    57. Guo, Wei & Miao, Qing & Kim, Yusun & Hou, Yilin, 2026. "Rising waters, falling taxes: The impact of Hurricane Sandy on property tax assessments in New York City," Journal of Environmental Economics and Management, Elsevier, vol. 138(C).
    58. Gilles Duranton & Jessie Handbury, 2023. "Covid and Cities, Thus Far," NBER Working Papers 31158, National Bureau of Economic Research, Inc.
    59. Malik, Khyati & Kim, Sowon & Cultice, Brian J., 2023. "The impact of remote work on green space values in regional housing markets," Journal of Housing Economics, Elsevier, vol. 62(C).
    60. Diego Mayorga & Karla Neri Hernández & Jorge Pérez Pérez, 2024. "Housing Price Gradients in Mexico City During the COVID-19 Pandemic," Working Papers 2024-18, Banco de México.
    61. Baulkaran, Vishaal & Jain, Pawan, 2023. "COVID-19, home equity and retirement funding," Finance Research Letters, Elsevier, vol. 58(PB).
    62. Seunghoon Lee & Siqi Zheng, 2026. "Annoyed, but Not Alarmed: Sea Level Rise, Chronic Inundation, and Coastal Housing Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 73(3), pages 548-574, October.
    63. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    64. Shiwen Xu, 2025. "Changes in the Hedonic Valuation of Amenities and Characteristics in Post-pandemic Residential Property Markets," CESifo Working Paper Series 11996, CESifo.
    65. Diamond, William & Landvoigt, Tim & Sánchez, Germán Sánchez, 2025. "Printing away the mortgages: Fiscal inflation and the post-covid boom," Journal of Financial Economics, Elsevier, vol. 171(C).
    66. Liu, Sitian & Su, Yichen, 2022. "The Effect of Working from Home on the Agglomeration Economies of Cities: Evidence from Advertised Wages," MPRA Paper 114429, University Library of Munich, Germany.
    67. Jan K. Brueckner & David R. Agrawal, 2025. "Work-from-Home and Wage Convergence Across Cities: An Exploration," CESifo Working Paper Series 12150, CESifo.
    68. Yao-pei Wang & Yong Tu & Yi Fan, 2026. "The Price of Quietness: How a Pandemic Affects City Dwellers' Response to Road Traffic Noise," Papers 2607.18677, arXiv.org.
    69. Rosenthal, Stuart S. & Strange, William C. & Urrego, Joaquin A., 2022. "JUE insight: Are city centers losing their appeal? Commercial real estate, urban spatial structure, and COVID-19," Journal of Urban Economics, Elsevier, vol. 127(C).
    70. Gianni De Fraja & Jesse Matheson & Paul Mizen & James Rockey & Shivani Taneja, 2026. "Remote working and the new geography of local service spending," Economica, London School of Economics and Political Science, vol. 93(369), pages 188-208, January.
    71. Arturas Kaklauskas & Edmundas Kazimieras Zavadskas & Natalija Lepkova & Saulius Raslanas & Kestutis Dauksys & Ingrida Vetloviene & Ieva Ubarte, 2021. "Sustainable Construction Investment, Real Estate Development, and COVID-19: A Review of Literature in the Field," Sustainability, MDPI, vol. 13(13), pages 1-42, July.
    72. Huang, Naqun & Pang, Jindong & Yang, Yanmin, 2023. "JUE Insight: COVID-19 and household preference for urban density in China," Journal of Urban Economics, Elsevier, vol. 133(C).
    73. Dani Broitman, 2023. "“Passive” Ecological Gentrification Triggered by the Covid-19 Pandemic," Urban Planning, Cogitatio Press, vol. 8(1), pages 312-321.
    74. Julia Fonseca & Lu Liu, 2024. "Mortgage Lock‐In, Mobility, and Labor Reallocation," Journal of Finance, American Finance Association, vol. 79(6), pages 3729-3772, December.
    75. William Miles, 2025. "Regional House Price Cohesion in the UK: Recent Trends and Covid," International Regional Science Review, , vol. 48(5-6), pages 463-491, November.
    76. van Vuuren, Aico, 2023. "Is there a diminishing willingness to pay for consumption amenities as a result of the Covid-19 pandemic?," Regional Science and Urban Economics, Elsevier, vol. 98(C).
    77. Jinwon Kim & Dede Long, 2024. "Working from home, commuting time, and intracity house‐price gradients," Journal of Regional Science, Wiley Blackwell, vol. 64(3), pages 866-895, June.
    78. Stijn Van Nieuwerburgh, 2023. "The remote work revolution: Impact on real estate values and the urban environment: 2023 AREUEA Presidential Address," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 7-48, January.
    79. Dani Broitman, 2023. "“Passive” Ecological Gentrification Triggered by the Covid-19 Pandemic," Urban Planning, Cogitatio Press, vol. 8(1), pages 312-321.
    80. Robbennolt, Dale & Haddad, Angela J. & Mondal, Aupal & Bhat, Chandra R., 2024. "Housing choice in an evolving remote work landscape," Transportation Research Part A: Policy and Practice, Elsevier, vol. 190(C).
    81. Jan K. Brueckner, 2024. "Work-from-Home and Cities: An Elementary Spatial Model," CESifo Working Paper Series 11121, CESifo.
    82. Jean-Victor Alipour, 2025. "Does Remote Work Reinforce Gender Gaps in (Un)Paid Labor?," CESifo Working Paper Series 12052, CESifo.
    83. Arpit Gupta & Vrinda Mittal & Stijn Van Nieuwerburgh, 2022. "Work From Home and the Office Real Estate Apocalypse," NBER Working Papers 30526, National Bureau of Economic Research, Inc.
    84. Downey, Lucy & Fonzone, Achille & Fountas, Grigorios & Semple, Torran, 2022. "The impact of COVID-19 on future public transport use in Scotland," Transportation Research Part A: Policy and Practice, Elsevier, vol. 163(C), pages 338-352.
    85. Jean-Victor Alipour, 2025. "Does Remote Work Reinforce Gender Gaps in (Un)Paid Labor?," Rationality and Competition Discussion Paper Series 542, CRC TRR 190 Rationality and Competition.
    86. Norbert Pfeifer & Miriam Steurer, 2024. "Stabilizing Geo-Spatial Surfaces in Data-Sparse Regions - An Application to Residential Property Prices," Graz Economics Papers 2024-11, University of Graz, Department of Economics.
    87. Dongshin Kim & Davin Raiha & Youngme Seo & Julia Freybote, 2023. "Urban flight: A short‐term phenomenon or long‐term trend?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(6), pages 1356-1375, November.
    88. I-Chun Tsai, 2025. "The post-COVID-19 flattening phenomenon of regional housing prices in the UK," Urban Studies, Urban Studies Journal Limited, vol. 62(14), pages 2859-2884, November.
    89. Preetesh Kantak, 2025. "Consumption Commitments and Housing Dynamics," Management Science, INFORMS, vol. 71(10), pages 8670-8697, October.
    90. Lee, Kangoh, 2023. "Working from home as an economic and social change: A review," Labour Economics, Elsevier, vol. 85(C).
    91. Jinwon Kim & Dede Long, 2022. "What Flattened the House-Price Gradient? The Role of Work-from-Home and Decreased Commuting Cost," Working Papers 2205, Nam Duck-Woo Economic Research Institute, Sogang University (Former Research Institute for Market Economy).
    92. Bro, Jeppe & Eriksen, Jonas N., 2025. "Subjective expectations and house prices," Journal of Banking & Finance, Elsevier, vol. 172(C).
    93. Eva Lyubich, 2025. "The Role of People versus Places in Individual Carbon Emissions," American Economic Review, American Economic Association, vol. 115(5), pages 1439-1484, May.
    94. Gamber, William & Graham, James & Yadav, Anirudh, 2023. "Stuck at home: Housing demand during the COVID-19 pandemic," Journal of Housing Economics, Elsevier, vol. 59(PB).
    95. Ahern, Kenneth R. & Giacoletti, Marco, 2026. "The redistribution of housing wealth caused by rent control," Journal of Urban Economics, Elsevier, vol. 152(C).
    96. Lei Ding & Jackelyn Hwang, 2022. "Has COVID Reversed Gentrification in Major U.S. Cities? An Empirical Examination of Residential Mobility in Gentrifying Neighborhoods During the COVID-19 Crisis," Working Papers 22-20, Federal Reserve Bank of Philadelphia.
    97. Tsai, I-Chun & Chiang, Ying-Hui & Lin, Shih-Yuan, 2022. "Effect of COVID-19 lockdowns on city-center and suburban housing markets: Evidence from Hangzhou, China," Journal of Asian Economics, Elsevier, vol. 83(C).
    98. Matteo Crosignani & Saketh Prazad, 2024. "Extend-and-Pretend in the U.S. CRE Market," Staff Reports 1130, Federal Reserve Bank of New York.
    99. Parida, Sitikantha, 2025. "Early-pandemic repricing of housing attributes: evidence from Middlesex County, Boston suburbs," Finance Research Letters, Elsevier, vol. 86(PD).
    100. Batalha, Mafalda & Gonçalves, Duarte & Peralta, Susana & Pereira dos Santos, João, 2022. "The virus that devastated tourism: The impact of covid-19 on the housing market," Regional Science and Urban Economics, Elsevier, vol. 95(C).
    101. Elisa Guglielminetti & Michele Loberto & Giordano Zevi & Roberta Zizza, 2021. "Living on my own: the impact of the Covid-19 pandemic on housing preferences," Questioni di Economia e Finanza (Occasional Papers) 627, Bank of Italy, Economic Research and International Relations Area.
    102. Delventhal, Matthew J. & Kwon, Eunjee & Parkhomenko, Andrii, 2022. "JUE Insight: How do cities change when we work from home?," Journal of Urban Economics, Elsevier, vol. 127(C).
    103. Cayman Seagraves & Stace Sirmans, 2026. "Frontiers and Foundations: Insights From the Most‐Cited Finance Papers, 2021–2026," The Financial Review, Eastern Finance Association, vol. 61(3), pages 693-700, August.
    104. Beze Eyayaw & Thiel Patrick, 2025. "The Impact of COVID-19 on Real Estate Markets in Germany," German Economic Review, De Gruyter, vol. 26(2), pages 93-129.
    105. Johnson, Kelsey K. & Parton, Lee & Nolte, Christoph & Williamson, Matt & Nogeire-McRae, Theresa & Paudel, Jayash & Brandt, Jodi, 2023. "Moving to the country: Understanding the effects of Covid-19 on property values and farmland development risk," Journal of Housing Economics, Elsevier, vol. 62(C).
    106. Raffaella Barone, 2023. "Home sweet home, how money laundering pollutes the real estate market: an agent based model," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 18(4), pages 779-806, October.
    107. Yanpeng Jiang & Xiaochi Shen, 2025. "Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai," International Studies of Economics, John Wiley & Sons, vol. 20(2), pages 177-194, June.
    108. Yihan Hu & Cemil Selcuk, 2026. "From Summer to Spring: A Shift in US Housing Market Seasonality," Papers 2605.21358, arXiv.org.
    109. Li, Wenli & Su, Yichen, 2026. "The great reshuffle: Remote work and residential sorting," European Economic Review, Elsevier, vol. 182(C).
    110. William Miles & Xiaoyang Zhu, 2026. "Convergence in House Price Cycles across the US: Recent Developments and the Impact of Covid," The Journal of Real Estate Finance and Economics, Springer, vol. 72(2), pages 451-476, February.
    111. Francisco Amaral & Mark Toth & Jonas Zdrzalek, 2026. "Spatial Distribution of Housing Liquidity," CRC TR 224 Discussion Paper Series crctr224_2025_727, University of Bonn and University of Mannheim, Germany.

  20. Elenev, Vadim & Landvoigt, Tim & Van Nieuwerburgh, Stijn, 2020. "Can the Covid Bailouts Save the Economy?," CEPR Discussion Papers 14714, Centre for Economic Policy Research.

    Cited by:

    1. Evangelos Mourelatos & Jaakko Simonen & Simo Hosio & Daniil Likhobaba & Dmitry Ustalov, 2024. "How has the COVID-19 pandemic shaped behavior in crowdsourcing? The role of online labor market training," Journal of Business Economics, Springer, vol. 94(9), pages 1201-1244, November.
    2. Miyakawa, Daisuke & Oikawa, Koki & Ueda, Kozo, 2021. "Firm Exit during the COVID-19 Pandemic: Evidence from Japan," Journal of the Japanese and International Economies, Elsevier, vol. 59(C).
    3. Kristopher Deming & Stephan Weiler, 2023. "Banking Deserts and the Paycheck Protection Program," Economic Development Quarterly, , vol. 37(3), pages 259-276, August.
    4. Céline Azémar & Rodolphe Desbordes & Paolo Melindi-Ghidi & Jean-Philippe Nicolaï, 2022. "Winners and Losers of the COVID-19 Pandemic: An Excess Profits Tax Proposal," EconomiX Working Papers 2022-8, University of Paris Nanterre, EconomiX.
    5. Charles A.E. Goodhart & Dimitrios P. Tsomocos & Xuan Wang, 2023. "Support for small businesses amid COVID‐19," Economica, London School of Economics and Political Science, vol. 90(358), pages 612-652, April.
    6. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    7. Jappelli, Ruggero & Pelizzon, Loriana & Plazzi, Alberto, 2021. "The core, the periphery, and the disaster: Corporate-sovereign nexus in COVID-19 times," SAFE Working Paper Series 331, Leibniz Institute for Financial Research SAFE.
    8. Mustafa O. Caglayan & Diogo Duarte & Victor F. Duarte & Xiaomeng Lu, 2025. "Compounding Money and Nominal Price Illusions," Management Science, INFORMS, vol. 71(6), pages 5204-5229, June.
    9. Mr. Tidiane Kinda & Andras Lengyel & Kaustubh Chahande, 2022. "Fiscal Multipliers During Pandemics," IMF Working Papers 2022/149, International Monetary Fund.
    10. Goodhart, Charles & Masciandaro, Donato & Ugolini, Stefano, 2021. "Pandemic Recession, Helicopter Money and Central Banking: Venice, 1630," CEPR Discussion Papers 15715, Centre for Economic Policy Research.
    11. Cirera,Xavier & Vargas Da Cruz,Marcio Jose & Davies,Elwyn Adriaan Robin & Grover,Arti Goswami & Iacovone,Leonardo & Lopez Cordova,Jose Ernesto & Medvedev,Denis & Maduko,Franklin Okechukwu & Nayyar,Gau, 2021. "Policies to Support Businesses through the COVID-19 Shock : A Firm-Level Perspective," Policy Research Working Paper Series 9506, The World Bank.
    12. Wisniewski, Tomasz Piotr & Shaker, Emma, 2026. "Did hard facts or journalistic opinion predict stock prices during the COVID-19 pandemic?," International Review of Economics & Finance, Elsevier, vol. 108(C).
    13. Jesse Perla & Carolin Pflueger & Michal Szkup, 2020. "Doubling Down on Debt: Limited Liability as a Financial Friction," Working Papers 2020-122, Becker Friedman Institute for Research In Economics.
    14. Bridgman, Benjamin & Greenaway-McGrevy, Ryan, 2023. "The economic impact of social distancing: Evidence from state-collected data during the 1918 influenza pandemic," Explorations in Economic History, Elsevier, vol. 90(C).
    15. Shafiullah, Muhammad & Senthilkumar, Arunachalam & Lucey, Brian M. & Naeem, Muhammad Abubakr, 2024. "Deciphering asymmetric spillovers in US industries: Insights from higher-order moments," Research in International Business and Finance, Elsevier, vol. 70(PA).
    16. Diana Bonfim & Cláudia Custódio, 2021. "The sensitivity of SME’s investment and employment to the cost of debt financing," Working Papers w202115, Banco de Portugal, Economics and Research Department.
    17. Emanuele Colombo Azimonti & Luca Portoghese & Patrizio Tirelli, 2022. "Covid-19 supply-side fiscal policies to escape the health-vs-economy dilemma," DEM Working Papers Series 208, University of Pavia, Department of Economics and Management.
    18. Kim van Berkel & Leonie Gercama & Egbert Jongen & Benedikt Vogt, 2026. "Targeting and potential adverse effects of income support for the self-employed during COVID-19," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 33(3), pages 971-998, June.
    19. David E. Bloom & Michael Kuhn & Klaus Prettner, 2020. "Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses," Working Papers 2020-17, The George Washington University, Institute for International Economic Policy.
    20. Xu, Yingying & Lien, Donald, 2022. "Assessing the impact of COVID-19 on price Co-movements in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    21. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2020. "COVID-19 and SME Failures," FRB Atlanta Working Paper 2020-21, Federal Reserve Bank of Atlanta.
    22. Osman, Syed Muhammad Ishraque & Islam, Faridul & Sakib, Nazmus, 2022. "Economic resilience in times of public health shock: The case of the US states," Research in Economics, Elsevier, vol. 76(4), pages 277-289.
    23. Didier, Tatiana & Huneeus, Federico & Larrain, Mauricio & Schmukler, Sergio L., 2021. "Financing firms in hibernation during the COVID-19 pandemic," Journal of Financial Stability, Elsevier, vol. 53(C).
    24. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’," NBER Working Papers 29293, National Bureau of Economic Research, Inc.
    25. Martin, Reiner & O’Brien, Edward & Peiris, M. Udara & Tsomocos, Dimitrios P., 2026. "Stabilizing credit when nonperforming loans surge: The role of asset management companies," Journal of Economic Dynamics and Control, Elsevier, vol. 183(C).
    26. Harrison Hong & Jeffrey D. Kubik & Neng Wang & Xiao Xu & Jinqiang Yang, 2020. "Pandemics, Vaccines and an Earnings Damage Function," NBER Working Papers 27829, National Bureau of Economic Research, Inc.
    27. Chen, Zhuo & Li, Pengfei & Liao, Li & Liu, Lu & Wang, Zhengwei, 2024. "Assessing and addressing the coronavirus-induced economic crisis: Evidence from 1.5 billion sales invoices," China Economic Review, Elsevier, vol. 85(C).
    28. Charles Goodhart & Donato Masciandaro & Stefano Ugolini, 2022. "Pandemic Recession and Helicopter Money: Venice, 1629--1631," Papers 2201.07181, arXiv.org.
    29. Luca Portoghese & Patrizio Tirelli, 2024. "Getting ready for the next pandemic: supply- side policies to escape the health-vs-economy dilemma," DEM Working Papers Series 219, University of Pavia, Department of Economics and Management.
    30. Trunschke, Markus & Peters, Bettina & Czarnitzki, Dirk & Rammer, Christian, 2024. "Pandemic effects: Do innovation activities of firms suffer from Long COVID?," Research Policy, Elsevier, vol. 53(7).
    31. M. O. Oleche & D. K. Manda & R. G. Mutegi & S. Kipruto & M. K. Muriithi & P. Samoei & A. W. Ndirangu & G. Mwabu, 2023. "The gendered impacts of COVID-19 and business closure due to lockdown on wage employment in Kenya," Journal of Economic Policy and Management Issues, JEPMI, vol. 2(2), pages 31-48.
    32. Viral V. Acharya & Timothy Johnson & Suresh Sundaresan & Steven Zheng, 2025. "Vaccine Progress, Stock Prices, and the Value of Ending the Pandemic," Management Science, INFORMS, vol. 71(3), pages 2714-2732, March.
    33. Lucas Hafemann, 2021. "The Nexus between lockdown Shocks and Economic Uncertainty: Empirical Evidence from a VAR model," MAGKS Papers on Economics 202132, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    34. Acharya, Viral & Johnson, Timothy & Sundaresan, Suresh & Zheng, Steven, 2020. "The Value of a Cure: An Asset Pricing Perspective," CEPR Discussion Papers 15558, Centre for Economic Policy Research.
    35. Greg Kaplan & Benjamin Moll & Giovanni Violante, 2020. "The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S," Working Papers 2020-119, Becker Friedman Institute for Research In Economics.
    36. Chungeun Yoon, 2025. "Everyone knows what you did: evidence from public disclosure of travel logs," Empirical Economics, Springer, vol. 69(6), pages 3403-3436, December.
    37. Anatoli Segura & Alonso Villacorta, 2021. "Firm-bank linkages and optimal policies in a lockdown," Temi di discussione (Economic working papers) 1343, Bank of Italy, Economic Research and International Relations Area.
    38. Martins, Ana & Pereira dos Santos, João & Pozzobon, Fernando, 2025. "Sailing Through Troubled Waters: Evidence from Support Discontinuities to Firms in Times of Crisis," IZA Discussion Papers 18136, IZA Network @ LISER.
    39. Wen-Tai Hsu & Hsuan-Chih (Luke) Lin & Han Yang, 2024. "Long-run belief-scarring effects of COVID-19 in a global economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(3), pages 709-752, November.
    40. Firano Zakaria & Filali Adib Fatine, 2025. "Health Accelerator and Financial Frictions in Macroeconomic Modelling," SAGE Open, , vol. 15(1), pages 21582440251, March.
    41. Can, Ufuk & Can, Zeynep Gizem & Bocuoglu, Mehmet Emin & Dogru, Muhammed Erkam, 2021. "The effectiveness of the post-Covid-19 recovery policies: Evidence from a simulated DSGE model for Turkey," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 694-708.
    42. Enrique G. Mendoza & Eugenio I. Rojas & Linda L. Tesar & Jing Zhang, 2020. "A Macroeconomic Model of Healthcare Saturation, Inequality and the Output-Pandemia Tradeoff," NBER Working Papers 28247, National Bureau of Economic Research, Inc.
    43. Faria-e-Castro, Miguel, 2021. "Fiscal policy during a pandemic," Journal of Economic Dynamics and Control, Elsevier, vol. 125(C).
    44. Renzhi Li & Caihong Chen & Zhijie Han & Yuwei Wang, 2025. "Targeted monetary policy, SMEs’ loan availability, and corporate investment: evidence from China," Small Business Economics, Springer, vol. 65(4), pages 2465-2491, December.
    45. Core, Fabrizio & De Marco, Filippo, 2021. "Information Technology and Credit: Evidence from Public Guarantees," CEPR Discussion Papers 15799, Centre for Economic Policy Research.
    46. Alessandro Di Nola & Leo Kaas & Haomin Wang, 2022. "Rescue Policies for Small Businesses in the Covid-19 Recession," CESifo Working Paper Series 9641, CESifo.
    47. Giofré, Maela, 2021. "COVID-19 stringency measures and foreign investment: An early assessment," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    48. Gärtner, Leo & Marek, Philipp, 2022. "The impact of German public support transfers on firm finance: Evidence from the Covid-19 crisis," Discussion Papers 19/2022, Deutsche Bundesbank.
    49. Hinterlang, Natascha & Moyen, Stéphane & Röhe, Oke & Stähler, Nikolai, 2021. "Gauging the effects of the German COVID-19 fiscal stimulus package," Discussion Papers 43/2021, Deutsche Bundesbank.
    50. Etienne Gagnon & Benjamin K. Johannsen & J. David López-Salido, 2020. "Supply-Side Effects of Pandemic Mortality: Insights from an Overlapping-Generations Model," Finance and Economics Discussion Series 2020-060, Board of Governors of the Federal Reserve System (U.S.).
    51. Erstu Tarko Kassa, 2021. "Determinants of the continuous operations of micro and small enterprises during COVID-19 pandemic in Ethiopia," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-11, December.
    52. Verónica Acurio Vásconez & Olivier Damette & David W. Shanafelt, 2021. "Macroepidemics and unconventional monetary policy: Coupling macroeconomics and epidemiology in a financial DSGE-SIR framework," Working Papers of BETA 2021-04, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    53. Lee, Churn Ken & Lee, Munseob, 2023. "Regional redistribution through SBA guaranteed loan programs," Journal of Corporate Finance, Elsevier, vol. 78(C).
    54. Bonfim, Diana & Custódio, Cláudia & Raposo, Clara, 2023. "Supporting small firms through recessions and recoveries," Journal of Financial Economics, Elsevier, vol. 147(3), pages 658-688.
    55. Xingyuan Yao, 2021. "COVID-19 Pandemic and economic stimulus policy inequality: evidence from quasi-natural experiments," Working Papers 585, ECINEQ, Society for the Study of Economic Inequality.
    56. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2020. "SME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis," NBER Working Papers 27877, National Bureau of Economic Research, Inc.
    57. Julian Kozlowski & Laura Veldkamp & Venky Venkateswaran, 2020. "Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19," NBER Working Papers 27439, National Bureau of Economic Research, Inc.

  21. Arpit Gupta & Stijn Van Nieuwerburgh & Constantine Kontokosta, 2020. "Take the Q Train: Value Capture of Public Infrastructure Projects," NBER Working Papers 26789, National Bureau of Economic Research, Inc.

    Cited by:

    1. Sumit Agarwal & Shashwat Alok & Sergio Correia & Deepa Mani & Bernardo Morais, 2024. "Transportation Technology and Gentrification: Evidence from the entry of Ridesharing Services," Papers 2409.15462, arXiv.org.
    2. Michael Pollmann, 2020. "Causal Inference for Spatial Treatments," Papers 2011.00373, arXiv.org, revised Apr 2026.
    3. Yuhei Miyauchi & Kentaro Nakajima & Stephen J. Redding, 2021. "Consumption access and agglomeration: evidence from smartphone data," CEP Discussion Papers dp1745, Centre for Economic Performance, LSE.
    4. Deininger, Klaus W. & Ali, Daniel Ayalew, 2026. "Testing for Market Power in Agricultural Land Markets : Evidence from Ukraine," Policy Research Working Paper Series 11355, The World Bank.
    5. Miquel-Àngel Garcia-López & Rosa Sanchis-Guarner & Elisabet Viladecans-Marsal, 2026. "Transportation and housing markets in cities," Working Papers wpdea2601, Department of Applied Economics at Universitat Autonoma of Barcelona.
    6. Justin Tyndall, 2024. "Predicting Rail Transit Impacts with Endogenous Worker Choice: Evidence from Oahu," Upjohn Working Papers 24-409, W.E. Upjohn Institute for Employment Research.
    7. Beaudoin, Justin & Tyndall, Justin, 2023. "The effect of bus rapid transit on local home prices," Research in Transportation Economics, Elsevier, vol. 102(C).
    8. Yuhei Miyauchi & Kentaro Nakajima & Stephen J. Redding, 2022. "The Economics of Spatial Mobility: Theory and Evidence Using Smartphone Data," Working Papers 295, Princeton University, Department of Economics, Center for Economic Policy Studies..
    9. Arpit Gupta & Vrinda Mittal & Jonas Peeters & Stijn Van Nieuwerburgh, 2021. "Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate," NBER Working Papers 28675, National Bureau of Economic Research, Inc.
    10. Matteo Benetton & Simone Emiliozzi & Elisa Guglielminetti & Michele Loberto & Alessandro Mistretta, 2022. "Do house prices reflect climate change adaptation? Evidence from the city on the water," Questioni di Economia e Finanza (Occasional Papers) 735, Bank of Italy, Economic Research and International Relations Area.
    11. Gal Amedi, 2023. "The Determinants of the Transit Accessibility Premium," Bank of Israel Working Papers 2023.12, Bank of Israel.
    12. Tyndall, Justin, 2025. "Estimating commuter benefits of a new transit system: Evidence from New York City’s ferry service," Regional Science and Urban Economics, Elsevier, vol. 114(C).
    13. Garcia-López, Miquel Àngel & Gómez-Hernández, Luz Yadira, 2024. "Housing prices, buses and trams in Medellín (Colombia)," LSE Research Online Documents on Economics 124523, London School of Economics and Political Science, LSE Library.
    14. Deininger, Klaus W. & Ali, Daniel Ayalew & Bukin, Eduard & Martyn, Andrii, 2024. "Reforming Land Valuation and Taxation in Ukraine : A Path towards greater Sustainability Fairness, and Transparency," Policy Research Working Paper Series 10998, The World Bank.
    15. Bindal, Shradha & Joseph, Kissan & Meschke, Felix, 2025. "Corporate shutdowns in the time of Covid-19," Journal of Corporate Finance, Elsevier, vol. 92(C).
    16. Vial Lecaros Felipe & Zárate Román D. & Pérez Pérez Jorge, 2023. "Urban Transit Infrastructure: Spatial Mismatch and Labor Market Power," Working Papers 2023-17, Banco de México.
    17. Nikitas, Alexandros & Alyavina, Elena & Sadik, Chia & Michalakopoulou, Kalliopi, 2025. "Decoding mobility hubs: Opportunities and risks underpinning their introduction for the contexts of transport and the wider society," Journal of Transport Geography, Elsevier, vol. 127(C).
    18. Gerken, William & Irlbeck, Steven & Painter, Marcus & Zhang, Guangli, 2024. "Watching the watchdogs: Tracking SEC inquiries using geolocation data," Working Papers 349, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    19. Angel Espinoza E., 2024. "Public Transportation and Consumer Prices: Chain Stores, Street Vendors and Mom and Pop Stores," Working Papers 2024-02, Banco de México.
    20. Paolo Avner & Vincent Viguié & Bramka Arga Jafino & Stephane Hallegatte, 2022. "Flood Protection and Land Value Creation – Not all Resilience Investments Are Created Equal," Economics of Disasters and Climate Change, Springer, vol. 6(3), pages 417-449, November.
    21. Agarwal, Sumit & Chua, Yeow Hwee & Ghosh, Pulak & Ghosh, Soumya Kanti & She, Liuyang, 2025. "Mortgages, Subways and Automobiles," Journal of Public Economics, Elsevier, vol. 252(C).
    22. Zachary T. Keeler & Heather M. Stephens, 2023. "The capitalization of metro rail access in urban housing markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(3), pages 686-720, May.
    23. Han, Dan & Wu, Shuping, 2023. "The capitalization and urbanization effect of subway stations: A network centrality perspective," Transportation Research Part A: Policy and Practice, Elsevier, vol. 176(C).
    24. Di Cataldo, Marco & Romani, Giulia, 2024. "Rational cuts? The local impact of closing undersized schools," Regional Science and Urban Economics, Elsevier, vol. 109(C).
    25. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    26. Miquel-Àngel Garcia-López & Marianna Magagnoli & Elisabet Viladecans-Marsal, 2026. "Here come the bikes: Cycling infrastructure and housing prices," Working Papers wpdea2606, Department of Applied Economics at Universitat Autonoma of Barcelona.
    27. George, Sarah & Salomo, Katja & Helbig, Marcel, 2025. "Spatial advantages of highly educated individuals in Germany: Is sustainable mobility an expression of privilege?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 156, pages 1-11.
    28. Edward L. Glaeser & James M. Poterba, 2020. "Economic Analysis and Infrastructure Investment," NBER Working Papers 28215, National Bureau of Economic Research, Inc.
    29. Deininger, Klaus & Hilhorst, Thea & Nkurunziza, Emmanuel & Zevenbergen, Jaap, 2026. "Benchmarking property institutions: conceptual background and evidence from 85 jurisdictions," World Development, Elsevier, vol. 202(C).
    30. Ambrose, Brent W. & Valentin, Maxence, 2025. "Federal tax policy and the capitalization of local public goods," Regional Science and Urban Economics, Elsevier, vol. 114(C).
    31. Jindong Pang & Shulin Shen, 2026. "High-Speed Public Transit and Housing Affordability in the US," The Journal of Real Estate Finance and Economics, Springer, vol. 73(2), pages 290-321, August.
    32. Davis, Lucas W., 2021. "Estimating the price elasticity of demand for subways: Evidence from Mexico," Regional Science and Urban Economics, Elsevier, vol. 87(C).
    33. Diao, Mi & Li, Qiang & Sing, Tien Foo & Zhan, Changwei, 2023. "Disamenities of living close to transit tracks: Evidence from Singapore's MRT system," Regional Science and Urban Economics, Elsevier, vol. 100(C).
    34. Avetian, Vladimir & Pauly, Stefan, 2025. "You can’t sit with us: How locals and tourists compete for amenities in Paris," Journal of Urban Economics, Elsevier, vol. 148(C).
    35. Becka Brolinson, 2024. "Valuing public transit: The L‐train shutdown," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 794-842, May.
    36. Yifan Chen & Sean Wilkoff & Jiro Yoshida, 2024. "Amazon is coming to town: Sequential information revelation in the housing market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(2), pages 277-323, March.
    37. Deininger, Klaus & Ali, Daniel Ayalew & Bukin, Eduard & Martyn, Andrii, 2026. "Reforming land valuation and taxation in Ukraine: A path towards greater sustainability, fairness, and transparency," Land Use Policy, Elsevier, vol. 165(C).
    38. Christensen, Peter & Osman, Adam, 2021. "The Demand for Mobility: Evidence from an Experiment with Uber Riders," IZA Discussion Papers 14179, IZA Network @ LISER.
    39. McLoughlin, Jacob, 2025. "How Does Emissions-Charging Influence House Prices? Evidence From Londons ULEZ," Warwick-Monash Economics Student Papers 86, Warwick Monash Economics Student Papers.
    40. Kim, Heejin, 2025. "The effects of improving a local amenity on housing markets and neighborhoods: Evidence from Chicago," Regional Science and Urban Economics, Elsevier, vol. 115(C).
    41. Dubé, Jean & Le Gallo, Julie & Des Rosiers, François & Legros, Diègo & Champagne, Marie-Pier, 2024. "An integrated causal framework to evaluate uplift value with an example on change in public transport supply," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 185(C).
    42. Jawad M. Addoum & Piet Eichholtz & Eva Steiner & Erkan Yönder, 2024. "Climate change and commercial real estate: Evidence from Hurricane Sandy," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 687-713, May.
    43. Klaus W. Deininger & Thea Hilhorst & Zevenbergen,Jaap & Nkurunziza,Emmanuel, 2025. "Capitalizing on Digital Transformation to Enhance the Effectiveness of Property Institutions : Conceptual Background and Evidence from 85 Countries," Policy Research Working Paper Series 11100, The World Bank.
    44. Ali, Daniel Ayalew & Deininger, Klaus, 2024. "Using registry data to assess gender-differentiated land and credit market effects of urban land policy reform: Evidence from Lesotho," World Development, Elsevier, vol. 175(C).
    45. Rhiannon Jerch & Andrea La Nauze & Xinyi Peng, 2026. "Navigating Change: Google Maps, Real-Time Information, and Transit Ridership," CESifo Working Paper Series 12780, CESifo.

  22. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2019. "The Government Risk Premium Puzzle," Research Papers 3831, Stanford University, Graduate School of Business.

    Cited by:

    1. Luca Metelli & Kevin Pallara, 2020. "Fiscal space and the size of the fiscal multiplier," Temi di discussione (Economic working papers) 1293, Bank of Italy, Economic Research and International Relations Area.
    2. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2020. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," Journal of Finance, American Finance Association, vol. 75(6), pages 3097-3138, December.
    3. Nicolas Caramp, 2020. "Fiscal Policy and the Monetary Transmission Mechanism," Working Papers 337, University of California, Davis, Department of Economics.

  23. Favilukis, Jack & Van Nieuwerburgh, Stijn, 2019. "Affordable Housing and City Welfare," CEPR Discussion Papers 13758, Centre for Economic Policy Research.

    Cited by:

    1. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," Globalization Institute Working Papers 340, Federal Reserve Bank of Dallas.
    2. Grossmann, Volker & Larin, Benjamin & Löfflad, Hans Torben & Steger, Thomas, 2021. "Distributional consequences of surging housing rents," Journal of Economic Theory, Elsevier, vol. 196(C).
    3. Alvaro Janez, 2025. "Means-Tested Programs and Interstate Migration in the United States," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 55, January.
    4. Howard, Greg & Liebersohn, Jack & Ozimek, Adam, 2023. "The short- and long-run effects of remote work on U.S. housing markets," Journal of Financial Economics, Elsevier, vol. 150(1), pages 166-184.
    5. Luis Perez Garcia, 2026. "Effectiveness of Rent Controls: Evidence from Spain," Papers 2602.08631, arXiv.org.
    6. Arpit Gupta & Vrinda Mittal & Jonas Peeters & Stijn Van Nieuwerburgh, 2021. "Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate," NBER Working Papers 28675, National Bureau of Economic Research, Inc.
    7. Yifan GONG & Charles Ka Yui LEUNG, 2023. "Does Space Matter? The Case of the Housing Expenditure Cap," ISER Discussion Paper 1214, Institute of Social and Economic Research, The University of Osaka.
    8. Molloy, Raven & Nathanson, Charles G. & Paciorek, Andrew, 2022. "Housing supply and affordability: Evidence from rents, housing consumption and household location," Journal of Urban Economics, Elsevier, vol. 129(C).
    9. Volker Grossmann & Benjamin Larin & Hans Torben Löfflad & Thomas Steger, 2019. "Distributional effects of surging housing costs under Schwabe's Law," CESifo Working Paper Series 7684, CESifo.
    10. Seltzer, Lee, 2024. "Effects of financing constraints on maintenance investments in rent-stabilized apartments," Journal of Financial Intermediation, Elsevier, vol. 59(C).
    11. Chen, Ruoyu & Jiang, Hanchen & Quintero, Luis E., 2023. "Measuring the value of rent stabilization and understanding its implications for racial inequality: Evidence from New York City," Regional Science and Urban Economics, Elsevier, vol. 103(C).
    12. David Mazáček, 2023. "Concepts of Housing Affordability Measurements," FFA Working Papers 5.008, Prague University of Economics and Business, revised 13 Sep 2023.
    13. Jiang, Hanchen & Quintero, Luis & Yang, Xi, 2025. "Does rent control increase tenant unemployment?," Journal of Urban Economics, Elsevier, vol. 149(C).
    14. Brandsaas, Eirik Eylands & Kvaerner, Jens Soerlie, 2026. "Partial homeownership: A quantitative analysis," Journal of Financial Economics, Elsevier, vol. 179(C).
    15. Antonia Díaz & Álvaro Jáñez & Felix Wellschmied, 2023. "Geographic Mobility Over the Life-cycle," Documentos de Trabajo del ICAE 2023-01, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    16. Lukas Hauck, Nicola Stalder, Simon Büchler, Maximilian von Ehrlich, 2025. "Incidence, Allocation, and Efficiency Costs of Tenancy Rent Control," Diskussionsschriften dp2507, Universitaet Bern, Departement Volkswirtschaft.
    17. Bandarkar, Sophie & de Noronha, Tahir & Buchholz, Maximilian, 2026. "Housing and the False Promise of Abundance," SocArXiv baqf8_v1, Center for Open Science.
    18. Jordi Jofre-Monseny & Rodrigo Martínez-Mazza & Mariona Segú, 2023. "Effectiveness and supply effects of high-coverage rent control policies," Post-Print hal-04264579, HAL.
    19. Vera Baye & Valeriya Dinger, 2024. "Investment incentives of rent controls and gentrification: Evidence from German micro data," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 843-884, May.
    20. Jennifer Buurma-Olsen & Jort Sinninghe Damsté & Hans Koster, VU & Jos van Ommeren, VU, 2023. "Quantifying Misallocation of Public Housing," CPB Discussion Paper 454, CPB Netherlands Bureau for Economic Policy Analysis.
    21. Rainald Borck & Niklas Gohl, 2021. "Gentrification and Affordable Housing Policies," CESifo Working Paper Series 9454, CESifo.
    22. Buurma-Olsen, Jennifer & Koster, Hans R.A. & van Ommeren, Jos & Damsté, Jort Sinninghe, 2025. "Quantifying misallocation of public housing," Journal of Public Economics, Elsevier, vol. 242(C).
    23. Ryan Greenaway-McGrevy & Gail Pacheco & Kade Sorensen, 2021. "The effect of upzoning on house prices and redevelopment premiums in Auckland, New Zealand," Urban Studies, Urban Studies Journal Limited, vol. 58(5), pages 959-976, April.
    24. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    25. Brian Asquith & Evan Mast & Davin Reed, 2019. "Supply Shock Versus Demand Shock: The Local Effects of New Housing in Low-Income Areas," Upjohn Working Papers 19-316, W.E. Upjohn Institute for Employment Research.
    26. Julia Fonseca & Lu Liu, 2024. "Mortgage Lock‐In, Mobility, and Labor Reallocation," Journal of Finance, American Finance Association, vol. 79(6), pages 3729-3772, December.
    27. Dirección General de Economía y Estadística, 2020. "El mercado de la vivienda en España entre 2014 y 2019," Occasional Papers 2013, Banco de España.
    28. Martin Groiss & Nicolas Syrichas, 2025. "Monetary Policy, Property Prices and Rents: Evidence from Local Housing Markets," Berlin School of Economics Discussion Papers 0058, Berlin School of Economics.
    29. Reher, Michael, 2021. "Finance and the supply of housing quality," Journal of Financial Economics, Elsevier, vol. 142(1), pages 357-376.
    30. Ahern, Kenneth R. & Giacoletti, Marco, 2026. "The redistribution of housing wealth caused by rent control," Journal of Urban Economics, Elsevier, vol. 152(C).
    31. Toth, Mark, 2025. "The role of city structure in monetary policy transmission," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325390, Verein für Socialpolitik / German Economic Association.
    32. Greenaway-McGrevy, Ryan & Phillips, Peter C.B., 2023. "The impact of upzoning on housing construction in Auckland," Journal of Urban Economics, Elsevier, vol. 136(C).
    33. Mohammed Itma, 2025. "The influences of socio-economic forces on affordability behavior towards containing the gap between supply and demand in the housing markets," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 72(1), pages 1-20, June.
    34. Delventhal, Matthew J. & Kwon, Eunjee & Parkhomenko, Andrii, 2022. "JUE Insight: How do cities change when we work from home?," Journal of Urban Economics, Elsevier, vol. 127(C).
    35. Bernardus van Doornik & Dimas Fazio & Tarun Ramadorai & Janis Skrastins, 2024. "Housing and Fertility," Working Papers Series 612, Central Bank of Brazil, Research Department.
    36. Gupta, Arpit & Hansman, Christopher & Mabille, Pierre, 2025. "Financial constraints and the racial housing gap," Journal of Financial Economics, Elsevier, vol. 173(C).
    37. Garison Kiprotich & Isaiah Kimutai & Stephen Kimutai, 2023. "Performance Evaluation of Sand Screening Machine: Effect of Sieve Size and Moisture Content," International Journal of Latest Technology in Engineering, Management & Applied Science, International Journal of Latest Technology in Engineering, Management & Applied Science (IJLTEMAS), vol. 12(09), pages 126-132, September.

  24. Gupta, Arpit & Van Nieuwerburgh, Stijn, 2019. "Valuing Private Equity Strip by Strip," CEPR Discussion Papers 14241, Centre for Economic Policy Research.

    Cited by:

    1. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2019. "The U.S. Public Debt Valuation Puzzle," NBER Working Papers 26583, National Bureau of Economic Research, Inc.
    2. Boyan Jovanovic & Sai Ma & Peter L. Rousseau, 2022. "Private equity and growth," Journal of Economic Growth, Springer, vol. 27(3), pages 315-363, September.
    3. Shumiao Ouyang & Jiaheng Yu & Ravi Jagannathan, 2020. "Return to Venture Capital in the Aggregate," NBER Working Papers 27690, National Bureau of Economic Research, Inc.
    4. Zhengyang Jiang & Hanno Lustig & Mindy Xiaolan & Stijn Van Nieuwerburgh, 2019. "Government Risk Premium Puzzle," 2019 Meeting Papers 437, Society for Economic Dynamics.
    5. Atul Gupta & Sabrina T Howell & Constantine Yannelis & Abhinav Gupta, 2021. "Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes," Working Papers 2021-20, Becker Friedman Institute for Research In Economics.

  25. Ibert, Markus & Kaniel, Ron & Van Nieuwerburgh, Stijn & Vestman, Roine, 2017. "Are Mutual Fund Managers Paid For Investment Skill?," CEPR Discussion Papers 12010, Centre for Economic Policy Research.

    Cited by:

    1. Dimitrios, Kousenidis & Eirini, Lazaridou & Trifon, Papapanagiotou, 2019. "The asymmetric performance of industry concentrated funds," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    2. Nurisso, George C., 2026. "Learning by lending securities," Journal of Financial Economics, Elsevier, vol. 178(C).
    3. Wang, Luqi & Urga, Giovanni, 2025. "Optimal N-state endogenous Markov-switching model for currency liquidity timing," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).
    4. Adam Farago & Martin Holmén & Felix Holzmeister & Michael Kirchler & Michael Razen, 2022. "Cognitive Skills and Economic Preferences in the Fund Industry," The Economic Journal, Royal Economic Society, vol. 132(645), pages 1737-1764.
    5. Travis L. Johnson & Gregory Weitzner, 2025. "Distortions Caused by Lending Fee Retention," Management Science, INFORMS, vol. 71(1), pages 35-58, January.
    6. Huang, Binghua & Li, Rui, 2025. "ESG ratings and ESG mutual fund management compensation," Energy Economics, Elsevier, vol. 147(C).
    7. Buffa, Andrea M. & Hodor, Idan, 2023. "Institutional investors, heterogeneous benchmarks and the comovement of asset prices," Journal of Financial Economics, Elsevier, vol. 147(2), pages 352-381.
    8. Matthijs Breugem & Adrian Buss, 2017. "Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency," NBER Working Papers 23561, National Bureau of Economic Research, Inc.
    9. Gantchev, Nickolay & Giannetti, Mariassunta & Li, Rachel, 2024. "Sustainability or performance? Ratings and fund managers’ incentives," Journal of Financial Economics, Elsevier, vol. 155(C).
    10. Coen, Patrick, 2021. "Information Loss over the Business Cycle," TSE Working Papers 21-1220, Toulouse School of Economics (TSE).
    11. Lindbeck, Assar & Weibull, Jörgen, 2020. "Delegation of investment decisions, and optimal remuneration of agents," European Economic Review, Elsevier, vol. 129(C).
    12. Sotes-Paladino, Juan & Zapatero, Fernando, 2022. "Carrot and stick: A role for benchmark-adjusted compensation in active fund management," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    13. Michael Sockin & Mindy Z Xiaolan, 2023. "Delegated Learning and Contract Commonality in Asset Management," Review of Finance, European Finance Association, vol. 27(6), pages 1931-1975.
    14. Wang, Pingle, 2024. "Portfolio pumping in mutual fund families," Journal of Financial Economics, Elsevier, vol. 156(C).
    15. Chernenko, Sergey & Sunderam, Adi, 2020. "Do fire sales create externalities?," Journal of Financial Economics, Elsevier, vol. 135(3), pages 602-628.
    16. Zambrana, Rafael & Zapatero, Fernando, 2021. "A tale of two types: Generalists vs. specialists in asset management," Journal of Financial Economics, Elsevier, vol. 142(2), pages 844-861.
    17. Eisele, Alexander & Nefedova, Tamara & Parise, Gianpaolo & Peijnenburg, Kim, 2017. "Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families," CEPR Discussion Papers 12225, Centre for Economic Policy Research.
    18. Sergey Chernenko & Adi Sunderam, 2018. "Do Fire Sales Create Externalities?," NBER Working Papers 25104, National Bureau of Economic Research, Inc.
    19. Yan Lu & Kevin Mullally & Sugata Ray, 2023. "Paying for Performance in Public Pension Plans," Management Science, INFORMS, vol. 69(8), pages 4888-4907, August.
    20. Arpit Gupta & Kunal Sachdeva, 2019. "Skin or Skim? Inside Investment and Hedge Fund Performance," NBER Working Papers 26113, National Bureau of Economic Research, Inc.
    21. Bienz, Carsten & Bonelli, Diego & Mjøs, Aksel & Santos, Francisco, 2026. "Outcomes, risk-taking, and incentives: Evidence from asset managers," Journal of Corporate Finance, Elsevier, vol. 98(C).
    22. Fan, Zhongjie, 2026. "Endogenous volatility and strategic disclosure in mutual funds," Economics Letters, Elsevier, vol. 266(C).
    23. Cici, Gjergji & Hendriock, Mario & Kempf, Alexander, 2022. "Finding your calling: Matching skills with jobs in the mutual fund industry," CFR Working Papers 19-05, University of Cologne, Centre for Financial Research (CFR), revised 2022.
    24. Barahona, Ricardo & Cassella, Stefano & Jansen, Kristy & Pezone, Vincenzo, 2026. "Do teams alleviate or exacerbate overreaction in beliefs?," Other publications TiSEM 346da07d-dd26-4bc4-b22b-d, Tilburg University, School of Economics and Management.
    25. Ibert, Markus, 2023. "What do mutual fund managers’ private portfolios tell us about their skills?," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    26. Sanctuary, Mark & Lavenius, Axel & Parlato, Giorgio & Plue, Jan & Crona, Beatrice, 2024. "A study of green European equity fund portfolio allocations," Working Paper Series in Economics and Institutions of Innovation 499, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    27. Ricardo Barahona & Stefano Cassella & Kristy A. E. Jansen, 2023. "Do Teams Alleviate or Exacerbate the Extrapolation Bias in the Stock Market?," Working Papers 2335, Banco de España.
    28. Ali K. Malik & Gonul Colak, 2026. "FOMC Meetings, Monetary Policy Uncertainty, and Mutual Fund Alpha," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 35(1-2), pages 33-57, February.
    29. Nikolai Roussanov & Hongxun Ruan & Yanhao Wei, 2018. "Marketing Mutual Funds," NBER Working Papers 25056, National Bureau of Economic Research, Inc.
    30. Yue Xu, 2021. "Spillovers of Senior Mutual Fund Managers’ Capital Raising Ability," CREATES Research Papers 2022-03, Department of Economics and Business Economics, Aarhus University.
    31. Dahlquist, Magnus & Ibert, Markus & Wilke, Felix, 2020. "Expectations of Active Mutual Fund Performance," CEPR Discussion Papers 15548, Centre for Economic Policy Research.
    32. Fröberg, Emelie & Halling, Michael, 2024. "Do investors benefit from MiFID II unbundling?," Journal of Corporate Finance, Elsevier, vol. 87(C).
    33. Lin, Boqiang & Li, Jiangnan, 2026. "The marketization of green electricity trading and investment decisions of new energy enterprises," Energy Policy, Elsevier, vol. 210(C).
    34. Gjergji Cici & Mario Hendriock & Alexander Kempf, 2025. "Finding Your Calling: Matching Skills with Jobs in the Mutual Fund Industry," Management Science, INFORMS, vol. 71(12), pages 9936-9954, December.
    35. Barahona, Ricardo & Cassella, Stefano & Jansen, Kristy A.E. & Pezone, Vincenzo, 2026. "Do teams alleviate or exacerbate overreaction in beliefs?," Journal of Financial Economics, Elsevier, vol. 176(C).
    36. Kaniel, Ron & Lin, Zihan & Pelger, Markus & Van Nieuwerburgh, Stijn, 2023. "Machine-learning the skill of mutual fund managers," Journal of Financial Economics, Elsevier, vol. 150(1), pages 94-138.
    37. Matthijs Breugem & Adrian Buss, 2017. "Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency," Carlo Alberto Notebooks 524, Collegio Carlo Alberto.
    38. Feldman, David & Saxena, Konark & Xu, Jingrui, 2020. "Is the active fund management industry concentrated enough?," Journal of Financial Economics, Elsevier, vol. 136(1), pages 23-43.
    39. Yue Xu, 2022. "Reallocation of Mutual Fund Managers and Capital Raising Ability," CREATES Research Papers 2022-11, Department of Economics and Business Economics, Aarhus University.

  26. Elenev, Vadim & Landvoigt, Tim & Van Nieuwerburgh, Stijn, 2017. "A Macroeconomic Model with Financially Constrained Producers and Intermediaries," CEPR Discussion Papers 12282, Centre for Economic Policy Research.

    Cited by:

    1. Ai, Hengjie & Li, Jun E. & Li, Kai & Schlag, Christian, 2019. "The collateralizability premium," SAFE Working Paper Series 264, Leibniz Institute for Financial Research SAFE.
    2. Suarez, Javier, 2022. "Growth-at-risk and macroprudential policy design," Journal of Financial Stability, Elsevier, vol. 60(C).
    3. Andrea Ajello & Ander Pérez-Orive & Bálint Szőke, 2023. "Sticky Leverage: Comment," Finance and Economics Discussion Series 2023-051, Board of Governors of the Federal Reserve System (U.S.).
    4. Tommaso Gasparini & Vivien Lewis & Stephane Moyen & Stefania Villa, 2026. "Risky firms and fragile banks: implications for macroprudential policy," Temi di discussione (Economic working papers) 1518, Bank of Italy, Economic Research and International Relations Area.
    5. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, November.
    6. Mendicino, Caterina & Nikolov, Kalin & Suarez, Javier & Supera, Dominik, 2019. "Bank capital in the short and in the long run," Working Paper Series 2286, European Central Bank.
    7. Villacorta, Alonso, 2018. "Business cycles and the balance sheets of the financial and non-financial sectors," ESRB Working Paper Series 68, European Systemic Risk Board.
    8. Kai Li & Chenjie Xu, 2023. "Asset pricing with a financial sector," Financial Management, Financial Management Association International, vol. 52(1), pages 67-95, March.
    9. Francesco Ferrante & Andrea Prestipino & Immo Schott, 2025. "Corporate Debt Maturity and Business Cycle Fluctuations," International Finance Discussion Papers 1409, Board of Governors of the Federal Reserve System (U.S.).
    10. Saleem Bahaj & Frederic Malherbe, 2020. "The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending," Journal of Finance, American Finance Association, vol. 75(6), pages 3013-3053, December.
    11. Daniel L. Greenwald & Tim Landvoigt & Stijn Van Nieuwerburgh, 2021. "Financial Fragility with SAM?," Journal of Finance, American Finance Association, vol. 76(2), pages 651-706, April.
    12. Matthew B. Canzoneri & Behzad T. Diba & Luca Guerrieri & Arsenii Mishin, 2026. "A Static Capital Buffer is Hard To Beat," Finance and Economics Discussion Series 2026-042, Board of Governors of the Federal Reserve System (U.S.).
    13. Lang, Jan Hannes & Menno, Dominik, 2023. "The state-dependent impact of changes in bank capital requirements," Discussion Papers 19/2023, Deutsche Bundesbank.
    14. Alexandre Corhay & Thilo Kind & Howard Kung & Gonzalo Morales, 2021. "Discount Rates, Debt Maturity, and the Fiscal Theory," Staff Working Papers 21-58, Bank of Canada.
    15. Jorge Pozo & Youel Rojas, 2021. "Unconventional Credit Policy in an Economy under Zero Lower Bound," IHEID Working Papers 14-2021, Economics Section, The Graduate Institute of International Studies.
    16. Hu, Weiping & Li, Kai & Zhang, Xiao, 2024. "Financial constraints, cash flow timing patterns, and asset prices," Journal of Financial Economics, Elsevier, vol. 157(C).
    17. Ambrocio, Gene & Hasan, Iftekhar & Jokivuolle, Esa & Ristolainen, Kim, 2020. "Are bank capital requirements optimally set? Evidence from researchers' views," Bank of Finland Research Discussion Papers 10/2020, Bank of Finland.
    18. He, Ruihong & Yang, Yingce & Guo, Junjie & Deng, Xiang, 2025. "Which macroprudential policy instruments is more effective? From the perspective of China's economic model," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 909-925.
    19. Li, Jian & Ma, Yiming & Mendicino, Caterina & Supera, Dominik, 2026. "Bank to non-bank lending and the reallocation of credit," Working Paper Series 3220, European Central Bank.
    20. Kelly, Robert & McCann, Fergal & O’Toole, Conor, 2018. "Credit conditions, macroprudential policy and house prices," Journal of Housing Economics, Elsevier, vol. 41(C), pages 153-167.
    21. Nyffenegger, Remo, 2024. "Central bank digital currency and bank intermediation: Medium of Exchange vs. Savings vehicle," European Economic Review, Elsevier, vol. 170(C).
    22. Daisuke Ikeda & Hidehiko Matsumoto, 2021. "Procyclical Leverage and Crisis Probability in a Macroeconomic Model of Bank Runs," IMES Discussion Paper Series 21-E-01, Institute for Monetary and Economic Studies, Bank of Japan.
    23. Gomes, João F. & Grotteria, Marco & Wachter, Jessica A., 2023. "Foreseen risks," Journal of Economic Theory, Elsevier, vol. 212(C).
    24. Lee, H., 2026. "Dancing on the Saddles: A Geometric Framework for Stochastic Equilibrium Dynamics," Cambridge Working Papers in Economics 2604, Faculty of Economics, University of Cambridge.
    25. Malik Shukayev & Alexander Ueberfeldt, 2021. "Are Bank Bailouts Welfare Improving?," Staff Working Papers 21-56, Bank of Canada.
    26. Fang, Xiang & Jutrsa, David & Peria, Soledad Martinez & Presbitero, Andrea F. & Ratnovski, Lev, 2022. "Bank capital requirements and lending in emerging markets: The role of bank characteristics and economic conditions," Journal of Banking & Finance, Elsevier, vol. 135(C).
    27. Manuel A. Muñoz & Frank Smets, 2025. "The positive neutral countercyclical capital buffer," Bank of England Staff Working Paper series 1128, Bank of England.
    28. Madeira, Carlos, 2024. "The impact of macroprudential policies on industrial growth," Journal of International Money and Finance, Elsevier, vol. 145(C).
    29. Hasman, Augusto & Samartín, Margarita, 2022. "Leaving the darkness: The emergence of shadow banks," Journal of Financial Stability, Elsevier, vol. 61(C).
    30. Giovanardi, Francesco & Kaldorf, Matthias, 2024. "Climate change and the macroeconomics of bank capital regulation," Discussion Papers 13/2024, Deutsche Bundesbank.
    31. Diego Daruich & Julian Kozlowski, 2023. "Macroeconomic Implications of Uniform Pricing," American Economic Journal: Macroeconomics, American Economic Association, vol. 15(3), pages 64-108, July.
    32. Krenz, Johanna & Živanović, Jelena, 2024. "Macroprudential capital requirements, monetary policy, and financial crises," Economic Modelling, Elsevier, vol. 139(C).
    33. Kim, Dohan, 2025. "The Asymmetric Bank Distress Amplifier of Recessions," Policy Research Working Paper Series 11170, The World Bank.
    34. Lubello, Federico & Petrella, Ivan & Santoro, Emiliano, 2019. "Bank assets, liquidity and credit cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 265-282.
    35. van der Kwaak, Christiaan & Madeira, João & Palma, Nuno, 2023. "The long-run effects of risk: an equilibrium approach," European Economic Review, Elsevier, vol. 153(C).
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    76. Ellington, Michael, 2022. "Fat tails, serial dependence, and implied volatility index connections," European Journal of Operational Research, Elsevier, vol. 299(2), pages 768-779.
    77. Chao Zhang & Yihuang Zhang & Mihai Cucuringu & Zhongmin Qian, 2022. "Volatility forecasting with machine learning and intraday commonality," Papers 2202.08962, arXiv.org, revised Feb 2023.
    78. Kramarz, Francis & Martin, Julien & Mejean, Isabelle, 2020. "Volatility in the small and in the large: The lack of diversification in international trade," Journal of International Economics, Elsevier, vol. 122(C).
    79. Herskovic, Bernard & Kelly, Bryan & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2016. "The common factor in idiosyncratic volatility: Quantitative asset pricing implications," Journal of Financial Economics, Elsevier, vol. 119(2), pages 249-283.
    80. Takayuki Mizuno & Wataru Souma & Tsutomu Watanabe, 2014. "The Structure and Evolution of Buyer-Supplier Networks," PLOS ONE, Public Library of Science, vol. 9(7), pages 1-10, July.
    81. Yamada, Kazuo, 2019. "Inter-firm relationships and leverage adjustment," Research in International Business and Finance, Elsevier, vol. 50(C), pages 381-391.
    82. Sèna Kimm Gnangnon, 2020. "Export product diversification and tax performance quality in developing countries," International Economics and Economic Policy, Springer, vol. 17(4), pages 849-876, October.
    83. Ding, Yi & Engle, Robert & Li, Yingying & Zheng, Xinghua, 2025. "Multiplicative factor model for volatility," Journal of Econometrics, Elsevier, vol. 249(PB).
    84. Mihov, Atanas & Naranjo, Andy, 2017. "Customer-base concentration and the transmission of idiosyncratic volatility along the vertical chain," Journal of Empirical Finance, Elsevier, vol. 40(C), pages 73-100.
    85. Sebastian Heise, 2016. "Firm-to-Firm Relationships and Price Rigidity - Theory and Evidence," CESifo Working Paper Series 6226, CESifo.
    86. Yu, Miao & Hu, Xiaolu & Zhong, Angel, 2024. "Network centrality, information diffusion and asset pricing," International Review of Financial Analysis, Elsevier, vol. 93(C).
    87. Di (Andrew) Wu, 2024. "Text-Based Measure of Supply Chain Risk Exposure," Management Science, INFORMS, vol. 70(7), pages 4781-4801, July.
    88. Fan, Zhiguo & Guo, Fenghua & ChenBian,, 2025. "Global uncertainty, macroprudence and export value: "Quality up" or "quantity up"," International Review of Economics & Finance, Elsevier, vol. 99(C).
    89. Zhang, Yan & Xu, Yushi & Zhu, Xintong & Huang, Jionghao, 2024. "Coal price shock propagation through sectoral financial interconnectedness in China's stock market: Quantile coherency network modelling and shock decomposition analysis," Journal of Commodity Markets, Elsevier, vol. 34(C).
    90. Bremus, Franziska & Ludolph, Melina, 2021. "The nexus between loan portfolio size and volatility: Does bank capital regulation matter?," Journal of Banking & Finance, Elsevier, vol. 127(C).
    91. Bacilieri, Andrea & Borsos, András & Astudillo-Estévez, Pablo & Lafond, François, 2023. "Firm-level production networks: what do we (really) know?," INET Oxford Working Papers 2023-08, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    92. Magalhães, Manuela & Afonso, Óscar, 2017. "A multi-sector growth model with technology diffusion and networks," Research Policy, Elsevier, vol. 46(7), pages 1340-1359.
    93. Vannoorenberghe, Gonzague & Wang, Zheng & Yu, Zhihong, 2016. "Volatility and diversification of exports: Firm-level theory and evidence," European Economic Review, Elsevier, vol. 89(C), pages 216-247.
    94. Can Tian, 2014. "Forecast Shocks in Production Networks," 2014 Meeting Papers 87, Society for Economic Dynamics.
    95. Andrea Eisfeldt & Bernard Herskovic & Emil Siriwardane & Sriram Rajan, 2019. "OTC Intermediaries," 2019 Meeting Papers 204, Society for Economic Dynamics.
    96. Panzica, Roberto Calogero, 2018. "Idiosyncratic volatility puzzle: The role of assets' interconnections," SAFE Working Paper Series 228, Leibniz Institute for Financial Research SAFE.
    97. Mohammad Jahan-Parvar & Filip Zikes, 2019. "When do low-frequency measures really measure transaction costs?," Finance and Economics Discussion Series 2019-051, Board of Governors of the Federal Reserve System (U.S.).
    98. Billio, Monica & Caporin, Massimiliano & Panzica, Roberto & Pelizzon, Loriana, 2023. "The impact of network connectivity on factor exposures, asset pricing, and portfolio diversification," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 196-223.
    99. Vasco M. Carvalho, 2015. "From Micro to Macro via Production Networks," Working Papers 793, Barcelona School of Economics.
    100. Francesco Bianchi & Howard Kung & Mikhail Tirskikh, 2023. "The origins and effects of macroeconomic uncertainty," Quantitative Economics, Econometric Society, vol. 14(3), pages 855-896, July.
    101. Ernest Liu & Aleh Tsyvinski, 2021. "Dynamical Structure and Spectral Properties of Input-Output Networks," Working Papers 2021-13, Princeton University. Economics Department..
    102. Franziska Bremus & Melina Ludolph, 2019. "The Nexus between Loan Portfolio Size and Volatility: Does Banking Regulation Matter?," Discussion Papers of DIW Berlin 1822, DIW Berlin, German Institute for Economic Research.
    103. Bonaccolto, Giovanni & Caporin, Massimiliano & Panzica, Roberto, 2019. "Estimation and model-based combination of causality networks among large US banks and insurance companies," Journal of Empirical Finance, Elsevier, vol. 54(C), pages 1-21.
    104. Xiaoye Jin, 2025. "Extreme Risk Connectedness in China’s Stock Market: Fresh Insights from Time-Varying General Dynamic Factor Models," Computational Economics, Springer;Society for Computational Economics, vol. 66(3), pages 1877-1909, September.
    105. Wu, Fenglin & Lu, Ran & Dong, Zibing & Naeem, Muhammad Abubakr & Li, Yanshuang, 2026. "Risk spillovers and portfolio diversification: Empirical evidence from emerging and traditional assets," Emerging Markets Review, Elsevier, vol. 73(C).
    106. Feng Dong & Yi Wen, 2018. "Long and Plosser Meet Bewley and Lucas," Working Papers 2018-8, Federal Reserve Bank of St. Louis.
    107. Chakrabarti, Anindya S., 2015. "Dispersion in macroeconomic volatility between the core and periphery of the international trade network," IIMA Working Papers WP2015-08-08, Indian Institute of Management Ahmedabad, Research and Publication Department.
    108. Ernesto Pastén & Raphael Schoenle & Michael Weber, 2017. "Price Rigidity and the Origins of Aggregate Fluctuations," NBER Working Papers 23750, National Bureau of Economic Research, Inc.
    109. Yoshiyuki ARATA & Daisuke MIYAKAWA, 2022. "Demand Shock Propagation Through an Input-output Network in Japan," Discussion papers 22027, Research Institute of Economy, Trade and Industry (RIETI).
    110. Takayuki Mizuno & Wataru Souma & Tsutomu Watanabe, 2014. "The Structure and Evolution of Buyer-Supplier Networks," CARF F-Series CARF-F-339, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    111. Hu, Junjie & Härdle, Wolfgang, 2021. "Networks of news and cross-sectional returns," IRTG 1792 Discussion Papers 2021-023, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    112. Blanco, Ivan & Martin-Flores, Jose M. & Remesal, Alvaro, 2024. "Climate shocks, institutional investors, and the information content of stock prices," Journal of Corporate Finance, Elsevier, vol. 86(C).
    113. Lars Kuehn & David Schreindorfer & Cedric Ehouarne, 2016. "Misallocation Cycles," 2016 Meeting Papers 1482, Society for Economic Dynamics.
    114. Amin,Mohammad & Jolevski,Filip & Islam,Asif Mohammed, 2023. "The Resilience of SMEs and Large Firms in the COVID-19 Pandemic : A Decomposition Analysis," Policy Research Working Paper Series 10562, The World Bank.
    115. Sumudu W. Watugala, 2019. "Economic uncertainty, trading activity, and commodity futures volatility," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(8), pages 921-945, August.
    116. Arata, Yoshiyuki & Miyakawa, Daisuke, 2024. "Demand shock propagation through input-output linkages in Japan," Journal of Economic Behavior & Organization, Elsevier, vol. 219(C), pages 262-283.
    117. Uddin, Ajim & Tao, Xinyuan & Yu, Dantong, 2023. "Attention based dynamic graph neural network for asset pricing," Global Finance Journal, Elsevier, vol. 58(C).
    118. Julian di Giovanni & Andrei A. Levchenko & Isabelle Méjean, 2013. "Firms, destinations, and aggregate fluctuations," Economics Working Papers 1387, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2014.
    119. Chodorow-Reich, Gabriel & Darmouni, Olivier & Luck, Stephan & Plosser, Matthew, 2022. "Bank liquidity provision across the firm size distribution," Journal of Financial Economics, Elsevier, vol. 144(3), pages 908-932.
    120. Bonaccolto, Giovanni & Caporin, Massimiliano & Panzica, Roberto Calogero, 2017. "Estimation and model-based combination of causality networks," SAFE Working Paper Series 165, Leibniz Institute for Financial Research SAFE.
    121. F. Blasques & P. Gorgi & S. J. Koopman & J. Sampi, 2023. "Does trade integration imply growth in Latin America? Evidence from a dynamic spatial spillover model," Tinbergen Institute Discussion Papers 23-007/IVI, Tinbergen Institute.
    122. Mathieu Taschereau-Dumouchel, 2017. "Cascades and Fluctuations in an Economy with an Endogenous Production Network," 2017 Meeting Papers 700, Society for Economic Dynamics.
    123. Kieran Marray, 2024. "Estimating Spillovers from Sampled Connections," Papers 2410.17154, arXiv.org, revised Sep 2025.
    124. Boris Cournède & Paula Garda & Volker Ziemann, 2015. "Effects of Economic Policies on Microeconomic Stability," OECD Economics Department Working Papers 1201, OECD Publishing.

  28. Favilukis, Jack & Van Nieuwerburgh, Stijn, 2017. "Out-of-town Home Buyers and City Welfare," CEPR Discussion Papers 12283, Centre for Economic Policy Research.

    Cited by:

    1. Pereira dos Santos, João & Strohmaier, Kristina, 2024. "All That Glitters? Golden Visas and Real Estate," IZA Discussion Papers 16857, IZA Network @ LISER.
    2. Jung Sakong, 2021. "Effect of Ownership Composition on Property Prices and Rents: Evidence from Chinese Investment Boom in US Housing Markets," Working Paper Series WP-2021-12, Federal Reserve Bank of Chicago.
    3. Christian A. L. Hilber & Olivier Schoni, 2022. "Housing policy and affordable housing," CEP Occasional Papers 56, Centre for Economic Performance, LSE.
    4. Ramadorai, Tarun & Shimizu, Chihiro, 2019. "Gravity, Counterparties, and Foreign Investment," CEPR Discussion Papers 13491, Centre for Economic Policy Research.
    5. Somerville, Tsur & Wang, Long & Yang, Yang, 2020. "Using purchase restrictions to cool housing markets: A within-market analysis," Journal of Urban Economics, Elsevier, vol. 115(C).
    6. Kilian, Lutz & Zhou, Xiaoqing, 2018. "The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada," CEPR Discussion Papers 12845, Centre for Economic Policy Research.
    7. João Pereira dos Santos & Kristina Strohmaier, 2024. "All that glitters? Golden visas and real estate," Working Papers 023, EU Tax Observatory.
    8. Peter Bednarek & Daniel Marcel te Kaat & Chang Ma & Alessandro Rebucci, 2020. "Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms," NBER Working Papers 26820, National Bureau of Economic Research, Inc.
    9. Brandsaas, Eirik Eylands & Kvaerner, Jens Soerlie, 2026. "Partial homeownership: A quantitative analysis," Journal of Financial Economics, Elsevier, vol. 179(C).
    10. Hilber, Christian A. L. & Schöni, Olivier, 2020. "On the economic impacts of constraining second home investments," LSE Research Online Documents on Economics 104697, London School of Economics and Political Science, LSE Library.
    11. Lee Seltzer, 2021. "Effects of Financing Constraints on Maintenance Investments in Rent-Stabilized Apartments," Staff Reports 1000, Federal Reserve Bank of New York.
    12. Zheng, Xian & Chen, Xingtao & Yuan, Ziqing, 2021. "Exploring the spatial spillover effect of home purchase restrictions on residential land prices based on the difference-in-differences approach: Evidence from 195 Chinese cities," Land Use Policy, Elsevier, vol. 102(C).
    13. Jonathan Bourne, 2019. "Empty homes: mapping the extent and value of low-use domestic property in England and Wales," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 5(1), pages 1-14, December.
    14. Zhimin Li & Leslie Sheng Shen & Calvin Zhang, 2020. "Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market," International Finance Discussion Papers 1286, Board of Governors of the Federal Reserve System (U.S.).
    15. Albert Solé-Ollé & Elisabet Viladecans-Marsal & José Mª Durán-Cabré & Thomas Davidoff & Mariona Segú, 2018. "Tourism and Gentrification in Global Cities: Could Fiscal Policy be Useful? / Turismo y gentrificación en ciudades globales: ¿podría ser útil la política fiscal? / Turisme i gentrificació en ciutats globals: podria ser útil la política fiscal?," IEB Reports ieb_report_2_2018, Institut d'Economia de Barcelona (IEB).
    16. Dongmei Guo & Shuning Kong & Xin Li & Yiming Liu & Weizeng Sun, 2025. "Urbanization and subjective well-being of native urban residents: evidence from the “new-type urbanization pilot policy” in China," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 74(1), pages 1-27, March.
    17. David M. Harrison & Michael J. Seiler & Liuming Yang, 2024. "The Impact of iBuyers on Housing Market Dynamics," The Journal of Real Estate Finance and Economics, Springer, vol. 68(3), pages 425-461, April.
    18. Yoshiyuki Kikuchi & Meng Li & Yuxiong Xiao & Hangtian Xu & Yiming Zhou, 2025. "Financial Crisis and Within-City Heterogeneity in Land Prices: The Role of REIT Penetration," The Journal of Real Estate Finance and Economics, Springer, vol. 70(1), pages 144-187, January.
    19. Mr. Damien Puy & Mr. Anil Ari & Ms. Yu Shi, 2020. "Foreign Demand and Local House Prices: Evidence from the US," IMF Working Papers 2020/043, International Monetary Fund.
    20. zu Ermgassen, Sophus O.S.E. & Drewniok, Michal P. & Bull, Joseph W. & Corlet Walker, Christine M. & Mancini, Mattia & Ryan-Collins, Josh & Cabrera Serrenho, André, 2022. "A home for all within planetary boundaries: Pathways for meeting England's housing needs without transgressing national climate and biodiversity goals," Ecological Economics, Elsevier, vol. 201(C).
    21. Gupta, Arpit & Hansman, Christopher & Mabille, Pierre, 2025. "Financial constraints and the racial housing gap," Journal of Financial Economics, Elsevier, vol. 173(C).
    22. Pangallo, Marco & Nadal, Jean-Pierre & Vignes, Annick, 2019. "Residential income segregation: A behavioral model of the housing market," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 15-35.
    23. João Cocco & S Lakshmi Naaraayanan & Jagdish Tripathy, 2026. "Interest-rate fee substitution: credit facilitation in segmented markets," Bank of England Staff Working Paper series 1176, Bank of England.
    24. Daryl Fairweather & Matthew Kahn & Robert Metcalfe & Sebastian Sandoval-Olascoaga, 2025. "Expecting Climate Change: A Nationwide Field Experiment in the Housing Market," Natural Field Experiments 00818, The Field Experiments Website.

  29. Tim Landvoigt & Stijn Van Nieuwerburgh & Daniel Greenwald, 2017. "Financial Fragility with SAM?," 2017 Meeting Papers 1525, Society for Economic Dynamics.

    Cited by:

    1. Barney Hartman-Glaser & Benjamin Hebert, 2018. "The Insurance is the Lemon: Failing to Index Contracts," 2018 Meeting Papers 160, Society for Economic Dynamics.
    2. Kasper Kragh Balke & Markus Karlman & Karin Kinnerud, 2024. "Winners and Losers from Property Taxation," Working Papers 04/2024, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    3. Stefano Colonnello & Mariela Dal Borgo, 2024. "Raising Household Leverage: Evidence from Co-Financed Mortgages," Working Papers 2024: 01, Department of Economics, University of Venice "Ca' Foscari".
    4. Sanket Korgaonkar, 2025. "Evaluating Mortgage Renegotiation Strategies: A Data-Driven Framework for Investors," Management Science, INFORMS, vol. 71(10), pages 8927-8947, October.
    5. Brandsaas, Eirik Eylands & Kvaerner, Jens Soerlie, 2026. "Partial homeownership: A quantitative analysis," Journal of Financial Economics, Elsevier, vol. 179(C).
    6. Tomasz Piskorski & Amit Seru, 2018. "Debt Relief and Slow Recovery: A Decade after Lehman," NBER Working Papers 25403, National Bureau of Economic Research, Inc.
    7. Koijen, Ralph S.J. & Lee, Hae Kang & Van Nieuwerburgh, Stijn, 2024. "Aggregate lapsation risk," Journal of Financial Economics, Elsevier, vol. 155(C).
    8. Adam M. Guren & Arvind Krishnamurthy & Timothy J. McQuade, 2018. "Mortgage Design in an Equilibrium Model of the Housing Market," NBER Working Papers 24446, National Bureau of Economic Research, Inc.
    9. Tomasz Piskorski & Alexei Tchistyi, 2017. "An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts," NBER Working Papers 23452, National Bureau of Economic Research, Inc.
    10. Adam M. Guren & Timothy J. McQuade, 2019. "How Do Foreclosures Exacerbate Housing Downturns?," NBER Working Papers 26216, National Bureau of Economic Research, Inc.
    11. Matteo Benetton & Philippe Bracke & João F Cocco & Nicola Garbarinoifo, 2022. "Housing Consumption and Investment: Evidence from Shared Equity Mortgages," The Review of Financial Studies, Society for Financial Studies, vol. 35(8), pages 3525-3573.
    12. Wong, Francis & Kermani, Amir, 2022. "Racial Disparities in Housing Returns," VfS Annual Conference 2022 (Basel): Big Data in Economics 264099, Verein für Socialpolitik / German Economic Association.
    13. John Y. Campbell & Nuno Clara & João F. Cocco, 2021. "Structuring Mortgages for Macroeconomic Stability," Journal of Finance, American Finance Association, vol. 76(5), pages 2525-2576, October.
    14. Alexei Tchistyi, 2018. "An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts," 2018 Meeting Papers 244, Society for Economic Dynamics.
    15. Zsombor Incze, 2025. "An Alternative for Future Lending: Income-Linked Repayments," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 24(3), pages 95-122.
    16. Mai, Chung & Scheule, Harald, 2026. "Time-varying repayment contracts for financial resilience in mortgage lending," Journal of Banking & Finance, Elsevier, vol. 182(C).
    17. Gao, Jiahong & Reed, Robert R., 2025. "Housing, mortgage recourse, and financial fragility," Regional Science and Urban Economics, Elsevier, vol. 115(C).

  30. Van Nieuwerburgh, Stijn, 2017. "Why Are REITS Currently So Expensive?," CEPR Discussion Papers 12281, Centre for Economic Policy Research.

    Cited by:

    1. Gogineni, Sridhar & Jain, Pawan & Upadhyay, Arun, 2024. "Global REIT regulations and valuation," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 152-166.
    2. Marton Lotz & Daniel Ruf & Johannes Strobel, 2023. "Uncertainty premia in REIT returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 372-407, March.
    3. Arpit Gupta & Stijn Van Nieuwerburgh, 2021. "Valuing Private Equity Investments Strip by Strip," Journal of Finance, American Finance Association, vol. 76(6), pages 3255-3307, December.
    4. Arpit Gupta & Vrinda Mittal & Jonas Peeters & Stijn Van Nieuwerburgh, 2021. "Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate," NBER Working Papers 28675, National Bureau of Economic Research, Inc.
    5. W. Scott Frame & Eva Steiner, 2022. "Quantitative easing and agency MBS investment and financing choices by mortgage REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(4), pages 931-965, December.
    6. Mariya Letdin & Stace Sirmans & G. Stacy Sirmans, 2022. "Betting Against the Sentiment in REIT NAV Premiums," The Journal of Real Estate Finance and Economics, Springer, vol. 64(4), pages 590-614, May.
    7. Shaun Bond & Hui Guo & Changyu Yang, 2025. "Systematic Mispricing: Evidence from Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 71(3), pages 420-452, October.
    8. Coën, Alain & Guardiola, Philippe, 2025. "Common risk factors in REIT Returns: New insights," The North American Journal of Economics and Finance, Elsevier, vol. 79(C).
    9. Jianfu Shen & Eddie C.M. Hui & Kwokyuen Fan, 2021. "The Beta Anomaly in the REIT Market," The Journal of Real Estate Finance and Economics, Springer, vol. 63(3), pages 414-436, October.
    10. Coën, Alain & Guardiola, Philippe, 2025. "Leverage risk and REIT returns," Finance Research Letters, Elsevier, vol. 78(C).
    11. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    12. Masud Alam, 2021. "Time Varying Risk in U.S. Housing Sector and Real Estate Investment Trusts Equity Return," Papers 2107.10455, arXiv.org.
    13. Gupta, Arpit & Van Nieuwerburgh, Stijn & Kontokosta, Constantine, 2022. "Take the Q train: Value capture of public infrastructure projects," Journal of Urban Economics, Elsevier, vol. 129(C).
    14. Maurice McCourt, 2022. "Permanent private equity: Market performance and transactions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(2), pages 339-383, June.
    15. Jaccard, Ivan, 2021. "Leveraged property cycles," Working Paper Series 2539, European Central Bank.
    16. Sercan Demiralay & Erhan Kilincarslan, 2024. "Uncertainty Measures and Sector-Specific REITs in a Regime-Switching Environment," The Journal of Real Estate Finance and Economics, Springer, vol. 69(3), pages 545-584, October.
    17. Dragana Cvijanović & Stanimira Milcheva & Alex Minne, 2022. "Preferences of Institutional Investors in Commercial Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 65(2), pages 321-359, August.
    18. Coën, Alain & Desfleurs, Aurélie, 2024. "Geopolitical risk and the dynamics of REITs returns," Finance Research Letters, Elsevier, vol. 64(C).
    19. Gupta, Arpit & Van Nieuwerburgh, Stijn, 2019. "Valuing Private Equity Strip by Strip," CEPR Discussion Papers 14241, Centre for Economic Policy Research.

  31. Markus K. Brunnermeier & Luis Garicano & Philip R. Lane & Marco Pagano & Ricardo Reis & Tano Santos & David Thesmar & Stijn Van Nieuwerburgh & Dimitri Vayanos, 2016. "The sovereign-bank diabolic loop and ESBies," CEP Discussion Papers dp1414, Centre for Economic Performance, LSE.

    Cited by:

    1. Taneli M�kinen & Lucio Sarno & Gabriele Zinna, 2019. "Risky bank guarantees," Temi di discussione (Economic working papers) 1232, Bank of Italy, Economic Research and International Relations Area.
    2. Neyer, Ulrike & Sterzel, André, 2017. "Capital requirements for government bonds: Implications for bank behaviour and financial stability," DICE Discussion Papers 275, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    3. Matteo Crosignani & Miguel Faria-e-Castro & Luis Fonseca, 2017. "The (Unintended?) Consequences of the Largest Liquidity Injection Ever," Working Papers 2017-039, Federal Reserve Bank of St. Louis.
    4. Diana Bonfim & João A. C. Santos, 2020. "The importance of deposit insurance credibility," Working Papers w202011, Banco de Portugal, Economics and Research Department.
    5. Martynova, Natalya & Perotti, Enrico C. & Suárez, Javier, 2020. "Bank capital forbearance and serial gambling," Discussion Papers 56/2020, Deutsche Bundesbank.
    6. Alogoskoufis, Spyros & Langfield, Sam, 2018. "Regulating the doom loop," ESRB Working Paper Series 74, European Systemic Risk Board.
    7. Patrycja Klusak & Moritz Kraemer & Huong Vu, 2022. "First‐mover disadvantage: the sovereign ratings mousetrap," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 31(1), pages 3-44, February.
    8. Orkun Saka, 2019. "Domestic Banks as Lightning Rods? Home Bias and Information during the Eurozone Crisis," CESifo Working Paper Series 7939, CESifo.
    9. António Afonso & José Alves & Sofia Monteiro, 2024. "Echoes of Instability: How Geopolitical Risks Shape Government Debt Holdings," Working Papers REM 2024/0333, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. Atanas Pekanov, 2020. "Die Europäische Währungsunion im Wandel," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(3), pages 165-175, March.
    11. Böhm, Hannes & Eichler, Stefan, 2020. "Avoiding the fall into the loop: Isolating the transmission of bank-to-sovereign distress in the Euro Area," Journal of Financial Stability, Elsevier, vol. 51(C).
    12. Dunne, Peter G., 2018. "Positive Liquidity Spillovers from Sovereign Bond-Backed Securities," Research Technical Papers 5/RT/18, Central Bank of Ireland.
    13. Theobald, Thomas & Tober, Silke, 2020. "Euro area sovereign yield spreads as determinants of private sector borrowing costs," Economic Modelling, Elsevier, vol. 84(C), pages 27-37.
    14. Ari, Anil, 2018. "Sovereign risk and bank risk-taking," ESRB Working Paper Series 73, European Systemic Risk Board.
    15. Johannes Bubeck & Angela Maddaloni & José-Luis Peydró, 2019. "Negative monetary policy rates and systemic banks’ risk-taking: Evidence from the Euro area securities register," Economics Working Papers 1678, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2020.
    16. Rancan, Michela & Cariboni, Jessica & Keasey, Kevin & Vallascas, Francesco, 2023. "Bond issuance and the funding choices of European banks: The consequences of public debt," Journal of Empirical Finance, Elsevier, vol. 74(C).
    17. Jappelli, Ruggero & Pelizzon, Loriana & Plazzi, Alberto, 2021. "The core, the periphery, and the disaster: Corporate-sovereign nexus in COVID-19 times," SAFE Working Paper Series 331, Leibniz Institute for Financial Research SAFE.
    18. Hristov, Nikolay & Hülsewig, Oliver & Kolb, Benedikt, 2024. "Macroprudential capital regulation and fiscal balances in the euro area," Journal of International Money and Finance, Elsevier, vol. 143(C).
    19. Crosignani, Matteo, 2021. "Bank capital, government bond holdings, and sovereign debt capacity," Journal of Financial Economics, Elsevier, vol. 141(2), pages 693-704.
    20. Gomez-Gonzalez, Patricia, 2019. "Public debt structure and liquidity provision," Journal of International Economics, Elsevier, vol. 117(C), pages 51-60.
    21. Codogno, Lorenzo & van den Noord, Paul, 2020. "Assessing Next Generation EU," LSE Research Online Documents on Economics 124237, London School of Economics and Political Science, LSE Library.
    22. Carlos Giraldo & Iader Giraldo & Jose E. Gomez-Gonzalez & Jorge M. Uribe, 2025. "R&D Investment and Financial Stability," Documentos de trabajo 21327, FLAR.
    23. Ivo Arnold, 2021. "An Interest Stabilisation Mechanism to Unburden the ECB," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(5), pages 274-277, September.
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    62. Jean Dermine, 2020. "Banks' home bias in government bond holdings: Will banks in low‐rated countries invest in European safe bonds (ESBies)?," European Financial Management, European Financial Management Association, vol. 26(4), pages 841-858, September.
    63. van Riet, Ad, 2017. "Addressing the safety trilemma: a safe sovereign asset for the eurozone," ESRB Working Paper Series 35, European Systemic Risk Board.
    64. Álvaro Leandro & Jeromin Zettelmeyer, 2019. "Creating a Euro Area Safe Asset without Mutualizing Risk (Much)," CESifo Working Paper Series 7766, CESifo.
    65. Pompeo Della Posta & Enrico Marelli & Marcello Signorelli, 2020. "A market‐financed and growth‐enhancing investment plan for the euro area," Metroeconomica, Wiley Blackwell, vol. 71(3), pages 604-632, July.
    66. De Grauwe, Paul & Ji, Yuemei, 2018. "Core-periphery relations in the Eurozone," LSE Research Online Documents on Economics 91328, London School of Economics and Political Science, LSE Library.
    67. Philip R. Lane, 2021. "The Resilience of the Euro," Journal of Economic Perspectives, American Economic Association, vol. 35(2), pages 3-22, Spring.
    68. Gibson, Heather D. & Hall, Stephen G. & Petroulas, Pavlos & Tavlas, George S., 2022. "An investigation into feedback and spatial relationships between banks’ share prices and sovereign bond spreads during the euro crisis," Journal of Financial Stability, Elsevier, vol. 63(C).
    69. Jean Pisani-Ferry, 2018. "Euro area reform: An anatomy of the debate," Post-Print hal-03391908, HAL.
    70. Gabriella Chiesa, 2020. "Safe Assets, Credit Provision and Debt Management," Open Economies Review, Springer, vol. 31(3), pages 637-667, July.

  33. Sodini, Paolo & Van Nieuwerburgh, Stijn & Vestman, Roine & von Lilienfeld-Toal, Ulf, 2016. "Identifying the Benefits from Home Ownership: A Swedish Experiment," CEPR Discussion Papers 11656, Centre for Economic Policy Research.

    Cited by:

    1. Frame, W. Scott & Gerardi, Kristopher & Mayer, Erik J. & Xu, Billy Y. & Zhao, Lawrence Chengzhi, 2026. "Government litigation risk and the decline in low-income mortgage lending," Journal of Financial Economics, Elsevier, vol. 181(C).
    2. Jieying Li & Xin Zhang, 2018. "House Prices, Home Equity, and Personal Debt Composition," 2018 Meeting Papers 661, Society for Economic Dynamics.
    3. Kukk, Merike & Levenko, Natalia, 2024. "Measuring the effects of borrower-based policies on new housing loans," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 666-684.
    4. Ch.-M. CHEVALIER & R. LARDEUX, 2017. "Homeownership and labor market outcomes: disentangling externality and composition effects," Documents de Travail de l'Insee - INSEE Working Papers g2017-09, Institut National de la Statistique et des Etudes Economiques.
    5. Bratu, Cristina & Bolotnyy, Valentin, 2023. "Immigrant intergenerational mobility: A focus on childhood environment," European Economic Review, Elsevier, vol. 151(C).
    6. Sarena Goodman & Adam Isen & Constantine Yannelis, 2018. "A Day Late and a Dollar Short : Liquidity and Household Formation among Student Borrowers," Finance and Economics Discussion Series 2018-025, Board of Governors of the Federal Reserve System (U.S.).
    7. Di Maggio, Marco & Kermani, Amir & Majlesi, Kaveh, 2018. "Stock Market Returns and Consumption," IZA Discussion Papers 11357, IZA Network @ LISER.
    8. Brandsaas, Eirik Eylands & Kvaerner, Jens Soerlie, 2026. "Partial homeownership: A quantitative analysis," Journal of Financial Economics, Elsevier, vol. 179(C).
    9. Zhou, Zhengyi, 2025. "House price co-movement and labor migration: Evidence from China," Emerging Markets Review, Elsevier, vol. 69(C).
    10. Böjeryd, Jesper & Vestman, Roine & Tyrefors, Björn & Kessel, Dany, 2026. "The housing wealth effect: Quasi-experimental evidence," Journal of Monetary Economics, Elsevier, vol. 158(C).
    11. Broulíková, Hana M. & Huber, Peter & Montag, Josef & Sunega, Petr, 2020. "Homeownership, mobility, and unemployment: Evidence from housing privatization," Journal of Housing Economics, Elsevier, vol. 50(C).
    12. Lara Coulier & Selien De Schryder & Milan van den Heuvel & Tobias Verlaeckt, 2026. "Pushing the Limit: How Borrowers Tackle an LTV Cap," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 26/1138, Ghent University, Faculty of Economics and Business Administration.
    13. Korevaar, Matthijs, 2023. "Reaching for yield and the housing market: Evidence from 18th-century Amsterdam," Journal of Financial Economics, Elsevier, vol. 148(3), pages 273-296.
    14. Stephen B. Billings & Adam Soliman, 2025. "The social spillovers of homeownership: evidence from institutional investors," CEP Discussion Papers dp2123, Centre for Economic Performance, LSE.
    15. Deeksha Gupta, 2018. "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," 2018 Meeting Papers 512, Society for Economic Dynamics.
    16. Samuel Ligonnière & Salima Ouerk, 2024. "The unequal distribution of credit: Is there any role for monetary policy?," Working Papers of BETA 2024-19, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    17. Disslbacher, Franziska & Rapp, Severin, 2024. "Leaving Legacies and Liabilities: The Distribution of Wealth at Death," SocArXiv z3wfv, Center for Open Science.
    18. Scott R. Baker & Lorenz Kueng & Steffen Meyer & Michaela Pagel, 2018. "Measurement Error in Imputed Consumption," NBER Working Papers 25078, National Bureau of Economic Research, Inc.
    19. Asaf Bernstein, 2021. "Negative Home Equity and Household Labor Supply," Journal of Finance, American Finance Association, vol. 76(6), pages 2963-2995, December.
    20. Deininger, Klaus & Hilhorst, Thea & Nkurunziza, Emmanuel & Zevenbergen, Jaap, 2026. "Benchmarking property institutions: conceptual background and evidence from 85 jurisdictions," World Development, Elsevier, vol. 202(C).
    21. Disslbacher, Franziska & Rapp, Severin, 2024. "Leaving Legacies and Liabilities: The Distribution of Wealth at Death," OSF Preprints y9xt3, Center for Open Science.
    22. Božič, Renato & Lončarski, Igor, 2026. "The effects of homeownership on stock demand: A housing assignments quasi-experiment," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 109(C).
    23. Ella Getz Wold & Knut Are Aastveit & Eirik Eylands Brandsaas & Ragnar Enger Juelsrud & Gisle James Natvik, 2024. "The housing channel of intergenerational wealth persistence," Working Papers 06/2024, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    24. Evensen, Miriam & Schøne, Pål & Umblijs, Janis, 2026. "Home ownership start-up loans and school performance," Journal of Housing Economics, Elsevier, vol. 72(C).
    25. Bolliger, Elio & Bruhin, Adrian & Fuster, Andreas & Ganarin, Maja, 2025. "The effect of macroprudential policies on homeownership: Evidence from Switzerland," Journal of Urban Economics, Elsevier, vol. 146(C).
    26. Stepan Mikula & Josef Montag, 2019. "Does homeownership hinder labor market activity? Evidence from housing privatization and restitution in Brno," MUNI ECON Working Papers 2019-06, Masaryk University, revised Feb 2023.
    27. Disney, Richard & Gathergood, John & Machin, Stephen & Sandi, Matteo, 2020. "Does homeownership reduce crime? A radical housing reform from the UK," CFS Working Paper Series 651, Center for Financial Studies (CFS).
    28. Vitaly Meursault & Daniel Moulton & Larry Santucci & Nathan Schor, 2025. "One threshold doesn't fit all: Tailoring machine learning predictions of consumer default for lower‐income areas," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 44(3), pages 792-815, June.
    29. Samuel MacIsaac, 2024. "Homeowner-renter dwelling, neighbourhood and life satisfaction gaps," Economic and Social Reports 202400600004e, Statistics Canada, Analytical Studies and Modelling Branch.
    30. Klaus W. Deininger & Thea Hilhorst & Zevenbergen,Jaap & Nkurunziza,Emmanuel, 2025. "Capitalizing on Digital Transformation to Enhance the Effectiveness of Property Institutions : Conceptual Background and Evidence from 85 Countries," Policy Research Working Paper Series 11100, The World Bank.
    31. Bernardus van Doornik & Dimas Fazio & Tarun Ramadorai & Janis Skrastins, 2024. "Housing and Fertility," Working Papers Series 612, Central Bank of Brazil, Research Department.
    32. Gupta, Arpit & Hansman, Christopher & Mabille, Pierre, 2025. "Financial constraints and the racial housing gap," Journal of Financial Economics, Elsevier, vol. 173(C).
    33. Grodecka-Messi, Anna & Li, Jieying & Zhang, Xin, 2025. "Riding the Housing Wave: Home Equity Withdrawal and Consumer Debt Composition," Working Paper Series 452, Sveriges Riksbank (Central Bank of Sweden).

  34. Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2015. "Phasing Out the GSEs," NBER Working Papers 21626, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kim, Jiseob & Wang, Yicheng, 2018. "Macroeconomic and distributional effects of mortgage guarantee programs for the poor," Journal of Economic Dynamics and Control, Elsevier, vol. 87(C), pages 124-151.
    2. Salomón García, 2022. "Mortgage securitization and information frictions in general equilibrium," Working Papers 2221, Banco de España.
    3. Ahnert, Toni & Kuncl, Martin, 2020. "Loan insurance, market liquidity, and lending standards," LSE Research Online Documents on Economics 118918, London School of Economics and Political Science, LSE Library.
    4. Robert Bartlett & Adair Morse & Richard Stanton & Nancy Wallace, 2019. "Consumer-Lending Discrimination in the FinTech Era," NBER Working Papers 25943, National Bureau of Economic Research, Inc.
    5. Daniel L. Greenwald & Tim Landvoigt & Stijn Van Nieuwerburgh, 2021. "Financial Fragility with SAM?," Journal of Finance, American Finance Association, vol. 76(2), pages 651-706, April.
    6. Buchak, Greg & Matvos, Gregor & Piskorski, Tomasz & Seru, Amit, 2018. "Fintech, regulatory arbitrage, and the rise of shadow banks," Journal of Financial Economics, Elsevier, vol. 130(3), pages 453-483.
    7. Gete, Pedro & Zecchetto, Franco, 2017. "Distributional Implications of Government Guarantees in Mortgage Markets," MPRA Paper 80643, University Library of Munich, Germany.
    8. Yavuz Arslan & Bulent Guler & Burhan Kuruscu, 2020. "Credit supply driven boom-bust cycles," BIS Working Papers 885, Bank for International Settlements.
    9. Bartlett, Robert & Morse, Adair & Stanton, Richard & Wallace, Nancy, 2022. "Consumer-lending discrimination in the FinTech Era," Journal of Financial Economics, Elsevier, vol. 143(1), pages 30-56.
    10. Igor Livshits & Youngmin Park, 2026. "Democratic Political Economy of Financial Regulation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(2), pages 451-473, May.
    11. Cóndor Richard, 2019. "Measuring the cost of U.S. housing policy," Working Papers 2019-08, Banco de México.
    12. Ferrante, Francesco, 2019. "Risky lending, bank leverage and unconventional monetary policy," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 100-127.
    13. Oosthuizen, Dick, 2026. "Institutional housing investors and the Great Recession," European Economic Review, Elsevier, vol. 182(C).
    14. Amine Ouazad & Matthew E. Kahn, 2019. "Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters," NBER Working Papers 26322, National Bureau of Economic Research, Inc.
    15. Erik Hurst & Benjamin J. Keys & Amit Seru & Joseph Vavra, 2016. "Regional Redistribution through the US Mortgage Market," American Economic Review, American Economic Association, vol. 106(10), pages 2982-3028, October.
    16. Ahnert, Toni & Kuncl, Martin, 2020. "Government Loan Guarantees, Market Liquidity, and Lending Standards," CEPR Discussion Papers 14458, Centre for Economic Policy Research.
    17. Serafin J. Grundl & You Suk Kim, 2019. "The Marginal Effect of Government Mortgage Guarantees on Homeownership," Finance and Economics Discussion Series 2019-027, Board of Governors of the Federal Reserve System (U.S.).
    18. Tim Landvoigt & Juliane Begenau, 2016. "Financial Regulation in a Quantitative Model of the Modern Banking System," 2016 Meeting Papers 1462, Society for Economic Dynamics.
    19. Malamud, Semyon & Schrimpf, Andreas, 2018. "Intermediation markups and monetary policy pass-through," CEPR Discussion Papers 12623, Centre for Economic Policy Research.
    20. Hamed Ghiaie & Jean‐François Rouillard, 2022. "Housing tax expenditures and financial intermediation," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(2), pages 937-970, May.
    21. Deeksha Gupta, 2018. "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," 2018 Meeting Papers 512, Society for Economic Dynamics.
    22. Zhao, Yunhui, 2016. "Got Hurt for What You Paid? Revisiting Government Subsidy in the U.S. Mortgage Market," MPRA Paper 81083, University Library of Munich, Germany, revised 01 Aug 2017.
    23. Xu, Minhong & Xu, Yilan, 2023. "Do non-damaging earthquakes shake mortgage lenders' risk perception?," Journal of Environmental Economics and Management, Elsevier, vol. 117(C).
    24. Miguel Faria-e-Castro, 2019. "A Quantitative Analysis of Countercyclical Capital Buffers," Working Papers 2019-008, Federal Reserve Bank of St. Louis, revised 01 Jan 2020.
    25. James N. Conklin & Haoyang Liu & Calvin Zhang, 2024. "Credit supply shocks, home purchase volume, and borrowing behavior," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(2), pages 486-513, March.
    26. Hamed Ghiaie & Jean-François Rouillard, 2018. "Housing Taxation and Financial Intermediation," Cahiers de recherche 18-01, Departement d'économique de l'École de gestion à l'Université de Sherbrooke, revised Nov 2018.
    27. Begenau, Juliane, 2020. "Capital requirements, risk choice, and liquidity provision in a business-cycle model," Journal of Financial Economics, Elsevier, vol. 136(2), pages 355-378.
    28. Marcin Kolasa, 2016. "Equilibrium foreign currency mortgages," KAE Working Papers 2016-021, Warsaw School of Economics, Collegium of Economic Analysis.
    29. Yoo, Jinhyuk, 2017. "Capital injection to banks versus debt relief to households," IMFS Working Paper Series 111, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    30. Michał Brzoza-Brzezina & Marcin Kolasa & Krzysztof Makarski, 2017. "Monetary and macroprudential policy with foreign currency loans," GRAPE Working Papers 19, GRAPE Group for Research in Applied Economics.
    31. Greg Buchak & Gregor Matvos & Tomasz Piskorski & Amit Seru, 2018. "Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy," NBER Working Papers 25149, National Bureau of Economic Research, Inc.
    32. Kiana Basiri & Babak Mahmoudi & Chenggang Zhou, 2023. "Who benefits the most? Risk pooling in mortgage loan insurance: Evidence from the Canadian mortgage market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 311-337, March.
    33. Cóndor Richard, 2020. "Shared-Appreciation Mortgages and Uninsurable Idiosyncratic Shocks," Working Papers 2020-11, Banco de México.
    34. Pedro Gete & Athena Tsouderou & Susan M. Wachter, 2024. "Climate risk in mortgage markets: Evidence from Hurricanes Harvey and Irma," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 660-686, May.
    35. Paolo Sodini & Stijn Van Nieuwerburgh & Roine Vestman & Ulf von Lilienfeld-Toal, 2016. "Identifying the Benefits from Homeownership: A Swedish Experiment," NBER Working Papers 22882, National Bureau of Economic Research, Inc.
    36. Grundl, Serafin & Kim, You Suk, 2021. "The marginal effect of government mortgage guarantees on homeownership," Journal of Monetary Economics, Elsevier, vol. 119(C), pages 75-89.
    37. Alexei Alexandrov & Thomas S. Conkling & Sergei Koulayev, 2024. "Changing the Scope of GSE Loan Guarantees: Estimating Effects on Mortgage Pricing and Availability," The Journal of Real Estate Finance and Economics, Springer, vol. 69(3), pages 409-451, October.
    38. Ronel Elul & Deeksha Gupta & David Musto, 2025. "Concentration in Mortgage Markets: Government Sponsored Enterprise Exposure and Risk-Taking in Uncertain Times," Management Science, INFORMS, vol. 71(11), pages 9784-9811, November.
    39. Hsin‐Tien Tsai, 2023. "Advantageous selection with intermediaries: a study of GSE‐securitized mortgage loans," RAND Journal of Economics, RAND Corporation, vol. 54(4), pages 668-694, December.
    40. Burlon, Lorenzo & Montes-Galdón, Carlos & Muñoz, Manuel A. & Smets, Frank, 2022. "The optimal quantity of CBDC in a bank-based economy," Working Paper Series 2689, European Central Bank.
    41. Garcia-Villegas, Salomon, 2023. "The amplification effects of adverse selection in mortgage credit supply," Journal of Housing Economics, Elsevier, vol. 62(C).
    42. Jason Allen & Daniel Greenwald, 2018. "Managing a Housing Boom," 2018 Meeting Papers 1310, Society for Economic Dynamics.

  35. Ralph S. J. Koijen & Stijn Van Nieuwerburgh & Motohiro Yogo, 2014. "Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice," Staff Report 499, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Santos, Tano & Veronesi, Pietro, 2022. "Leverage," Journal of Financial Economics, Elsevier, vol. 145(2), pages 362-386.
    2. Joseph Briggs & Christopher Tonetti, 2019. "Risky Insurance: Insurance Portfolio Choice with Incomplete Markets," 2019 Meeting Papers 1388, Society for Economic Dynamics.
    3. Heitor Almeida & Ruidi Huang & Ping Liu & Yuhai Xuan, 2026. "How Does Health Insurance Affect Firm Employment and Performance? Evidence from Obamacare," Management Science, INFORMS, vol. 72(7), pages 6003-6024, July.
    4. Philippe de Donder & Marie-Louise Leroux, 2021. "Long Term Care Insurance with State-Dependent Preferences," Post-Print hal-03351447, HAL.
    5. Crego, Julio & Kárpáti, Daniel & Kværner, Jens & Renneboog, Luc, 2022. "The Economic Value of Eliminating Diseases," Other publications TiSEM 8b51764f-3ccd-4bb8-9da1-4, Tilburg University, School of Economics and Management.
    6. Chih-Te Yang & Yensen Ni & Mu-Hsiang Yu & Yuhsin Chen & Paoyu Huang, 2023. "Decoding the Profitability of Insurance Products: A Novel Approach to Evaluating Non-Participating and Participating Insurance Policies," Mathematics, MDPI, vol. 11(13), pages 1-16, June.
    7. Dante Amengual & Jesús Bueren & Julio A. Crego, 2021. "Endogenous health groups and heterogeneous dynamics of the elderly," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 36(7), pages 878-897, November.
    8. Lorenzo Reus & Frank J. Fabozzi, 2021. "Robust Solutions to the Life-Cycle Consumption Problem," Computational Economics, Springer;Society for Computational Economics, vol. 57(2), pages 481-499, February.
    9. Been, Jim & van Ewijk, Casper & Knoef, Marike & Mehlkopf, Roel & Muns, Sander, 2024. "Households’ heterogeneous welfare effects of using home equity for life cycle consumption," The Journal of the Economics of Ageing, Elsevier, vol. 27(C).
    10. Xu, Mengyi & Alonso-García, Jennifer & Sherris, Michael & Shao, Adam W., 2023. "Insuring longevity risk and long-term care: Bequest, housing and liquidity," Insurance: Mathematics and Economics, Elsevier, vol. 111(C), pages 121-141.
    11. Brown, Jessica H., 2023. "The impact of a long-term care information campaign on insurance coverage," Journal of Health Economics, Elsevier, vol. 92(C).
    12. Zining Liu & Cheng Wan, 2024. "Air pollution and the burden of long‐term care: Evidence from China," Health Economics, John Wiley & Sons, Ltd., vol. 33(6), pages 1241-1265, June.
    13. Pierre-Carl Michaud & Pascal St. Amour, 2023. "Longevity, Health and Housing Risks Management in Retirement," NBER Working Papers 31038, National Bureau of Economic Research, Inc.
    14. Anna Jędrzychowska, 2022. "A Bridge Life Insurance for Households—Diagnosis and Motives," Risks, MDPI, vol. 10(4), pages 1-21, April.
    15. Bertrand Achou & Philippe De Donder & Franca Glenzer & Minjoon Lee & Marie-Louise Leroux, 2023. "At Home Versus in a Nursing Home: Long-Term Care Settings and Marginal Utility," CESifo Working Paper Series 10482, CESifo.
    16. Klimaviciute, Justina & Pestieau, Pierre, 2022. "The economics of long-term care. An overview," LIDAM Discussion Papers CORE 2022004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    17. Ziran Xu & Lufei Sun & Xiang Yuan, 2025. "Optimal Decision-Making for Annuity Insurance Under the Perspective of Disability Risk," Mathematics, MDPI, vol. 13(20), pages 1-26, October.
    18. Yoo, Sunbin & Kawabata, Yuta & Kumagai, Junya & Keeley, Alexander & Managi, Shunsuke, 2021. "Insuring Well-being: Psychological Adaptation to Disasters," MPRA Paper 107632, University Library of Munich, Germany.
    19. Du, You, 2023. "Health investment and medical risk: New explanations of the portfolio puzzle," Economic Modelling, Elsevier, vol. 127(C).
    20. Ralph S.J. Koijen & Motohiro Yogo, 2017. "Risk of Life Insurers: Recent Trends and Transmission Mechanisms," NBER Working Papers 23365, National Bureau of Economic Research, Inc.
    21. Abigail Hurwitz & Orly Sade, 2025. "Is One Plus One Always Two? Insuring Longevity Risk While Having Multiple Savings Accounts," Management Science, INFORMS, vol. 71(5), pages 4474-4494, May.
    22. Brandsaas, Eirik Eylands & Kvaerner, Jens Soerlie, 2026. "Partial homeownership: A quantitative analysis," Journal of Financial Economics, Elsevier, vol. 179(C).
    23. Qiong Jia & Liyuan Wei & Xiaotong Li, 2019. "Visualizing Sustainability Research in Business and Management (1990–2019) and Emerging Topics: A Large-Scale Bibliometric Analysis," Sustainability, MDPI, vol. 11(20), pages 1-37, October.
    24. Chen, Chang-Chih & Chang, Chia-Chien & Sun, Edward W. & Yu, Min-Teh, 2022. "Optimal decision of dynamic wealth allocation with life insurance for mitigating health risk under market incompleteness," European Journal of Operational Research, Elsevier, vol. 300(2), pages 727-742.
    25. Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    26. Castañeda, Pablo & Reus, Lorenzo, 2019. "Suboptimal investment behavior and welfare costs: A simulation based approach," Finance Research Letters, Elsevier, vol. 30(C), pages 170-180.
    27. Chu-Shiu Li & Gene C. Lai & Saruultuya Tsendsuren & Richard J. Butler & Chwen-Chi Liu, 2023. "Cognitive abilities and life insurance holdings: evidence from 16 European countries," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 48(1), pages 110-166, March.
    28. Ralph S. J. Koijen & Motohiro Yogo, 2014. "Shadow Insurance," Staff Report 505, Federal Reserve Bank of Minneapolis.
    29. Gomes, Francisco & Haliassos, Michael & Ramadorai, Tarun, 2026. "New frontiers in household finance," LSE Research Online Documents on Economics 138280, London School of Economics and Political Science, LSE Library.
    30. Previtero, Alessandro, 2014. "Stock market returns and annuitization," Journal of Financial Economics, Elsevier, vol. 113(2), pages 202-214.
    31. Da Ke, 2021. "Who Wears the Pants? Gender Identity Norms and Intrahousehold Financial Decision‐Making," Journal of Finance, American Finance Association, vol. 76(3), pages 1389-1425, June.
    32. Deng, Ruihan & Hu, Xiang & Zeng, Yi, 2025. "Longevity risk, health state transitions, and the demand for insurance," International Review of Financial Analysis, Elsevier, vol. 108(PB).
    33. Horneff, Vanya & Maurer, Raimond & Mitchell, Olivia S., 2018. "Putting the pension back in 401(k) retirement plans: Optimal versus default longevity income annuities," CFS Working Paper Series 607, Center for Financial Studies (CFS).
    34. Horneff, Vanya & Maurer, Raimond & Mitchell, Olivia S., 2026. "Defaulting 401(k) assets into payout annuities for "pretty good" lifetime incomes," SAFE Working Paper Series 484, Leibniz Institute for Financial Research SAFE.
    35. Ziang Li & Derek Wenning, 2026. "From Long to Short: How Interest Rates Shape Life Insurance Markets," Papers 2608.04925, arXiv.org, revised Aug 2026.
    36. Pu Liao & Jinhao Liu, 2025. "Does health insurance extend life expectancy? Evidence from a structural estimation," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 50(2), pages 136-167, September.
    37. Yukihiro Nishimura & Pierre Pestieau, 2022. "Old age or dependence: Which social insurance?," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(4), pages 639-652, August.
    38. Barucci, Emilio & Biffis, Enrico & Marazzina, Daniele, 2023. "Health insurance, portfolio choice, and retirement incentives," European Journal of Operational Research, Elsevier, vol. 307(2), pages 910-921.
    39. Crainich, David & Goldzahl, Léontine & Jusot, Florence & Mignon, Doriane, 2025. "Explaining the long-term care insurance puzzle: The role of preferences for correlation and for quality of life over wealth," Journal of Health Economics, Elsevier, vol. 103(C).
    40. Jing Jian Xiao & Chunsheng Tao, 2020. "Consumer finance/household finance: the definition and scope," China Finance Review International, Emerald Group Publishing Limited, vol. 11(1), pages 1-25, June.
    41. Ralph Koijen & Tomas Philipson & Harald Uhlig, 2014. "Financial Health Economics," NBER Working Papers 20075, National Bureau of Economic Research, Inc.
    42. de Bresser, J.; & Knoef, M.; & van Ooijen, R.;, 2024. "The market for life care annuities: using housing wealth to manage longevity and long-term care risk," Health, Econometrics and Data Group (HEDG) Working Papers 24/11, HEDG, c/o Department of Economics, University of York.
    43. Maria Alexandrova & Nadine Gatzert, 2019. "What Do We Know About Annuitization Decisions?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(1), pages 57-100, March.
    44. Pestieau, Pierre, 2026. "The economics of long-term care," LIDAM Discussion Papers CORE 2026001, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    45. Disslbacher, Franziska & Rapp, Severin, 2024. "Leaving Legacies and Liabilities: The Distribution of Wealth at Death," SocArXiv z3wfv, Center for Open Science.
    46. Martijn de Werd & Bertrand Achou & Ki Wai Chau, 2026. "Optimal Investments in Annuities and Life Insurance for Retired Couples: The Role of Side Bequest Motives," Cahiers de recherche / Working Papers 25, Institut sur la retraite et l'épargne / Retirement and Savings Institute.
    47. Shen, Yang & Sherris, Michael & Wang, Yawei & Ziveyi, Jonathan, 2025. "Innovative combo product design embedding variable annuity and long-term care insurance contracts," Insurance: Mathematics and Economics, Elsevier, vol. 121(C), pages 79-99.
    48. Luca Benzoni & Olena Chyruk, 2013. "Human Capital and Long-Run Labor Income Risk," Working Paper Series WP-2013-16, Federal Reserve Bank of Chicago.
    49. Dungey, Mardi & Doko Tchatoka, Firmin & Yanotti, María B., 2018. "Using multiple correspondence analysis for finance: A tool for assessing financial inclusion," International Review of Financial Analysis, Elsevier, vol. 59(C), pages 212-222.
    50. Koijen, Ralph & Van Nieuwerburgh, Stijn, 2018. "Financing the War on Cancer," CEPR Discussion Papers 12990, Centre for Economic Policy Research.
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    136. Torben G. Andersen & Yi Ding & Viktor Todorov, 2025. "Tails of Cross-Sectional Return Distributions at High Frequencies," Working Papers 202530, University of Macau, Faculty of Business Administration, revised Mar 2026.
    137. Ceballos, Luis & Piljak, Vanja & Swinkels, Laurens, 2024. "Is firm-level political risk priced in the corporate bond market?," Journal of Empirical Finance, Elsevier, vol. 79(C).
    138. Victor Sellemi, 2022. "Risk in Network Economies," Papers 2208.01467, arXiv.org.
    139. Ernesto Pastén & Raphael Schoenle & Michael Weber, 2017. "Price Rigidity and the Origins of Aggregate Fluctuations," NBER Working Papers 23750, National Bureau of Economic Research, Inc.
    140. Sylvain Benoit & Christophe Hurlin & Christophe Perignon, 2015. "Implied Risk Exposures," Review of Finance, European Finance Association, vol. 19(6), pages 2183-2222.
    141. Andrea Modena & Luca Regis, 2024. "Capital risk, fiscal policy, and the distribution of wealth," Mathematics and Financial Economics, Springer, volume 18, number 8, June.
    142. Barinov, Alexander, 2018. "Stocks with extreme past returns: Lotteries or insurance?," Journal of Financial Economics, Elsevier, vol. 129(3), pages 458-478.
    143. Zhipeng Liao & Yan Liu & Zhenzhen Xie, 2024. "Optimal Cross-Sectional Regression," Management Science, INFORMS, vol. 70(11), pages 7911-7942, November.
    144. Matthias Fleckenstein & Francis A. Longstaff, 2023. "Small Business Equity Returns: Empirical Evidence from the Business Credit Card Securitization Market," Journal of Finance, American Finance Association, vol. 78(1), pages 389-425, February.
    145. Jozef Barunik & Matej Nevrla, 2022. "Common Idiosyncratic Quantile Factors and Asset Prices," Papers 2208.14267, arXiv.org, revised Mar 2026.
    146. Bandi, Federico M. & Pirino, Davide & Renò, Roberto, 2024. "Systematic staleness," Journal of Econometrics, Elsevier, vol. 238(1).
    147. Bogdan Wlodarczyk, 2017. "Zmiennosc cen na globalnym rynku surowcow a ryzyko banku," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 15(66), pages 107-124.
    148. Shi, Huai-Long & Chen, Huayi, 2023. "Revisiting asset co-movement: Does network topology really matter?," Research in International Business and Finance, Elsevier, vol. 66(C).
    149. Jozef Barunik & Michael Ellington, 2020. "Dynamic Network Risk," Papers 2006.04639, arXiv.org, revised Jul 2020.
    150. Andreou, E. & Gagliardini, P. & Ghysels, E. & Rubin, M., 2025. "Spanning latent and observable factors," Journal of Econometrics, Elsevier, vol. 248(C).
    151. Sophia Zhengzi Li & Yushan Tang, 2025. "Automated Volatility Forecasting," Management Science, INFORMS, vol. 71(7), pages 6248-6274, July.
    152. Enriquez-Perales, Sarela & García-Gómez, Conrado Diego & Díez-Esteban, José María, 2026. "Climate vulnerability and market volatility: Evidence from European firms," Finance Research Letters, Elsevier, vol. 92(C).

  37. Stijn Van Nieuwerburgh & Hanno Lustig & Bryan Kelly & Bernard Herskovic, 2014. "The Common Factor in Idiosyncratic Volatility," 2014 Meeting Papers 810, Society for Economic Dynamics.

    Cited by:

    1. Söhnke M. Bartram & Gregory Brown & René M. Stulz, 2016. "Why Does Idiosyncratic Risk Increase with Market Risk?," NBER Working Papers 22492, National Bureau of Economic Research, Inc.
    2. Bernard Herskovic, 2015. "Networks in Production: Asset Pricing Implications," 2015 Meeting Papers 378, Society for Economic Dynamics.
    3. Sungje Byun & Soojin Jo, 2015. "Heterogeneity in the Dynamic Effects of Uncertainty on Investment," Staff Working Papers 15-34, Bank of Canada.
    4. Michael Weber & Ali Ozdagli, 2016. "Monetary Policy Through Production Networks: Evidence from the Stock Market," 2016 Meeting Papers 148, Society for Economic Dynamics.
    5. Herskovic, Bernard & Kelly, Bryan & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2017. "Firm Volatility in Granual Networks," CEPR Discussion Papers 12284, Centre for Economic Policy Research.
    6. Peter Christoffersen & Asger Lunde & Kasper V. Olesen, 2014. "Factor Structure in Commodity Futures Return and Volatility," CREATES Research Papers 2014-31, Department of Economics and Business Economics, Aarhus University.
    7. Raman Uppal & Harjoat Bhamra, 2016. "Do Individual Behavioral Biases Affect Financial Markets and the Macroeconomy?," 2016 Meeting Papers 1358, Society for Economic Dynamics.
    8. Xinyu Song, 2019. "Large Volatility Matrix Prediction with High-Frequency Data," Papers 1907.01196, arXiv.org, revised Sep 2019.
    9. David Zeke, 2017. "Financial Frictions, Volatility, and Skewness," 2017 Meeting Papers 1421, Society for Economic Dynamics.
    10. George Alessandria & Horag Choi & Joseph P. Kaboski & Virgiliu Midrigan, 2014. "Microeconomic uncertainty, international trade, and aggregate fluctuations," Working Papers 14-30, Federal Reserve Bank of Philadelphia.
    11. KALNINA, Ilze & TEWOU, Kokouvi, 2015. "Cross-sectional dependence in idiosyncratic volatility," Cahiers de recherche 2015-04, Universite de Montreal, Departement de sciences economiques.
    12. Stefano Giglio & Bryan Kelly, 2016. "Excess Volatility: Beyond Discount Rates," NBER Working Papers 22045, National Bureau of Economic Research, Inc.
    13. Sylvain Benoit & Christophe Hurlin & Christophe Perignon, 2015. "Implied Risk Exposures," Review of Finance, European Finance Association, vol. 19(6), pages 2183-2222.
    14. Bogdan Wlodarczyk, 2017. "Zmiennosc cen na globalnym rynku surowcow a ryzyko banku," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 15(66), pages 107-124.

  38. Morris A. Davis & Stijn Van Nieuwerburgh, 2014. "Housing, Finance and the Macroeconomy," NBER Working Papers 20287, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kim, Jiseob & Wang, Yicheng, 2018. "Macroeconomic and distributional effects of mortgage guarantee programs for the poor," Journal of Economic Dynamics and Control, Elsevier, vol. 87(C), pages 124-151.
    2. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, November.
    3. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," Globalization Institute Working Papers 340, Federal Reserve Bank of Dallas.
    4. Yanke Dai & Yangfei Xu, 2022. "Cheating under Regulation: Evidence from “Yin-and-Yang” Contracts on Beijing’s Housing Market," Sustainability, MDPI, vol. 14(20), pages 1-29, October.
    5. Tim Landvoigt & Stijn Van Nieuwerburgh & Vadim Elenev, 2015. "Phasing out the GSEs," 2015 Meeting Papers 977, Society for Economic Dynamics.
    6. Pedro Gete, 2015. "Housing demands, savings gluts and current account dynamics," Globalization Institute Working Papers 221, Federal Reserve Bank of Dallas.
    7. Favilukis, Jack & Van Nieuwerburgh, Stijn, 2019. "Affordable Housing and City Welfare," CEPR Discussion Papers 13758, Centre for Economic Policy Research.
    8. Zhou, Jing, 2022. "Collateral quality and house prices," Journal of Economic Dynamics and Control, Elsevier, vol. 145(C).
    9. Edward Chi Ho Tang & Charles Ka Yui Leung, 2026. "Icing on the Cake: Can the Top-Floor Units Serve as a Status Good and an Investment Simultaneously?," The Journal of Real Estate Finance and Economics, Springer, vol. 72(4), pages 843-932, May.
    10. Damianov, Damian S. & Elsayed, Ahmed H., 2018. "On the transmission of spillover risks between the housing market, the mortgage and equity REITs markets, and the stock market," Finance Research Letters, Elsevier, vol. 27(C), pages 193-200.
    11. Gregory Bauer, 2014. "International House Price Cycles, Monetary Policy and Risk Premiums," Staff Working Papers 14-54, Bank of Canada.
    12. Yavuz Arslan & Bulent Guler & Burhan Kuruscu, 2020. "Credit supply driven boom-bust cycles," BIS Working Papers 885, Bank for International Settlements.
    13. Yoshida, Jiro, 2020. "The economic depreciation of real estate: Cross-sectional variations and their return implications," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    14. Antonakakis, Nikolaos & Floros, Christos, 2016. "Dynamic interdependencies among the housing market, stock market, policy uncertainty and the macroeconomy in the United Kingdom," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 111-122.
    15. Stephen Malpezzi, 2023. "Housing affordability and responses during times of stress: A preliminary look during the COVID‐19 pandemic," Contemporary Economic Policy, Western Economic Association International, vol. 41(1), pages 9-40, January.
    16. Kelly, Robert & McCann, Fergal & O’Toole, Conor, 2018. "Credit conditions, macroprudential policy and house prices," Journal of Housing Economics, Elsevier, vol. 41(C), pages 153-167.
    17. Cóndor Richard, 2019. "Measuring the cost of U.S. housing policy," Working Papers 2019-08, Banco de México.
    18. Grevenbrock, Nils & Ludwig, Alexander & Siassi, Nawid, 2023. "Homeownership rates, housing policies, and co-residence decisions," SAFE Working Paper Series 396, Leibniz Institute for Financial Research SAFE.
    19. Monika Piazzesi & Martin Schneider & Johannes Stroebel, 2015. "Segmented Housing Search," NBER Working Papers 20823, National Bureau of Economic Research, Inc.
    20. Octavio Fernández-Amador & Martin Gächter & Friedrich Sindermann, 2016. "Finance-augmented business cycles: A robustness check," Economics Bulletin, AccessEcon, vol. 36(1), pages 132-144.
    21. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Chi Ho Tang, 2020. "Why is the Hong Kong housing market unaffordable? Some stylized facts and estimations," ISER Discussion Paper 1081, Institute of Social and Economic Research, The University of Osaka.
    22. Peter Bednarek & Daniel Marcel te Kaat & Chang Ma & Alessandro Rebucci, 2020. "Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms," NBER Working Papers 26820, National Bureau of Economic Research, Inc.
    23. Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2019. "The Total Risk Premium Puzzle," NBER Working Papers 25653, National Bureau of Economic Research, Inc.
    24. Sodini, Paolo & Van Nieuwerburgh, Stijn & Vestman, Roine & von Lilienfeld-Toal, Ulf, 2016. "Identifying the Benefits from Home Ownership: A Swedish Experiment," CEPR Discussion Papers 11656, Centre for Economic Policy Research.
    25. Arlene Wong, 2021. "Refinancing and The Transmission of Monetary Policy to Consumption," Working Papers 2021-57, Princeton University. Economics Department..
    26. Ismir Mulalic & Holger Rasmussen & Jan Rouwendal & Hans Henrik Woltmann, 2017. "The Financial Crisis and Diverging House Prices: Evidence from the Copenhagen Metropolitan Area," Tinbergen Institute Discussion Papers 17-084/VIII, Tinbergen Institute.
    27. Brandsaas, Eirik Eylands & Kvaerner, Jens Soerlie, 2026. "Partial homeownership: A quantitative analysis," Journal of Financial Economics, Elsevier, vol. 179(C).
    28. Monika Piazzesi & Martin Schneider, 2016. "Housing and Macroeconomics," NBER Working Papers 22354, National Bureau of Economic Research, Inc.
    29. Bertrand Achou & Hippolyte d'Albis & Eleni Iliopulo, 2021. "House prices and rents: a reappraisal," Cahiers de recherche / Working Papers 6, Institut sur la retraite et l'épargne / Retirement and Savings Institute.
    30. Charles Ka Yui Leung, 2017. "Special issue on housing and financial stability: An introduction," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 273-275, August.
    31. Bertrand Achou & Hippolyte d'Albis & Eleni Iliopulos, 2021. "Real Estate and Rental Markets during Covid Times," Working Papers halshs-03231807, HAL.
    32. Adam M. Guren & Alisdair McKay & Emi Nakamura & Jón Steinsson, 2020. "Housing Wealth Effects: The Long View," Staff Report 593, Federal Reserve Bank of Minneapolis.
    33. Wang, Shun & Zhou, Weina, 2017. "Family structure and home ownership: Evidence from China," China Economic Review, Elsevier, vol. 46(C), pages 165-179.
    34. Xiaoli, Gan & xiaoyi, Zhang & Xiaoyang, Ma & Khalid, Fahad, 2023. "Impact of financial environment on household risk financial asset selection: A micro perspective," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 137-145.
    35. Haroon Mumtaz & Roman Sustek, 2023. "Global house prices since 1950," Discussion Papers 2307, Centre for Macroeconomics (CFM).
    36. Claessens, Stijn & Kose, M. Ayhan, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CEPR Discussion Papers 12460, Centre for Economic Policy Research.
    37. M. Dietsch & C. Welter-Nicol, 2014. "Do LTV and DSTI caps make banks more resilient?," Débats Economiques et financiers 13, Banque de France.
    38. Miao Li & Gaoqiang Wu, 2020. "The Impact of Economic Policy Uncertainty on Real Estate Development in China," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-2.
    39. Stefano Corradin & Carles Vergara-Alert & Jose Fillat, 2019. "Household Choices with House Value Misperception," 2019 Meeting Papers 1247, Society for Economic Dynamics.
    40. Alessandro Piergallini, 2020. "Demographic change and real house prices: a general equilibrium perspective," Journal of Economics, Springer, vol. 130(1), pages 85-102, June.
    41. Abdelzaher, Dina & Fernandez, Whitney Douglas & Schneper, William D., 2019. "Legal rights, national culture and social networks: Exploring the uneven adoption of United Nations Global Compact," International Business Review, Elsevier, vol. 28(1), pages 12-24.
    42. Marijn A. Bolhuis & Judd N. L. Cramer, 2020. "The Millennial Boom, the Baby Bust, and the Housing Market," Papers 2003.11565, arXiv.org, revised Aug 2021.
    43. Zhenghui Li & Yan Wang & Yong Tan & Zimei Huang, 2020. "Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China," Sustainability, MDPI, vol. 12(9), pages 1-19, May.
    44. Elliot Anenberg & Aurel Hizmo & Edward Kung & Raven Molloy, 2019. "Measuring mortgage credit availability: A frontier estimation approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 34(6), pages 865-882, September.
    45. Carlos Garriga & Aaron Hedlund, 2019. "Crises in the Housing Market: Causes, Consequences, and Policy Lessons," Working Papers 2019-33, Federal Reserve Bank of St. Louis.
    46. Xiaping Cao & Bihong Huang & Rose Neng Lai, 2018. "The Impact of Exogenous Demand Shock on the Housing Market: Evidence from the Home Purchase Restriction Policy in the People’s Republic of China," ADBI Working Papers 824, Asian Development Bank Institute.
    47. Hull, Isaiah, 2015. "What Broke First? Characterizing Sources of Structural Change Prior to the Great Recession," Working Paper Series 301, Sveriges Riksbank (Central Bank of Sweden).
    48. Zhimin Li & Leslie Sheng Shen & Calvin Zhang, 2020. "Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market," International Finance Discussion Papers 1286, Board of Governors of the Federal Reserve System (U.S.).
    49. Andrew Demers & Andrea L. Eisfeldt, 2022. "Total returns to single‐family rentals," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(1), pages 7-32, March.
    50. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    51. Stephen Malpezzi, 2021. "Housing “Affordability” and Responses During Times of Stress: A Brief Global Review," GRU Working Paper Series GRU_2021_011, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    52. Stijn Van Nieuwerburgh & Jack Favilukis, 2017. "Out-of-town Home Buyers and City Welfare," 2017 Meeting Papers 486, Society for Economic Dynamics.
    53. Soyoung Lee, 2023. "The Macroeconomic Effects of Debt Relief Policies During Recessions," Staff Working Papers 23-48, Bank of Canada.
    54. Kim, Jiseob, 2019. "How foreclosure delays impact mortgage defaults and mortgage modifications," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 18-37.
    55. Andrea Eisfeldt & Andrew Demers, 2015. "Total Returns to Single Family Rentals," NBER Working Papers 21804, National Bureau of Economic Research, Inc.
    56. Patrick Kehoe & Elena Pastorino & Virgiliu Midrigan, 2016. "Debt Constraints and Employment," NBER Working Papers 22614, National Bureau of Economic Research, Inc.
    57. Yoshida, Jiro, 2016. "Structure Depreciation and the Production of Real Estate Services," HIT-REFINED Working Paper Series 44, Institute of Economic Research, Hitotsubashi University.
    58. Eerola, Essi & Lyytikäinen, Teemu & Ramboer, Sander, 2022. "The impact of mortgage regulation on homeownership and household leverage: Evidence from Finland's LTV reform," Working Papers 148, VATT Institute for Economic Research.
    59. André Hoorn, 2017. "Organizational Culture in the Financial Sector: Evidence from a Cross-Industry Analysis of Employee Personal Values and Career Success," Journal of Business Ethics, Springer, vol. 146(2), pages 451-467, December.
    60. Davies, Clementine, 2021. "Financialisation and rental housing: A case study of Berlin," IPE Working Papers 153/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    61. Ikseon Suh & John T. Sweeney & Kristina Linke & Joseph M. Wall, 2020. "Boiling the Frog Slowly: The Immersion of C-Suite Financial Executives into Fraud," Journal of Business Ethics, Springer, vol. 162(3), pages 645-673, March.
    62. Yu Zhu & Randall Wright & Damien Gaumont, 2017. "Modeling House Prices," 2017 Meeting Papers 744, Society for Economic Dynamics.
    63. Stefano Corradin & José Fillat & Carles Vergara-Alert, 2017. "Portfolio choice with house value misperception," Working Papers 17-16, Federal Reserve Bank of Boston.
    64. Oliver Krebs & Michael Pflüger, 2021. "On the Road (Again): Commuting and Local Employment Elasticities in Germany," CESifo Working Paper Series 9190, CESifo.
    65. Cóndor Richard, 2021. "Evaluating the Effects of the Home Affordable Modification Program," Working Papers 2021-08, Banco de México.
    66. Wang, Lei & Li, Shouwei & Wang, Jining & Meng, Yi, 2020. "Real estate bubbles in a bank-real estate loan network model integrating economic cycle and macro-prudential stress testing," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 542(C).
    67. Cóndor Richard, 2020. "Shared-Appreciation Mortgages and Uninsurable Idiosyncratic Shocks," Working Papers 2020-11, Banco de México.
    68. Guerrieri, V. & Uhlig, H., 2016. "Housing and Credit Markets," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1427-1496, Elsevier.
    69. Mesly, Olivier & Chkir, Imed & Racicot, François-Éric, 2019. "Predatory cells and puzzling financial crises: Are toxic products good for the financial markets?," Economic Modelling, Elsevier, vol. 78(C), pages 11-31.
    70. Lise Clain-Chamoset-Yvrard & Xavier Raurich & Thomas Seegmuller, 2024. "Rational housing demand bubble," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 77(3), pages 699-746, May.
    71. Elliot Anenberg & Aurel Hizmo & Edward Kung & Raven S. Molloy, 2017. "Measuring Mortgage Credit Availability : A Frontier Estimation Approach," Finance and Economics Discussion Series 2017-101, Board of Governors of the Federal Reserve System (U.S.).
    72. Gete, Pedro, 2020. "Expectations and the housing boom and bust. An open economy view," Journal of Housing Economics, Elsevier, vol. 49(C).
    73. Zhou, Tingyu & Clapp, John M & Lu-Andrews, Ran, 2021. "Is the behavior of sellers with expected gains and losses relevant to cycles in house prices?," Journal of Housing Economics, Elsevier, vol. 52(C).
    74. Fehrle, Daniel, 2019. "Housing and the business cycle revisited," Journal of Economic Dynamics and Control, Elsevier, vol. 99(C), pages 103-115.
    75. Carlos Garriga & Aaron Hedlund, 2017. "Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession," Working Papers 2017-30, Federal Reserve Bank of St. Louis.
    76. Chelghoum, Amirouche & Boumimez, Fayçal & Alsamara, Mouyad, 2025. "Factors influencing asymmetries in Saudi Arabia's housing market," The Journal of Economic Asymmetries, Elsevier, vol. 31(C).
    77. Braun, Benjamin, 2016. "Gross, greed, and ETFs: The case for a microfounded political economy of the investment chain," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(3), pages 6-13.
    78. Erik Hurst & Benjamin J. Keys & Amit Seru & Joseph S. Vavra, 2015. "Regional Redistribution Through the U.S. Mortgage Market," NBER Working Papers 21007, National Bureau of Economic Research, Inc.
    79. Bernardo Alves Furtado, 2021. "PolicySpace2: modeling markets and endogenous public policies," Papers 2102.11929, arXiv.org, revised Oct 2021.
    80. Davis, Morris A. & Oliner, Stephen D. & Peter, Tobias J. & Pinto, Edward J., 2020. "The Impact of Federal Housing Policy on Housing Demand and Homeownership: Evidence from a Quasi-Experiment," Journal of Housing Economics, Elsevier, vol. 48(C).
    81. Andreas Fuster & Basit Zafar, 2014. "The sensitivity of housing demand to financing conditions: evidence from a survey," Staff Reports 702, Federal Reserve Bank of New York.
    82. Charles Ka Yui Leung & (single author only), 2021. "Handbook of Real Estate and Macroeconomics: An Introduction," ISER Discussion Paper 1137, Institute of Social and Economic Research, The University of Osaka.
    83. Charles Ka Yui LEUNG, 2022. "Housing and Macroeconomics," ISER Discussion Paper 1197, Institute of Social and Economic Research, The University of Osaka.
    84. Leo Kaas & Georgi Kocharkov & Edgar Preugschat & Nawid Siassi, 2017. "Low Homeownership in Germany - A Quantitative Exploration," CESifo Working Paper Series 6775, CESifo.

  39. Jack Favilukis & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2014. "Foreign Ownership of U.S. Safe Assets: Good or Bad?," NBER Working Papers 19917, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hansen, James & Gross, Isaac, 2018. "Commodity price volatility with endogenous natural resources," European Economic Review, Elsevier, vol. 101(C), pages 157-180.
    2. John Nana Francois, 2016. "Foreign Official Holdings of U.S Treasuries, Stock Effect and the Economy: A DSGE Approach," 2016 Papers pfr351, Job Market Papers.
    3. Tambalotti, Andrea & Primiceri, Giorgio & Justiniano, Alejandro, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," CEPR Discussion Papers 9729, Centre for Economic Policy Research.
    4. Liu, Yang, 2023. "Government debt and risk premia," Journal of Monetary Economics, Elsevier, vol. 136(C), pages 18-34.
    5. Andreas Steiner, 2013. "A Tale of Two Deficits: Public Budget Balance of Reserve Currency Countries," IEER Working Papers 97, Institute of Empirical Economic Research, Osnabrueck University.
    6. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.

  40. Van Nieuwerburgh, Stijn & Lustig, Hanno & Koijen, Ralph, 2012. "The Cross-Section and Time-Series of Stock and Bond Returns," CEPR Discussion Papers 9024, Centre for Economic Policy Research.

    Cited by:

    1. Carolin Pflueger & Emil Siriwardane & Adi Sunderam, 2018. "A Measure of Risk Appetite for the Macroeconomy," NBER Working Papers 24529, National Bureau of Economic Research, Inc.
    2. Croce, M.M. & Nguyen, Thien T. & Raymond, S. & Schmid, L., 2019. "Government debt and the returns to innovation," Journal of Financial Economics, Elsevier, vol. 132(3), pages 205-225.
    3. Fulvio Pegoraro & Siegel, A. F. & Luca Tiozzo Pezzoli, 2014. "Specification Analysis of International Treasury Yield Curve Factors," Working papers 490, Banque de France.
    4. Ha, Jongrim & Kose, M. Ayhan & Otrok, Christopher & Prasad, Eswar, 2020. "Global Macro-Financial Cycles and Spillovers," IZA Discussion Papers 13000, IZA Network @ LISER.
    5. Fabio C. Bagliano & Claudio Morana, 2015. "It ain'?t over till it'?s over: A global perspective on the Great Moderation-Great Recession interconnection," Carlo Alberto Notebooks 424, Collegio Carlo Alberto.
    6. Bandi, Federico M. & Chaudhuri, Shomesh E. & Lo, Andrew W. & Tamoni, Andrea, 2021. "Spectral factor models," Journal of Financial Economics, Elsevier, vol. 142(1), pages 214-238.
    7. Gabor Pinter, 2018. "Macroeconomic Shocks and Risk Premia," Discussion Papers 1812, Centre for Macroeconomics (CFM).
    8. Philippe Mueller & Andrea Vedolin & Hao Zhou, 2019. "Short-Run Bond Risk Premia," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 1-34, September.
    9. Christian Leschinski & Michelle Voges & Philipp Sibbertsen, 2021. "Integration and Disintegration of EMU Government Bond Markets," Econometrics, MDPI, vol. 9(1), pages 1-17, March.
    10. Kozak, Serhiy & Santosh, Shrihari, 2020. "Why do discount rates vary?," Journal of Financial Economics, Elsevier, vol. 137(3), pages 740-751.
    11. Dewandaru, Ginanjar & Masih, Rumi & Bacha, Obiyathulla & Masih, A. Mansur M., 2014. "Combining Momentum, Value, and Quality for the Islamic Equity Portfolio: Multi-style Rotation Strategies using Augmented Black Litterman Factor Model," MPRA Paper 56965, University Library of Munich, Germany.
    12. Zhang, Han & Xiong, Xiong & Guo, Bin, 2025. "The stock return predictability of treasury bond yield in China," Journal of Empirical Finance, Elsevier, vol. 84(C).
    13. Goldstein, Itay & Jiang, Hao & Ng, David T., 2017. "Investor flows and fragility in corporate bond funds," Journal of Financial Economics, Elsevier, vol. 126(3), pages 592-613.
    14. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    15. Boons, Martijn & Duarte, Fernando & de Roon, Frans & Szymanowska, Marta, 2020. "Time-varying inflation risk and stock returns," Journal of Financial Economics, Elsevier, vol. 136(2), pages 444-470.
    16. Matthijs Breugem & Stefano Colonnello & Roberto Marfè & Francesca Zucchi, 2020. "Dynamic Equity Slope," Carlo Alberto Notebooks 626, Collegio Carlo Alberto.
    17. Tim A. Kroencke & Felix Schindler & Bertram I. Steininger, 2018. "The Anatomy of Public and Private Real Estate Return Premia," The Journal of Real Estate Finance and Economics, Springer, vol. 56(3), pages 500-523, April.
    18. Stephanie Heck, 2022. "Corporate bond yields and returns: a survey," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 36(2), pages 179-201, June.
    19. Bandi, Federico M. & Tamoni, Andrea, 2023. "Business-cycle consumption risk and asset prices," Journal of Econometrics, Elsevier, vol. 237(2).
    20. Mi, Michelle Xuan & Masih, Rumi, 2025. "How resilient are PE/VC returns to real shocks?," Global Finance Journal, Elsevier, vol. 68(C).
    21. Christian Gouriéroux & Alain Monfort & Sarah Mouabbi & Jean-Paul Renne, 2021. "Disastrous Defaults [Risk premia and term premia in general equilibrium]," Review of Finance, European Finance Association, vol. 25(6), pages 1727-1772.
    22. Claudio Morana, 2013. "Insights on the global macro-finance interface: Structural sources of risk factors fluctuations and the cross-section of expected stock returns," Working Papers 264, University of Milano-Bicocca, Department of Economics, revised Dec 2013.
    23. Lalwani, Vaibhav, 2025. "Mean-variance optimization and the cross-section of stock returns," Global Finance Journal, Elsevier, vol. 66(C).
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    38. Bakshi, Gurdip & Chabi-Yo, Fousseni, 2011. "Variance Bounds on the Permanent and Transitory Components of Stochastic Discount Factors," Working Paper Series 2011-11, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    39. M. Max Croce & Tatyana Marchuk & Christian Schlag, 2019. "The Leading Premium," NBER Working Papers 25633, National Bureau of Economic Research, Inc.
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    45. Onur Polat & Rangan Gupta & Riza Demirer & Elie Bouri, 2025. "Implied Skewness of the Treasury Yield: A New Predictor for Stock Market Bubbles," Working Papers 202539, University of Pretoria, Department of Economics.
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    52. Ralph S.J. Koijen & Stijn Van Nieuwerburgh, 2010. "Predictability of Returns and Cash Flows," NBER Working Papers 16648, National Bureau of Economic Research, Inc.
    53. Bretscher, Lorenzo & Malkhozov, Aytek & Tamoni, Andrea, 2021. "Expectations and aggregate risk," Journal of Monetary Economics, Elsevier, vol. 123(C), pages 91-108.
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  41. Verdelhan, Adrien & Van Nieuwerburgh, Stijn & Lustig, Hanno, 2012. "The Wealth-Consumption Ratio," CEPR Discussion Papers 9022, Centre for Economic Policy Research.

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    1. Robert E. Hall, 2016. "Macroeconomics of Persistent Slumps," NBER Working Papers 22230, National Bureau of Economic Research, Inc.
    2. Donangelo, Andres & Gourio, François & Kehrig, Matthias & Palacios, Miguel, 2019. "The cross-section of labor leverage and equity returns," Journal of Financial Economics, Elsevier, vol. 132(2), pages 497-518.
    3. Campbell, John Y. & Giglio, Stefano & Polk, Christopher & Turley, Robert, 2018. "An intertemporal CAPM with stochastic volatility," Journal of Financial Economics, Elsevier, vol. 128(2), pages 207-233.
    4. van Egmond, N.D. & de Vries, B.J.M., 2024. "Reforming the Eurozone financial system: A system-dynamics approach," International Review of Financial Analysis, Elsevier, vol. 93(C).
    5. Jonathan Berk & Johan Walden, 2010. "Limited Capital Market Participation and Human Capital Risk," NBER Working Papers 15709, National Bureau of Economic Research, Inc.
    6. Wing-Keung Wong & Riffat Mughal & Mustafa Afeef & Naveed Khan & Hassan Zada, 2026. "Human Capital Based Six-Factor Asset Pricing Model in the Era of Covid-19," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 33(1), pages 25-63, March.
    7. Aono, Kohei & 青野, 幸平 & アオノ, コウヘイ & Iwaisako, Tokuo & 祝迫, 得夫 & イワイサコ, トクオ, 2008. "The Consumption-Wealth Ratio, Real Estate Wealth, and the Japanese Stock Market," Discussion Paper Series a504, Institute of Economic Research, Hitotsubashi University.
    8. Marco Pagano, 2019. "Risk Sharing within the Firm: A Primer," CSEF Working Papers 553, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 20 Sep 2020.
    9. Zhang, Han & Xiong, Xiong & Guo, Bin, 2025. "The stock return predictability of treasury bond yield in China," Journal of Empirical Finance, Elsevier, vol. 84(C).
    10. Martin Lettau & Jessica A. Wachter, 2009. "The Term Structures of Equity and Interest Rates," NBER Working Papers 14698, National Bureau of Economic Research, Inc.
    11. Berk, Jonathan B. & van Binsbergen, Jules H., 2016. "Assessing asset pricing models using revealed preference," Journal of Financial Economics, Elsevier, vol. 119(1), pages 1-23.
    12. Asriyan, Vladimir & Laeven, Luc & Martin, Alberto & Van der Ghote, Alejandro & Vanasco, Victoria, 2025. "Falling interest rates and credit reallocation: lessons from general equilibrium," Working Paper Series 3070, European Central Bank.
    13. Dauber, Moritz & Lawrenz, Jochen, 2026. "The decay of cay," Journal of Empirical Finance, Elsevier, vol. 85(C).
    14. Christian Gouriéroux & Alain Monfort & Sarah Mouabbi & Jean-Paul Renne, 2021. "Disastrous Defaults [Risk premia and term premia in general equilibrium]," Review of Finance, European Finance Association, vol. 25(6), pages 1727-1772.
    15. Ismir Mulalic & Jan Rouwendal, 2022. "Public transport investments, commuting and gentrification: Evidence from Copenhagen," Tinbergen Institute Discussion Papers 22-035/VIII, Tinbergen Institute.
    16. Carlo A. Favero, Alessandro Melone, Sean Myers, Andrea Tamoni, 2026. "Consumption Anchors Stock Prices," BAFFI CAREFIN Working Papers 26287, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    17. Alghalith, Moawia, 2018. "Pricing the American options using the Black–Scholes pricing formula," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 507(C), pages 443-445.
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    21. Leonid Kogan & Dimitris Papanikolaou & Noah Stoffman, 2013. "Winners and Losers: Creative Destruction and the Stock Market," NBER Working Papers 18671, National Bureau of Economic Research, Inc.
    22. Malin Gardberg & Lorenzo Pozzi, 2022. "Aggregate consumption and wealth in the long run: The impact of financial liberalization," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(1), pages 161-186, January.
    23. Ralph S.J. Koijen & Hanno Lustig & Stijn Van Nieuwerburgh, 2010. "The Cross-Section and Time-Series of Stock and Bond Returns," NBER Working Papers 15688, National Bureau of Economic Research, Inc.
    24. Rubio-Ramírez, Juan Francisco & Fernández-Villaverde, Jesús & Koijen, Ralph & van Binsbergen, Jules, 2010. "The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences," CEPR Discussion Papers 7781, Centre for Economic Policy Research.
    25. Bakshi, Gurdip & Chabi-Yo, Fousseni, 2011. "Variance Bounds on the Permanent and Transitory Components of Stochastic Discount Factors," Working Paper Series 2011-11, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    26. Ravi Bansal & Dana Kiku & Amir Yaron, 2009. "An Empirical Evaluation of the Long-Run Risks Model for Asset Prices," NBER Working Papers 15504, National Bureau of Economic Research, Inc.
    27. Rahul Roy & Santhakumar Shijin, 2018. "A six-factor asset pricing model," Post-Print hal-01878923, HAL.
    28. Bianchi, Francesco & Lettau, Martin & Ludvigson, Sydney, 2017. "Monetary Policy and Asset Valuation," CEPR Discussion Papers 12275, Centre for Economic Policy Research.
    29. Osmani Teixeira de Carvalho Guillény & João Victor Issler & Afonso Arinos de Mello Franco-Neto, 2012. "On the Welfare Costs of Business-Cycle Fluctuations and Economic-Growth Variation in the 20th Century," Working Papers Series 284, Central Bank of Brazil, Research Department.
    30. Jaeram Lee & Jungjoon Ihm, 2018. "Financial risk exposure of returns to education: Panel evidence from Korea," Asian Economic Journal, East Asian Economic Association, vol. 32(1), pages 83-97, March.
    31. Ravi Bansal & Marcelo Ochoa, 2011. "Welfare Costs of Long-Run Temperature Shifts," NBER Working Papers 17574, National Bureau of Economic Research, Inc.
    32. Aoki, Shuhei & Kitahara, Minoru, 2008. "Measuring the Dynamic Cost of Living Index from Consumption Data," MPRA Paper 9802, University Library of Munich, Germany.
    33. Wang, Qin & Ren, Yu & Zou, Yiheng, 2016. "Uninsured expense shocks and equity premia," Economic Modelling, Elsevier, vol. 58(C), pages 64-74.
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    35. Croce, Mariano & Nguyen, Thien & Raymond, Steve, 2019. "Persistent Government Debt and Aggregate Risk Distribution," CEPR Discussion Papers 13922, Centre for Economic Policy Research.
    36. Roussanov, Nikolai, 2014. "Composition of wealth, conditioning information, and the cross-section of stock returns," Journal of Financial Economics, Elsevier, vol. 111(2), pages 352-380.
    37. Brown, Jeffrey & Fang, Chichun & Gomes, Francisco, 2015. "Risk and Returns to Education Over Time," CEPR Discussion Papers 10416, Centre for Economic Policy Research.
    38. Antonio Falato, 2008. "Happiness maintenance and asset prices," Finance and Economics Discussion Series 2008-19, Board of Governors of the Federal Reserve System (U.S.).
    39. Rahul Roy & Santhakumar Shijin, 2018. "A six-factor asset pricing model," Papers 1810.07790, arXiv.org.
    40. Miguel Palacios, 2010. "Human Capital as an Asset Class: Implications from a General Equilibrium Model," Working Papers 2011-016, Human Capital and Economic Opportunity Working Group.
    41. George M. Constantinides & Anisha Ghosh, 2011. "Asset Pricing Tests with Long-run Risks in Consumption Growth," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 1(1), pages 96-136.
    42. Chung, Kee H. & Smith, William T. & Wu, Tao L., 2009. "Time diversification: Definitions and some closed-form solutions," Journal of Banking & Finance, Elsevier, vol. 33(6), pages 1101-1111, June.
    43. Jianfeng Yu, 2012. "Using Long-Run Consumption-Return Correlations to Test Asset Pricing Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(3), pages 317-335, October.
    44. Kozak, Serhiy, 2022. "Dynamics of bond and stock returns," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 188-209.
    45. Malkhozov, Aytek & Tamoni, Andrea, 2015. "News shocks and asset prices," LSE Research Online Documents on Economics 62004, London School of Economics and Political Science, LSE Library.
    46. Roy, Rahul & Shijin, Santhakumar, 2022. "The saving, human wealth and asset pricing nexus: Evidence from around the world," Economic Systems, Elsevier, vol. 46(2).
    47. Farmer, Leland E. & Schmidt, Lawrence & Timmermann, Allan, 2018. "Pockets of Predictability," CEPR Discussion Papers 12885, Centre for Economic Policy Research.
    48. Zhengyang Jiang & Hanno Lustig & Mindy Xiaolan & Stijn Van Nieuwerburgh, 2019. "Government Risk Premium Puzzle," 2019 Meeting Papers 437, Society for Economic Dynamics.
    49. Croce, M. & Nguyen, Thien T. & Raymond, S., 2021. "Persistent government debt and aggregate risk distribution," Journal of Financial Economics, Elsevier, vol. 140(2), pages 347-367.
    50. Gupta, Arpit & Van Nieuwerburgh, Stijn, 2019. "Valuing Private Equity Strip by Strip," CEPR Discussion Papers 14241, Centre for Economic Policy Research.
    51. Sydney Ludvigson, 2008. "The Research Agenda: Sydney Ludvigson on Empirical Evaluation of Economic Theories of Risk Premia," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 9(2), April.
    52. Issler, João Victor & Rodrigues, Claudia Ferreira & Burjack, Rafael, 2013. "Using common features to understand the behavior of metal-commodity prices and forecast them at different horizons," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 735, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    53. De Giorgi, Enrico G. & Post, Thierry & Yalçın, Atakan, 2019. "A concave security market line," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 65-81.
    54. Favero, Carlo A. & Ortu, Fulvio & Tamoni, Andrea & Yang, Haoxi, 2016. "Implications of Return Predictability across Horizons for Asset Pricing Models," CEPR Discussion Papers 11645, Centre for Economic Policy Research.
    55. van Binsbergen, Jules H., 2026. "Duration-based stock valuation: Reassessing stock market performance and volatility," Journal of Financial Economics, Elsevier, vol. 178(C).
    56. Narayan Bulusu & Jefferson Duarte & Carles Vergara-Alert, 2016. "Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?," Staff Working Papers 16-62, Bank of Canada.
    57. Stijn Van Nieuwerburgh & Hanno Lustig & Ralph S.J. Koijen, 2009. "The Bond Risk Premium and the Cross-Section of Equity Returns," 2009 Meeting Papers 12, Society for Economic Dynamics.
    58. Julian Thimme, 2017. "Intertemporal Substitution In Consumption: A Literature Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(1), pages 226-257, February.

  42. Van Nieuwerburgh, Stijn & Lustig, Hanno & Kelly, Bryan, 2012. "Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees," CEPR Discussion Papers 9023, Centre for Economic Policy Research.

    Cited by:

    1. Aldridge, Patrick & Cimon, David & Vala, Rishi, 2025. "Central Bank Crisis Interventions: A Review of the Recent Literature on Potential Costs," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 7(4), pages 1-26, April.
    2. Taneli M�kinen & Lucio Sarno & Gabriele Zinna, 2019. "Risky bank guarantees," Temi di discussione (Economic working papers) 1232, Bank of Italy, Economic Research and International Relations Area.
    3. Jiménez, Gabriel & Laeven, Luc & Martinez-Miera, David & Peydró, José-Luis, 2024. "Public guarantees, private banks’ incentives, and corporate outcomes: evidence from the COVID-19 crisis," Working Paper Series 2913, European Central Bank.
    4. Juliane Begenau, 2018. "Comment on "Government Guarantees and the Valuation of American Banks"," NBER Chapters, in: NBER Macroeconomics Annual 2018, volume 33, pages 146-156, National Bureau of Economic Research, Inc.
    5. Juan M. Londono & Mary Tian, 2014. "Bank Interventions and Options-based Systemic Risk: Evidence from the Global and Euro-area Crisis," International Finance Discussion Papers 1117, Board of Governors of the Federal Reserve System (U.S.).
    6. Kalimipalli, Madhu & Morohunfolu, Olaleye & Ramachandran, Shankar, 2024. "Do repeated government infusions help financial stability? Evidence from an emerging market," Journal of Financial Stability, Elsevier, vol. 75(C).
    7. Javier Bianchi, 2012. "Efficient Bailouts?," 2012 Meeting Papers 162, Society for Economic Dynamics.
    8. Andrew Atkeson & Adrien D'Avernas & Andrea L. Eisfeldt & Pierre-Olivier Weill, 2018. "Government Guarantees and the Valuation of American Banks," Staff Report 567, Federal Reserve Bank of Minneapolis.
    9. Tryggvi Gudmundsson, 2016. "Whose Credit Line is it Anyway: An Update on Banks' Implicit Subsidies," IMF Working Papers 2016/224, International Monetary Fund.
    10. Yao, Jing & Yang, Yiwen, 2023. "Risk-return tradeoff and serial correlation in the Chinese stock market: A bailout-driven crash feedback hypothesis," Economic Modelling, Elsevier, vol. 129(C).
    11. Amanjot Singh & Harminder Singh & Venura Welagedara, 2024. "Aggregate uncertainty, information acquisition, and analyst stock recommendations," International Review of Finance, International Review of Finance Ltd., vol. 24(4), pages 604-640, December.
    12. Jappelli, Ruggero & Pelizzon, Loriana & Plazzi, Alberto, 2021. "The core, the periphery, and the disaster: Corporate-sovereign nexus in COVID-19 times," SAFE Working Paper Series 331, Leibniz Institute for Financial Research SAFE.
    13. Nicola Cetorelli & James Traina, 2021. "Resolving “Too Big to Fail”," Journal of Financial Services Research, Springer;Western Finance Association, vol. 60(1), pages 1-23, August.
    14. Chen, Qi & Goldstein, Itay & Huang, Zeqiong & Vashishtha, Rahul, 2022. "Bank transparency and deposit flows," Journal of Financial Economics, Elsevier, vol. 146(2), pages 475-501.
    15. Atkeson, Andrew G. & Eisfeldt, Andrea L. & Weill, Pierre-Olivier, 2017. "Measuring the financial soundness of U.S. firms, 1926–2012," Research in Economics, Elsevier, vol. 71(3), pages 613-635.
    16. Bevilacqua, Mattia & Tunaru, Radu & Vioto, Davide, 2020. "Options-based systemic risk, financial distress, and macroeconomic downturns," LSE Research Online Documents on Economics 118850, London School of Economics and Political Science, LSE Library.
    17. Srivastava, Pranjal & Saurav, Sumit & Mishra, Abinash, 2025. "Does government ownership differently impact expected left-tail and volatility risk of bank stock? Evidence from options market," Journal of Corporate Finance, Elsevier, vol. 94(C).
    18. Zhuang Liu & Xingyi Li & Zhongfei Li, 2024. "Inclusive FinTech, open banking, and bank performance: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-24, December.
    19. Manuela M. Dantas & Kenneth J. Merkley & Felipe B. G. Silva, 2023. "Government Guarantees and Banks' Income Smoothing," Papers 2303.03661, arXiv.org.
    20. Frederic Malherbe, 2015. "Optimal Capital Requirements over the Business and Financial Cycles," 2015 Meeting Papers 1154, Society for Economic Dynamics.
    21. Ferreira, Daniel & Kershaw, David & Kirchmaier, Tom & Schuster, Edmund, 2021. "Management insulation and bank failures," LSE Research Online Documents on Economics 110428, London School of Economics and Political Science, LSE Library.
    22. Cutura, Jannic Alexander, 2020. "Debt holder monitoring and implicit guarantees: did the BRRD improve market discipline?," ESRB Working Paper Series 111, European Systemic Risk Board.
    23. Jondeau, Eric & Khalilzadeh, Amir, 2022. "Predicting the stressed expected loss of large U.S. banks," Journal of Banking & Finance, Elsevier, vol. 134(C).
    24. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 2016_17, Business School - Economics, University of Glasgow.
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    192. Betzer, André & Limbach, Peter & Rau, P. Raghavendra & Schürmann, Henrik, 2021. "Till death (or divorce) do us part: Early-life family disruption and investment behavior," CFR Working Papers 19-01, University of Cologne, Centre for Financial Research (CFR), revised 2021.
    193. Kaniel, Ron & Lin, Zihan & Pelger, Markus & Van Nieuwerburgh, Stijn, 2023. "Machine-learning the skill of mutual fund managers," Journal of Financial Economics, Elsevier, vol. 150(1), pages 94-138.
    194. Chen, Linquan & Chen, Yao & Kumar, Alok & Leung, Woon Sau, 2024. "Firm-level ESG information and active fund management," Journal of Financial Intermediation, Elsevier, vol. 60(C).
    195. Nehal Joshipura & Mayank Joshipura & Tanvi Joshi, 2025. "Decoding mutual fund performance: current pathways and new avenues," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(4), pages 3113-3135, August.
    196. John Ammer & John Rogers & Gang Wang & Yang Yu, 2023. "Chinese Asset Managers’ Monetary Policy Forecasts and Fund Performance," Management Science, INFORMS, vol. 69(1), pages 598-616, January.
    197. Xie, Jun & Shi, Shuoyue & Gao, Bin, 2026. "Irrational cognition in the stock market," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    198. Oleg Chuprinin & Sérgio Gaspar & Massimo Massa, 2019. "Adjusting to the Information Environment: News Tangibility and Mutual Fund Performance," Management Science, INFORMS, vol. 65(3), pages 1430-1453, March.
    199. Chrétien, Stéphane & Kammoun, Manel, 2024. "Representative investors versus best clienteles: Performance evaluation disagreement in mutual funds," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    200. Bodnaruk, Andriy & Chokaev, Bekhan & Simonov, Andrei, 2015. "Downside Risk Timing by Mutual Funds," CEPR Discussion Papers 10639, Centre for Economic Policy Research.
    201. Aleksandra Rzeźnik, 2026. "Active Liquidity Management, Strategic Complementarities, and Market Price of Liquidity," Management Science, INFORMS, vol. 72(5), pages 4031-4061, May.
    202. Riccardo Reith & Maximilian Fischer & Bettina Lis, 2020. "Explaining the intention to use social trading platforms: an empirical investigation," Journal of Business Economics, Springer, vol. 90(3), pages 427-460, April.
    203. Habib, Michel & Johnsen, D. Bruce, 2015. "The quality-assuring role of mutual fund advisory fees," CEPR Discussion Papers 10438, Centre for Economic Policy Research.
    204. David R Gallagher & Peter A Gardner & Camille H Schmidt, 2015. "Style factor timing: An application to the portfolio holdings of US fund managers," Australian Journal of Management, Australian School of Business, vol. 40(2), pages 318-350, May.
    205. Jiang, George J. & Zaynutdinova, Gulnara R. & Zhang, Huacheng, 2021. "Stock-selection timing," Journal of Banking & Finance, Elsevier, vol. 125(C).
    206. Nisani, Doron & Shelef, Amit & Sonenshine, Ralph & David, Or, 2024. "The mutual funds puzzle and the elusive von Neumann-Morgenstern preference relation," International Review of Financial Analysis, Elsevier, vol. 92(C).
    207. Bo, Congcong & Shen, Dehua & Zhang, Yuzhao, 2026. "Stock market reaction to operational risk disclosures: Evidence from LLMs-based textual analysis," Pacific-Basin Finance Journal, Elsevier, vol. 99(C).

  44. Jack Favilukis & David Kohn & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2012. "International Capital Flows and House Prices: Theory and Evidence," NBER Working Papers 17751, National Bureau of Economic Research, Inc.

    Cited by:

    1. Shen, Chung-Hua & Lee, Yen Hsien & Wu, Meng-Wen & Guo, Na, 2016. "Does housing boom lead to credit boom or is it the other way around? The case of China," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 349-367.
    2. Hristov, Nikolay & Hülsewig, Oliver & Wollmershäuser, Timo, 2019. "Capital flows in the euro area and TARGET2 balances," Discussion Papers 24/2019, Deutsche Bundesbank.
    3. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2019. "The U.S. Public Debt Valuation Puzzle," NBER Working Papers 26583, National Bureau of Economic Research, Inc.
    4. Pedro Gete, 2015. "Housing demands, savings gluts and current account dynamics," Globalization Institute Working Papers 221, Federal Reserve Bank of Dallas.
    5. Márcia Saraiva Leon, 2014. "International Capital Flows and Yields of Public Debt Bonds," Working Papers Series 345, Central Bank of Brazil, Research Department.
    6. Fernando Borraz & Gerardo Licandro & Jorge Ponce, 2012. "Precios de viviendas. una metodología para evaluar desvíos respecto a sus fundamentos," Documentos de trabajo 2012016, Banco Central del Uruguay.
    7. Heike Joebges & Sebastian Dullien & Alejandro Márquez-Velázquez, 2015. "What causes housing bubbles?," IMK Studies 43-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    8. Griffin, John M. & Kruger, Samuel & Mahajan, Prateek, 2026. "Did pandemic relief fraud inflate house prices?," Journal of Financial Economics, Elsevier, vol. 180(C).
    9. Chi Wei Su & Zhi-Feng Wang & Rui Nian & Yanping Zhao, 2017. "Does international capital flow lead to a housing boom? A time-varying evidence from China," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 26(7), pages 851-864, October.
    10. McGurk, Zachary, 2020. "US real estate inflation prediction: Exchange rates and net foreign assets," The Quarterly Review of Economics and Finance, Elsevier, vol. 75(C), pages 53-66.
    11. Joshua Aizenman & Yothin Jinjarak, 2013. "Real Estate Valuation, Current Account and Credit Growth Patterns, Before and After the 2008-9 Crisis," NBER Working Papers 19190, National Bureau of Economic Research, Inc.
    12. Shi, Yining, 2022. "Financial liberalization and house prices: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 145(C).
    13. Geerolf, François & Grjebine, Thomas, 2013. "House Prices Drive Current Accounts: Evidence from Property Tax Variations," CEPREMAP Working Papers (Docweb) 1315, CEPREMAP.
    14. Jorge Ponce, 2012. "Precio de fundamentos para las viviendas en Uruguay," Documentos de trabajo 2012017, Banco Central del Uruguay.
    15. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," Working Paper Series WP-2013-17, Federal Reserve Bank of Chicago.
    16. Bednarek, Peter & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2019. "Capital flows, real estate, and local cycles: Evidence from German cities, banks, and firms," Discussion Papers 45/2019, Deutsche Bundesbank.
    17. David C. Ling & Andy Naranjo & Benjamin Scheick, 2016. "Credit Availability and Asset Pricing Dynamics in Illiquid Markets: Evidence from Commercial Real Estate Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(7), pages 1321-1362, October.
    18. Choi, Chi-Young & Hansz, J. Andrew, 2021. "From banking integration to housing market integration - Evidence from the comovement of U.S. Metropolitan House Prices," Journal of Financial Stability, Elsevier, vol. 54(C).
    19. Peter Tillmann, 2012. "Capital Inflows and Asset Prices: Evidence from Emerging Asia," MAGKS Papers on Economics 201215, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    20. Badarinza, Cristian & Ramadorai, Tarun, 2018. "Home away from home? Foreign demand and London house prices," Journal of Financial Economics, Elsevier, vol. 130(3), pages 532-555.
    21. Hoffmann, Mathias & Stewen, Iryna, 2015. "Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation," HIT-REFINED Working Paper Series 27, Institute of Economic Research, Hitotsubashi University.
    22. Steven Laufer, 2014. "Equity Extraction and Mortgage Default," 2014 Meeting Papers 634, Society for Economic Dynamics.
    23. Sapci, Ayse & Vu, Nam, 2017. "Housing Wealth Reallocation Between Subprime and Prime Borrowers During Recessions," Working Papers 2017-03, Department of Economics, Colgate University, revised 19 Sep 2017.
    24. John Nana Francois, 2016. "Foreign Official Holdings of U.S Treasuries, Stock Effect and the Economy: A DSGE Approach," 2016 Papers pfr351, Job Market Papers.
    25. Ambrogio Cesa-Bianchi & Mr. Luis Felipe Céspedes & Mr. Alessandro Rebucci, 2015. "Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies," IMF Working Papers 2015/023, International Monetary Fund.
    26. G. Gaulier. & V. Vicard., 2012. "Current account imbalances in the euro area: competitiveness or demand shock?," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 27, pages 5-26, Autumn.
    27. Daisuke MIYAKAWA & Chihiro SHIMIZU & Iichiro UESUGI, 2019. "Geography and Realty Prices: Evidence from International Transaction-Level Data," Discussion papers 19011, Research Institute of Economy, Trade and Industry (RIETI).
    28. Hernández Vega Marco A., 2019. "How Relevant are Capital Flows for House Prices in Emerging Economies?," Working Papers 2019-19, Banco de México.
    29. Lane, Philip R. & McQuade, Peter, 2013. "Domestic credit growth and international capital flows," Working Paper Series 1566, European Central Bank.
    30. Banti, Chiara & Phylaktis, Kate, 2019. "Global liquidity, house prices and policy responses," Journal of Financial Stability, Elsevier, vol. 43(C), pages 79-96.
    31. Jack Favilukis & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2010. "The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium," NBER Working Papers 15988, National Bureau of Economic Research, Inc.
    32. Jane K. Dokko & Benjamin J. Keys & Lindsay E. Relihan, 2019. "Affordability, financial innovation and the start of the housing boom," CEP Discussion Papers dp1611, Centre for Economic Performance, LSE.
    33. Mansley, Nick & Tse, Tiffany Ching Man & Wang, Zilong, 2020. "Risk classification of Asian real estate funds and their performance," Pacific-Basin Finance Journal, Elsevier, vol. 63(C).
    34. Carolina Arteaga cabrales & Carlos Huertas Campos & Sergio Olarte Armenta, 2012. "Índice de Desbalance Macroeconómico," Borradores de Economia 744, Banco de la Republica de Colombia.
    35. Heike Joebges & Sebastian Dullien & Alejandro Márquez-Velázquez, 2015. "What causes housing bubbles? A theoretical and empirical inquiry," Competence Centre on Money, Trade, Finance and Development 1501, Hochschule fuer Technik und Wirtschaft, Berlin.
    36. Jack Favilukis & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2014. "Foreign Ownership of U.S. Safe Assets: Good or Bad?," NBER Working Papers 19917, National Bureau of Economic Research, Inc.
    37. Andrey Pavlov & Eva Steiner & Susan Wachter, 2015. "Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(1), pages 241-270, March.
    38. Huang, Jr-Tsung & Hwang, Yu-Ning & Lo, Kuang-Ta, 2014. "The Role of Foreign Direct Investment in Shanghai's Real Estate Price - Culprit or Scapegoat?," AGI Working Paper Series 2014-02, Asian Growth Research Institute.
    39. Engsted, Tom & Pedersen, Thomas Q., 2014. "Housing market volatility in the OECD area: Evidence from VAR based return decompositions," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 91-103.
    40. Orrego, Fabrizio, 2014. "Precios de viviendas en Lima," Working Papers 2014-008, Banco Central de Reserva del Perú.
    41. Yannick Timmer, 2015. "TARGET2 balances and the adjustment of capital flows in the Euro area," European Economic Letters, European Economics Letters Group, vol. 4(1), pages 15-19.
    42. Gete, Pedro & Tiernan, Natalie, 2014. "Lending Standards and Countercyclical Capital Requirements under Imperfect Information," MPRA Paper 54486, University Library of Munich, Germany.
    43. Hwee Kwan Chow & Taojun Xie, 2016. "Are House Prices Driven by Capital Flows? Evidence from Singapore," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-21, February.
    44. Matthew S. Yiu & Sahminan Sahminan, 2015. "Global Liquidity, Capital Inflows and House Prices in ASEAN Economies," Working Papers 142015, Hong Kong Institute for Monetary Research.
    45. Ghysels, Eric & Plazzi, Alberto & Valkanov, Rossen & Torous, Walter, 2013. "Forecasting Real Estate Prices," Handbook of Economic Forecasting, in: G. Elliott & C. Granger & A. Timmermann (ed.), Handbook of Economic Forecasting, edition 1, volume 2, chapter 0, pages 509-580, Elsevier.
    46. Itzhak Ben-David & Pascal Towbin & Sebastian Weber, 2019. "Inferring Expectations from Observables: Evidence from the Housing Market," NBER Working Papers 25702, National Bureau of Economic Research, Inc.
    47. Harold A. Vásquez Ruiz, 2017. "El efecto de los flujos de capitales en los precios de las viviendas: una estimación de datos de panel," Investigación Conjunta-Joint Research, in: Gerardo Licandro & Jorge Ponce (ed.), Precios de activos internos, fundamentos globales y estabilidad financiera, edition 1, volume 1, chapter 2, pages 15-78, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    48. Carolina Arteaga & Carlos Huertas Campos & Sergio Olarte Armenta, 2012. "�ndice de Desbalance Macroecon�mico," Borradores de Economia 10077, Banco de la Republica.
    49. Nektarios A. Michail & George Thucydides, 2019. "The impact of foreign demand on Cyprus house prices," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 13(2), pages 48-71, December.
    50. Atif R. Mian & Amir Sufi, 2018. "Finance and Business Cycles: The Credit-Driven Household Demand Channel," NBER Working Papers 24322, National Bureau of Economic Research, Inc.
    51. Chang, Yuk Ying & Anderson, Hamish & Shi, Song, 2018. "China and international housing price growth," China Economic Review, Elsevier, vol. 50(C), pages 294-312.
    52. Schüler, Yves S., 2018. "Detrending and financial cycle facts across G7 countries: mind a spurious medium term!," Working Paper Series 2138, European Central Bank.
    53. Joseph Fairchild & Jun Ma & Shu Wu, 2015. "Understanding Housing Market Volatility," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(7), pages 1309-1337, October.
    54. Carlos Garriga & Rodolfo E. Manuelli & Adrian Peralta-Alva, 2012. "A model of price swings in the housing market," Working Papers 2012-022, Federal Reserve Bank of St. Louis.
    55. Varadi, Alexandra, 2024. "Identifying the transmission channels of credit supply shocks to household debt: Price and non-price effects," European Economic Review, Elsevier, vol. 166(C).
    56. Zhengyang Jiang & Hanno Lustig & Mindy Xiaolan & Stijn Van Nieuwerburgh, 2019. "Government Risk Premium Puzzle," 2019 Meeting Papers 437, Society for Economic Dynamics.
    57. Stijn Van Nieuwerburgh, 2012. "The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(2), April.
    58. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    59. Josue Cox & Sydney C. Ludvigson, 2018. "Drivers of the Great Housing Boom-Bust: Credit Conditions, Beliefs, or Both?," NBER Working Papers 25285, National Bureau of Economic Research, Inc.
    60. Rita Yi Man Li & Herru Ching Yu Li, 2018. "Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong," Sustainability, MDPI, vol. 10(2), pages 1-19, January.
    61. Joshua Aizenman & Yothin Jinjarak, 2013. "Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 2008–2009 Crisis," ADBI Working Papers 429, Asian Development Bank Institute.

  45. Ralph S.J. Koijen & Stijn Van Nieuwerburgh, 2010. "Predictability of Returns and Cash Flows," NBER Working Papers 16648, National Bureau of Economic Research, Inc.

    Cited by:

    1. Andrei S. Gonçalves, 2021. "Reinvestment Risk and the Equity Term Structure," Journal of Finance, American Finance Association, vol. 76(5), pages 2153-2197, October.
    2. Jäckel, Christoph, 2013. "Model uncertainty and expected return proxies," MPRA Paper 51978, University Library of Munich, Germany.
    3. Yashiv, Eran, 2011. "The Joint Behavior of Hiring and Investment," CEPR Discussion Papers 8237, Centre for Economic Policy Research.
    4. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2024. "What Drives Variation in the U.S. Debt‐to‐Output Ratio? The Dogs that Did not Bark," Journal of Finance, American Finance Association, vol. 79(4), pages 2603-2665, August.
    5. Lutzenberger, Fabian T., 2014. "The predictability of aggregate returns on commodity futures," Review of Financial Economics, Elsevier, vol. 23(3), pages 120-130.
    6. Fabrice Collard & Sujoy Mukerji & Kevin Sheppard & Jean-Marc Tallon, 2011. "Ambiguity and the historical equity premium," Documents de travail du Centre d'Economie de la Sorbonne 11032rrr, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Apr 2016.
    7. Lawrenz, Jochen & Zorn, Josef, 2018. "Decomposing the predictive power of local and global financial valuation ratios," The Quarterly Review of Economics and Finance, Elsevier, vol. 70(C), pages 137-149.
    8. Moskowitz, Tobias J & Pedersen, Lasse Heje & Koijen, Ralph & Vrugt, Evert B., 2013. "Carry," CEPR Discussion Papers 9771, Centre for Economic Policy Research.
      • Koijen, Ralph S.J. & Moskowitz, Tobias J. & Pedersen, Lasse Heje & Vrugt, Evert B., 2018. "Carry," Journal of Financial Economics, Elsevier, vol. 127(2), pages 197-225.
      • Ralph S.J. Koijen & Tobias J. Moskowitz & Lasse Heje Pedersen & Evert B. Vrugt, 2013. "Carry," NBER Working Papers 19325, National Bureau of Economic Research, Inc.
    9. Cenedese, Gino & Mallucci, Enrico, 2015. "What moves international stock and bond markets?," LSE Research Online Documents on Economics 86296, London School of Economics and Political Science, LSE Library.
    10. Kraft, Holger & Munk, Claus & Weiss, Farina, 2019. "Predictors and portfolios over the life cycle," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 1-27.
    11. Pettenuzzo, Davide & Sabbatucci, Riccardo & Timmermann, Allan, 2019. "Cash Flow News and Stock Price Dynamics," CEPR Discussion Papers 14117, Centre for Economic Policy Research.
    12. Chun-Hao Chang & Julia Chou & Krishnan Dandapani, 2025. "Navigating the Trade-Offs: The Impact of Aggressive Working Capital Policies on Stock Return Volatility," JRFM, MDPI, vol. 18(3), pages 1-21, March.
    13. Valentin Haddad & Serhiy Kozak & Shrihari Santosh, 2017. "Predicting Relative Returns," NBER Working Papers 23886, National Bureau of Economic Research, Inc.
    14. Ricardo De la O & Sean Myers, 2018. "Subjective Cash Flows and Discount Rates," 2018 Meeting Papers 291, Society for Economic Dynamics.
    15. Smith, Simon C., 2021. "International stock return predictability," International Review of Financial Analysis, Elsevier, vol. 78(C).
    16. Krivenko, Pavel, 2023. "Asset prices in a labor search model with confidence shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
    17. Yaojie Zhang & Mengxi He & Zhikai Zhang, 2024. "Forecasting stock returns with industry volatility concentration," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(7), pages 2705-2730, November.
    18. Maio, Paulo & Xu, Danielle, 2020. "Cash-flow or return predictability at long horizons? The case of earnings yield," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 172-192.
    19. Mahtab Athari & Atsuyuki Naka & Abdullah Noman, 2025. "Forecasting stock returns with sum-of-the-parts methodology: international evidence," Journal of Asset Management, Palgrave Macmillan, vol. 26(1), pages 91-114, February.
    20. Yu, Deshui & Chen, Li, 2024. "Local predictability of stock returns and cash flows," Journal of Empirical Finance, Elsevier, vol. 77(C).
    21. Michael Weber, 2014. "Nominal Rigidities and Asset Pricing," 2014 Meeting Papers 53, Society for Economic Dynamics.
    22. Benjamin Golez & Peter Koudijs, 2014. "Four Centuries of Return Predictability," NBER Working Papers 20814, National Bureau of Economic Research, Inc.
    23. Davide Pettenuzzo & Riccardo Sabbatucci & Allan Timmermann, 2018. "High-frequency Cash Flow Dynamics," Working Papers 120, Brandeis School of Business and Economics.
    24. Dunbar, Kwamie & Owusu-Amoako, Johnson, 2023. "Role of hedging on crypto returns predictability: A new habit-based explanation," Finance Research Letters, Elsevier, vol. 55(PB).
    25. Yu, Deshui & Huang, Difang & Chen, Li & Li, Luyang, 2023. "Forecasting dividend growth: The role of adjusted earnings yield," Economic Modelling, Elsevier, vol. 120(C).
    26. Esteve, Vicente & Navarro-Ibáñez, Manuel & Prats, María A., 2020. "Stock prices, dividends, and structural changes in the long-term: The case of U.S," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    27. Golez, Benjamin & Koudijs, Peter, 2025. "Equity duration and predictability," Journal of Financial Economics, Elsevier, vol. 172(C).
    28. Koo, Bonsoo & Anderson, Heather M. & Seo, Myung Hwan & Yao, Wenying, 2020. "High-dimensional predictive regression in the presence of cointegration," Journal of Econometrics, Elsevier, vol. 219(2), pages 456-477.
    29. Zhu, Min & Chen, Rui & Du, Ke & Wang, You-Gan, 2018. "Dividend growth and equity premium predictability," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 125-137.
    30. Dunbar, Kwamie & Owusu-Amoako, Johnson, 2023. "Predictability of crypto returns: The impact of trading behavior," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
    31. Gonçalves, Andrei S., 2021. "The short duration premium," Journal of Financial Economics, Elsevier, vol. 141(3), pages 919-945.
    32. Shihao Gu & Bryan Kelly & Dacheng Xiu, 2018. "Empirical Asset Pricing via Machine Learning," NBER Working Papers 25398, National Bureau of Economic Research, Inc.
    33. Gonzalo, Jesús & Pitarakis, Jean-Yves, 2019. "Predictive Regressions," UC3M Working papers. Economics 28554, Universidad Carlos III de Madrid. Departamento de Economía.
    34. Martin Lettau & Sydney C. Ludvigson, 2013. "Shocks and Crashes," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 293-354, National Bureau of Economic Research, Inc.
    35. Ilaria Piatti & Fabio Trojani, 2020. "Dividend Growth Predictability and the Price–Dividend Ratio," Management Science, INFORMS, vol. 66(1), pages 130-158, January.
    36. Dickerson, Alexander & Julliard, Christian & Mueller, Philippe, 2026. "The co-pricing factor zoo," LSE Research Online Documents on Economics 138476, London School of Economics and Political Science, LSE Library.
    37. Geert Bekaert & Eric C. Engstrom & Nancy R. Xu, 2022. "The Time Variation in Risk Appetite and Uncertainty," Management Science, INFORMS, vol. 68(6), pages 3975-4004, June.
    38. Bollerslev, Tim & Xu, Lai & Zhou, Hao, 2015. "Stock return and cash flow predictability: The role of volatility risk," Journal of Econometrics, Elsevier, vol. 187(2), pages 458-471.
    39. Theo Berger, 2025. "On the information content of explainable artificial intelligence for quantitative approaches in finance," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 47(1), pages 177-203, March.
    40. Belo, Frederico & Yu, Jianfeng, 2013. "Government investment and the stock market," Journal of Monetary Economics, Elsevier, vol. 60(3), pages 325-339.
    41. Hamidi Sahneh, Mehdi, 2017. "News, Noise, and Tests of Present Value Models," MPRA Paper 82715, University Library of Munich, Germany.
    42. Li, Jun & Wang, Huijun & Yu, Jianfeng, 2021. "Aggregate expected investment growth and stock market returns," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 618-638.
    43. Boudoukh, Jacob & Israel, Ronen & Richardson, Matthew, 2022. "Biases in long-horizon predictive regressions," Journal of Financial Economics, Elsevier, vol. 145(3), pages 937-969.
    44. Golez, Benjamin & Koudijs, Peter, 2018. "Four centuries of return predictability," Journal of Financial Economics, Elsevier, vol. 127(2), pages 248-263.
    45. Kraft, Holger & Munk, Claus & Weiss, Farina, 2017. "Predictors and portfolios over the life cycle: Skill vs. luck," SAFE Working Paper Series 139, Leibniz Institute for Financial Research SAFE, revised 2017.
    46. Lawrenz, Jochen & Zorn, Josef, 2017. "Predicting international stock returns with conditional price-to-fundamental ratios," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 159-184.
    47. Qiang Kang, 2019. "Business-cycle pattern of asset returns: a general equilibrium explanation," Annals of Finance, Springer, vol. 15(4), pages 539-561, December.
    48. Gupta, Arpit & Mittal, Vrinda & Peeters, Jonas & Van Nieuwerburgh, Stijn, 2022. "Flattening the curve: Pandemic-Induced revaluation of urban real estate," Journal of Financial Economics, Elsevier, vol. 146(2), pages 594-636.
    49. Pedro Bordalo & Nicola Gennaioli & Rafael La Porta & Andrei Shleifer, 2020. "Belief Overreaction and Stock Market Puzzles," NBER Working Papers 27283, National Bureau of Economic Research, Inc.
    50. Ricardo Delao & Sean Myers, 2021. "Subjective Cash Flow and Discount Rate Expectations," Journal of Finance, American Finance Association, vol. 76(3), pages 1339-1387, June.
    51. Delao, Ricardo & Han, Xiao & Myers, Sean, 2025. "The return of return dominance: Decomposing the cross-section of prices," Journal of Financial Economics, Elsevier, vol. 169(C).
    52. Park, Jin Suk & Newaz, Mohammad Khaleq, 2021. "Liquidity and short-run predictability: Evidence from international stock markets," Global Finance Journal, Elsevier, vol. 50(C).
    53. Yashiv, Eran, 2012. "Frictions and the Joint Behavior of Hiring and Investment," IZA Discussion Papers 6636, IZA Network @ LISER.
    54. Liyu Dou, 2024. "Optimal HAR inference," Quantitative Economics, Econometric Society, vol. 15(4), pages 1107-1149, November.
    55. Lof, Matthijs & Nyberg, Henri, 2024. "Discount rates and cash flows: A local projection approach," Journal of Banking & Finance, Elsevier, vol. 162(C).
    56. Gupta, Arpit & Van Nieuwerburgh, Stijn & Kontokosta, Constantine, 2022. "Take the Q train: Value capture of public infrastructure projects," Journal of Urban Economics, Elsevier, vol. 129(C).
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    254. Davis, Morris A. & Oliner, Stephen D. & Peter, Tobias J. & Pinto, Edward J., 2020. "The Impact of Federal Housing Policy on Housing Demand and Homeownership: Evidence from a Quasi-Experiment," Journal of Housing Economics, Elsevier, vol. 48(C).
    255. Krivenko, Pavel, 2023. "The Role of Moving Shocks, Unemployment, and Policy in Understanding Housing Bust," Journal of Banking & Finance, Elsevier, vol. 154(C).
    256. Tom Cusbert, 2023. "The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment," RBA Research Discussion Papers rdp2023-01, Reserve Bank of Australia.
    257. Benjamin J. Keys & Tomasz Piskorski & Amit Seru & Vikrant Vig, 2012. "Mortgage Financing in the Housing Boom and Bust," NBER Chapters, in: Housing and the Financial Crisis, pages 143-204, National Bureau of Economic Research, Inc.
    258. Christopher L. Foote & Lara Loewenstein & Paul S. Willen, 2019. "Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications," Working Papers 19-19, Federal Reserve Bank of Cleveland.
    259. Mr. Tobias Adrian & Andrea Deghi & Mitsuru Katagiri & Mr. Sohaib Shahid & Nico Valckx, 2020. "Predicting Downside Risks to House Prices and Macro-Financial Stability," IMF Working Papers 2020/011, International Monetary Fund.
    260. Jeremy Gabe & Spenser Robinson & Andrew Sanderford, 2022. "Willingness to Pay for Attributes of Location Efficiency," The Journal of Real Estate Finance and Economics, Springer, vol. 65(3), pages 384-418, October.
    261. Erlend Eide Bø, 2026. "Buy to Let: The Role of Rental Investors in Housing Booms," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(2), pages 657-696, May.
    262. Bahadir, Berrak & Gumus, Inci & Schaffer, Matthew, 2024. "Does relaxing household credit constraints hurt small business lending? Evidence from a policy change in Texas," Journal of Corporate Finance, Elsevier, vol. 89(C).
    263. Charles Ka Yui Leung & (single author only), 2021. "Handbook of Real Estate and Macroeconomics: An Introduction," ISER Discussion Paper 1137, Institute of Social and Economic Research, The University of Osaka.
    264. Ayşe İmrohoroğlu & Kyle Matoba & Şelale Tüzel, 2018. "Proposition 13: An Equilibrium Analysis," American Economic Journal: Macroeconomics, American Economic Association, vol. 10(2), pages 24-51, April.
    265. Callum Jones & Virgiliu Midrigan & Thomas Philippon, 2022. "Household Leverage and the Recession," Econometrica, Econometric Society, vol. 90(5), pages 2471-2505, September.
    266. Akgündüz, Yusuf Emre & Dursun-de Neef, H. Özlem & Hacihasanoğlu, Yavuz Selim & Yılmaz, Fatih, 2023. "Cost of credit, mortgage demand and house prices," Journal of Banking & Finance, Elsevier, vol. 154(C).
    267. Chambers, David & Spaenjers, Christophe & Steiner, Eva, 2021. "The Rate of Return on Real Estate: Long-Run Micro-Level Evidence," CEPR Discussion Papers 15657, Centre for Economic Policy Research.

  47. Stijn Van Nieuwerburgh & Motohiro Yogo & Ralph S.J. Koijen, 2009. "Optimal Health and Longevity Insurance," 2009 Meeting Papers 185, Society for Economic Dynamics.

    Cited by:

    1. Yoo, Sunbin & Kawabata, Yuta & Kumagai, Junya & Keeley, Alexander & Managi, Shunsuke, 2021. "Insuring Well-being: Psychological Adaptation to Disasters," MPRA Paper 107632, University Library of Munich, Germany.
    2. Ralph S. J. Koijen & Motohiro Yogo, 2014. "Shadow Insurance," Staff Report 505, Federal Reserve Bank of Minneapolis.
    3. Previtero, Alessandro, 2014. "Stock market returns and annuitization," Journal of Financial Economics, Elsevier, vol. 113(2), pages 202-214.
    4. Ralph Koijen & Tomas Philipson & Harald Uhlig, 2014. "Financial Health Economics," NBER Working Papers 20075, National Bureau of Economic Research, Inc.
    5. Luca Benzoni & Olena Chyruk, 2013. "Human Capital and Long-Run Labor Income Risk," Working Paper Series WP-2013-16, Federal Reserve Bank of Chicago.
    6. Kraft, Holger & Schendel, Lorenz S. & Steffensen, Mogens, 2014. "Life insurance demand under health shock risk," SAFE Working Paper Series 40, Leibniz Institute for Financial Research SAFE.

  48. Marcin Kacperczyk & Stijn Van Nieuwerburgh & Laura Veldkamp, 2009. "Rational Attention Allocation Over the Business Cycle," NBER Working Papers 15450, National Bureau of Economic Research, Inc.

    Cited by:

    1. Chang, Kuang Liang & Chen, Nan Kuang & Leung, Charles Ka Yui, 2011. "The Dynamics of Housing Returns in Singapore: How Important are the International Transmission Mechanisms?," MPRA Paper 32255, University Library of Munich, Germany.
    2. Omneya Abdelsalam & Meryem Duygun & Juan Carlos Matallín-Sáez & Emili Tortosa-Ausina, 2014. "Is Ethical Money Sensitive to Past Returns? The Case of Portfolio Constraints and Persistence of Islamic and Socially Responsible Funds," Working Papers 2014/19, Economics Department, Universitat Jaume I, Castellón (Spain).
    3. Maćkowiak, Bartosz & Wiederholt, Mirko, 2011. "Business cycle dynamics under rational inattention," Working Paper Series 1331, European Central Bank.
    4. Daniele Pennesi, 2015. "Costly information acquisition and the temporal resolution of uncertainty," Thema Working Papers 2015-01, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    5. Marcin Kacperczyk & Stijn Van Nieuwerburgh & Laura Veldkamp, 2011. "Time-Varying Fund Manager Skill," NBER Working Papers 17615, National Bureau of Economic Research, Inc.
    6. Juan Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2016. "Ethical strategy focus and mutual fund management: performance and persistence," Working Papers 2016/01, Economics Department, Universitat Jaume I, Castellón (Spain).
    7. Omneya Abdelsalam & Meryem Duygun & Juan Carlos Matallín-Sáez & Emili Tortosa-Ausina, 2017. "Is Ethical Money Sensitive to Past Returns? The Case of Portfolio Constraints and Persistence in Islamic Funds," Journal of Financial Services Research, Springer;Western Finance Association, vol. 51(3), pages 363-384, June.
    8. Kuhnen, Camelia M., 2012. "Asymmetric learning from financial information," MPRA Paper 39412, University Library of Munich, Germany.
    9. Ma, Yong & Zhou, Mingtao & Li, Shuaibing, 2024. "Weathering market swings: Does climate risk matter for agricultural commodity price predictability?," Journal of Commodity Markets, Elsevier, vol. 36(C).
    10. Vegard Høghaug Larsen & Leif Anders Thorsrud, 2022. "Asset returns, news topics, and media effects," Scandinavian Journal of Economics, Wiley Blackwell, vol. 124(3), pages 838-868, July.
    11. Keyi Zhang & Ramazan Gençay, 2019. "Mutual Fund Performance In Developing And Advanced World Networks," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(02), pages 399-421, March.
    12. Nina Boyarchenko, 2012. "Information acquisition and financial intermediation," Staff Reports 571, Federal Reserve Bank of New York.
    13. Agarwal, Vikas & Gómez, Juan-Pedro & Priestley, Richard, 2011. "Management compensation and market timing under portfolio constraints," CFR Working Papers 11-16, University of Cologne, Centre for Financial Research (CFR).
    14. Kaniel, Ron & Kondor, Péter, 2011. "The delegated Lucas tree," CEPR Discussion Papers 8578, Centre for Economic Policy Research.
    15. Mackowiak, Bartosz & Wiederholt, Mirko, 2011. "Inattention to Rare Events," CEPR Discussion Papers 8626, Centre for Economic Policy Research.
    16. Marcin Kacperczyk & Philipp Schnabl, 2010. "When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007-2009," Journal of Economic Perspectives, American Economic Association, vol. 24(1), pages 29-50, Winter.

  49. Hanno Lustig & Chad Syverson & Stijn Van Nieuwerburgh, 2009. "Technological Change and the Growing Inequality in Managerial Compensation," NBER Working Papers 14661, National Bureau of Economic Research, Inc.

    Cited by:

    1. Winston Wei Dou & Yan Ji & David Reibstein & Wei Wu, 2021. "Inalienable Customer Capital, Corporate Liquidity, and Stock Returns," Journal of Finance, American Finance Association, vol. 76(1), pages 211-265, February.
    2. Francis, Bill & Mani, Suresh Babu & Sharma, Zenu & Wu, Qiang, 2021. "The impact of organization capital on firm innovation," Journal of Financial Stability, Elsevier, vol. 53(C).
    3. Döttling, Robin & Ladika, Tomislav & Perotti, Enrico, 2018. "The (Self-) Funding of Intangibles," CEPR Discussion Papers 12618, Centre for Economic Policy Research.
    4. Jason Sandvik & Richard Saouma & Nathan Seegert & Christopher Stanton, 2018. "Analyzing the Aftermath of a Compensation Reduction," NBER Working Papers 25135, National Bureau of Economic Research, Inc.
    5. Geoffrey Tate & Liu Yang, 2013. "The Bright Side Of Corporate Diversification: Evidence From Internal Labor Markets," Working Papers 13-40, Center for Economic Studies, U.S. Census Bureau.
    6. William F. Maloney & AndrÔøΩs Zambrano, 2022. "Learning to learn: Experimentation, entrepreneurial capital, and development," Documentos CEDE 19940, Universidad de los Andes, Facultad de Economía, CEDE.
    7. Hengjie Ai & Dana Kiku & Rui Li & Jincheng Tong, 2021. "A Unified Model of Firm Dynamics with Limited Commitment and Assortative Matching," Journal of Finance, American Finance Association, vol. 76(1), pages 317-356, February.
    8. Sergio Rebelo & Neng Wang & Jinqiang Yang, 2022. "Rare Disasters, Financial Development, and Sovereign Debt," Journal of Finance, American Finance Association, vol. 77(5), pages 2719-2764, October.
    9. Patrick Bolton & Neng Wang & Jinqiang Yang, 2015. "Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital," NBER Working Papers 20979, National Bureau of Economic Research, Inc.
    10. Alev Yildirim & Linda Allen, 2021. "Measuring systematic risk from managerial organization capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 2049-2072, October.
    11. Fu, Fangjian & Huang, Sheng & Wang, Rong, 2022. "Why Do U.S. Firms Invest Less over Time?," Journal of Empirical Finance, Elsevier, vol. 69(C), pages 15-42.
    12. Heo, Yuna & Rhee, S. Ghon, 2025. "Natural disasters and the real effect of skilled labor mobility," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    13. Carola Frydman & Dimitris Papanikolaou, 2015. "In Search of Ideas: Technological Innovation and Executive Pay Inequality," NBER Working Papers 21795, National Bureau of Economic Research, Inc.
    14. Lagakos, David & Ordoñez, Guillermo L., 2011. "Which workers get insurance within the firm?," Journal of Monetary Economics, Elsevier, vol. 58(6), pages 632-645.
    15. Barney Hartman-Glaser & Hanno Lustig & Mindy Z. Xiaolan, 2016. "Capital Share Dynamics When Firms Insure Workers," NBER Working Papers 22651, National Bureau of Economic Research, Inc.
    16. Yue Qiu & Tracy Yue Wang, 2021. "Skilled Labor Risk and Corporate Policies [The growth of low skill service jobs and the polarization of the U.S. labor market]," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 10(3), pages 437-472.
    17. Tongxia Li & Chun Lu & Lei Xu, 2024. "The impact of organisation capital on inventory efficiency," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3751-3779, December.
    18. Menno, Dominik, 2014. "Multinational Firms and Business Cycle Transmission," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100320, Verein für Socialpolitik / German Economic Association.
    19. Yuxiao Qu & Adrian (Wai Kong) Cheung, 2023. "Organization capital and green innovation: Evidence from China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 3043-3062, November.
    20. Xiaoji Lin & Frederico Belo, 2014. "Labor Heterogeneity and Asset Prices: the Importance of Skilled Labor," 2014 Meeting Papers 1231, Society for Economic Dynamics.
    21. Ran Gu, 2023. "Human Capital and the Business Cycle Effects on the Postgraduate Wage Premium," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 48, pages 345-376, April.
    22. Eisfeldt, Andrea L. & Kuhnen, Camelia M., 2013. "CEO turnover in a competitive assignment framework," Journal of Financial Economics, Elsevier, vol. 109(2), pages 351-372.
    23. Chen, Yuchen & Li, Xuelin & Thakor, Richard T. & Ward, Colin, 2026. "Appropriated growth," Journal of Financial Economics, Elsevier, vol. 176(C).
    24. Herskovic, Bernard & Kelly, Bryan & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2016. "The common factor in idiosyncratic volatility: Quantitative asset pricing implications," Journal of Financial Economics, Elsevier, vol. 119(2), pages 249-283.
    25. Sun, Qi & Xiaolan, Mindy Z., 2019. "Financing intangible capital," Journal of Financial Economics, Elsevier, vol. 133(3), pages 564-588.
    26. Fafaliou, Irene & Konstantios, Dimitrios & Giaka, Maria & Polemis, Michael, 2024. "Does innovation drive corporate sustainability performance?," MPRA Paper 122576, University Library of Munich, Germany.
    27. Edmond, Chris & Veldkamp, Laura, 2009. "Income dispersion and counter-cyclical markups," Journal of Monetary Economics, Elsevier, vol. 56(6), pages 791-804, September.
    28. Heggedal, Tom-Reiel & Moen, Espen R. & Preugschat, Edgar, 2017. "Productivity spillovers through labor mobility in search equilibrium," Journal of Economic Theory, Elsevier, vol. 169(C), pages 551-602.
    29. Zheng, Chen & Sun, Zhiyue, 2025. "Organisation capital: A key asset for mitigating firm-level climate change exposure," Journal of Contemporary Accounting and Economics, Elsevier, vol. 21(3).
    30. Bae, Jaewan & Kang, Jangkoo, 2023. "Human capital quality and stock returns," Journal of Banking & Finance, Elsevier, vol. 152(C).
    31. Geoffrey Tate & Liu Yang, 2015. "The Human Factor in Acquisitions: Cross-Industry Labor Mobility and Corporate Diversification," Working Papers 15-31, Center for Economic Studies, U.S. Census Bureau.
    32. Fafaliou, Irene & Giaka, Maria & Konstantios, Dimitrios & Polemis, Michael, 2020. "Revisiting the sustainability-innovation nexus: Lessons learned from the US," MPRA Paper 99834, University Library of Munich, Germany.
    33. Gao, Mingze & Leung, Henry & Qiu, Buhui, 2021. "Organization capital and executive performance incentives," Journal of Banking & Finance, Elsevier, vol. 123(C).
    34. Dongya Koh & Raül Santaeulàlia‐Llopis & Yu Zheng, 2020. "Labor Share Decline and Intellectual Property Products Capital," Econometrica, Econometric Society, vol. 88(6), pages 2609-2628, November.
    35. Mindy X. Zhang & Qi Sun, 2016. "Financing Intangible Capital," 2016 Meeting Papers 230, Society for Economic Dynamics.
    36. Gu, Ran, 2019. "Specific Human Capital and Real Wage Cyclicality: An Application to Postgraduate Wage Premium," MPRA Paper 98027, University Library of Munich, Germany.
    37. Xiaolan Zhang, 2014. "Who Bears Firm-Level Risk? Implications for Cash Flow Volatility," 2014 Meeting Papers 184, Society for Economic Dynamics.
    38. Tang, Haobo & Zhang, Huan & Guan, Yuzhen & Wang, Hexuan, 2024. "Is human capital risk lower in state-owned enterprises? — A textual analysis based on China's listed company annual reports," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
    39. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    40. Lin, Xiaoji & Palazzo, Berardino & Yang, Fan, 2020. "The risks of old capital age: Asset pricing implications of technology adoption," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 145-161.
    41. Dong, Feng & Doukas, John A., 2021. "Managerial ability premium factor and fund performance," Journal of International Money and Finance, Elsevier, vol. 113(C).
    42. Bae, Jaewan & Kim, Donggyu & Kwon, Kyung Yoon, 2025. "Intrafirm inventor network integration and cross-sectional stock returns," Research in International Business and Finance, Elsevier, vol. 78(C).
    43. Na, Ke, 2020. "CEOs’ outside opportunities and relative performance evaluation: evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 137(3), pages 679-700.
    44. Ward, Colin, 2020. "Is the IT revolution over? An asset pricing view," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 283-316.
    45. Schymik, Jan, 2017. "Earnings Inequality and the Global Division of Labor: Evidence from the Executive Labor Market," Discussion Papers in Economics 38385, University of Munich, Department of Economics.
    46. Kim, Hyun-Dong & Park, Kwangwoo & Song, Kyojik Roy, 2021. "Organization capital and analysts’ forecasts," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 762-778.
    47. Ai, Hengjie & Li, Rui, 2015. "Investment and CEO compensation under limited commitment," Journal of Financial Economics, Elsevier, vol. 116(3), pages 452-472.

  50. Stijn Van Nieuwerburgh & Laura Veldkamp, 2008. "Information Acquisition and Under-Diversification," NBER Working Papers 13904, National Bureau of Economic Research, Inc.

    Cited by:

    1. Carpio, Ronaldo & Guo, Meixin & Liu, Yuan & Pyun, Ju Hyun, 2021. "Wealth heterogeneity, information acquisition and equity home bias: Evidence from U.S. household surveys of consumer finance," Journal of Banking & Finance, Elsevier, vol. 126(C).
    2. Turan G. Bali & Nusret Cakici & Robert F. Whitelaw, 2013. "Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?," NBER Working Papers 19460, National Bureau of Economic Research, Inc.
    3. Marianne Andries & Milo Bianchi & Karen Huynh & Sébastien Pouget, 2024. "Return Predictability, Expectations, and Investment: Experimental Evidence," Post-Print hal-04680777, HAL.
    4. Nicolae B. Gârleanu & Lasse H. Pedersen, 2015. "Efficiently Inefficient Markets for Assets and Asset Management," NBER Working Papers 21563, National Bureau of Economic Research, Inc.
    5. Roberto Piazza, 2010. "Financial innovation and risk: the role of information," Temi di discussione (Economic working papers) 759, Bank of Italy, Economic Research and International Relations Area.
    6. Li, Shasha & Yang, Biao, 2024. "Green Investing, Information Asymmetry, and Capital Structure," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302416, Verein für Socialpolitik / German Economic Association.
    7. Karen K. Lewis, 2011. "Global Asset Pricing," NBER Working Papers 17261, National Bureau of Economic Research, Inc.
    8. Luo, Yulei, 2015. "Robustly Strategic Consumption-Portfolio Rules with Informational Frictions," MPRA Paper 64312, University Library of Munich, Germany.
    9. Eichler, Stefan, 2012. "Equity home bias and corporate disclosure," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1008-1032.
    10. Nicholas Reinholtz & Philip M. Fernbach & Bart de Langhe, 2021. "Do People Understand the Benefit of Diversification?," Management Science, INFORMS, vol. 67(12), pages 7322-7343, December.
    11. Minton, Bernadette A. & Schrand, Catherine, 2016. "Institutional investments in pure play stocks and implications for hedging decisions," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 132-151.
    12. Ying, Jie, 2024. "Gradual information diffusion across commonly owned firms," Journal of Financial Economics, Elsevier, vol. 156(C).
    13. Deng, Chao & Li, Shiyu & Hong, Yun, 2024. "When local and foreign investors meet the Chinese government's risk perception about COVID-19," Journal of Multinational Financial Management, Elsevier, vol. 74(C).
    14. Jianjun Miao & Dongling Su, 2023. "Asset market equilibrium under rational inattention," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(1), pages 1-30, January.
    15. Illeditsch, PK & Ganguli, J & Condie, S, 2015. "Information Inertia," Economics Discussion Papers 15615, University of Essex, Department of Economics.
    16. Arrondel, Luc & Calvo Pardo, Héctor & Giannitsarou, Chryssi & Haliassos, Michael, 2020. "Informative Social Interactions," CEPR Discussion Papers 14840, Centre for Economic Policy Research.
    17. Chollete, Lorán & de la Peña, Victor & Lu, Ching-Chih, 2012. "International diversification: An extreme value approach," Journal of Banking & Finance, Elsevier, vol. 36(3), pages 871-885.
    18. Po-Keng Cheng & Young Shin Kim, 2017. "Speculative bubbles and crashes： Fundamentalists and positive‐feedback trading," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1381370-138, January.
    19. Marcin Kacperczyk & Jaromir B. Nosal & Luminita Stevens, 2014. "Investor Sophistication and Capital Income Inequality," NBER Working Papers 20246, National Bureau of Economic Research, Inc.
    20. Nicolas Coeurdacier & Hélène Rey, 2013. "Home Bias in Open Economy Financial Macroeconomics," Journal of Economic Literature, American Economic Association, vol. 51(1), pages 63-115, March.
    21. Lang, Gunnar & Shen, Yu & Xu, Xian, 2014. "Chinese pension fund investment efficiency: Evidence from CNCSSF stock holdings," ZEW Discussion Papers 14-007, ZEW - Leibniz Centre for European Economic Research.
    22. Chollete, Loran, 2011. "A Model of Endogenous Extreme Events," UiS Working Papers in Economics and Finance 2012/2, University of Stavanger.
    23. Garavito, Fabian, 2009. "Organizational diseconomies in the mutual fund industry," LSE Research Online Documents on Economics 29302, London School of Economics and Political Science, LSE Library.
    24. Guiso, Luigi, 2012. "Household Finance: An Emerging Field," CEPR Discussion Papers 8934, Centre for Economic Policy Research.
    25. Yuyun Huang & Yuan George Shan & Joey W Yang, 2021. "Information processing costs and stock price informativeness: Evidence from the XBRL mandate," Australian Journal of Management, Australian School of Business, vol. 46(1), pages 110-131, February.
    26. Emanuele Bacchiocchi & Catalin Dragomirescu-Gaina, 2022. "Uncertainty spill-overs: when policy and financial realms overlap," Working Papers wp1174, Dipartimento Scienze Economiche, Universita' di Bologna.
    27. Yin, Penghui, 2021. "Optimal attention and heterogeneous precautionary saving behavior," Journal of Economic Dynamics and Control, Elsevier, vol. 131(C).
    28. Matějka, Filip, 2015. "Rigid pricing and rationally inattentive consumer," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 656-678.
    29. Yulei Luo & Eric R. Young, 2014. "Signal Extraction And Rational Inattention," Economic Inquiry, Western Economic Association International, vol. 52(2), pages 811-829, April.
    30. Hvide, Hans K. & Nielsen, Kasper Meisner, 2026. "Flying below the radar: Insider trading by executives below the top," Journal of Financial Economics, Elsevier, vol. 181(C).
    31. Luigi Guiso & Tullio Jappelli, 2009. "Financial Literacy and Portfolio Diversification," CSEF Working Papers 212, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    32. Chen, Heng & Luo, Yulei & Pei, Guangyu, 2015. "Attention Misallocation, Social Welfare and Policy Implications," MPRA Paper 63828, University Library of Munich, Germany.
    33. Du, Kai & Song, Jinyuan, 2022. "The impact of geotargeting on household information acquisition: Evidence from a Google News redesign," Research Policy, Elsevier, vol. 51(10).
    34. Bartosz Maćkowiak & Filip Matějka & Mirko Wiederholt, 2023. "Rational Inattention: A Review," Sciences Po Economics Publications (main) hal-03878692, HAL.
    35. Luo, Yulei & Qu, Lijuan & Wang, Gaowang, 2026. "Optimal Monetary Policy under Rational Inattention and a Cost Channel," MPRA Paper 128958, University Library of Munich, Germany.
    36. Rizova, Savina, 2013. "Trade momentum," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 24(C), pages 258-293.
    37. Dai, Liang, 2018. "Asset bundling and information acquisition of investors with different expertise," Journal of Economic Theory, Elsevier, vol. 175(C), pages 447-490.
    38. Umar, Tarik, 2022. "Complexity aversion when SeekingAlpha," Journal of Accounting and Economics, Elsevier, vol. 73(2).
    39. Altantsetseg Batchuluun & Yulei Luo & Eric R. Young, 2019. "Portfolio Choice with Information-Processing Limits," Annals of Economics and Finance, Society for AEF, vol. 20(1), pages 137-162, May.
    40. Nimark, Kristoffer P. & Pitschner, Stefan, 2019. "News media and delegated information choice," Journal of Economic Theory, Elsevier, vol. 181(C), pages 160-196.
    41. Cai, Zhifeng & Dong, Feng, 2023. "Public disclosure and private information acquisition: A global game approach," Journal of Economic Theory, Elsevier, vol. 210(C).
    42. de Oliveira Souza, Thiago, 2014. "Discount rates, market frictions, and the mystery of the size premium," Discussion Papers on Economics 15/2014, University of Southern Denmark, Department of Economics.
    43. Tipoe, Eileen, 2021. "Price inattention: A revealed preference characterisation," European Economic Review, Elsevier, vol. 134(C).
    44. Chen, Yan & He, YingHua, 2021. "Information acquisition and provision in school choice: An experimental study," Journal of Economic Theory, Elsevier, vol. 197(C).
    45. Luo, Yulei & Young, Eric R., 2016. "Induced uncertainty, market price of risk, and the dynamics of consumption and wealth," Journal of Economic Theory, Elsevier, vol. 163(C), pages 1-41.
    46. Nicolae Gârleanu & Stavros Panageas & Jianfeng Yu, 2016. "Impediments to Financial Trade: Theory and Applications," NBER Working Papers 22697, National Bureau of Economic Research, Inc.
    47. Bortolan, Leonardo & Dey, Atreya & Taschini, Luca, 2024. "Volatile temperatures and their effects on equity returns and firm performance," LSE Research Online Documents on Economics 128521, London School of Economics and Political Science, LSE Library.
    48. Dyer, Travis A., 2021. "The demand for public information by local and nonlocal investors: Evidence from investor-level data," Journal of Accounting and Economics, Elsevier, vol. 72(1).
    49. Fernanda Nechio, 2010. "Foreign stock holdings: the role of information," Working Paper Series 2010-26, Federal Reserve Bank of San Francisco.
    50. Olivier Le Courtois, 2022. "On the Diversification of Fixed Income Assets," Risks, MDPI, vol. 10(2), pages 1-21, February.
    51. Drummond, Philip A., 2023. "Market quality surrounding anticipated distraction events: Evidence from the FIFA World Cup," Journal of Financial Markets, Elsevier, vol. 63(C).
    52. Leonardo Bortolan & Atreya Dey & Luca Taschini, 2024. "Volatile Temperatures and Their Effects on Equity Returns and Firm Performance," CESifo Working Paper Series 11438, CESifo.
    53. Eduard Gaar & David Scherer & Dirk Schiereck, 2022. "The home bias and the local bias: A survey," Management Review Quarterly, Springer, vol. 72(1), pages 21-57, February.
    54. Lee, Charles M.C. & Ma, Paul & Wang, Charles C.Y., 2015. "Search-based peer firms: Aggregating investor perceptions through internet co-searches," Journal of Financial Economics, Elsevier, vol. 116(2), pages 410-431.
    55. Alan Crane & Kevin Crotty & Tarik Umar, 2023. "Hedge Funds and Public Information Acquisition," Management Science, INFORMS, vol. 69(6), pages 3241-3262, June.
    56. Daniel Barth, 2018. "The Costs and Beliefs Implied by Direct Stock Ownership," Management Science, INFORMS, vol. 64(11), pages 5263-5288, November.
    57. Mackowiak, Bartosz & Wiederholt, Mirko, 2007. "Optimal Sticky Prices under Rational Inattention," CEPR Discussion Papers 6243, Centre for Economic Policy Research.
    58. Hutschenreiter, Dennis, 2026. "Common ownership, tacit know-how, and the market for technology," IWH Discussion Papers 3/2026, Halle Institute for Economic Research (IWH).
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    203. Bing Han & Liyan Yang, 2013. "Social Networks, Information Acquisition, and Asset Prices," Management Science, INFORMS, vol. 59(6), pages 1444-1457, June.
    204. Jiang, Hao & Ma, Yong & Wang, Tianyang, 2025. "Too many irons in the fire: The impact of limited institutional attention on market microstructure and efficiency," Journal of Financial Markets, Elsevier, vol. 73(C).
    205. Mishra, Anil V. & Anwar, Sajid, 2026. "Exploring the cost of home bias in international equity investment," International Review of Economics & Finance, Elsevier, vol. 106(C).
    206. Andrei, Daniel & Friedman, Henry & Ozel, N. Bugra, 2023. "Economic uncertainty and investor attention," Journal of Financial Economics, Elsevier, vol. 149(2), pages 179-217.
    207. Florian Mudekereza, 2026. "Constraint Preferences: Inattention and Aggregation," Papers 2606.11600, arXiv.org, revised Sep 2026.
    208. Charles Dupont & Debraj Roy, 2024. "Emergent poverty traps and inequality at multiple levels impedes social mobility," Papers 2412.17822, arXiv.org.
    209. Peter Cziraki & Jordi Mondria & Thomas Wu, 2021. "Asymmetric Attention and Stock Returns," Management Science, INFORMS, vol. 67(1), pages 48-71, January.
    210. Warkulat, Sonja & Pelster, Matthias, 2024. "Social media attention and retail investor behavior: Evidence from r/wallstreetbets," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    211. Odegaard, Bernt Arne, 2017. "Is Household Diversification Increasing in Wealth? Norwegian Evidence," UiS Working Papers in Economics and Finance 2017/7, University of Stavanger.
    212. Savitar Sundaresan & Jaromir Nosal & Marcin Kacperczyk, 2017. "Market Power and Informational Efficiency," 2017 Meeting Papers 356, Society for Economic Dynamics.
    213. Bai, John Jianqiu & Tang, Yuehua & Wan, Chi & Yüksel, H. Zafer, 2022. "Fund manager skill in an era of globalization: Offshore concentration and fund performance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 18-40.
    214. Yan Chen & YingHua He, 2022. "Information acquisition and provision in school choice: a theoretical investigation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(1), pages 293-327, July.
    215. Petrakis, Ioannis, 2026. "Networks, knowledge, and nudges: Determinants of retail investor compliance," Journal of Behavioral and Experimental Finance, Elsevier, vol. 50(C).
    216. Mihet, Roxana & Rishabh, Kumar & Gomes, Orlando, 2026. "Is it AI or data that drives firm market power?," Journal of Monetary Economics, Elsevier, vol. 157(C).
    217. Do, Hung X. & Nguyen, Nhut H. & Nguyen, Quan M.P. & Nguyen, Thach V.H. & Truong, Cameron, 2024. "When Hollywood movies steal the show, stock returns dance more with the market!," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    218. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
    219. Desheng, Liu & Li, Mingsheng & Wang, Xinran & Wang, Ying, 2025. "Fading familiarity: High-speed rail and the decline in retail investors' attention to local firms," Journal of Financial Stability, Elsevier, vol. 81(C).
    220. Avdiu, Besart & Gruhle, Tobias, 2018. "Contagion and information frictions in emerging markets: the role of joint signals," MPRA Paper 84872, University Library of Munich, Germany.
    221. Huang, Xing, 2019. "Mark Twain’s Cat: Investment experience, categorical thinking, and stock selection," Journal of Financial Economics, Elsevier, vol. 131(2), pages 404-432.
    222. Yun Gao & Kenichi Ueda, 2025. "Loan Screening under Symmetrically Imperfect Information," CARF F-Series CARF-F-614, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    223. Kim, Donghan & Kim, Hyun-Dong & Joe, Denis Yongmin & Oh, Ji Yeol Jimmy, 2021. "Institutional investor heterogeneity and market price dynamics: Evidence from investment horizon and portfolio concentration," Journal of Financial Markets, Elsevier, vol. 54(C).
    224. Zhi Da & Jian Hua & Tim Chih-Ching Hung & Lin Peng, 2025. "Market Returns and a Tale of Two Types of Attention," Management Science, INFORMS, vol. 71(12), pages 10505-10537, December.
    225. Huang, Shiyang & Huang, Yulin & Lin, Tse-Chun, 2019. "Attention allocation and return co-movement: Evidence from repeated natural experiments," Journal of Financial Economics, Elsevier, vol. 132(2), pages 369-383.
    226. Li, Shasha & Yang, Biao, 2023. "Green investing, information asymmetry, and capital structure," IWH Discussion Papers 20/2023, Halle Institute for Economic Research (IWH).
    227. Galanis, Spyros, 2018. "Financial complexity and trade," Games and Economic Behavior, Elsevier, vol. 112(C), pages 219-230.
    228. Xia Han & Liyuan Lin & Ruodu Wang, 2022. "Diversification quotients: Quantifying diversification via risk measures," Papers 2206.13679, arXiv.org, revised Jul 2024.
    229. Mr. Roberto Piazza, 2010. "Financial Innovation and Risk, the Role of Information," IMF Working Papers 2010/266, International Monetary Fund.
    230. Brockman, Paul & Guo, Tao & Vivero, Maria Gabriela & Yu, Wayne, 2022. "Is idiosyncratic risk priced? The international evidence," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 121-136.
    231. Avramov, Doron & Cheng, Si & Tarelli, Andrea, 2026. "Active fund management when ESG matters," Journal of Banking & Finance, Elsevier, vol. 182(C).
    232. Pástor, Luboš & Stambaugh, Robert F. & Taylor, Lucian, 2017. "Portfolio Liquidity and Diversification: Theory and Evidence," CEPR Discussion Papers 12195, Centre for Economic Policy Research.
    233. Manela, Asaf, 2014. "The value of diffusing information," Journal of Financial Economics, Elsevier, vol. 111(1), pages 181-199.
    234. Mark Fedenia & Sherrill Shaffer & Hilla Skiba, 2012. "Information Immobility, Industry Concentration, and Institutional Investors' Performance," CAMA Working Papers 2012-24, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    235. Nezafat, Mahdi & Schroder, Mark & Wang, Qinghai, 2017. "Short-sale constraints, information acquisition, and asset prices," Journal of Economic Theory, Elsevier, vol. 172(C), pages 273-312.
    236. Xia Han & Liyuan Lin & Ruodu Wang, 2025. "Diversification Quotients: Quantifying Diversification via Risk Measures," Management Science, INFORMS, vol. 71(9), pages 7990-8006, September.
    237. Lubos Pastor & Pietro Veronesi, 2009. "Learning in Financial Markets," NBER Working Papers 14646, National Bureau of Economic Research, Inc.
    238. Alisdair McKay & Filip Matejka, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," Boston University - Department of Economics - Working Papers Series WP2011-026, Boston University - Department of Economics.

  51. Stijn Van Nieuwerburgh & Chad Syverson & Hanno Lustig, 2008. "IT, Corporate Payouts, and the Growing Inequality in Managerial Compensation," 2008 Meeting Papers 265, Society for Economic Dynamics.

    Cited by:

    1. Boyan Jovanovic & Peter L. Rousseau, 2008. "Specific Capital and Technological Variety," NBER Working Papers 13998, National Bureau of Economic Research, Inc.
    2. Dimitris Papanikolaou & Andrea Eisfeldt, 2009. "Organization Capital and the Cross-Section of Expected Returns," 2009 Meeting Papers 671, Society for Economic Dynamics.
    3. Myers, Stewart C & Rajan, Raghuram & Acharya, Viral, 2009. "The Internal Governance of Firms," CEPR Discussion Papers 7210, Centre for Economic Policy Research.
    4. Julien Prat & Boyan Jovanovic, 2010. "Dynamic Incentive Contracts Under Parameter Uncertainty," NBER Working Papers 16649, National Bureau of Economic Research, Inc.
    5. Ernst Maug & Bernd Albrecht, 2011. "Struktur und Höhe der Vorstandsvergütung: Fakten und Mythen," Schmalenbach Journal of Business Research, Springer, vol. 63(8), pages 858-881, December.

  52. Mr. Michael Kumhof & Stijn van Nieuwerburgh, 2007. "Monetary Policy in an Equilibrium Portfolio Balance Model," IMF Working Papers 2007/072, International Monetary Fund.

    Cited by:

    1. Sarno, Lucio & Valente, Giorgio, 2008. "Exchange Rates and Fundamentals: Footloose or Evolving Relationship?," CEPR Discussion Papers 6638, Centre for Economic Policy Research.
    2. Juan Camilo Medellín-Martínez, 2018. "Public Savings and the Effectiveness of Sterilized Foreign Exchange Intervention," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 36(85), pages 117-136, April.
    3. Mauricio Villamizar-Villegas & David Perez-Reyna, 2015. "A Survey on the Effects of Sterilized Foreign Exchange Intervention," Borradores de Economia 12424, Banco de la Republica.
    4. Roberto Chang, 2008. "Inflation Targeting, Reserves Accumulation, and Exchange Rate Management in Latin America," Borradores de Economia 4518, Banco de la Republica.
    5. Moura, Marcelo L. & Pereira, Fatima R. & Attuy, Guilherme de Moraes, 2013. "Currency Wars in Action: How Foreign Exchange Interventions Work in an Emerging Economy," Insper Working Papers wpe_304, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.

  53. Ralph S.J. Koijen & Otto Van Hemert & Stijn Van Nieuwerburgh, 2007. "Mortgage Timing," NBER Working Papers 13361, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kydland, Finn E. & Rupert, Peter & Šustek, Roman, 2014. "Housing dynamics over the business cycle," LSE Research Online Documents on Economics 86334, London School of Economics and Political Science, LSE Library.
    2. Tullio Jappelli & Annalisa Scognamiglio, 2016. "Monetary Policy, Mortgages and Consumption: Evidence from Italy," CSEF Working Papers 454, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    3. Mayer, Chris & Piskorski, Tomasz & Tchistyi, Alexei, 2013. "The inefficiency of refinancing: Why prepayment penalties are good for risky borrowers," Journal of Financial Economics, Elsevier, vol. 107(3), pages 694-714.
    4. Beltratti, Andrea & Benetton, Matteo & Gavazza, Alessandro, 2017. "The role of prepayment penalties in mortgage loans," Journal of Banking & Finance, Elsevier, vol. 82(C), pages 165-179.
    5. John Gathergood & Joerg Weber, 2015. "Financial Literacy, Present Bias and Alternative Mortgage Products," Discussion Papers 2015/07, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    6. Steven Laufer, 2018. "Equity Extraction and Mortgage Default," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 1-33, April.
    7. Carlos Garriga & Finn E. Kydland & Roman Šustek, 2013. "Mortgages and Monetary Policy," Discussion Papers 1306, Centre for Macroeconomics (CFM), revised May 2016.
    8. Andreas Fuster & James Vickery, 2013. "Securitization and the fixed-rate mortgage," Staff Reports 594, Federal Reserve Bank of New York.
    9. Mariacristina Uberti & Simone Landini & Simone Casellina, 2014. "Adjustable and fixed interest rates mortgage markets modelling," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 22(2), pages 391-406, June.
    10. Marekwica, Marcel & Schaefer, Alexander & Sebastian, Steffen, 2013. "Life cycle asset allocation in the presence of housing and tax-deferred investing," Journal of Economic Dynamics and Control, Elsevier, vol. 37(6), pages 1110-1125.
    11. Andreas Fuster & Paul S. Willen, 2013. "Payment Size, Negative Equity, and Mortgage Default," NBER Working Papers 19345, National Bureau of Economic Research, Inc.
    12. Campbell, John Y, 2014. "What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable Rate Mortgages," CEPR Discussion Papers 10117, Centre for Economic Policy Research.
    13. Yuliya Demyanyk & Otto van Hemert, 2007. "Understanding the subprime mortgage crisis," Supervisory Policy Analysis Working Papers 2007-05, Federal Reserve Bank of St. Louis.
    14. Christoph Basten & Benjamin Guin & Cathérine Tahmee Koch, 2017. "How Do Banks and Households Manage Interest Rate Risk? Evidence from the Swiss Mortgage Market," CESifo Working Paper Series 6649, CESifo.
    15. Piazzesi, M. & Schneider, M., 2016. "Housing and Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1547-1640, Elsevier.
    16. Jan K. Brueckner & Kangoh Lee, 2014. "Optimal Risk-Sharing in Mortgage Contracts: The Effects of Potential Prepayment and Default," CESifo Working Paper Series 4979, CESifo.
    17. Hui Chen & Michael Michaux & Nikolai Roussanov, 2013. "Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty," NBER Working Papers 19421, National Bureau of Economic Research, Inc.
    18. M. Dietsch & C. Welter-Nicol, 2014. "Do LTV and DSTI caps make banks more resilient?," Débats Economiques et financiers 13, Banque de France.
    19. Dancsik, Bálint, 2017. "Számít-e a devizahiteles múlt?. A lakáshitelkamatok rögzítéséről szóló döntés vizsgálata mikroszintű adatokon [Analysing the decision of fixing housing loan interest rates on micro-level data: does FX loan history matter?]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1030-1055.
    20. John Y. Campbell, 2012. "Mortgage Market Design," NBER Working Papers 18339, National Bureau of Economic Research, Inc.
    21. Christopher J. Mayer & Tomasz Piskorski & Alexei Tchistyi, 2010. "The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers," NBER Working Papers 16586, National Bureau of Economic Research, Inc.
    22. Goswami, Gautam & Tan, Sinan & Waisman, Maya, 2014. "Understanding the cross-section of the U.S. housing bubble: The roles of lending, transaction costs, and rent growth," Journal of Financial Stability, Elsevier, vol. 15(C), pages 76-90.
    23. Mark Doms & John Krainer, 2007. "Innovations in Mortgage Markets and Increased Spending on Housing," Working Paper Series 2007-05, Federal Reserve Bank of San Francisco.
    24. Dietsch, Michel & Petey, Joël, 2015. "The credit-risk implications of home ownership promotion: The effects of public subsidies and adjustable-rate loans," Journal of Housing Economics, Elsevier, vol. 28(C), pages 103-120.
    25. David Zalewski, 2010. "Securitization, Social Distance, and Financial Crises," Forum for Social Economics, Springer;The Association for Social Economics, vol. 39(3), pages 287-294, October.
    26. Guiso, Luigi & Sodini, Paolo, 2013. "Household Finance: An Emerging Field," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1397-1532, Elsevier.
    27. Landini, Simone & Uberti, Mariacristina & Casellina, Simone, 2015. "Italian mortgage markets and their dynamics," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 108(C), pages 245-259.
    28. Gene Amromin & Jennifer Huang & Clemens Sialm & Edward Zhong, 2011. "Complex Mortgages," NBER Working Papers 17315, National Bureau of Economic Research, Inc.
    29. Gregory E. Elliehausen & Min Hwang, 2010. "Mortgage contract choice in subprime mortgage markets," Finance and Economics Discussion Series 2010-53, Board of Governors of the Federal Reserve System (U.S.).
    30. Demyanyk, Yuliya, 2017. "The impact of missed payments and foreclosures on credit scores," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 108-119.
    31. Yevgeny Mugerman & Moran Ofir & Zvi Wiener, 2016. "How Do Homeowners Choose Between Fixed and Adjustable Rate Mortgages?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 6(04), pages 1-21, December.
    32. Ruben Cox & Dirk Brounen & Peter Neuteboom, 2015. "Financial Literacy, Risk Aversion and Choice of Mortgage Type by Households," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 74-112, January.
    33. Dwight Jaffee & Howard Kunreuther & Erwann Michel-Kerjan, 2008. "Long Term Insurance (LTI) for Addressing Catastrophe Risk," NBER Working Papers 14210, National Bureau of Economic Research, Inc.
    34. Bo Becker & Victoria Ivashina, 2011. "Cyclicality of Credit Supply: Firm Level Evidence," NBER Working Papers 17392, National Bureau of Economic Research, Inc.
    35. Vayanos, Dimitri & Greenwood, Robin, 2008. "Bond Supply and Excess Bond Returns," CEPR Discussion Papers 6694, Centre for Economic Policy Research.
    36. Maurice Obstfeld & Kenneth S. Rogoff, 2009. "Global imbalances and the financial crisis: products of common causes," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 131-172.
    37. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    38. Periklis Gogas & Ioannis Pragidis, 2010. "Does the Interest Risk Premium Predict Housing Prices?," DUTH Research Papers in Economics 1-2010, Democritus University of Thrace, Department of Economics.
    39. Sumit Agarwal & Brent W. Ambrose, 2008. "Does it pay to read your junk mail? evidence of the effect of advertising on home equity credit choices," Working Paper Series WP-08-09, Federal Reserve Bank of Chicago.
    40. Diego Aragon & Emanuel Moench & James Vickery, 2010. "Why is the market share of adjustable-rate mortgages so low?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Dec).
    41. Kishimoto, Naoki & Kim, Yong-Jin, 2014. "Prepayment behaviors of Japanese residential mortgages," Japan and the World Economy, Elsevier, vol. 30(C), pages 1-9.

  54. Hanno Lustig & Stijn Van Nieuwerburg & Adrien Verdelhan, 2007. "The Wealth-Consumption Ratio: A Litmus Test for Consumption-based Asset Pricing Models¤," Boston University - Department of Economics - Working Papers Series WP2007-030, Boston University - Department of Economics.

    Cited by:

    1. Falato, Antonio, 2009. "Happiness maintenance and asset prices," Journal of Economic Dynamics and Control, Elsevier, vol. 33(6), pages 1247-1262, June.
    2. Jonathan Berk & Johan Walden, 2010. "Limited Capital Market Participation and Human Capital Risk," NBER Working Papers 15709, National Bureau of Economic Research, Inc.
    3. Aono, Kohei & 青野, 幸平 & アオノ, コウヘイ & Iwaisako, Tokuo & 祝迫, 得夫 & イワイサコ, トクオ, 2008. "The Consumption-Wealth Ratio, Real Estate Wealth, and the Japanese Stock Market," Discussion Paper Series a504, Institute of Economic Research, Hitotsubashi University.
    4. Xiaohong Chen & Jack Fuvilukis & Sydney Ludvigson, 2012. "An Estimation of Economic Models with Recursive Preferences," Cowles Foundation Discussion Papers 1883, Cowles Foundation for Research in Economics, Yale University.
    5. Raquel Fernandez, 2007. "Culture as Learning: The Evolution of Female Labor Force Participation over a Century," NBER Working Papers 13373, National Bureau of Economic Research, Inc.
    6. Ralph S.J. Koijen & Jules H. van Binsbergen & Juan F. Rubio-Ramírez & Jesus Fernandez-Villaverde, 2008. "Likelihood Estimation of DSGE Models with Epstein-Zin Preferences," 2008 Meeting Papers 1099, Society for Economic Dynamics.
    7. Alesina, Alberto & Ichino, Andrea & Karabarbounis, Loukas, 2007. "Gender Based Taxation and the Division of Family Chores," IZA Discussion Papers 3233, IZA Network @ LISER.
    8. Fernández, Raquel, 2007. "Culture as Learning: The Evolution of Female Labour Force Participation Over a Century," CEPR Discussion Papers 6451, Centre for Economic Policy Research.
    9. Xiaohong Chen & Jack Favilukis & Sydney Ludvigson, 2012. "An estimation of economic models with recursive preferences," CeMMAP working papers 32/12, Institute for Fiscal Studies.
    10. Aono, Kohei & Iwaisako, Tokuo, 2013. "The consumption–wealth ratio, real estate wealth, and the Japanese stock market," Japan and the World Economy, Elsevier, vol. 25, pages 39-51.
    11. Xavier Gabaix, 2008. "Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance," NBER Working Papers 13724, National Bureau of Economic Research, Inc.
    12. Jules van Binsbergen & Jesús Fernández-Villaverde & Ralph S.J. Koijen & Juan F. Rubio-Ramírez, 2010. "The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences," NBER Working Papers 15890, National Bureau of Economic Research, Inc.
    13. Tavares, José & Cavalcanti, Tiago, 2007. "The Output Cost of Gender Discrimination: A Model-Based Macroeconomic Estimate," CEPR Discussion Papers 6477, Centre for Economic Policy Research.
    14. Jonathan B. Berk & Johan Walden, 2013. "Limited Capital Market Participation and Human Capital Risk," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 3(1), pages 1-37.
    15. Ludvigson, Sydney C., 2013. "Advances in Consumption-Based Asset Pricing: Empirical Tests," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 799-906, Elsevier.

  55. John Ameriks & Andrew Caplin & Steven Laufer & Stijn Van Nieuwerburgh, 2007. "The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Bequest and Precautionary Motives," NBER Working Papers 13105, National Bureau of Economic Research, Inc.

    Cited by:

    1. Mariacristina De Nardi & Eric French & John B. Jones, 2010. "Why Do the Elderly Save? The Role of Medical Expenses," Journal of Political Economy, University of Chicago Press, vol. 118(1), pages 39-75, February.
    2. Jan Rouwendal, 2009. "Housing Wealth and Household Portfolios in an Ageing Society," De Economist, Springer, vol. 157(1), pages 1-48, March.
    3. Tatyana Koreshkova & Karen Kopecky, 2012. "The Joint Impact of Social Security and Medicaid on Incentives and Welfare," 2012 Meeting Papers 967, Society for Economic Dynamics.
    4. Vittas, Dimitri, 2011. "The mechanics and regulation of variable payout annuities," Policy Research Working Paper Series 5762, The World Bank.
    5. Cormac O'Dea & David Sturrock, 2019. "Survival pessimism and the demand for annuities," IFS Working Papers W19/02, Institute for Fiscal Studies.
    6. Paula Lopes & Alex Michaelides & Joachim Inkmann, 2009. "How deep is the annuity market participation puzzle?," 2009 Meeting Papers 239, Society for Economic Dynamics.
    7. Mariacristina De Nardi & Eric French & John Bailey Jones, 2013. "Medicaid Insurance in Old Age," NBER Working Papers 19151, National Bureau of Economic Research, Inc.
    8. Jeffrey R. Brown & Amy Finkelstein, 2009. "The Private Market for Long‐Term Care Insurance in the United States: A Review of the Evidence," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(1), pages 5-29, March.
    9. Samuel Marshall & Kathleen McGarry & Jonathan S. Skinner, 2011. "The Risk of Out-of-Pocket Health Care Expenditure at the End of Life," NBER Chapters, in: Explorations in the Economics of Aging, pages 101-128, National Bureau of Economic Research, Inc.
    10. John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian & Stephen P. Zeldes, 2012. "What Makes Annuitization More Appealing?," NBER Working Papers 18575, National Bureau of Economic Research, Inc.
    11. Ralph Koijen & Stijn Van Nieuwerburgh & Motohiro Yogo, 2011. "Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice," NBER Working Papers 17325, National Bureau of Economic Research, Inc.
    12. Lee Lockwood, 2012. "Bequest Motives and the Annuity Puzzle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(2), pages 226-243, April.
    13. Juan Esteban Halcartegaray & Jorge Miranda, 2011. "Efectos del SCOMP sobre la Elección individual de Modalidad de Pensión," Working Papers 52, Superintendencia de Pensiones, revised Aug 2012.
    14. Karen A. Kopecky & Tatyana Koreshkova, 2010. "The impact of medical and nursing home expenses and social insurance," FRB Atlanta Working Paper 2010-19, Federal Reserve Bank of Atlanta.
    15. Thomas Davidoff, 2009. "Housing, Health, and Annuities," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(1), pages 31-52, March.
    16. Bütler, Monika & Peijnenburg, Kim & Staubli, Stefan, 2011. "How Much Do Means-Tested Benefits Reduce the Demand for Annuities?," Economics Working Paper Series 1124, University of St. Gallen, School of Economics and Political Science.
    17. Viola Angelini & Joan Costa-Font & Berkay Ozcan, 2025. "Gifts That Bind," CESifo Working Paper Series 11695, CESifo.
    18. Frank van Erp & Paul de Hek, 2009. "Analyzing labour supply of elderly people: a life-cycle approach," CPB Document 179, CPB Netherlands Bureau for Economic Policy Analysis.
    19. Shlomo Benartzi & Alessandro Previtero & Richard H. Thaler, 2011. "Annuitization Puzzles," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 143-164, Fall.
    20. Karen Kopecky & Tatyana Koreshkova, 2009. "The Impact of Medical and Nursing Home Expenses and Social Insurance Policies on Savings and Inequality," Working Papers 09006, Concordia University, Department of Economics.
    21. Antoine Bommier, Francois Le Grand, "undated". "Too Risk Averse to Purchase Insurance? A Theoretical Glance at the Annuity Puzzle," Working Papers ETH-RC-12-002, ETH Zurich, Chair of Systems Design.
    22. Motohiro Yogo, 2009. "Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets," NBER Working Papers 15307, National Bureau of Economic Research, Inc.
    23. Pashchenko, Svetlana, 2012. "Accounting for non-annuitization," MPRA Paper 42792, University Library of Munich, Germany.
    24. Morris A. Davis & Stijn Van Nieuwerburgh, 2014. "Housing, Finance and the Macroeconomy," NBER Working Papers 20287, National Bureau of Economic Research, Inc.

  56. Stijn Van Nieuwerburgh & Laura Veldkamp, 2007. "Information Immobility and the Home Bias Puzzle," NBER Working Papers 13366, National Bureau of Economic Research, Inc.

    Cited by:

    1. Marc Correa & Lucinio González-Sabaté & Ignacio Serrano, 2013. "Home bias effect in the management literature," Scientometrics, Springer;Akadémiai Kiadó, vol. 95(1), pages 417-433, April.
    2. Fabrizio Perri & Jonathan Heathcote, 2007. "The International Diversification Puzzle Is Not as Bad as You Think," Working Papers 2007-3, University of Minnesota, Department of Economics, revised 08 Oct 2007.
    3. Ni, Jian & Xin, Yi & Yang, Fangzhu, 2025. "Financing micro-entrepreneurship in online crowdfunding markets: What drives local bias?," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
    4. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2010. "International portfolios, capital accumulation and foreign assets dynamics," Sciences Po Economics Publications (main) hal-01052901, HAL.
    5. Bin Wang & Wonseok Choi & Ibrahim Siraj, 2018. "Local investor attention and post-earnings announcement drift," Review of Quantitative Finance and Accounting, Springer, vol. 51(1), pages 219-252, July.
    6. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor experiences and international capital flows," Economics Working Papers 1710, Department of Economics and Business, Universitat Pompeu Fabra.
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  57. Hanno Lustig & Stijn Van Nieuwerburgh, 2006. "Can Housing Collateral Explain Long-Run Swings in Asset Returns?," NBER Working Papers 12766, National Bureau of Economic Research, Inc.

    Cited by:

    1. Pedro Gete, 2015. "Housing demands, savings gluts and current account dynamics," Globalization Institute Working Papers 221, Federal Reserve Bank of Dallas.
    2. Ralph S.J. Koijen & Otto Van Hemert & Stijn Van Nieuwerburgh, 2007. "Mortgage Timing," NBER Working Papers 13361, National Bureau of Economic Research, Inc.
    3. Favilukis, Jack, 2007. "Inequality, stock market participation, and the equity premium," LSE Research Online Documents on Economics 24500, London School of Economics and Political Science, LSE Library.
    4. Jan Rouwendal, 2009. "Housing Wealth and Household Portfolios in an Ageing Society," De Economist, Springer, vol. 157(1), pages 1-48, March.
    5. Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2019. "The Total Risk Premium Puzzle," NBER Working Papers 25653, National Bureau of Economic Research, Inc.
    6. Rengel, Malte & Herwartz, Helmut & Xu, Fang, 2013. "Persistence in the price-to-dividend ratio and its macroeconomic fundamentals," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79860, Verein für Socialpolitik / German Economic Association.
    7. Stijn Van Nieuwerburgh & Pierre-Olivier Weill, 2006. "Why Has House Price Dispersion Gone Up?," NBER Working Papers 12538, National Bureau of Economic Research, Inc.
    8. Kajuth, Florian, 2010. "The role of liquidity constraints in the response of monetary policy to house prices," Journal of Financial Stability, Elsevier, vol. 6(4), pages 230-242, December.
    9. MeiChi Huang, 2013. "The Role of People’s Expectation in the Recent US Housing Boom and Bust," The Journal of Real Estate Finance and Economics, Springer, vol. 46(3), pages 452-479, April.
    10. Ralph S.J. Koijen & Stijn Van Nieuwerburgh, 2010. "Predictability of Returns and Cash Flows," NBER Working Papers 16648, National Bureau of Economic Research, Inc.
    11. Chibane, Messaoud & Poncet, Patrice, 2025. "Housing rare disaster events and asset prices," Economic Modelling, Elsevier, vol. 147(C).
    12. Patrick Bajari & Phoebe Chan & Dirk Krueger & Daniel Miller, 2010. "A Dynamic Model of Housing Demand: Estimation and Policy Implications," NBER Working Papers 15955, National Bureau of Economic Research, Inc.
    13. Manuel Santos & Miguel Iraola, 2014. "Long-Term Asset Price Volatility and Macroeconomic Fluctuations," 2014 Meeting Papers 559, Society for Economic Dynamics.
    14. Morris A. Davis & Francois Ortalo-Magne, 2011. "Household Expenditures, Wages, Rents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(2), pages 248-261, April.
    15. Walentin, Karl, 2007. "Earnings Inequality and the Equity Premium," Working Paper Series 215, Sveriges Riksbank (Central Bank of Sweden).
    16. Stijn Van Nieuwerburgh, 2012. "The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(2), April.
    17. John Donaldson & Rajnish Mehra, 2007. "Risk Based Explanations of the Equity Premium," NBER Working Papers 13220, National Bureau of Economic Research, Inc.
    18. James A. Kahn, 2008. "What drives housing prices?," Staff Reports 345, Federal Reserve Bank of New York.
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    273. Wang, Yuansheng & Yang, Haoxi & Chen, Zhizhen & Feng, Yun, 2025. "Demographic trends, the rent-to-price ratio, and housing market returns," Journal of Banking & Finance, Elsevier, vol. 176(C).
    274. Helmut Herwartz & Malte Rengel, 2018. "Size-corrected inference in fiscal policy reaction functions: a three country assessment," Empirical Economics, Springer, vol. 55(2), pages 391-416, September.

  60. Hanno Lustig, 2005. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street (joint with Stijn Van Nieuwerburgh)," UCLA Economics Online Papers 352, UCLA Department of Economics.

    Cited by:

    1. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2007. "International portfolios with supply, demand and redistributive shocks," Sciences Po Economics Publications (main) hal-01053624, HAL.
    2. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2009. "When bonds matter: home bias in goods and assets," Sciences Po Economics Publications (main) hal-03602482, HAL.
    3. Xavier Gabaix & Augustin Landier, 2006. "Why Has CEO Pay Increased So Much?," NBER Working Papers 12365, National Bureau of Economic Research, Inc.
    4. Sydney Ludvigson, 2008. "The Research Agenda: Sydney Ludvigson on Empirical Evaluation of Economic Theories of Risk Premia," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 9(2), April.
    5. Luca Benzoni & Pierre Collin-Dufresne & Robert S. Goldstein, 2007. "Portfolio choice over the life-cycle when the stock and labor markets are cointegrated," Working Paper Series WP-07-11, Federal Reserve Bank of Chicago.

  61. Lettau, Martin & Van Nieuwerburgh, Stijn, 2005. "Reconciling the Return Predictability Evidenc: In-Sample Forecasts, Out-of-Sample Forecasts, and Parameter Instability," CEPR Discussion Papers 5355, Centre for Economic Policy Research.

    Cited by:

    1. Bae, Jinho & Nelson, Charles R., 2007. "Earnings growth and the bull market of the 1990s: Is there a case for rational exuberance?," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 690-707, December.
    2. Martin Lettau & Sydney C. Ludvigson, 2004. "The Declining Equity Premium: What Role Does Macroeconomic Risk Play?," 2004 Meeting Papers 644, Society for Economic Dynamics.

  62. Hanno Lustig & Stijn Van Nieuwerburgh, 2005. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street," NBER Working Papers 11564, National Bureau of Economic Research, Inc.

    Cited by:

    1. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2007. "International portfolios with supply, demand and redistributive shocks," Sciences Po Economics Publications (main) hal-01053624, HAL.
    2. Bretscher, Lorenzo & Julliard, Christian & Rosa, Carlo, 2015. "Human capital and international portfolio diversification: a reappraisal," LSE Research Online Documents on Economics 119454, London School of Economics and Political Science, LSE Library.
    3. Martin Lettau & Sydney C. Ludvigson, 2014. "Shocks and Crashes," NBER Macroeconomics Annual, University of Chicago Press, vol. 28(1), pages 293-354.
    4. Julian di Giovanni & Akito Matsumoto, 2011. "The Value of Human Capital Wealth," Global COE Hi-Stat Discussion Paper Series gd10-174, Institute of Economic Research, Hitotsubashi University.
    5. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2015. "When Bonds Matter: Home Bias in Goods and Assets," Sciences Po Economics Publications (main) hal-03470191, HAL.
    6. Ravi Bansal & Dana Kiku & Ivan Shaliastovich & Amir Yaron, 2012. "Volatility, the Macroeconomy and Asset Prices," NBER Working Papers 18104, National Bureau of Economic Research, Inc.
    7. Jonathan Berk & Johan Walden, 2010. "Limited Capital Market Participation and Human Capital Risk," NBER Working Papers 15709, National Bureau of Economic Research, Inc.
    8. Jaeram Lee & Jungjoon Ihm, 2020. "Gender Difference in Returns to Education Independent of Gender Wage Gap in Korea," Asian Economic Journal, East Asian Economic Association, vol. 34(2), pages 213-232, June.
    9. Lee, Jaeram & Ihm, Jungjoon & Ryu, Doojin, 2017. "Human capital measures and stock return predictability: Macroeconomic versus microeconomic approaches," Finance Research Letters, Elsevier, vol. 21(C), pages 53-56.
    10. Hanno Lustig & Stijn Van Nieuwerburgh & Adrien Verdelhan, 2008. "The Wealth-Consumption Ratio," NBER Working Papers 13896, National Bureau of Economic Research, Inc.
    11. Cheol-Keun Cho & Bosung Jang, 2023. "Durable Consumption-Based Asset Pricing Model with Foreign Factors for the Korean Stock Market," IJFS, MDPI, vol. 11(2), pages 1-20, April.
    12. Xavier Gabaix & Augustin Landier, 2006. "Why Has CEO Pay Increased So Much?," NBER Working Papers 12365, National Bureau of Economic Research, Inc.
    13. Frederico Belo & Xiaoji Lin & Jun Li & Xiaofei Zhao, 2015. "Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor," NBER Working Papers 21487, National Bureau of Economic Research, Inc.
    14. Xiaohong Chen & Jack Fuvilukis & Sydney Ludvigson, 2012. "An Estimation of Economic Models with Recursive Preferences," Cowles Foundation Discussion Papers 1883, Cowles Foundation for Research in Economics, Yale University.
    15. Mark Huggett & Greg Kaplan, 2012. "The Money Value of a Man," NBER Working Papers 18066, National Bureau of Economic Research, Inc.
    16. Luca Benzoni & Olena Chyruk, 2009. "Investing over the life cycle with long-run labor income risk," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 33(Q III), pages 29-43.
    17. Kim, Dongcheol & Kim, Tong Suk & Min, Byoung-Kyu, 2011. "Future labor income growth and the cross-section of equity returns," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 67-81, January.
    18. Liu, Xuan & Liu, Haiyong & Cai, Zongwu, 2024. "Time-varying relative risk aversion: Theoretical mechanism and empirical evidence," Journal of Empirical Finance, Elsevier, vol. 78(C).
    19. Betermier, Sebastien & Jansson, Thomas & Parlour, Christine & Walden, Johan, 2012. "Hedging labor income risk," Journal of Financial Economics, Elsevier, vol. 105(3), pages 622-639.
    20. Charles Engel & Akito Matsumoto, 2009. "The International Diversification Puzzle When Goods Prices Are Sticky: It's Really about Exchange-Rate Hedging, Not Equity Portfolios," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(2), pages 155-188, July.
    21. Seokkeun Ha & Frank J. Fabozzi, 2022. "A lifetime allocation with human capital: implications for target date fund," Journal of Asset Management, Palgrave Macmillan, vol. 23(5), pages 365-375, September.
    22. Tokuo Iwaisako & Keiko Okada, 2010. "Understanding the Decline in Japan's Saving Rate in the New Millennium," Macroeconomics Working Papers 23113, East Asian Bureau of Economic Research.
    23. Wang, Chong & Wang, Neng & Yang, Jinqiang, 2016. "Optimal consumption and savings with stochastic income and recursive utility," Journal of Economic Theory, Elsevier, vol. 165(C), pages 292-331.
    24. Berg, K. & Danyu-Zhang, J. & Gaviano, L. G. & Yannelis, C., 2026. "Artificial Intelligence, Human Capital Risk and Household Portfolio Choice," Cambridge Working Papers in Economics 2660, Faculty of Economics, University of Cambridge.
    25. Borja Larrain & Motohiro Yogo, 2005. "Does firm value move too much to be justified by subsequent changes in cash flow?," Working Papers 05-18, Federal Reserve Bank of Boston.
    26. Daniel L. Greenwald & Martin Lettau & Sydney C. Ludvigson, 2014. "Origins of Stock Market Fluctuations," NBER Working Papers 19818, National Bureau of Economic Research, Inc.
    27. Bazdrech, Santiago & Belo, Frederico & Lin, Xiaoji, 2009. "Labor hiring, investment and stock return predictability in the cross section," LSE Research Online Documents on Economics 24418, London School of Economics and Political Science, LSE Library.
    28. Leonid Kogan & Dimitris Papanikolaou & Noah Stoffman, 2013. "Winners and Losers: Creative Destruction and the Stock Market," NBER Working Papers 18671, National Bureau of Economic Research, Inc.
    29. Mr. Akito Matsumoto, 2007. "The Role of Nonseparable Utility and Nontradeables in International Business Cycles and Portfolio Choice," IMF Working Papers 2007/163, International Monetary Fund.
    30. Betermier, Sebastien & Jansson, Thomas & Parlour, Christine A. & Walden, Johan, 2011. "Hedging Labor Income Risk," Working Paper Series 255, Sveriges Riksbank (Central Bank of Sweden).
    31. Toda, Alexis Akira, 2014. "Incomplete market dynamics and cross-sectional distributions," Journal of Economic Theory, Elsevier, vol. 154(C), pages 310-348.
    32. Riccardo Colacito & Mariano M. Croce, 2011. "Risks for the Long Run and the Real Exchange Rate," Journal of Political Economy, University of Chicago Press, vol. 119(1), pages 153-181.
    33. Lettau, Martin & Ludvigson, Sydney & MA, Sai, 2018. "Capital Share Risk in U.S. Asset Pricing," CEPR Discussion Papers 12628, Centre for Economic Policy Research.
    34. Xiaohong Chen & Jack Favilukis & Sydney Ludvigson, 2012. "An estimation of economic models with recursive preferences," CeMMAP working papers 32/12, Institute for Fiscal Studies.
    35. Jaeram Lee & Jungjoon Ihm, 2018. "Financial risk exposure of returns to education: Panel evidence from Korea," Asian Economic Journal, East Asian Economic Association, vol. 32(1), pages 83-97, March.
    36. Aoki, Shuhei & Kitahara, Minoru, 2008. "Measuring the Dynamic Cost of Living Index from Consumption Data," MPRA Paper 9802, University Library of Munich, Germany.
    37. Alexis Akira Toda, 2015. "Asset Prices and Efficiency in a Krebs Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 957-978, October.
    38. Luca Benzoni & Olena Chyruk, 2013. "Human Capital and Long-Run Labor Income Risk," Working Paper Series WP-2013-16, Federal Reserve Bank of Chicago.
    39. Soosung Hwang & Youngha Cho & Jinho Shin, 2020. "The impact of UK household overconfidence in public information on house prices," Journal of Property Research, Taylor & Francis Journals, vol. 37(4), pages 360-389, October.
    40. Ricardo M. Sousa, 2007. "Wealth Shocks and Risk Aversion," NIPE Working Papers 28/2007, NIPE - Universidade do Minho.
    41. Ralph S.J. Koijen & Stijn Van Nieuwerburgh, 2010. "Predictability of Returns and Cash Flows," NBER Working Papers 16648, National Bureau of Economic Research, Inc.
    42. Kartik B. Athreya & Felicia Ionescu & Urvi Neelakantan, 2015. "Stock Market Investment: The Role of Human Capital," Working Paper 15-7, Federal Reserve Bank of Richmond.
    43. Khalil, Makram, 2016. "Cross-Border Portfolio Diversification under Trade Linkages," VfS Annual Conference 2016 (Augsburg): Demographic Change 145811, Verein für Socialpolitik / German Economic Association.
    44. van Wincoop, Eric & Warnock, Francis E., 2010. "Can trade costs in goods explain home bias in assets?," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 1108-1123, October.
    45. Pierpaolo Benigno & Salvatore Nisticò, 2012. "International Portfolio Allocation under Model Uncertainty," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 144-189, January.
    46. Miguel Palacios, 2010. "Human Capital as an Asset Class: Implications from a General Equilibrium Model," Working Papers 2011-016, Human Capital and Economic Opportunity Working Group.
    47. Xiaoyong Cui & Liutang Gong, 2015. "The Risk-Free Rate In A Finite Horizon Model With Bequests," Bulletin of Economic Research, Wiley Blackwell, vol. 67(2), pages 105-114, April.
    48. Abhyankar, Abhay & Klinkowska, Olga & Lee, Soyeon, 2015. "Consumption risk and the cross-section of government bond returns," Journal of Empirical Finance, Elsevier, vol. 32(C), pages 180-200.
    49. Esther Eiling, 2013. "Industry-Specific Human Capital, Idiosyncratic Risk, and the Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 68(1), pages 43-84, February.
    50. Roy, Rahul & Shijin, Santhakumar, 2022. "The saving, human wealth and asset pricing nexus: Evidence from around the world," Economic Systems, Elsevier, vol. 46(2).
    51. Majilla, Tanmoy, 2025. "Shadow education, intra-household financial resource allocation, and educational achievements," Journal of Economic Behavior & Organization, Elsevier, vol. 233(C).
    52. Xiaoji Lin & Ding Luo & Andres Donangelo & Frederico Belo, 2017. "Labor Hiring, Aggregate Dividends, and Return Predictability in the Time Series," 2017 Meeting Papers 885, Society for Economic Dynamics.
    53. Sydney Ludvigson, 2008. "The Research Agenda: Sydney Ludvigson on Empirical Evaluation of Economic Theories of Risk Premia," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 9(2), April.
    54. Chang, Yanqin, 2007. "high level of international risk sharing when the productivity growth contains long run risk," MPRA Paper 4476, University Library of Munich, Germany.
    55. Greenwald, Dan & Lettau, Martin & Ludvigson, Sydney, 2019. "How the Wealth Was Won: Factor Shares as Market Fundamentals," CEPR Discussion Papers 14200, Centre for Economic Policy Research.
    56. Jonathan B. Berk & Johan Walden, 2013. "Limited Capital Market Participation and Human Capital Risk," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 3(1), pages 1-37.
    57. Nikolai Roussanov, 2010. "Composition of Wealth, Conditioning Information, and the Cross-Section of Stock Returns," NBER Working Papers 16073, National Bureau of Economic Research, Inc.
    58. Ludvigson, Sydney C., 2013. "Advances in Consumption-Based Asset Pricing: Empirical Tests," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 799-906, Elsevier.
    59. Markus Sihvonen, 2023. "Equity Home Bias in a Capital Market Union," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(4), pages 953-999, December.
    60. Ellen R. McGrattan, 2010. "Comment on Christian’s “Human Capital Accounting in the United States: 1994–2006”," Staff Report 447, Federal Reserve Bank of Minneapolis.
    61. Luca Benzoni & Olena Chyruk, 2015. "The Value and Risk of Human Capital," Working Paper Series WP-2015-6, Federal Reserve Bank of Chicago.
    62. Luca Benzoni & Pierre Collin-Dufresne & Robert S. Goldstein, 2007. "Portfolio choice over the life-cycle when the stock and labor markets are cointegrated," Working Paper Series WP-07-11, Federal Reserve Bank of Chicago.
    63. Ren, Yu & Yuan, Yufei & Zhang, Yang, 2014. "Human capital, household capital and asset returns," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 11-22.
    64. Daniel Giamouridis & Athanasios Sakkas & Nikolaos Tessaromatis, 2017. "Dynamic Asset Allocation with Liabilities," European Financial Management, European Financial Management Association, vol. 23(2), pages 254-291, March.
    65. Aharon, David Y. & Baig, Ahmed S. & Jacoby, Gady & Wu, Zhenyu, 2024. "Greenhouse gas emissions and the stability of equity markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    66. Lago-Balsalobre, Rubén & Rojo-Suárez, Javier & Alonso-Conde, Ana B., 2023. "Cross-sectional implications of dynamic asset pricing with stochastic volatility and ambiguity aversion," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).

  63. Laura Veldkamp & Stijn Van Nieuwerburgh, 2005. "Information Acquisition and Portfolio Underdiversification," 2005 Meeting Papers 77, Society for Economic Dynamics.

    Cited by:

    1. Ralph S.J. Koijen & Otto Van Hemert & Stijn Van Nieuwerburgh, 2007. "Mortgage Timing," NBER Working Papers 13361, National Bureau of Economic Research, Inc.
    2. Luigi Guiso & Tullio Jappelli, 2007. "Information Acquisition and Portfolio Performance," Economics Working Papers ECO2007/45, European University Institute.
    3. Wassim Dbouk & Lawrence Kryzanowski, 2009. "Diversification benefits for bond portfolios," The European Journal of Finance, Taylor & Francis Journals, vol. 15(5-6), pages 533-553.
    4. Javier Gil-Bazo & Pablo Ruiz-Verdú & André Santos, 2010. "The Performance of Socially Responsible Mutual Funds: The Role of Fees and Management Companies," Journal of Business Ethics, Springer, vol. 94(2), pages 243-263, June.
    5. Davies, Phil & Minton, Bernadette & Schrand, Catherine, 2008. "Commodity Price Exposure and Ownerhsip Clienteles," Working Paper Series 2008-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    6. Lin Peng & Wei Xiong, 2005. "Investor Attention: Overconfidence and Category Learning," NBER Working Papers 11400, National Bureau of Economic Research, Inc.
    7. Yulei Luo, 2010. "Rational Inattention, Long-run Consumption Risk, and Portfolio Choice," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(4), pages 843-860, October.
    8. Jordi Mondria, 2006. "Financial Contagion and Attention Allocation," Working Papers tecipa-254, University of Toronto, Department of Economics.
    9. Wharton School & Nikolai Roussanov, 2008. "Diversification and its Discontents: Idiosyncratic and Entrepreneurial Risk in the Quest for Social Status," 2008 Meeting Papers 924, Society for Economic Dynamics.
    10. Biais, Bruno & Bossaerts, Peter & Spatt, Chester, 2009. "Equilibrium Asset Pricing and Portofolio Choice Under Asymmetric Information," TSE Working Papers 09-018, Toulouse School of Economics (TSE).
    11. Yulei Luo, 2006. "Rational Inattention, Portfolio Choice, and the Equity Premium," Computing in Economics and Finance 2006 56, Society for Computational Economics.
    12. Christian Hellwig, 2005. "Knowing What Others Know: Coordination Motives in Information Acquisition (March 2007, with Laura Veldkamp)," UCLA Economics Online Papers 369, UCLA Department of Economics.
    13. Ricard Gil & Jordi Mondria, 2011. "Introducing managerial attention allocation in incentive contracts," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 2(3), pages 335-358, September.
    14. Jordi Mondria & Thomas Wu & Yi Zhang, 2008. "The Determinants of International Investment and Attention Allocation: Using Internet Search Query Data," Working Papers tecipa-326, University of Toronto, Department of Economics.
    15. Christopher A. Sims, 2006. "Rational Inattention: Beyond the Linear-Quadratic Case," American Economic Review, American Economic Association, vol. 96(2), pages 158-163, May.

  64. Stijn Van Nieuwerburgh & Hanno Lustig, 2005. "The Returns on Human Wealth: Good News on Wall Street is Bad News on Main Street," 2005 Meeting Papers 105, Society for Economic Dynamics.

    Cited by:

    1. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2007. "International portfolios with supply, demand and redistributive shocks," Sciences Po Economics Publications (main) hal-01053624, HAL.
    2. Julian di Giovanni & Akito Matsumoto, 2011. "The Value of Human Capital Wealth," Global COE Hi-Stat Discussion Paper Series gd10-174, Institute of Economic Research, Hitotsubashi University.
    3. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2009. "When bonds matter: home bias in goods and assets," Sciences Po Economics Publications (main) hal-03602482, HAL.
    4. Xavier Gabaix & Augustin Landier, 2006. "Why Has CEO Pay Increased So Much?," NBER Working Papers 12365, National Bureau of Economic Research, Inc.
    5. Borja Larrain & Motohiro Yogo, 2005. "Does firm value move too much to be justified by subsequent changes in cash flow?," Working Papers 05-18, Federal Reserve Bank of Boston.
    6. Riccardo Colacito & Mariano M. Croce, 2011. "Risks for the Long Run and the Real Exchange Rate," Journal of Political Economy, University of Chicago Press, vol. 119(1), pages 153-181.
    7. Mr. Akito Matsumoto & Mr. Charles Engel, 2009. "The International Diversification Puzzle when Goods Prices Are Sticky: It's Really About Exchange-Rate Hedging, not Equity Portfolios," IMF Working Papers 2009/012, International Monetary Fund.
    8. Xiaoyong Cui & Liutang Gong, 2015. "The Risk-Free Rate In A Finite Horizon Model With Bequests," Bulletin of Economic Research, Wiley Blackwell, vol. 67(2), pages 105-114, April.
    9. Sydney Ludvigson, 2008. "The Research Agenda: Sydney Ludvigson on Empirical Evaluation of Economic Theories of Risk Premia," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 9(2), April.
    10. Chang, Yanqin, 2007. "high level of international risk sharing when the productivity growth contains long run risk," MPRA Paper 4476, University Library of Munich, Germany.
    11. Luca Benzoni & Pierre Collin-Dufresne & Robert S. Goldstein, 2007. "Portfolio choice over the life-cycle when the stock and labor markets are cointegrated," Working Paper Series WP-07-11, Federal Reserve Bank of Chicago.

  65. Hanno Lustig, 2004. "Housing Collateral, Consumption Insurance and Risk Premia: an Empirical Perspective (joint with Stijn Van Nieuwerburgh), forthcoming Journal of Finance," UCLA Economics Online Papers 300, UCLA Department of Economics.

    Cited by:

    1. Francois Gourio, 2005. "Operating Leverage, Stock Market Cyclicality, and the Cross-Section of Returns," 2005 Meeting Papers 66, Society for Economic Dynamics.
    2. Christopher Malloy & Tobias Moskowitz, 2005. "Human Capital Risk, Stockholder Consumption, and Asset Returns," 2005 Meeting Papers 123, Society for Economic Dynamics.

  66. Hanno Lustig & Stijn Van Nieuwerburgh, 2004. "How Much Does Household Collateral Constrain Regional Risk Sharing?," NBER Working Papers 10505, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hanno Lustig, 2004. "Housing Collateral, Consumption Insurance and Risk Premia: an Empirical Perspective (joint with Stijn Van Nieuwerburgh), forthcoming Journal of Finance," UCLA Economics Online Papers 300, UCLA Department of Economics.
    2. Kwang Hun Choi & Chang‐Jin Kim & Cheolbeom Park, 2017. "Regime Shifts in Price‐Dividend Ratios and Expected Stock Returns: A Present‐Value Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(2-3), pages 417-441, March.
    3. Peydró, José-Luis & Rodriguez-Tous, Francesc & Tripathy, Jagdish & Uluc, Arzu, 2020. "Macroprudential Policy, Mortgage Cycles and Distributional Effects: Evidence from the UK," EconStor Preprints 223303, ZBW - Leibniz Information Centre for Economics.
    4. Mathias Hoffmann & Toshihiro Okubo, 2021. "Comparative advantage and pathways to financial development: evidence from Japan’s silk-reeling industry," IEW - Working Papers 387, Institute for Empirical Research in Economics - University of Zurich.
    5. Xavier Giroud & Holger M. Mueller, 2016. "Redistribution of Local Labor Market Shocks through Firms’ Internal Networks," NBER Working Papers 22396, National Bureau of Economic Research, Inc.
    6. Desmet, Klaus & Rossi-Hansberg, Esteban, 2010. "Urban Accounting and Welfare," CEPR Discussion Papers 8168, Centre for Economic Policy Research.
    7. Mathias Hoffmann & Thomas Nitschka, 2009. "Securitization of Mortgage Debt, Asset Prices and International Risk Sharing," CESifo Working Paper Series 2527, CESifo.
    8. Giroud, Xavier & Mueller, Holger, 2016. "Redistribution of Local Demand Shocks through Firms' Internal Networks," CEPR Discussion Papers 11384, Centre for Economic Policy Research.
    9. Martin Beraja & Andreas Fuster & Erik Hurst & Joseph Vavra, 2015. "Regional heterogeneity and the refinancing channel of monetary policy," Staff Reports 731, Federal Reserve Bank of New York.
    10. Emmanuel De Veirman & Ashley Dunstan, 2011. "Time-Varying Returns, Intertemporal Substitution and Cyclical Variation in Consumption," CAMA Working Papers 2011-14, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    11. Aloosh, Arash, 2014. "Global Variance Risk Premium and Forex Return Predictability," MPRA Paper 59931, University Library of Munich, Germany.
    12. Sodini, Paolo & Van Nieuwerburgh, Stijn & Vestman, Roine & von Lilienfeld-Toal, Ulf, 2016. "Identifying the Benefits from Home Ownership: A Swedish Experiment," CEPR Discussion Papers 11656, Centre for Economic Policy Research.
    13. Erik Hurst & Benjamin J. Keys & Amit Seru & Joseph Vavra, 2016. "Regional Redistribution through the US Mortgage Market," American Economic Review, American Economic Association, vol. 106(10), pages 2982-3028, October.
    14. Mertens, Thomas M. & Judd, Kenneth L., 2018. "Solving an incomplete markets model with a large cross-section of agents," Journal of Economic Dynamics and Control, Elsevier, vol. 91(C), pages 349-368.
    15. Monika Piazzesi & Martin Schneider, 2016. "Housing and Macroeconomics," NBER Working Papers 22354, National Bureau of Economic Research, Inc.
    16. Mathias Hoffmann & Iryna Shcherbakova, 2009. "Consumption Risk Sharing over the Business Cycle: the Role of Small Firms' Access to Credit Markets," CESifo Working Paper Series 2544, CESifo.
    17. Xavier Giroud & Holger M. Mueller, 2017. "Redistribution of Local Labor Market Shocks through Firms’ Internal Networks," Working Papers 17-03, Center for Economic Studies, U.S. Census Bureau.
    18. Lise Clain-Chamosset-Yvrard & Thomas Seegmuller, 2018. "Bubble on real estate: The role of altruism and fiscal policy," Working Papers 1820, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    19. Thomas Nitschka, 2010. "Idiosyncratic consumption risk and predictability of the carry trade premium: Euro-Area evidence," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 24(1), pages 49-65, March.
    20. Chi-Young Choi & Soojin Jo, 2020. "How Do Housing Markets Affect Local Consumer Prices? – Evidence from U.S. Cities," Globalization Institute Working Papers 398, Federal Reserve Bank of Dallas.
    21. Rengel, Malte & Herwartz, Helmut & Xu, Fang, 2013. "Persistence in the price-to-dividend ratio and its macroeconomic fundamentals," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79860, Verein für Socialpolitik / German Economic Association.
    22. Lü, Yiqing & Zhao, Bin & Zhu, Ning, 2024. "Unveiling investors' substitution behavior: Stock trading decisions in response to housing market dynamics," Journal of Corporate Finance, Elsevier, vol. 86(C).
    23. Guerrieri, Luca & Iacoviello, Matteo, 2017. "Collateral constraints and macroeconomic asymmetries," Journal of Monetary Economics, Elsevier, vol. 90(C), pages 28-49.
    24. MeiChi Huang, 2020. "A threshold unobserved components model of housing bubbles: timings and effectiveness of monetary policies," Empirical Economics, Springer, vol. 59(2), pages 887-908, August.
    25. Andrew Benito & Haroon Mumtaz, 2006. "Consumption excess sensitivity, liquidity constraints and the collateral role of housing," Bank of England Staff Working Paper series 306, Bank of England.
    26. Gu, Quanlin & He, Jia & Qian, Wenlan & Ren, Yuan, 2025. "Housing booms and shirking," Journal of Urban Economics, Elsevier, vol. 149(C).
    27. Hanno Lustig, 2004. "Can Housing Collateral Explain Long-Run Swings in Asset Returns? (joint with Stijn Van Nieuwerburgh)," UCLA Economics Online Papers 322, UCLA Department of Economics.
    28. Hryshko, Dmytro & José Luengo-Prado, María & Sørensen, Bent E., 2010. "House prices and risk sharing," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 975-987, November.
    29. Martin Lettau & Stijn Van Nieuwerburgh, 2006. "Reconciling the Return Predictability Evidence," NBER Working Papers 12109, National Bureau of Economic Research, Inc.
    30. Alam I. Asadov & Mansor H. Ibrahim & Ramazan Yildirim, 2025. "Impact of House Price on Economic Stability: Some Lessons from OECD Countries," The Journal of Real Estate Finance and Economics, Springer, vol. 71(2), pages 254-284, August.
    31. Hanno Lustig & Stijn Van Nieuwerburgh, 2004. "A Theory of Housing Collateral, Consumption Insurance and Risk Premia," NBER Working Papers 10955, National Bureau of Economic Research, Inc.
    32. Ortalo-Magné, François & Prat, Andrea, 2010. "Spatial Asset Pricing: A First Step," CEPR Discussion Papers 7842, Centre for Economic Policy Research.
    33. Jinwoo Jung & Changha Jin, 2019. "Using Threshold Estimation Technique to Measure Housing Wealth Effect in Different Income Levels," International Real Estate Review, Global Social Science Institute, vol. 22(1), pages 59-81.
    34. Chi‐Young Choi & Soojin Jo, 2026. "How Do Housing Markets Affect Local Consumer Prices?: Evidence from U.S. Cities," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(3), pages 853-884, April.
    35. Helmut Herwartz & Fang Xu, 2020. "Low Mortgage Rates and Securitization: A Distinct Perspective on the US Housing Boom," Scandinavian Journal of Economics, Wiley Blackwell, vol. 122(1), pages 164-190, January.
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    39. Heathcote, Jonathan & Davis, Morris, 2005. "The Price and Quantity of Residential Land in the United States," CEPR Discussion Papers 5333, Centre for Economic Policy Research.
    40. George M. Korniotis & Alok Kumar, 2008. "Do behavioral biases adversely affect the macro-economy?," Finance and Economics Discussion Series 2008-49, Board of Governors of the Federal Reserve System (U.S.).
    41. Agarwal, Vikas & Aslan, Hadiye & Huang, Lixin & Ren, Honglin, 2021. "Political uncertainty and household stock market participation," CFR Working Papers 21-06, University of Cologne, Centre for Financial Research (CFR).
    42. Beatrice D. Simo-Kengne & Rangan Gupta & Manoel Bittencourt, 2013. "The Impact of House Prices on Consumption in South Africa: Evidence from Provincial-Level Panel VARs," Housing Studies, Taylor & Francis Journals, vol. 28(8), pages 1133-1154, November.
    43. Sangmin Oh & Ishita Sen & Ana-Maria K. Tenekedjieva, 2022. "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies," Finance and Economics Discussion Series 2022-064, Board of Governors of the Federal Reserve System (U.S.).
    44. Kishor, N. Kundan & Marfatia, Hardik A. & Nam, Gooan & Rizi, Majid Haghani, 2022. "The local employment effect of house prices: Evidence from U.S. States," Journal of Housing Economics, Elsevier, vol. 55(C).
    45. Jose Maria Casado, 2012. "Consumption partial insurance of Spanish households," Working Papers 1214, Banco de España.
    46. Thomas Mertens, 2012. "Solving General Incomplete Market Models with Substantial Heterogeneity," 2012 Meeting Papers 1173, Society for Economic Dynamics.
    47. Xie, Fusheng & Yang, Xiaozhong & Cai, Wanhuan, 2024. "House prices, financing mode and economic growth," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    48. Stijn Van Nieuwerburgh, 2012. "The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(2), April.
    49. Nitschka, Thomas, 2010. "Securitization, collateral constraints and consumption risk sharing in the euro area," Economics Letters, Elsevier, vol. 106(3), pages 197-199, March.
    50. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
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    53. Lee, Churn Ken & Lee, Munseob, 2023. "Regional redistribution through SBA guaranteed loan programs," Journal of Corporate Finance, Elsevier, vol. 78(C).
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  67. Hanno Lustig & Stijn Van Nieuwerburgh, 2004. "A Theory of Housing Collateral, Consumption Insurance and Risk Premia," NBER Working Papers 10955, National Bureau of Economic Research, Inc.

    Cited by:

    1. Lewellen, Jonathan & Nagel, Stefan & Shanken, Jay, 2010. "A skeptical appraisal of asset pricing tests," Journal of Financial Economics, Elsevier, vol. 96(2), pages 175-194, May.
    2. Andrea Ferrero, 2012. "House price booms, current account deficits, and low interest rates," Staff Reports 541, Federal Reserve Bank of New York.
    3. Yoshida, Jiro, 2007. "Technology Shocks and Asset Price Dynamics: The Role of Housing in General Equilibrium," MPRA Paper 6271, University Library of Munich, Germany.
    4. Ortalo-Magné, François & Rady, Sven, 2005. "Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraint," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 50, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    5. Li, Haitao & Xu, Yuewu & Zhang, Xiaoyan, 2010. "Evaluating asset pricing models using the second Hansen-Jagannathan distance," Journal of Financial Economics, Elsevier, vol. 97(2), pages 279-301, August.
    6. Khalaf, Lynda & Schaller, Huntley, 2016. "Identification and inference in two-pass asset pricing models," Journal of Economic Dynamics and Control, Elsevier, vol. 70(C), pages 165-177.
    7. Thomas Grandner & Dieter Gstach, 2006. "Joint Adjustment of House Prices, Stock Prices and Output Towards Short‐run Equilibrium," Bulletin of Economic Research, Wiley Blackwell, vol. 58(1), pages 1-17, January.
    8. Lewellen, Jonathan, 2010. "Accounting anomalies and fundamental analysis: An alternative view," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 455-466, December.
    9. Morris Davis & Robert F. Martin, 2005. "Housing, House Prices, and the Equity Premium Revisited," 2005 Meeting Papers 753, Society for Economic Dynamics.
    10. Barras, Laurent, 2019. "A large-scale approach for evaluating asset pricing models," Journal of Financial Economics, Elsevier, vol. 134(3), pages 549-569.
    11. Du, Ding, 2013. "Another look at the cross-section and time-series of stock returns: 1951 to 2011," Journal of Empirical Finance, Elsevier, vol. 20(C), pages 130-146.
    12. Du, Ding & Hu, Ou, 2014. "The long-run component of foreign exchange volatility and stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 31(C), pages 268-284.
    13. Morris A. Davis & Robert F. Martin, 2005. "Housing, house prices, and the equity premium puzzle," Finance and Economics Discussion Series 2005-13, Board of Governors of the Federal Reserve System (U.S.).
    14. Dirk Krueger & Fabrizio Perri, 2005. "The Research Agenda: Dirk Krueger and Fabrizio Perri on Risk Sharing across Households, Generations and Countries," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 6(2), April.

  68. Stijn Van Nieuwerburgh & Hanno Lustig, 2004. "Housing Collateral and Consumption Insurance Across US Regions," 2004 Meeting Papers 548, Society for Economic Dynamics.

    Cited by:

    1. Hanno Lustig, 2004. "Housing Collateral, Consumption Insurance and Risk Premia: an Empirical Perspective (joint with Stijn Van Nieuwerburgh), forthcoming Journal of Finance," UCLA Economics Online Papers 300, UCLA Department of Economics.
    2. Hanno Lustig & Stijn Van Nieuwerburgh, 2003. "Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perpective," NBER Working Papers 9959, National Bureau of Economic Research, Inc.
    3. Aoki, Kosuke & Proudman, James & Vlieghe, Gertjan, 2004. "House prices, consumption, and monetary policy: a financial accelerator approach," Journal of Financial Intermediation, Elsevier, vol. 13(4), pages 414-435, October.
    4. Khalaf, Lynda & Schaller, Huntley, 2016. "Identification and inference in two-pass asset pricing models," Journal of Economic Dynamics and Control, Elsevier, vol. 70(C), pages 165-177.
    5. Thomas Grandner & Dieter Gstach, 2006. "Joint Adjustment of House Prices, Stock Prices and Output Towards Short‐run Equilibrium," Bulletin of Economic Research, Wiley Blackwell, vol. 58(1), pages 1-17, January.
    6. Andrew Benito & Haroon Mumtaz, 2006. "Consumption excess sensitivity, liquidity constraints and the collateral role of housing," Bank of England Staff Working Paper series 306, Bank of England.
    7. Hanno Lustig, 2004. "Can Housing Collateral Explain Long-Run Swings in Asset Returns? (joint with Stijn Van Nieuwerburgh)," UCLA Economics Online Papers 322, UCLA Department of Economics.
    8. International Monetary Fund, 2005. "New Zealand: Selected Issues," IMF Staff Country Reports 2005/153, International Monetary Fund.
    9. Hanno Lustig & Stijn Van Nieuwerburgh, 2004. "A Theory of Housing Collateral, Consumption Insurance and Risk Premia," NBER Working Papers 10955, National Bureau of Economic Research, Inc.
    10. Barras, Laurent, 2019. "A large-scale approach for evaluating asset pricing models," Journal of Financial Economics, Elsevier, vol. 134(3), pages 549-569.
    11. Du, Ding, 2013. "Another look at the cross-section and time-series of stock returns: 1951 to 2011," Journal of Empirical Finance, Elsevier, vol. 20(C), pages 130-146.
    12. Plazzi, Alberto & Torous, Walt & Valkanov, Rossen, 2004. "13-04 Expected Returns and the Expected Growth in Rents of Commercial Real Estate," University of California at Los Angeles, Anderson Graduate School of Management qt8c68m5tk, Anderson Graduate School of Management, UCLA.
    13. Heathcote, Jonathan & Davis, Morris, 2005. "The Price and Quantity of Residential Land in the United States," CEPR Discussion Papers 5333, Centre for Economic Policy Research.
    14. Du, Ding & Hu, Ou, 2014. "The long-run component of foreign exchange volatility and stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 31(C), pages 268-284.
    15. John Y. Campbell & João F. Cocco, 2005. "How Do House Prices Affect Consumption? Evidence From Micro Data," NBER Working Papers 11534, National Bureau of Economic Research, Inc.

  69. Hanno Lustig & Stijn Van Nieuwerburgh, 2003. "Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perpective," NBER Working Papers 9959, National Bureau of Economic Research, Inc.

    Cited by:

    1. Zan Yang & Ying Fan & Liqing Zhao, 2018. "A Reexamination of Housing Price and Household Consumption in China: The Dual Role of Housing Consumption and Housing Investment," The Journal of Real Estate Finance and Economics, Springer, vol. 56(3), pages 472-499, April.
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    3. Jank, Stephan, 2012. "Changes in the composition of publicly traded firms: Implications for the dividend-price ratio and return predictability," CFR Working Papers 12-08, University of Cologne, Centre for Financial Research (CFR).
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    5. Guglielmo Maria Caporale & Ricardo M. Sousa, 2011. "Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries," NIPE Working Papers 33/2011, NIPE - Universidade do Minho.
    6. Smoluk, H.J. & Bennett, James, 2008. "Evaluating stock returns with time-varying risk aversion driven by trend deviations from the consumption-to-wealth ratio: An analysis conditional on income levels," Review of Financial Economics, Elsevier, vol. 17(4), pages 261-279, December.
    7. Rui Zhang, 2024. "Do housing prices affect individual physical health? Evidence from China," PLOS ONE, Public Library of Science, vol. 19(4), pages 1-22, April.
    8. Zhang, Xiang & Liu, Yangyi & Wu, Kun & Maillet, Bertrand, 2021. "Tradable or nontradable factors—what does the Hansen–Jagannathan distance tell us?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 853-879.
    9. Backus, David & Chernov, Mikhail & Martin, Ian, 2009. "Disasters implied by equity index options," CEPR Discussion Papers 7416, Centre for Economic Policy Research.
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    11. Papapostolou, Nikos C. & Pouliasis, Panos K. & Nomikos, Nikos K. & Kyriakou, Ioannis, 2016. "Shipping investor sentiment and international stock return predictability," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 96(C), pages 81-94.
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    19. H.J. Smoluk & James Bennett, 2008. "Evaluating stock returns with time‐varying risk aversion driven by trend deviations from the consumption‐to‐wealth ratio: An analysis conditional on income levels," Review of Financial Economics, John Wiley & Sons, vol. 17(4), pages 261-279, December.
    20. Aono, Kohei & 青野, 幸平 & アオノ, コウヘイ & Iwaisako, Tokuo & 祝迫, 得夫 & イワイサコ, トクオ, 2008. "The Consumption-Wealth Ratio, Real Estate Wealth, and the Japanese Stock Market," Discussion Paper Series a504, Institute of Economic Research, Hitotsubashi University.
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    23. Kraft, Holger & Munk, Claus & Weiss, Farina, 2019. "Predictors and portfolios over the life cycle," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 1-27.
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    219. Stig V. Møller & Jesper Rangvid, 2012. "End-of-the-year economic growth and time-varying expected returns," CREATES Research Papers 2012-42, Department of Economics and Business Economics, Aarhus University.
    220. Bernardus van Doornik & Dimas Fazio & Tarun Ramadorai & Janis Skrastins, 2024. "Housing and Fertility," Working Papers Series 612, Central Bank of Brazil, Research Department.
    221. Franzoni, Francesco & Adrian, Tobias, 2005. "Learning about Beta: time-varying factor loadings, expected returns and the conditional CAPM," HEC Research Papers Series 828, HEC Paris.
    222. François Gourio, 2005. "Operating Leverage,Stock Market Cyclicality,and the Cross-Section of Returns," Boston University - Department of Economics - Working Papers Series WP2005-002, Boston University - Department of Economics.
    223. Adriano A. Rampini & S. Viswanathan, 2016. "Household Risk Management," NBER Working Papers 22293, National Bureau of Economic Research, Inc.
    224. Vidhi Chhaochharia & George M. Korniotis & Alok Kumar, 2020. "Prozac for depressed states? Effect of mood on local economic recessions," Review of Financial Economics, John Wiley & Sons, vol. 38(2), pages 245-274, April.
    225. Laura Veldkamp & Chris Edmond, 2006. "Income Dispersion, Asymmetric Information and Fluctuations in Market Efficiency," Working Papers 06-13, New York University, Leonard N. Stern School of Business, Department of Economics.
    226. Giorgio Canarella & Stephen Miller & Stephen Pollard, 2012. "Unit Roots and Structural Change," Urban Studies, Urban Studies Journal Limited, vol. 49(4), pages 757-776, March.
    227. Bianchi, Sergio & Pianese, Augusto, 2018. "Time-varying Hurst–Hölder exponents and the dynamics of (in)efficiency in stock markets," Chaos, Solitons & Fractals, Elsevier, vol. 109(C), pages 64-75.
    228. Yum K. Kwan & Jinyue Dong, 2014. "Stock Price Dynamics of China: What Do the Asset Markets Tell Us About the Chinese Utility Function?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(03), pages 77-108, May.
    229. Norman Miller & Liang Peng & Michael Sklarz, 2011. "House Prices and Economic Growth," The Journal of Real Estate Finance and Economics, Springer, vol. 42(4), pages 522-541, May.
    230. Ren, Yu & Yuan, Yufei & Zhang, Yang, 2014. "Human capital, household capital and asset returns," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 11-22.
    231. Gian Maria Tomat, 2025. "Bayesian Inference in a Structural Model of Family Home Prices," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 11(1), pages 403-429, March.
    232. Julio Pindado & Ignacio Requejo & Juan C. Rivera, 2020. "Does money supply shape corporate capital structure? International evidence from a panel data analysis," The European Journal of Finance, Taylor & Francis Journals, vol. 26(6), pages 554-584, April.
    233. Grodecka-Messi, Anna & Li, Jieying & Zhang, Xin, 2025. "Riding the Housing Wave: Home Equity Withdrawal and Consumer Debt Composition," Working Paper Series 452, Sveriges Riksbank (Central Bank of Sweden).
    234. Motohiro Yogo, 2006. "A Consumption‐Based Explanation of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 61(2), pages 539-580, April.
    235. Neus Herranz & Stefan Krasa & Anne P. Villamil, 2017. "Entrepreneurs, legal institutions and firm dynamics," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(1), pages 263-285, January.
    236. Goswami, Gautam & Tan, Sinan, 2012. "Pricing the US residential asset through the rent flow: A cross-sectional study," Journal of Banking & Finance, Elsevier, vol. 36(10), pages 2742-2756.
    237. Bellet, Clement, 2017. "The paradox of the Joneses: superstar houses andmortgage frenzy in suburban America," LSE Research Online Documents on Economics 69044, London School of Economics and Political Science, LSE Library.
    238. Mathieu Fournier & Kris Jacobs & Piotr Orłowski, 2024. "Modeling Conditional Factor Risk Premia Implied by Index Option Returns," Journal of Finance, American Finance Association, vol. 79(3), pages 2289-2338, June.

  70. Mr. Michael Kumhof & Stijn van Nieuwerburgh, 2002. "A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention," IMF Working Papers 2002/029, International Monetary Fund.

    Cited by:

    1. Dionísio Dias Carneiro & Thomas Yen Hon Wu, 2006. "Sovereign Risk and Out-of-Equilibrium Exchange Rate Dynamics," Textos para Discussão 10, Instituto de Estudos de Política Econômica.
    2. Shalva Mkhatrishvili & Giorgi Tsutskiridze & Lasha Arevadze, 2020. "Sterilized FX interventions may not be so sterilized," NBG Working Papers 02/2020, National Bank of Georgia.
    3. Xiaojing Song & Thu Phuong Truong & Mark Tippett & John van der Burg, 2022. "The quantity theory of stock prices," The European Journal of Finance, Taylor & Francis Journals, vol. 28(17), pages 1685-1707, November.

  71. Hanno Lustig & Stijn Van Nieuwerburgh, 2002. "Housing Collateral, Consumption Insurance and Risk Premia," Macroeconomics 0211008, University Library of Munich, Germany.

    Cited by:

    1. Marjorie Flavin & Shinobu Nakagawa, 2004. "A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence," NBER Working Papers 10458, National Bureau of Economic Research, Inc.
    2. Jiri Slacalek, 2006. "What Drives Personal Consumption?: The Role of Housing and Financial Wealth," Discussion Papers of DIW Berlin 647, DIW Berlin, German Institute for Economic Research.
    3. Andrea Ferrero, 2012. "House price booms, current account deficits, and low interest rates," Staff Reports 541, Federal Reserve Bank of New York.
    4. Mathias Hoffmann & Toshihiro Okubo, 2021. "Comparative advantage and pathways to financial development: evidence from Japan’s silk-reeling industry," IEW - Working Papers 387, Institute for Empirical Research in Economics - University of Zurich.
    5. Hanno Lustig & Stijn Van Nieuwerburgh, 2005. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street," NBER Working Papers 11564, National Bureau of Economic Research, Inc.
    6. Lettau, Martin & Wachter, Jessica, 2005. "Why is Long-Horizon Equity Less Risky? A Duration-based Explanation of the Value Premium," CEPR Discussion Papers 4921, Centre for Economic Policy Research.
    7. Mathias Hoffmann & Thomas Nitschka, 2009. "Securitization of Mortgage Debt, Asset Prices and International Risk Sharing," CESifo Working Paper Series 2527, CESifo.
    8. Matthias Messner & Nicola Pavoni, 2004. "On the Recursive Saddle Point Method," Working Papers 255, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    9. Lewellen, Jonathan & Nagel, Stefan, 2003. "The Conditional CAPM Does Not Explain Asset-pricing Anomalies," Working papers 4427-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    10. Raj Chetty & Adam Szeidl, 2004. "Consumption Commitments and Habit Formation," NBER Working Papers 10970, National Bureau of Economic Research, Inc.
    11. Robert F. Martin Joseph W. Gruber, 2004. "Does Housing Wealth Make Us Less Equal? The Role of Durable Goods in the Distribution of Wealth," Econometric Society 2004 North American Summer Meetings 15, Econometric Society.
    12. Fang Yang, 2006. "Consumption along the life cycle: how different is housing?," Working Papers 635, Federal Reserve Bank of Minneapolis.
    13. Jonathan Lewellen & Stefan Nagel & Jay Shanken, 2006. "A Skeptical Appraisal of Asset-Pricing Tests," NBER Working Papers 12360, National Bureau of Economic Research, Inc.
    14. Andreas Lehnert, 2004. "Housing, consumption, and credit constraints," Finance and Economics Discussion Series 2004-63, Board of Governors of the Federal Reserve System (U.S.).
    15. Monika Piazzesi & Martin Schneider & Selale Tuzel, 2006. "Housing, Consumption, and Asset Pricing," NBER Working Papers 12036, National Bureau of Economic Research, Inc.
    16. Joseph W. Gruber & Robert F. Martin, 2003. "Precautionary savings and the wealth distribution with illiquid durables," International Finance Discussion Papers 773, Board of Governors of the Federal Reserve System (U.S.).
    17. Thomas Nitschka, 2008. "The Risk Premium on the Euro Area Market Portfolio: The Role of Real Estate," IEW - Working Papers 385, Institute for Empirical Research in Economics - University of Zurich.
    18. Pakos, Michal, 2004. "Asset Pricing with Durable Goods and Nonhomothetic Preferences," MPRA Paper 26167, University Library of Munich, Germany.
    19. Nitschka, Thomas, 2010. "Securitization, collateral constraints and consumption risk sharing in the euro area," Economics Letters, Elsevier, vol. 106(3), pages 197-199, March.
    20. Claudio E. V. Borio & Wiliam English & Andrew Filardo, 2003. "A tale of two perspectives: old or new challenges for monetary policy?," BIS Working Papers 127, Bank for International Settlements.
    21. Laura Veldkamp & Chris Edmond, 2006. "Income Dispersion, Asymmetric Information and Fluctuations in Market Efficiency," Working Papers 06-13, New York University, Leonard N. Stern School of Business, Department of Economics.

Articles

  1. Arpit Gupta & Vrinda Mittal & Stijn Van Nieuwerburgh, 2026. "Work from Home and the Office Real Estate Apocalypse," American Economic Review, American Economic Association, vol. 116(2), pages 674-709, February.
    See citations under working paper version above.
  2. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2026. "Manufacturing risk-free government debt," Journal of Financial Economics, Elsevier, vol. 176(C).
    See citations under working paper version above.
  3. Zefeng Chen & Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2025. "Exorbitant Privilege Gained and Lost: Fiscal Implications," Journal of Political Economy, University of Chicago Press, vol. 133(12), pages 3713-3761.
    See citations under working paper version above.
  4. Koijen, Ralph S.J. & Lee, Hae Kang & Van Nieuwerburgh, Stijn, 2024. "Aggregate lapsation risk," Journal of Financial Economics, Elsevier, vol. 155(C).
    See citations under working paper version above.
  5. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2024. "What Drives Variation in the U.S. Debt‐to‐Output Ratio? The Dogs that Did not Bark," Journal of Finance, American Finance Association, vol. 79(4), pages 2603-2665, August.

    Cited by:

    1. Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2026. "Manufacturing risk-free government debt," Journal of Financial Economics, Elsevier, vol. 176(C).
    2. Bro, Jeppe & Eriksen, Jonas N., 2025. "Subjective expectations and house prices," Journal of Banking & Finance, Elsevier, vol. 172(C).

  6. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2024. "The U.S. Public Debt Valuation Puzzle," Econometrica, Econometric Society, vol. 92(4), pages 1309-1347, July.
    See citations under working paper version above.
  7. Jack Favilukis & Pierre Mabille & Stijn Van Nieuwerburgh, 2023. "Affordable Housing and City Welfare," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(1), pages 293-330.
    See citations under working paper version above.
  8. Paolo Sodini & Stijn Van Nieuwerburgh & Roine Vestman & Ulf von Lilienfeld-Toal, 2023. "Identifying the Benefits from Homeownership: A Swedish Experiment," American Economic Review, American Economic Association, vol. 113(12), pages 3173-3212, December.
    See citations under working paper version above.
  9. Kaniel, Ron & Lin, Zihan & Pelger, Markus & Van Nieuwerburgh, Stijn, 2023. "Machine-learning the skill of mutual fund managers," Journal of Financial Economics, Elsevier, vol. 150(1), pages 94-138.
    See citations under working paper version above.
  10. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2023. "Fiscal Capacity: An Asset Pricing Perspective," Annual Review of Financial Economics, Annual Reviews, vol. 15(1), pages 197-219, November.

    Cited by:

    1. Vladimir Andric & Dusko Bodroza & Mihajlo Djukic, 2024. "A Commentary on US Sovereign Debt Persistence and Nonlinear Fiscal Adjustment," Mathematics, MDPI, vol. 12(20), pages 1-33, October.
    2. Feng Dong & Jinpu Li & Haoning Sun & Siqing Wang, 2025. "Dynamic Efficiency Redux: Evidence from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 33(5), pages 196-222, September.
    3. Diamond, William & Landvoigt, Tim & Sánchez, Germán Sánchez, 2025. "Printing away the mortgages: Fiscal inflation and the post-covid boom," Journal of Financial Economics, Elsevier, vol. 171(C).
    4. Fabrizio Zampolli, 2026. "Financial stability limits on fiscal space," BIS Working Papers 1339, Bank for International Settlements.
    5. Kölschbach Ortego, Axel & Gassen, Nicolas & Steitz, Janek, 2025. "Stromnetzausbau: Kapital mobilisieren, Netzentgelte reduzieren," Papers 319293, Dezernat Zukunft - Institute for Macrofinance, Berlin.

  11. Stijn Van Nieuwerburgh, 2023. "The remote work revolution: Impact on real estate values and the urban environment: 2023 AREUEA Presidential Address," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 7-48, January.

    Cited by:

    1. Agrawal, David R. & Chen, Xinyu, 2026. "State and Local Tax Policy in a Time of Telework," GLO Discussion Paper Series 1708, Global Labor Organization (GLO).
    2. Ingrid Gould Ellen, 2024. "Neighborhoods in the 21st century: What do we know, and what do we still have to learn?: AREUEA Presidential Address," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(4), pages 997-1019, July.
    3. Meriem Naimi Ait-Aoudia & Samira Khettab & Oumelkheir Boukratem, 2024. "Urban Uses Put To The Test By The Covid-19 Pandemic: A Literature Review And Evidence From Algeria," Post-Print hal-04629281, HAL.
    4. Naoto Mikawa & Michio Naoi & Shohei Yasuda, 2026. "COVID-19, Teleworking, and the Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 73(1), pages 134-154, July.
    5. Martijn Stroom, 2025. "Productivity and stress recollection inaccuracy: Anchoring effects in work-from-home evaluation," PLOS ONE, Public Library of Science, vol. 20(4), pages 1-19, April.
    6. Abdul Rahman, Mohd Shahril & Awang, Mariah & Jagun, Zainab Toyin, 2024. "Polycrisis: Factors, impacts, and responses in the housing market," Renewable and Sustainable Energy Reviews, Elsevier, vol. 202(C).
    7. Fetzer, Thiemo & Guin, Benjamin & Netto, Felipe, 2024. "Insurers Monitor Shocks to Collateral : Micro Evidence from Mortgage-backed Securities," The Warwick Economics Research Paper Series (TWERPS) 1514, University of Warwick, Department of Economics.
    8. Gilles Duranton & Jessie Handbury, 2023. "Covid and Cities, Thus Far," NBER Working Papers 31158, National Bureau of Economic Research, Inc.
    9. Astorquiza-Bustos, Bilver Adrian & Quintero-Peña, Jose Wilmar, 2023. "Who can work from home? A remote working index for an emerging economy," Telecommunications Policy, Elsevier, vol. 47(10).
    10. Steven Deller, 2025. "Are We at an Inflection Point in Community Economic Development? The 4th Wave," Economic Development Quarterly, , vol. 39(4), pages 215-231, November.
    11. Ursula Berresheim, 2026. "Work from Home, Work for Less? How Workplace Flexibility Affects Mothers’ Careers," CRC TR 224 Discussion Paper Series crctr224_2025_733, University of Bonn and University of Mannheim, Germany.
    12. Eva Lyubich, 2025. "The Role of People versus Places in Individual Carbon Emissions," American Economic Review, American Economic Association, vol. 115(5), pages 1439-1484, May.
    13. Behrens, Kristian & Kichko, Sergei & Thisse, Jacques-Francois, 2024. "Working from home: Too much of a good thing?," Regional Science and Urban Economics, Elsevier, vol. 105(C).
    14. Matteo Crosignani & Saketh Prazad, 2024. "Extend-and-Pretend in the U.S. CRE Market," Staff Reports 1130, Federal Reserve Bank of New York.
    15. Chun, Hyunbae & Kwon, Eunjee & Yang, Dongyun, 2024. "The rise of e-commerce and generational consumption inequality: Evidence from COVID-19 in South Korea," Regional Science and Urban Economics, Elsevier, vol. 104(C).
    16. Makoto Sakuma & Kazushi Matsuo & Morito Tsutsumi & Toyokazu Imazeki, 2024. "Measuring office attendance during the COVID-19 pandemic with mobility data to quantify local trends and characteristics," Asia-Pacific Journal of Regional Science, Springer, vol. 8(1), pages 185-237, March.

  12. Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2022. "Can the covid bailouts save the economy?," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 37(110), pages 277-330.
    See citations under working paper version above.
  13. Gupta, Arpit & Mittal, Vrinda & Peeters, Jonas & Van Nieuwerburgh, Stijn, 2022. "Flattening the curve: Pandemic-Induced revaluation of urban real estate," Journal of Financial Economics, Elsevier, vol. 146(2), pages 594-636.
    See citations under working paper version above.
  14. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2022. "Measuring US Fiscal Capacity Using Discounted Cash Flow Analysis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 53(2 (Fall)), pages 157-229.
    See citations under working paper version above.
  15. Gupta, Arpit & Van Nieuwerburgh, Stijn & Kontokosta, Constantine, 2022. "Take the Q train: Value capture of public infrastructure projects," Journal of Urban Economics, Elsevier, vol. 129(C).
    See citations under working paper version above.
  16. Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2021. "A Macroeconomic Model With Financially Constrained Producers and Intermediaries," Econometrica, Econometric Society, vol. 89(3), pages 1361-1418, May.
    See citations under working paper version above.
  17. Jack Favilukis & Stijn Van Nieuwerburgh, 2021. "Out‐of‐Town Home Buyers and City Welfare," Journal of Finance, American Finance Association, vol. 76(5), pages 2577-2638, October.
    See citations under working paper version above.
  18. Daniel L. Greenwald & Tim Landvoigt & Stijn Van Nieuwerburgh, 2021. "Financial Fragility with SAM?," Journal of Finance, American Finance Association, vol. 76(2), pages 651-706, April.
    See citations under working paper version above.
  19. Arpit Gupta & Stijn Van Nieuwerburgh, 2021. "Valuing Private Equity Investments Strip by Strip," Journal of Finance, American Finance Association, vol. 76(6), pages 3255-3307, December.

    Cited by:

    1. Brian H. Boyer & Taylor D. Nadauld & Keith P. Vorkink & Michael S. Weisbach, 2023. "Discount‐Rate Risk in Private Equity: Evidence from Secondary Market Transactions," Journal of Finance, American Finance Association, vol. 78(2), pages 835-885, April.
    2. Eric Luxenberg & Stephen Boyd & Mykel Kochenderfer & Misha van Beek & Wen Cao & Steven Diamond & Alex Ulitsky & Kunal Menda & Vidy Vairavamurthy, 2022. "Strategic Asset Allocation with Illiquid Alternatives," Papers 2207.07767, arXiv.org.
    3. E. Benhamou & JJ. Ohana & B. Guez & E. Setrouk & T. Jacquot, 2025. "PEARL: Private Equity Accessibility Reimagined with Liquidity," Papers 2510.23183, arXiv.org.
    4. Itamar Drechsler & Hyeyoon Jung & Weiyu Peng & Dominik Supera & Guanyu Zhou, 2025. "Credit Card Banking," Staff Reports 1143, Federal Reserve Bank of New York.
    5. Atul Gupta & Sabrina T Howell & Constantine Yannelis & Abhinav Gupta, 2024. "Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes," The Review of Financial Studies, Society for Financial Studies, vol. 37(4), pages 1029-1077.
    6. Kang, Hyoung-Goo & Ryu, Doojin, 2025. "A complementary valuation model and exit multiples," Finance Research Letters, Elsevier, vol. 79(C).
    7. Fragkiskos, Apollon & Krasotkina, Olga & Spilker, Harold D. & Wermers, Russ, 2025. "Private Equity Fund Performance: A Time-Series Approach," Journal of Banking & Finance, Elsevier, vol. 177(C).
    8. van Binsbergen, Jules H. & Boons, Martijn & Opp, Christian C. & Tamoni, Andrea, 2023. "Dynamic asset (mis)pricing: Build-up versus resolution anomalies," Journal of Financial Economics, Elsevier, vol. 147(2), pages 406-431.
    9. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    10. Stefano Giglio & Bryan Kelly & Serhiy Kozak, 2024. "Equity Term Structures without Dividend Strips Data," Journal of Finance, American Finance Association, vol. 79(6), pages 4143-4196, December.
    11. E. Benhamou & JJ. Ohana & B. Guez & E. Setrouk & T. Jacquot, 2025. "Building Trust in Illiquid Markets: an AI-Powered Replication of Private Equity Funds," Papers 2510.23201, arXiv.org.
    12. Jeffers, Jessica & Lyu, Tianshu & Posenau, Kelly, 2024. "The risk and return of impact investing funds," Journal of Financial Economics, Elsevier, vol. 161(C).
    13. Stijn Van Nieuwerburgh, 2023. "The remote work revolution: Impact on real estate values and the urban environment: 2023 AREUEA Presidential Address," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 7-48, January.
    14. Prosper Lamothe-Fernández & Eduardo García-Argüelles & Sergio Manuel Fernández-Miguélez & Omar Hassani-Zerrouk, 2025. "Determining Drivers of Private Equity Return with Computational Approaches," Computational Economics, Springer;Society for Computational Economics, vol. 65(1), pages 483-505, January.
    15. Boudry, Walter I. & Liu, Crocker H. & Mühlhofer, Tobias & Torous, Walter N., 2024. "Assessing proxies for market prices of thinly traded assets with scheduled cash flows," Journal of Empirical Finance, Elsevier, vol. 78(C).
    16. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2024. "The U.S. Public Debt Valuation Puzzle," Econometrica, Econometric Society, vol. 92(4), pages 1309-1347, July.
    17. Matthias Fleckenstein & Francis A. Longstaff, 2023. "Small Business Equity Returns: Empirical Evidence from the Business Credit Card Securitization Market," Journal of Finance, American Finance Association, vol. 78(1), pages 389-425, February.
    18. Andonov, Aleksandar & Kräussl, Roman & Rauh, Joshua, 2021. "Institutional Investors and Infrastructure Investing," CEPR Discussion Papers 15946, Centre for Economic Policy Research.
    19. Abhishek Bhardwaj & Abhinav Gupta & Sabrina T. Howell, 2025. "Leveraged Payouts: How Using New Debt to Pay Returns in Private Equity Affects Firms, Employees, Creditors, and Investors," Working Papers 25-12, Center for Economic Studies, U.S. Census Bureau.

  20. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    See citations under working paper version above.
  21. Ralph S J Koijen & Stijn Van Nieuwerburgh, 2020. "Combining Life and Health Insurance [“Market Size in Innovation: Theory and Evidence from the Pharmaceutical Industry”]," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(2), pages 913-958.

    Cited by:

    1. Borgschulte, Mark & Guenzel, Marius & Liu, Canyao & Malmendier, Ulrike M., 2020. "CEO Stress, Aging, and Death," CEPR Discussion Papers 14933, Centre for Economic Policy Research.
    2. Chen, Chang-Chih & Chang, Chia-Chien & Sun, Edward W. & Yu, Min-Teh, 2022. "Optimal decision of dynamic wealth allocation with life insurance for mitigating health risk under market incompleteness," European Journal of Operational Research, Elsevier, vol. 300(2), pages 727-742.
    3. Jason Abaluck & Mauricio Caceres Bravo & Peter Hull & Amanda Starc, 2020. "Mortality Effects and Choice Across Private Health Insurance Plans," Working Papers 2020-108, Becker Friedman Institute for Research In Economics.
    4. Hae Kang Lee, 2024. "The financial benefits of health engagement programs to life insurers," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-38, December.
    5. Koijen, Ralph S.J. & Lee, Hae Kang & Van Nieuwerburgh, Stijn, 2024. "Aggregate lapsation risk," Journal of Financial Economics, Elsevier, vol. 155(C).

  22. Stijn Van Nieuwerburgh, 2020. "New Methods for the Cross-Section of Returns," The Review of Financial Studies, Society for Financial Studies, vol. 33(5), pages 1879-1890.

    Cited by:

    1. Ylinen, Mika & Ranta, Mikko, 2025. "Predicting corporate innovation using machine learning and social media data," Technovation, Elsevier, vol. 148(C).
    2. Krivenko, Pavel, 2023. "Asset prices in a labor search model with confidence shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
    3. Liu, Yanchu & Zhou, Heyang & Yang, Haisheng, 2025. "Latent factor models for the Chinese commodity futures markets," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    4. Chai, Bailin & Jiang, Fuwei & Lin, Yihao & You, Tian, 2025. "Predicting bond risk premiums with machine learning: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    5. Dima, Bogdan & Dima, Ştefana Maria & Ioan, Roxana, 2025. "The short-run impact of investor expectations’ past volatility on current predictions: The case of VIX," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 98(C).
    6. Theo Berger, 2025. "On the information content of explainable artificial intelligence for quantitative approaches in finance," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 47(1), pages 177-203, March.
    7. Jiaju Miao & Pawel Polak, 2023. "Online Ensemble Learning for Sector Rotation: A Gradient-Free Framework," Papers 2304.09947, arXiv.org, revised Nov 2025.
    8. H. Rad & R. Low & J. Miffre & R. Faff, 2023. "The commodity risk premium and neural networks," Post-Print hal-04322519, HAL.
    9. Byun, Suk-Joon & Cho, Sangheum & Kim, Da-Hea, 2024. "Can a machine learn from behavioral biases? Evidence from stock return predictability of deep learning models," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    10. Jiang, Fuwei & Ma, Tian & Zhu, Feifei, 2024. "Fundamental characteristics, machine learning, and stock price crash risk," Journal of Financial Markets, Elsevier, vol. 69(C).
    11. Karolyi, G. Andrew & Wu, Ying, 2022. "Understanding the pricing of currency risk in global equity markets," Journal of Multinational Financial Management, Elsevier, vol. 63(C).
    12. Ma, Tian & Leong, Wen Jun & Jiang, Fuwei, 2023. "A latent factor model for the Chinese stock market," International Review of Financial Analysis, Elsevier, vol. 87(C).
    13. Doron Avramov & Si Cheng & Lior Metzker, 2023. "Machine Learning vs. Economic Restrictions: Evidence from Stock Return Predictability," Management Science, INFORMS, vol. 69(5), pages 2587-2619, May.
    14. Hassan Zada & Naveed Khan & Kai-Yin Woo & Sana Gaied Chortane, 2025. "Asset Pricing: A Comparative Analysis of Fama-French Five-Factor with Human Capital-Based Six-Factor Model," Advances in Decision Sciences, Asia University, Taiwan, vol. 29(4), pages 1-37.
    15. Evangelos Liaras & Michail Nerantzidis & Antonios Alexandridis, 2024. "Machine learning in accounting and finance research: a literature review," Review of Quantitative Finance and Accounting, Springer, vol. 63(4), pages 1431-1471, November.
    16. Karim, Sitara & Shafiullah, Muhammad & Naeem, Muhammad Abubakr, 2024. "When one domino falls, others follow: A machine learning analysis of extreme risk spillovers in developed stock markets," International Review of Financial Analysis, Elsevier, vol. 93(C).
    17. Kaniel, Ron & Lin, Zihan & Pelger, Markus & Van Nieuwerburgh, Stijn, 2023. "Machine-learning the skill of mutual fund managers," Journal of Financial Economics, Elsevier, vol. 150(1), pages 94-138.
    18. Gang Kou & Yang Lu, 2025. "FinTech: a literature review of emerging financial technologies and applications," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-34, December.

  23. Bernard Herskovic & Bryan Kelly & Hanno Lustig & Stijn Van Nieuwerburgh, 2020. "Firm Volatility in Granular Networks," Journal of Political Economy, University of Chicago Press, vol. 128(11), pages 4097-4162.
    See citations under working paper version above.
  24. Stijn Van Nieuwerburgh, 2019. "Why are REITS Currently So Expensive?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(1), pages 18-65, March.
    See citations under working paper version above.
  25. Markus Ibert & Ron Kaniel & Stijn Van Nieuwerburgh & Roine Vestman, 2018. "Are Mutual Fund Managers Paid for Investment Skill?," The Review of Financial Studies, Society for Financial Studies, vol. 31(2), pages 715-772.
    See citations under working paper version above.
  26. Markus K. Brunnermeier & Sam Langfield & Marco Pagano & Ricardo Reis & Stijn Van Nieuwerburgh & Dimitri Vayanos, 2017. "ESBies: safety in the tranches," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 32(90), pages 175-219.
    See citations under working paper version above.
  27. Jack Favilukis & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2017. "The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 125(1), pages 140-223.
    See citations under working paper version above.
  28. Koijen, Ralph S.J. & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2017. "The cross-section and time series of stock and bond returns," Journal of Monetary Economics, Elsevier, vol. 88(C), pages 50-69.
    See citations under working paper version above.
  29. Herskovic, Bernard & Kelly, Bryan & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2016. "The common factor in idiosyncratic volatility: Quantitative asset pricing implications," Journal of Financial Economics, Elsevier, vol. 119(2), pages 249-283.
    See citations under working paper version above.
  30. Markus K. Brunnermeier & Luis Garicano & Philip R. Lane & Marco Pagano & Ricardo Reis & Tano Santos & David Thesmar & Stijn Van Nieuwerburgh & Dimitri Vayanos, 2016. "The Sovereign-Bank Diabolic Loop and ESBies," American Economic Review, American Economic Association, vol. 106(5), pages 508-512, May.
    See citations under working paper version above.
  31. Elenev, Vadim & Landvoigt, Tim & Van Nieuwerburgh, Stijn, 2016. "Phasing out the GSEs," Journal of Monetary Economics, Elsevier, vol. 81(C), pages 111-132.
    See citations under working paper version above.
  32. Marcin Kacperczyk & Stijn Van Nieuwerburgh & Laura Veldkamp, 2016. "A Rational Theory of Mutual Funds' Attention Allocation," Econometrica, Econometric Society, vol. 84, pages 571-626, March.

    Cited by:

    1. Landsman, Wayne R. & Peña-Romera, F. Dimas & Zhao, Jianxin (Donny), 2025. "The value of lending to bellwether firms by institutional investors," Journal of Accounting and Economics, Elsevier, vol. 79(2).
    2. Jules Van Binsbergen & Jungsuk Han & Hongxun Ruan & Ran Xing, 2024. "A Horizon‐Based Decomposition of Mutual Fund Value Added Using Transactions," Journal of Finance, American Finance Association, vol. 79(3), pages 1831-1882, June.
    3. Xuan‐Qi Su, 2026. "Top Management Team Finance Education: Implications for Stock Price Synchronicity and Crash Risk," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 53(1), pages 207-242, February.
    4. Bolton, Patrick & Kacperczyk, Marcin, 2021. "Do investors care about carbon risk?," Journal of Financial Economics, Elsevier, vol. 142(2), pages 517-549.
    5. Xi (Novia) Chen & Peng‐Chia Chiu & Qin Li & Po‐Hsiang Yu, 2026. "Is Corporate Bond Market (In)attentive to Earnings News on Busy Reporting Days?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(1), pages 48-79, March.
    6. Tamer Boyacı & Caner Canyakmaz & Francis de Véricourt, 2024. "Human and Machine: The Impact of Machine Input on Decision Making Under Cognitive Limitations," Management Science, INFORMS, vol. 70(2), pages 1258-1275, February.
    7. Kacperczyk, Marcin & Nosal, Jaromir & Stevens, Luminita, 2018. "Investor Sophistication and Capital Income Inequality," CEPR Discussion Papers 12870, Centre for Economic Policy Research.
    8. Nicolae Gârleanu & Lasse Heje Pedersen, 2022. "Active and Passive Investing: Understanding Samuelson’s Dictum [A noisy rational expectations equilibrium for multi-asset securities markets]," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 12(2), pages 389-446.
    9. John Ammer & John Rogers & Gang Wang & Yang Yu, 2020. "Monetary Policy Expectations, Fund Managers, and Fund Returns: Evidence from China," International Finance Discussion Papers 1285, Board of Governors of the Federal Reserve System (U.S.).
    10. Alan Crane & Kevin Crotty & Tarik Umar, 2023. "Hedge Funds and Public Information Acquisition," Management Science, INFORMS, vol. 69(6), pages 3241-3262, June.
    11. Buss, Adrian & Sundaresan, Savitar, 2020. "More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency," CEPR Discussion Papers 14843, Centre for Economic Policy Research.
    12. Gaglianone, Wagner Piazza & Giacomini, Raffaella & Issler, João Victor & Skreta, Vasiliki, 2019. "Incentive-driven Inattention," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 811, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    13. Han, Leyla Jianyu & Kasa, Kenneth & Luo, Yulei, 2024. "Ambiguity, information processing, and financial intermediation," Journal of Economic Theory, Elsevier, vol. 222(C).
    14. Dragomirescu-Gaina, Catalin & Galariotis, Emilios & Philippas, Dionisis, 2021. "Chasing the ‘green bandwagon’ in times of uncertainty," Energy Policy, Elsevier, vol. 151(C).
    15. Anna Abdulmanova & Stephen P. Ferris & Narayanan Jayaraman & Pratik Kothari, 2021. "The effect of investor attention on fraud discovery and value loss in securities class action litigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(3), pages 513-552, September.
    16. Yin, Libo & Zhu, Xiaoye, 2025. "Investor–firm interactions versus investor–investor interactions: Which enhances investor learning better?," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    17. Seth Neumuller & Casey Rothschild, 2017. "Financial Sophistication and Portfolio Choice over the Life Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 26, pages 243-262, October.
    18. Gabaix, Xavier, 2018. "Behavioral Inattention," CEPR Discussion Papers 13268, Centre for Economic Policy Research.
    19. Campbell, Dennis & Loumioti, Maria & Wittenberg-Moerman, Regina, 2019. "Making sense of soft information: interpretation bias and loan quality," Journal of Accounting and Economics, Elsevier, vol. 68(2).
    20. Alexander Eisele & Tamara Nefedova & Gianpaolo Parise, 2015. "Are Star Funds Really Shining? Cross-trading And Performance Shifting In Mutual Fund Families," Post-Print hal-01458357, HAL.
    21. Hyder Ali & Salma Naz, 2025. "Forecasting Equity Premium in the Face of Climate Policy Uncertainty," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(2), pages 513-546, March.
    22. Xu, Liao & Zhang, Xuan & Zhao, Jing, 2023. "Limited investor attention and biased reactions to information: Evidence from the COVID-19 pandemic," Journal of Financial Markets, Elsevier, vol. 62(C).
    23. Li, Zhuo & Wen, Fenghua & Huang, Zhijian James, 2023. "Asymmetric response to earnings news across different sentiment states: The role of cognitive dissonance," Journal of Corporate Finance, Elsevier, vol. 78(C).
    24. Corgnet, Brice & DeSantis, Mark & Porter, David, 2020. "The distribution of information and the price efficiency of markets," Journal of Economic Dynamics and Control, Elsevier, vol. 110(C).
    25. Martin Rohleder & Hendrik Tentesch & René Weh & Marco Wilkens, 2025. "Do investor types matter? A comparative analysis of separate account characteristics and performance," Review of Financial Economics, John Wiley & Sons, vol. 43(1), pages 95-110, January.
    26. Hoang, Lai T. & Tan, Eric K.M. & Yang, Joey W., 2024. "The investment behavior of China-connected mutual funds in the pandemic: Information advantage through operational link," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    27. Eisele, Alexander & Nefedova, Tamara & Parise, Gianpaolo & Peijnenburg, Kim, 2017. "Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families," CEPR Discussion Papers 12225, Centre for Economic Policy Research.
    28. Liu, Xin & Li, Xue & Yang, Wei & Zhang, Ben, 2025. "How does patent mixed ownership impact university technology commercialization? Evidence from China," Technovation, Elsevier, vol. 145(C).
    29. Cao, Ying & von Reibnitz, Anna & Warren, Geoffrey J., 2020. "Return dispersion and fund performance: Australia – The land of opportunity?," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    30. Kevin Spiritus & Robin Boadway, 2017. "The Optimal Taxation of Risky Capital Income: The Rate of Return Allowance," CESifo Working Paper Series 6297, CESifo.
    31. Ward, Charles & Yin, Chao & Zeng, Yeqin, 2018. "Institutional investor monitoring motivation and the marginal value of cash," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 49-75.
    32. Lu, Fei & Zeng, Qing & Bouri, Elie & Tao, Ying, 2024. "Forecasting US GDP growth rates in a rich environment of macroeconomic data," International Review of Economics & Finance, Elsevier, vol. 95(C).
    33. El Hajjar, Samah & Gebka, Bartosz & Duxbury, Darren & Su, Chen, 2026. "Behavioral effects of capital market regulations on investor (ir)rationality and market (in)efficiency: Evidence from MAD and TPD EU directives," Journal of Economic Behavior & Organization, Elsevier, vol. 244(C).
    34. He, Yazhou Ellen, 2021. "Communications in proxy contests," Journal of Corporate Finance, Elsevier, vol. 69(C).
    35. Ma, Feng & Lu, Xinjie & Liu, Jia & Huang, Dengshi, 2022. "Macroeconomic attention and stock market return predictability," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    36. Dierick, Nicolas & Heyman, Dries & Inghelbrecht, Koen & Stieperaere, Hannes, 2019. "Financial attention and the disposition effect," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 190-217.
    37. Juan-Camilo Chaves, 2019. "The Less I Know The Better? A Model of Rational Attention and Experimentation," Documentos CEDE 17606, Universidad de los Andes, Facultad de Economía, CEDE.
    38. Chen, Xin & Jiang, Gege & Jiang, Yu, 2025. "Multivariate discrete choice with rational inattention: Model development, application, and calibration," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 194(C).
    39. Kondor, Péter & Zawadowski, Adam, 2019. "Learning in crowded markets," Journal of Economic Theory, Elsevier, vol. 184(C).
    40. Faria, Gonçalo & Verona, Fabio, 2017. "Forecasting the equity risk premium with frequency-decomposed predictors," Bank of Finland Research Discussion Papers 1/2017, Bank of Finland.
    41. Dew-Becker, Ian & Nathanson, Charles G., 2019. "Directed attention and nonparametric learning," Journal of Economic Theory, Elsevier, vol. 181(C), pages 461-496.
    42. Cai, Qiuye & Yung, Kenneth, 2024. "Retail attention on earnings announcement days: Evidence from social media," Journal of Behavioral and Experimental Finance, Elsevier, vol. 43(C).
    43. Garel, Alexandre & Martin-Flores, Jose M. & Petit-Romec, Arthur & Scott, Ayesha, 2021. "Institutional investor distraction and earnings management," Journal of Corporate Finance, Elsevier, vol. 66(C).
    44. Yin, Chao & Ward, Charles & Tsolacos, Sotiris, 2018. "Motivated monitoring: The importance of the institutional investment horizon," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 197-212.
    45. Chowdhury, Hasibul & Han, Hien Duc & Krishnamurti, Chandrasekhar & Zheng, Jiayi, 2026. "Institutional shareholder distraction and workplace safety," The British Accounting Review, Elsevier, vol. 58(3).
    46. Travis Box & Danjue Shang, 2021. "Information‐driven stock price comovement," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(2), pages 403-429, June.
    47. Marmora, Paul & Rytchkov, Oleg, 2018. "Learning about noise," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 209-224.
    48. Wang, Keyun & Xu, Fengmin & Wang, Shihao & Li, Benchu, 2024. "Data analysis technology and inequality in capital costs," Economics Letters, Elsevier, vol. 237(C).
    49. Shiyang Huang & Jan Schneemeier & Avanidhar Subrahmanyam & Liyan Yang, 2025. "Securities Markets in Which Some Investors Receive Information About Cash Flow Betas," Management Science, INFORMS, vol. 71(7), pages 6155-6183, July.
    50. Shahram Amini & Andrew MacKinlay & Brian Rountree & James Weston, 2026. "What Happens to Corporate Investment in Bad Times?," Management Science, INFORMS, vol. 72(6), pages 5388-5415, June.
    51. Groenborg, Niels & Lunde, Asger & Timmermann, Allan & Wermers, Russ, 2017. "Picking Funds with Confidence," CEPR Discussion Papers 11896, Centre for Economic Policy Research.
    52. Jha, Manish, 2025. "Do activists align with larger mutual funds?," Journal of Banking & Finance, Elsevier, vol. 173(C).
    53. Lubos Pastor & Robert F. Stambaugh & Lucian A. Taylor, 2017. "Fund Tradeoffs," NBER Working Papers 23670, National Bureau of Economic Research, Inc.
    54. Chen, Linda H. & Jiang, George J. & Zhu, Kevin X., 2018. "Total attention: The effect of macroeconomic news on market reaction to earnings news," Journal of Banking & Finance, Elsevier, vol. 97(C), pages 142-156.
    55. Dragomirescu-Gaina, Catalin & Philippas, Dionisis & Tsionas, Mike G., 2021. "Trading off accuracy for speed: Hedge funds' decision-making under uncertainty," International Review of Financial Analysis, Elsevier, vol. 75(C).
    56. Rahul Bhui & Peiran Jiao, 2023. "Attention Constraints and Learning in Categories," Management Science, INFORMS, vol. 69(9), pages 5394-5404, September.
    57. Li, Jiahan & Tsiakas, Ilias, 2017. "Equity premium prediction: The role of economic and statistical constraints," Journal of Financial Markets, Elsevier, vol. 36(C), pages 56-75.
    58. David Hirshleifer & Chong Huang & Siew Hong Teoh, 2017. "Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion," NBER Working Papers 24143, National Bureau of Economic Research, Inc.
    59. Adlai Fisher & Charles Martineau & Jinfei Sheng, 2022. "Macroeconomic Attention and Announcement Risk Premia," The Review of Financial Studies, Society for Financial Studies, vol. 35(11), pages 5057-5093.
    60. Miguel, António F. & Chen, Yihao, 2025. "How active is your (nominally) actively managed quantitative fund?," International Review of Financial Analysis, Elsevier, vol. 103(C).
    61. Philippas, Dionisis & Dragomirescu-Gaina, Catalin & Goutte, Stéphane & Nguyen, Duc Khuong, 2021. "Investors’ attention and information losses under market stress," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 1112-1127.
    62. Chunhua Lan & Russ Wermers, 2024. "Cashflow Timing vs. Discount-Rate Timing: An Examination of Mutual Fund Market-Timing Skills," Management Science, INFORMS, vol. 70(2), pages 694-713, February.
    63. Shiyang Huang & Bart Zhou Yueshen, 2021. "Speed Acquisition," Management Science, INFORMS, vol. 67(6), pages 3492-3518, June.
    64. Mackowiak, Bartosz & Matejka, Filip & Wiederholt, Mirko, 2018. "Survey: Rational Inattention, a Disciplined Behavioral Model," CEPR Discussion Papers 13243, Centre for Economic Policy Research.
    65. Begenau, Juliane & Farboodi, Maryam & Veldkamp, Laura, 2018. "Big data in finance and the growth of large firms," Journal of Monetary Economics, Elsevier, vol. 97(C), pages 71-87.
    66. Gallagher, Emily & Schmidt, Lawrence & Timmermann, Allan & Wermers, Russ, 2017. "Transparency, Investor Information Acquisition, and Money Market Fund Risk Rebalancing during the 2011-12 Eurozone Crisis," CEPR Discussion Papers 11895, Centre for Economic Policy Research.
    67. Peter Cziraki & Jordi Mondria & Thomas Wu, 2021. "Asymmetric Attention and Stock Returns," Management Science, INFORMS, vol. 67(1), pages 48-71, January.
    68. Savitar Sundaresan & Jaromir Nosal & Marcin Kacperczyk, 2017. "Market Power and Informational Efficiency," 2017 Meeting Papers 356, Society for Economic Dynamics.
    69. Ahmad, Fawad & Oriani, Raffaele, 2022. "Investor attention, information acquisition, and value premium: A mispricing perspective," International Review of Financial Analysis, Elsevier, vol. 79(C).
    70. Gene Ambrocio, 2020. "Rational exuberance booms," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 263-282, January.
    71. Chong Huang & Fei Li & Xi Weng, 2020. "Star Ratings and the Incentives of Mutual Funds," Journal of Finance, American Finance Association, vol. 75(3), pages 1715-1765, June.
    72. Dong, Feng & Doukas, John A., 2021. "Managerial ability premium factor and fund performance," Journal of International Money and Finance, Elsevier, vol. 113(C).
    73. Robin Boadway & Pierre Pestieau, 2019. "Over the Top: Why an Annual Wealth Tax for Canada is Unnecessary," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 546, June.
    74. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
    75. Qu, Ritong & Timmermann, Allan & Zhu, Yinchu, 2019. "Do Any Economists Have Superior Forecasting Skills?," CEPR Discussion Papers 14112, Centre for Economic Policy Research.
    76. Casavecchia, Lorenzo & Ge, Chanyuan, 2019. "Jack of all trades versus specialists: Fund family specialization and mutual fund performance," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 69-85.
    77. Zhi Da & Jian Hua & Tim Chih-Ching Hung & Lin Peng, 2025. "Market Returns and a Tale of Two Types of Attention," Management Science, INFORMS, vol. 71(12), pages 10505-10537, December.
    78. Huang, Shiyang & Huang, Yulin & Lin, Tse-Chun, 2019. "Attention allocation and return co-movement: Evidence from repeated natural experiments," Journal of Financial Economics, Elsevier, vol. 132(2), pages 369-383.
    79. Pástor, Luboš & Stambaugh, Robert F. & Taylor, Lucian, 2017. "Portfolio Liquidity and Diversification: Theory and Evidence," CEPR Discussion Papers 12195, Centre for Economic Policy Research.
    80. John Ammer & John Rogers & Gang Wang & Yang Yu, 2023. "Chinese Asset Managers’ Monetary Policy Forecasts and Fund Performance," Management Science, INFORMS, vol. 69(1), pages 598-616, January.
    81. Bayona, Anna & Brandts, Jordi & Vives, Xavier, 2020. "Information frictions and market power: A laboratory study," Games and Economic Behavior, Elsevier, vol. 122(C), pages 354-369.
    82. Aleksandra Rzeźnik, 2026. "Active Liquidity Management, Strategic Complementarities, and Market Price of Liquidity," Management Science, INFORMS, vol. 72(5), pages 4031-4061, May.
    83. Nisani, Doron & Shelef, Amit & Sonenshine, Ralph & David, Or, 2024. "The mutual funds puzzle and the elusive von Neumann-Morgenstern preference relation," International Review of Financial Analysis, Elsevier, vol. 92(C).

  33. Bryan Kelly & Hanno Lustig & Stijn Van Nieuwerburgh, 2016. "Too-Systemic-to-Fail: What Option Markets Imply about Sector-Wide Government Guarantees," American Economic Review, American Economic Association, vol. 106(6), pages 1278-1319, June.
    See citations under working paper version above.
  34. Marcin Kacperczyk & Stijn Van Nieuwerburgh & Laura Veldkamp, 2014. "Time-Varying Fund Manager Skill," Journal of Finance, American Finance Association, vol. 69(4), pages 1455-1484, August.
    See citations under working paper version above.
  35. Hanno Lustig & Stijn Van Nieuwerburgh & Adrien Verdelhan, 2013. "The Wealth-Consumption Ratio," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 3(1), pages 38-94.
    See citations under working paper version above.
  36. Reed, Richard, 2013. "Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance. V. V. Acharya, M. Richardson, S. van Nieuwerburgh and L. J. White. Princeton University Press, 2011, ISBN 978-0-691-15078-9, 222 pages," Journal of Pension Economics and Finance, Cambridge University Press, vol. 12(4), pages 461-463, October.

    Cited by:

    1. Zilong Liu & Hongyan Liang, 2025. "Do Fintech Lenders Align Pricing with Risk? Evidence from a Model-Based Assessment of Conforming Mortgages," FinTech, MDPI, vol. 4(2), pages 1-16, June.

  37. Acharya Viral & Richardson Matthew & Van Nieuwerburgh Stijn & White Lawrence J., 2013. "Guaranteed to Fail: Fannie Mae and Freddie Mac and What to Do about Them*," The Economists' Voice, De Gruyter, vol. 10(1), pages 15-19, December.

    Cited by:

    1. Zilong Liu & Hongyan Liang, 2025. "Do Fintech Lenders Align Pricing with Risk? Evidence from a Model-Based Assessment of Conforming Mortgages," FinTech, MDPI, vol. 4(2), pages 1-16, June.

  38. Rico Wyss, 2013. "V. V. Acharya, S. van Nieuwerburgh, M. Richardson, and L. J. White (2011): Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance, Princeton University Press. 176 pages, USD 24.95," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(1), pages 125-126, March.

    Cited by:

    1. Zilong Liu & Hongyan Liang, 2025. "Do Fintech Lenders Align Pricing with Risk? Evidence from a Model-Based Assessment of Conforming Mortgages," FinTech, MDPI, vol. 4(2), pages 1-16, June.

  39. Stijn Van Nieuwerburgh, 2012. "The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(2), April.

    Cited by:

    1. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    2. Leung, Charles Ka Yui, 2014. "Error Correction Dynamics of House Prices: an Equilibrium Benchmark," MPRA Paper 55654, University Library of Munich, Germany.

  40. John Ameriks & Andrew Caplin & Steven Laufer & Stijn Van Nieuwerburgh, 2011. "The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Public Care Aversion from Bequest Motives," Journal of Finance, American Finance Association, vol. 66(2), pages 519-561, April.

    Cited by:

    1. Ralph S. J. Koijen & Stijn Van Nieuwerburgh & Motohiro Yogo, 2014. "Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice," Staff Report 499, Federal Reserve Bank of Minneapolis.
    2. Andréasson, Johan G. & Shevchenko, Pavel V. & Novikov, Alex, 2017. "Optimal consumption, investment and housing with means-tested public pension in retirement," Insurance: Mathematics and Economics, Elsevier, vol. 75(C), pages 32-47.
    3. Shang Wu & Hazel Bateman & Ralph Stevens & Susan Thorp, 2022. "Flexible insurance for long‐term care: A study of stated preferences," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(3), pages 823-858, September.
    4. Tiantian Dai & Wei Sun & Anthony Webb, 2024. "How do subjective mortality beliefs affect the value of social security and the optimal claiming ages?," International Studies of Economics, John Wiley & Sons, vol. 19(1), pages 92-116, March.
    5. Gizem Koşar & Cormac O'Dea, 2022. "Expectations Data in Structural Microeconomic Models," Staff Reports 1018, Federal Reserve Bank of New York.
    6. Wojciech Kopczuk, 2012. "Taxation of Intergenerational Transfers and Wealth," NBER Working Papers 18584, National Bureau of Economic Research, Inc.
    7. Gao, Jin & Ulm, Eric R., 2015. "Optimal allocation and consumption with guaranteed minimum death benefits, external income and term life insurance," Insurance: Mathematics and Economics, Elsevier, vol. 61(C), pages 87-98.
    8. Horneff, Vanya & Maurer, Raimond & Mitchell, Olivia S. & Rogalla, Ralph, 2015. "Optimal life cycle portfolio choice with variable annuities offering liquidity and investment downside protection," Insurance: Mathematics and Economics, Elsevier, vol. 63(C), pages 91-107.
    9. Narat Charupat & Mark J. Kamstra & Moshe A. Milevsky, 2016. "The Sluggish and Asymmetric Reaction of Life Annuity Prices to Changes in Interest Rates," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 83(3), pages 519-555, September.
    10. Yogo, Motohiro, 2016. "Portfolio choice in retirement: Health risk and the demand for annuities, housing, and risky assets," Journal of Monetary Economics, Elsevier, vol. 80(C), pages 17-34.
    11. Eric French & John Bailey Jones & Elaine Kelly & Jeremy McCauley, 2018. "End-of-Life Medical Expenses," Working Paper 18-18, Federal Reserve Bank of Richmond.
    12. Martin Boyer & Philippe De Donder & Claude Fluet & Marie-Louise Leroux & Pierre-Carl Michaud, 2017. "Long-term Care Insurance: Knowledge Barriers, Risk Perception and Adverse Selection," Cahiers de recherche 1701, Chaire de recherche Industrielle Alliance sur les enjeux économiques des changements démographiques.
    13. Aidala, Felix & Armantier, Olivier & Koşar, Gizem & Somerville, Jason & Topa, Giorgio & van der Klaauw, Wilbert, 2024. "Gasoline price changes and consumer inflation expectations: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 66-80.
    14. Kaustia, Markku & Conlin, Andrew & Luotonen, Niilo, 2023. "What drives stock market participation? The role of institutional, traditional, and behavioral factors," Journal of Banking & Finance, Elsevier, vol. 148(C).
    15. John Laitner & Dan Silverman & Dmitriy Stolyarov, 2018. "The Role of Annuitized Wealth in Post-retirement Behavior," American Economic Journal: Macroeconomics, American Economic Association, vol. 10(3), pages 71-117, July.
    16. Hagen, Johannes, 2014. "The determinants of annuitization: evidence from Sweden," Working Paper Series, Center for Fiscal Studies 2014:13, Uppsala University, Department of Economics.
    17. Schreiber, Philipp & Weber, Martin, 2016. "Time inconsistent preferences and the annuitization decision," Journal of Economic Behavior & Organization, Elsevier, vol. 129(C), pages 37-55.
    18. Gary-Bobo, Robert J. & Nur, Jamil, 2015. "Housing, Capital Taxation and Bequests in a Simple OLG Model," CEPR Discussion Papers 10774, Centre for Economic Policy Research.
    19. Neha Bairoliya & Giovanni Gallipoli & Kathleen McKiernan, 2026. "End-of-Life Liquidity," Working Papers 2025-010, Human Capital and Economic Opportunity Working Group.
    20. Declan French & Donal McKillop & Tripti Sharma, 2017. "Analysis of Housing Equity Withdrawal by its Forms," CHaRMS Working Papers 17-04, Centre for HeAlth Research at the Management School (CHaRMS).
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    152. Mariacristina De Nardi & Eric French & John Bailey Jones & Rory McGee, 2021. "Why Do Couples and Singles Save during Retirement? Household Heterogeneity and its Aggregate Implications," NBER Working Papers 28828, National Bureau of Economic Research, Inc.
    153. Mariacristina De Nardi & Eric French & John Bailey Jones, 2016. "Medicaid Insurance in Old Age," American Economic Review, American Economic Association, vol. 106(11), pages 3480-3520, November.
    154. Zhang, Jinhui & Purcal, Sachi & Wei, Jiaqin, 2021. "Optimal life insurance and annuity demand under hyperbolic discounting when bequests are luxury goods," Insurance: Mathematics and Economics, Elsevier, vol. 101(PA), pages 80-90.
    155. Hosseini, Roozbeh & Shourideh, Ali, 2016. "Retirement Financing: An Optimal Reform Approach," MPRA Paper 71613, University Library of Munich, Germany, revised 19 Jan 2016.
    156. Kraft, Holger & Munk, Claus & Weiss, Farina, 2022. "Bequest motives in consumption-portfolio decisions with recursive utility," Journal of Banking & Finance, Elsevier, vol. 138(C).
    157. Bram Wouterse & Arjen Hussem, 2019. "The welfare effects of co-payments in long term care," CPB Discussion Paper 394, CPB Netherlands Bureau for Economic Policy Analysis.
    158. Armantier, Olivier & Sbordone, Argia & Topa, Giorgio & van der Klaauw, Wilbert & Williams, John C., 2022. "A new approach to assess inflation expectations anchoring using strategic surveys," Journal of Monetary Economics, Elsevier, vol. 129(S), pages 82-101.
    159. James Poterba & Steven Venti & David Wise, 2011. "The Composition and Drawdown of Wealth in Retirement," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 95-118, Fall.
    160. John Ameriks & Joseph Briggs & Andrew Caplin & Matthew D. Shapiro & Christopher Tonetti, 2016. "The Long-Term-Care Insurance Puzzle: Modeling and Measurement," NBER Working Papers 22726, National Bureau of Economic Research, Inc.
    161. Achou, Bertrand, 2021. "Housing liquidity and long-term care insurance demand: A quantitative evaluation," Journal of Public Economics, Elsevier, vol. 194(C).
    162. Horneff, Vanya & Love, David & Maurer, Raimond, 2026. "Rules of thumb and retirement accounts," Journal of Banking & Finance, Elsevier, vol. 183(C).
    163. Max Franks & Ottmar Edenhofer, 2020. "Optimal Redistributive Wealth Taxation When Wealth Is More Than Just Capital," CESifo Working Paper Series 8093, CESifo.
    164. Mariacristina De Nardi & Eric French & John Bailey Jones, 2015. "Couples' and Singles’ Savings After Retirement," Working Papers wp322, University of Michigan, Michigan Retirement Research Center.
    165. Andreas Fuster & Basit Zafar, 2014. "The sensitivity of housing demand to financing conditions: evidence from a survey," Staff Reports 702, Federal Reserve Bank of New York.
    166. Luo, Shangzhen & Wang, Mingming & Zhu, Wei, 2022. "Time-inconsistent life-cycle consumption and retirement choice with mortality risk," Applied Mathematics and Computation, Elsevier, vol. 433(C).
    167. Jens Kvaerner, 2016. "What Can Shocks to Life Expectancy Reveal About Bequest Motives?," 2016 Meeting Papers 1381, Society for Economic Dynamics.
    168. John Ameriks & Joseph S. Briggs & Andrew Caplin & Matthew D. Shapiro & Christopher Tonetti, 2015. "Long-Term-Care Utility and Late-in-Life Saving," NBER Working Papers 20973, National Bureau of Economic Research, Inc.
    169. Pashchenko, Svetlana & Porapakkarm, Ponpoje, 2026. "Saving motives over the life-cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 244(C).
    170. Sturrock, David & Groot, Stefan & Möhlmann, Jan, 2025. "Wealth, gifts, and estate planning at the end of life," Journal of Public Economics, Elsevier, vol. 250(C).

  41. Ralph S.J. Koijen & Stijn Van Nieuwerburgh, 2011. "Predictability of Returns and Cash Flows," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 467-491, December.
    See citations under working paper version above.
  42. Lustig, Hanno & Syverson, Chad & Van Nieuwerburgh, Stijn, 2011. "Technological change and the growing inequality in managerial compensation," Journal of Financial Economics, Elsevier, vol. 99(3), pages 601-627, March.
    See citations under working paper version above.
  43. Stijn Van Nieuwerburgh & Pierre-Olivier Weill, 2010. "Why Has House Price Dispersion Gone Up?," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 77(4), pages 1567-1606.
    See citations under working paper version above.
  44. Stijn Van Nieuwerburgh & Laura Veldkamp, 2010. "Information Acquisition and Under-Diversification," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 77(2), pages 779-805.
    See citations under working paper version above.
  45. Ralph S. J. Koijen & Hanno Lustig & Stijn Van Nieuwerburgh & Adrien Verdelhan, 2010. "Long Run Risk, the Wealth-Consumption Ratio, and the Temporal Pricing of Risk," American Economic Review, American Economic Association, vol. 100(2), pages 552-556, May.

    Cited by:

    1. Kano, Takashi & Wada, Kenji, 2017. "The first arrow hitting the currency target: A long-run risk perspective," Journal of International Money and Finance, Elsevier, vol. 74(C), pages 337-352.
    2. Ravi Jagannathan & Binying Liu, 2015. "Dividend Dynamics, Learning, and Expected Stock Index Returns," NBER Working Papers 21557, National Bureau of Economic Research, Inc.
    3. J. David Lopez-Salido & Francisco Vazquez-Grande & Pierlauro Lopez, 2015. "Macro-Finance Separation by Force of Habit," 2015 Meeting Papers 980, Society for Economic Dynamics.
    4. Martijn Boons & Frans de Roon & Fernando M. Duarte & Marta Szymanowska, 2013. "Time-Varying Inflation Risk and Stock Returns," Staff Reports 621, Federal Reserve Bank of New York.
    5. Bakshi, Gurdip & Chabi-Yo, Fousseni, 2012. "Variance bounds on the permanent and transitory components of stochastic discount factors," Journal of Financial Economics, Elsevier, vol. 105(1), pages 191-208.
    6. Ravi Jagannathan & Srikant Marakani, 2015. "Price-Dividend Ratio Factor Proxies for Long-Run Risks," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 5(1), pages 1-47.
    7. Mariano Max Croce & Thien T. Nguyen & Steve Raymond, 2019. "Persistent Government Debt and Aggregate Risk Distribution," NBER Working Papers 26177, National Bureau of Economic Research, Inc.
    8. Emi Nakamura & Dmitriy Sergeyev & Jón Steinsson, 2017. "Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(1), pages 1-39, January.
    9. Rubio-Ramírez, Juan Francisco & Fernández-Villaverde, Jesús & Koijen, Ralph & van Binsbergen, Jules, 2010. "The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences," CEPR Discussion Papers 7781, Centre for Economic Policy Research.
    10. Bakshi, Gurdip & Chabi-Yo, Fousseni, 2011. "Variance Bounds on the Permanent and Transitory Components of Stochastic Discount Factors," Working Paper Series 2011-11, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    11. Wang, Qin & Ren, Yu & Zou, Yiheng, 2016. "Uninsured expense shocks and equity premia," Economic Modelling, Elsevier, vol. 58(C), pages 64-74.
    12. Croce, Mariano & Nguyen, Thien & Raymond, Steve, 2019. "Persistent Government Debt and Aggregate Risk Distribution," CEPR Discussion Papers 13922, Centre for Economic Policy Research.
    13. Croce, M. & Nguyen, Thien T. & Raymond, S., 2021. "Persistent government debt and aggregate risk distribution," Journal of Financial Economics, Elsevier, vol. 140(2), pages 347-367.
    14. Ole Wilms & Karl Schmedders & Walt Pohl, 2016. "Higher-Order Effects in Asset-Pricing Models with Long-Run Risks," 2016 Meeting Papers 306, Society for Economic Dynamics.

  46. Hanno Lustig & Stijn Van Nieuwerburgh, 2010. "How Much Does Household Collateral Constrain Regional Risk Sharing?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(2), pages 265-294, April.
    See citations under working paper version above.
  47. Stijn Van Nieuwerburgh & Laura Veldkamp, 2009. "Information Immobility and the Home Bias Puzzle," Journal of Finance, American Finance Association, vol. 64(3), pages 1187-1215, June.
    See citations under working paper version above.
  48. Koijen, Ralph S.J. & Hemert, Otto Van & Nieuwerburgh, Stijn Van, 2009. "Mortgage timing," Journal of Financial Economics, Elsevier, vol. 93(2), pages 292-324, August.
    See citations under working paper version above.
  49. Hanno Lustig & Stijn Van Nieuwerburgh, 2008. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street," The Review of Financial Studies, Society for Financial Studies, vol. 21(5), pages 2097-2137, September.
    See citations under working paper version above.
  50. Martin Lettau & Stijn Van Nieuwerburgh, 2008. "Reconciling the Return Predictability Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1607-1652, July.
    See citations under working paper version above.
  51. Stijn Van Nieuwerburgh & Laura Veldkamp, 2006. "Inside Information and the Own Company Stock Puzzle," Journal of the European Economic Association, MIT Press, vol. 4(2-3), pages 623-633, 04-05.

    Cited by:

    1. Hvide, Hans K. & Nielsen, Kasper Meisner, 2026. "Flying below the radar: Insider trading by executives below the top," Journal of Financial Economics, Elsevier, vol. 181(C).
    2. Ilona Babenko & Rik Sen, 2016. "Do Nonexecutive Employees Have Valuable Information? Evidence from Employee Stock Purchase Plans," Management Science, INFORMS, vol. 62(7), pages 1878-1898, July.
    3. Rosen Valchev, 2019. "Beyond Home Bias: Portfolio Holdings and Information Heterogeneity," 2019 Meeting Papers 1439, Society for Economic Dynamics.
    4. Rosen Valchev, 2017. "Dynamic Information Acquisition and Portfolio Bias," Boston College Working Papers in Economics 941, Boston College Department of Economics.
    5. Rosen Valchev, 2017. "Dynamic Information Acquisition and Home Bias in Portfolios," 2017 Meeting Papers 1486, Society for Economic Dynamics.
    6. Chen, XiaoHua & Lai, Yun-Ju, 2015. "On the concentration of mutual fund portfolio holdings: Evidence from Taiwan," Research in International Business and Finance, Elsevier, vol. 33(C), pages 268-286.
    7. Herskovic, Bernard & Kelly, Bryan & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2016. "The common factor in idiosyncratic volatility: Quantitative asset pricing implications," Journal of Financial Economics, Elsevier, vol. 119(2), pages 249-283.
    8. Phelim Boyle & Lorenzo Garlappi & Raman Uppal & Tan Wang, 2012. "Keynes Meets Markowitz: The Trade-Off Between Familiarity and Diversification," Management Science, INFORMS, vol. 58(2), pages 253-272, February.
    9. Pavan, Alessandro & Vives, Xavier, 2015. "Information, Coordination, and Market Frictions: An Introduction," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 407-426.
    10. Zabojnik, Jan, 2014. "Stock-based Compensation Plans and Employee Incentives," Queen's Economics Department Working Papers 274650, Queen's University - Department of Economics.

  52. Nieuwerburgh, Stijn Van & Buelens, Frans & Cuyvers, Ludo, 2006. "Stock market development and economic growth in Belgium," Explorations in Economic History, Elsevier, vol. 43(1), pages 13-38, January.

    Cited by:

    1. Pradhan, Rudra P. & Arvin, Mak B. & Norman, Neville R., 2015. "Insurance development and the finance-growth nexus: Evidence from 34 OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 1-22.
    2. Iqbal, Athar & Khan, Muhammad Irfan & Riaz, Samina, 2017. "The Causality between Equity Market Development and Economic Growth: An Egg and Chicken Problem?," MPRA Paper 103038, University Library of Munich, Germany, revised 30 Dec 2017.
    3. David Grreasley, 2010. "Cliometrics and Time Series Econometrics: Some Theory and Applications," Working Papers in Economics 10/56, University of Canterbury, Department of Economics and Finance.
    4. Krystian Bua & Giovanni Dosi & Maria Enrica Virgillito, 2025. "The finance-growth nexus over the long-run," LEM Papers Series 2025/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    5. KCHIKECHE, Ahmed & KHALLOUK, Ouafaà, 2021. "On the Nexus Between Economic Growth and Bank-based Financial Development: Evidence from Morocco," MPRA Paper 118294, University Library of Munich, Germany.
    6. Borlea Sorin Nicolae & Mare Codruta & Achim Monica Violeta & Puscas Adriana, 2016. "Direction of Causality Between Financial Development and Economic Growth. Evidence for Developing Countries," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Paradigm, vol. 26(2), pages 1-22, June.
    7. Pradhan, Rudra P. & Arvin, Mak B. & Nair, Mahendhiran & Bennett, Sara E., 2020. "Unveiling the causal relationships among banking competition, stock and insurance market development, and economic growth in Europe," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 74-87.
    8. Marc Deloof & Abe Jong & Wilco Legierse, 2023. "Going public: evidence from stock and bond IPOs in Belgium, 1839–1935," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 17(3), pages 433-466, September.
    9. Degryse, H.A. & Lambert, T. & Schwienbacher, A., 2013. "The Political Economy of Financial Systems : Evidence from Suffrage Reforms in the Last Two Centuries," Discussion Paper 2013-046, Tilburg University, Center for Economic Research.
    10. Veronika Kajurová, 2017. "A Note on Relationship between Economic Activity and Stock Market Development: a Case of Euro Area Countries," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 65(6), pages 1953-1965.
    11. Tian, Ying & Feng, Chao, 2024. "Can financial development help alleviate the resource curse? Evidence from 286 cities in China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    12. Marques, Luís Miguel & Fuinhas, José Alberto & Marques, António Cardoso, 2012. "Interação entre o mercado acionista e o crescimento económico: Uma apreciação do caso português (1993-2010) [Interaction between the stock market and economic growth: An assessment of the Portuguese case (1993-2010)]," MPRA Paper 39808, University Library of Munich, Germany.
    13. Sani Ibrahim, Saifullahi & Tanimu, Nuruddeen, 2015. "The Linkages between Trade Openness, Financial Openness and Economic Growth in Nigeria," MPRA Paper 87494, University Library of Munich, Germany, revised 06 Aug 2016.
    14. Rudra P. Pradhan, 2018. "Development of stock market and economic growth: the G-20 evidence," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 8(2), pages 161-181, August.
    15. Peter Nyberg & Mika Vaihekoski, 2014. "Equity premium in Finland and long-term performance of the Finnish equity and money markets," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 8(2), pages 241-269, May.
    16. Rudra P. PRADHAN & Mak B. ARVIN & Bele SAMADHAN & Shilpa TANEJA, 2013. "The Impact of Stock Market Development on Inflation and Economic Growth of 16 Asian Countries: A Panel VAR Approach," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 13(1), pages 203-218.
    17. Rudra Pradhan & Mak Arvin & Neville Norman & Sahar Bahmani, 2020. "The dynamics of bondmarket development, stockmarket development and economic growth: Evidence from the G-20 countries," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 25(49), pages 119-147.
    18. Deloof, Marc & Vermoesen, Veronique, 2016. "The value of corporate boards during the Great Depression in Belgium," Explorations in Economic History, Elsevier, vol. 62(C), pages 108-123.
    19. An Buysschaert & Marc Deloof & Marc Jegers & An Rommens, 2008. "Is Group Affiliation Profitable in Developed Countries? Belgian Evidence," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 504-518, November.
    20. Pradhan, Rudra P. & Arvin, Mak B. & Ghoshray, Atanu, 2015. "The dynamics of economic growth, oil prices, stock market depth, and other macroeconomic variables: Evidence from the G-20 countries," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 84-95.
    21. Ahmed Kchikeche & Ouafaà Khallouk, 2021. "On the nexus between economic growth and bank-based financial development: evidence from Morocco," Middle East Development Journal, Taylor & Francis Journals, vol. 13(2), pages 245-264, July.
    22. Annaert, Jan & Verdickt, Gertjan, 2021. "Go active or stay passive: Investment trust, financial innovation and diversification in Belgium's early days," Explorations in Economic History, Elsevier, vol. 79(C).
    23. Rudra P. Pradhan & Mak B. Arvin & Neville R. Norman & John H. Hall, 2014. "The dynamics of banking sector and stock market maturity and the performance of Asian economies," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 30(1), pages 16-44, May.
    24. Georgantopoulos, Andreas G. & Tsamis, Anastasios D. & Agoraki, Maria-Eleni K., 2015. "The Euro-adoption effect and the bank, market, and growth nexus: New evidence from EU panels," The Journal of Economic Asymmetries, Elsevier, vol. 12(1), pages 41-51.
    25. Ripamonti, Alexandre & Kayo, Eduardo, 2016. "Corporate Governance and Capital Structure: Stock, Bonds and Substitution," MPRA Paper 79457, University Library of Munich, Germany.
    26. Mercan Hatipoglu, 2020. "Revisiting Linkages between Stock Prices and Real Activity in OECD Countries: Does Finance Respond to Changing Situation of Economy?," Prague Economic Papers, Prague University of Economics and Business, vol. 2020(1), pages 105-126.
    27. Pradhan, Rudra P. & Arvin, Mak B. & Bahmani, Sahar & Hall, John H. & Norman, Neville R., 2017. "Finance and growth: Evidence from the ARF countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 136-148.
    28. Narayan, Paresh Kumar & Narayan, Seema, 2013. "The short-run relationship between the financial system and economic growth: New evidence from regional panels," International Review of Financial Analysis, Elsevier, vol. 29(C), pages 70-78.
    29. Abdullahil Mamun & Mohammad Hasmat Ali & Nazamul Hoque & Md Masrurul Mowla & Shahanara Basher, 2018. "The Causality between Stock Market Development and Economic Growth: Econometric Evidence from Bangladesh," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(5), pages 212-220, May.
    30. Marques, Luís Miguel & Fuinhas, José Alberto & Marques, António Cardoso, 2013. "Does the stock market cause economic growth? Portuguese evidence of economic regime change," Economic Modelling, Elsevier, vol. 32(C), pages 316-324.
    31. Rafaqet Ali & Muhammad Afzal, 2012. "Impact of global financial crisis on stock markets: Evidence from Pakistan and India," E3 Journal of Business Management and Economics., E3 Journals, vol. 3(7), pages 275-282.
    32. Pradhan, Rudra P. & Arvin, Mak B. & Bahmani, Sahar, 2015. "Causal nexus between economic growth, inflation, and stock market development: The case of OECD countries," Global Finance Journal, Elsevier, vol. 27(C), pages 98-111.
    33. Overfelt, Wouter Van & Annaert, Jan & Ceuster, Marc De & Deloof, Marc, 2009. "Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905-1909," Explorations in Economic History, Elsevier, vol. 46(2), pages 253-265, April.
    34. Pradhan, Rudra P. & Arvin, Mak B. & Hall, John H. & Bahmani, Sahar, 2014. "Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries," Review of Financial Economics, Elsevier, vol. 23(4), pages 155-173.
    35. Annaert, Jan & Buelens, Frans & De Ceuster, Marc J.K., 2012. "New Belgian Stock Market Returns: 1832–1914," Explorations in Economic History, Elsevier, vol. 49(2), pages 189-204.
    36. Yilmaz Bayar, 2016. "Institutional Determinants of Stock Market Development in European Union Transition Economies," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(61), pages 211-226, September.
    37. Lord Mensah, 2013. "The Behavior of Beta in the 19th Century," Accounting and Finance Research, Sciedu Press, vol. 2(4), pages 1-34, November.
    38. Guo Jianhua & Long Huidian, 2013. "Investigation of the Linkage among China’s Macroeconomy, Stock Market and Real Estate Market," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 2(2), pages 01-07, April.
    39. Cheng, Chih-Yang & Chien, Mei-Se & Lee, Chien-Chiang, 2021. "ICT diffusion, financial development, and economic growth: An international cross-country analysis," Economic Modelling, Elsevier, vol. 94(C), pages 662-671.
    40. Azubike, Anulika, 2017. "Impact of the Nigerian stock exchange on economic growth," MPRA Paper 75984, University Library of Munich, Germany.
    41. Naceur, Samy Ben & Ghazouani, Samir, 2007. "Stock markets, banks, and economic growth: Empirical evidence from the MENA region," Research in International Business and Finance, Elsevier, vol. 21(2), pages 297-315, June.
    42. Eyad M. Malkawi, 2019. "Reviewing the Equilibrium and Causal Relationships between Stock Market Development and Economic Growth in Jordan," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(12), pages 1-37, December.
    43. Shahbaz, Muhammad & Rehman, Ijaz ur & Ahmed Taneem, Muzaffar, 2014. "Re-Visiting Financial Development and Economic Growth Nexus: The Role of Capitalization in Bangladesh," MPRA Paper 57500, University Library of Munich, Germany, revised 22 Jul 2014.
    44. Nawaz, Kishwar & Lahiani, Amine & Roubaud, David, 2019. "Natural resources as blessings and finance-growth nexus: A bootstrap ARDL approach in an emerging economy," Resources Policy, Elsevier, vol. 60(C), pages 277-287.
    45. Sassi, Seifallah & Goaied, Mohamed, 2013. "Financial development, ICT diffusion and economic growth: Lessons from MENA region," Telecommunications Policy, Elsevier, vol. 37(4), pages 252-261.
    46. Avishek Khanal & Mohammad Mafizur Rahman & Rasheda Khanam & Eswaran Velayutham, 2022. "The role of tourism in service sector employment: Do market capital, financial development and trade also play a role?," PLOS ONE, Public Library of Science, vol. 17(8), pages 1-18, August.
    47. Nikolaos Giannellis & Minoas Koukouritakis, 2009. "Behavioural Equilibrium Exchange Rate and Total Misalignment: Evidence from the Euro Exchange Rate," Working Papers 0901, University of Crete, Department of Economics.
    48. Jin Guo, 2015. "Causal relationship between stock returns and real economic growth in the pre- and post-crisis period: evidence from China," Applied Economics, Taylor & Francis Journals, vol. 47(1), pages 12-31, January.
    49. Md. Qamruzzaman & Jianguo Wei, 2018. "Financial Innovation, Stock Market Development, and Economic Growth: An Application of ARDL Model," IJFS, MDPI, vol. 6(3), pages 1-30, August.
    50. Annaert, Jan & Mensah, Lord, 2014. "Cross-sectional predictability of stock returns, evidence from the 19th century Brussels Stock Exchange (1873–1914)," Explorations in Economic History, Elsevier, vol. 52(C), pages 22-43.
    51. Niall O’Donnell & Darren Shannon & Barry Sheehan, 2024. "The impact of monetary policy interventions on banking sector stocks: an empirical investigation of the COVID-19 crisis," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-41, December.
    52. Danny Cassimon & Peter-Jan Engelen, 2002. "Legal and Institutional Barriers to Optimal Financial Architecture for New Economy Firms in Developing Countries," WIDER Working Paper Series DP2002-90, World Institute for Development Economic Research (UNU-WIDER).
    53. Rudra P. Pradhan & Mak B. Arvin & John H. Hall, 2019. "The Nexus Between Economic Growth, Stock Market Depth, Trade Openness, And Foreign Direct Investment: The Case Of Asean Countries," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(03), pages 461-493, June.
    54. Polat, Ali & Shahbaz, Muhammad & Ur Rehman, Ijaz & Satti, Saqlain Latif, 2013. "Revisiting Linkages between Financial Development, Trade Openness and Economic Growth in South Africa: Fresh Evidence from Combined Cointegration Test," MPRA Paper 51724, University Library of Munich, Germany, revised 25 Nov 2013.

  53. Van Nieuwerburgh, Stijn & Veldkamp, Laura, 2006. "Learning asymmetries in real business cycles," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 753-772, May.

    Cited by:

    1. Ambrogio Cesa-Bianchi & M. Hashem Pesaran & Alessandro Rebucci, 2014. "Uncertainty and Economic Activity: A Global Perspective," CESifo Working Paper Series 4736, CESifo.
    2. Patrick Fève & Pablo Garcia Sanchez & Alban Moura & Olivier Pierrard, 2019. "Costly Default And Asymmetric Real Business Cycles," LIDAM Discussion Papers IRES 2019018, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. Eran Guse, 2004. "Expectational Business Cycles," Money Macro and Finance (MMF) Research Group Conference 2004 97, Money Macro and Finance Research Group.
    4. Schmalz, Martin & Zhuk, Sergey, 2018. "Revealing Downturns," CEPR Discussion Papers 12597, Centre for Economic Policy Research.
    5. Dario Caldara & Cristina Fuentes-Albero & Simon Gilchrist & Egon Zakrajšek, 2016. "The Macroeconomic Impact of Financial and Uncertainty Shocks," International Finance Discussion Papers 1166, Board of Governors of the Federal Reserve System (U.S.).
    6. Laurent Ferrara & Stéphane Lhuissier & Fabien Tripier, 2017. "Uncertainty Fluctuations: Measures, Effects and Macroeconomic Policy Challenges," CEPII Policy Brief 2017-20, CEPII research center.
    7. Agustin Roitman & Christian Daude, 2011. "Imperfect Information and Saving in a Small Open Economy," IMF Working Papers 2011/060, International Monetary Fund.
    8. Görtz, Christoph & Yeromonahos, Mallory, 2022. "Asymmetries in risk premia, macroeconomic uncertainty and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    9. Saijo, Hikaru, 2017. "The uncertainty multiplier and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 78(C), pages 1-25.
    10. Boz, Emine & Mendoza, Enrique G., 2014. "Financial innovation, the discovery of risk, and the U.S. credit crisis," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 1-22.
    11. Andrew Chen & Francisco Palomino, 2026. "An Irrelevance Theorem for Risk Aversion and Time-Varying Risk," Papers 2606.05554, arXiv.org.
    12. Hobler, Stephan, 2022. "Multi-layered rational inattention and time-varying volatility," Journal of Economic Dynamics and Control, Elsevier, vol. 138(C).
    13. Lautenbacher, Stefan, 2020. "Subjective Uncertainty, Expectations, and Firm Behavior," MPRA Paper 103516, University Library of Munich, Germany.
    14. Emine Boz, 2006. "Can Miracles Lead to Crises? An Informational Frictions Explanation of Emerging Markets Crises," Computing in Economics and Finance 2006 19, Society for Computational Economics.
    15. Venky Venkateswaran & Laura Veldkamp & Julian Kozlowski, 2016. "The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation," 2016 Meeting Papers 245, Society for Economic Dynamics.
    16. Alexander Richter & Nathaniel Throckmorton, 2018. "A New Way to Quantify the Effect of Uncertainty," 2018 Meeting Papers 565, Society for Economic Dynamics.
    17. Mehkari, M. Saif, 2016. "Uncertainty shocks in a model with mean-variance frontiers and endogenous technology choices," Journal of Macroeconomics, Elsevier, vol. 49(C), pages 71-98.
    18. Rebelo, Sergio & Jaimovich, Nir, 2006. "Can News About the Future Drive the Business Cycle?," CEPR Discussion Papers 5877, Centre for Economic Policy Research.
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    174. Joshua Bernstein & Alexander W. Richter & Nathaniel A. Throckmorton, 2021. "Nonlinear Search and Matching Explained," Working Papers 2106, Federal Reserve Bank of Dallas.
    175. Stijn Van Nieuwerburgh & Hanno Lustig & Ralph S.J. Koijen, 2009. "The Bond Risk Premium and the Cross-Section of Equity Returns," 2009 Meeting Papers 12, Society for Economic Dynamics.
    176. Görtz, Christoph & Tsoukalas, John, 2011. "News and Financial Intermediation in Aggregate Fluctuations," MPRA Paper 34113, University Library of Munich, Germany, revised Oct 2011.
    177. Huang, Wenli & Liu, Wenqiong & Lu, Lei & Mu, Congming, 2023. "Hedge funds trading strategies and leverage," Journal of Economic Dynamics and Control, Elsevier, vol. 149(C).
    178. Julian Kozlowski & Laura Veldkamp & Venky Venkateswaran, 2020. "Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19," NBER Working Papers 27439, National Bureau of Economic Research, Inc.

  54. Hanno N. Lustig & Stijn G. Van Nieuwerburgh, 2005. "Housing Collateral, Consumption Insurance, and Risk Premia: An Empirical Perspective," Journal of Finance, American Finance Association, vol. 60(3), pages 1167-1219, June.
    See citations under working paper version above.

Software components

  1. Hanno Lustig & Stijn Van Nieuwerburgh, 2009. "Code and data files for "How Much Does Housing Collateral Constrain Regional Risk Sharing?"," Computer Codes 06-187, Review of Economic Dynamics.
    See citations under working paper version above.Sorry, no citations of software components recorded.

Chapters

  1. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    See citations under working paper version above.
  2. Ralph Koijen & Stijn Van Nieuwerburgh & Roine Vestman, 2014. "Judging the Quality of Survey Data by Comparison with "Truth" as Measured by Administrative Records: Evidence From Sweden," NBER Chapters, in: Improving the Measurement of Consumer Expenditures, pages 308-346, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kolsrud, Jonas & Landais, Camille & Spinnewijn, Johannes, 2017. "Studying consumption patterns using registry data: lessons from Swedish administrative data," LSE Research Online Documents on Economics 87777, London School of Economics and Political Science, LSE Library.
    2. Christian Gillitzer & Jin Cong Wang, 2015. "Housing Wealth Effects: Cross-sectional Evidence from New Vehicle Registrations," RBA Research Discussion Papers rdp2015-08, Reserve Bank of Australia.
    3. Martin Browning & Thomas Crossley & Joachim K. Winter, 2014. "The measurement of household consumption expenditures," IFS Working Papers W14/07, Institute for Fiscal Studies.
    4. Kolsrud, Jonas & Landais, Camille & Spinnewijn, Johannes, 2020. "The value of registry data for consumption analysis: an application to health shocks," LSE Research Online Documents on Economics 102365, London School of Economics and Political Science, LSE Library.
    5. Liu, Hongqi & Peng, Cameron & Wei, Xiong & Wei, Xiong, 2022. "Taming the bias zoo," LSE Research Online Documents on Economics 109301, London School of Economics and Political Science, LSE Library.
    6. Sodini, Paolo & Van Nieuwerburgh, Stijn & Vestman, Roine & von Lilienfeld-Toal, Ulf, 2016. "Identifying the Benefits from Home Ownership: A Swedish Experiment," CEPR Discussion Papers 11656, Centre for Economic Policy Research.
    7. Kolsrud, Jonas & Landais, Camille & Nilsson, Peter & Spinnewijn, Johannes, 2015. "The optimal timing of UI benefits: theory and evidencefrom Sweden," LSE Research Online Documents on Economics 63801, London School of Economics and Political Science, LSE Library.
    8. Böjeryd, Jesper & Vestman, Roine & Tyrefors, Björn & Kessel, Dany, 2026. "The housing wealth effect: Quasi-experimental evidence," Journal of Monetary Economics, Elsevier, vol. 158(C).
    9. Edmund Crawley & Andreas Kuchler, 2020. "Consumption Heterogeneity: Micro Drivers and Macro Implications," Finance and Economics Discussion Series 2020-005, Board of Governors of the Federal Reserve System (U.S.).
    10. Liu, Hongqi & Peng, Cameron & Xiong, Wei A. & Xiong, Wei, 2022. "Taming the bias zoo," Journal of Financial Economics, Elsevier, vol. 143(2), pages 716-741.
    11. Mian, A. & Sufi, A., 2016. "Who Bears the Cost of Recessions? The Role of House Prices and Household Debt," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 255-296, Elsevier.
    12. J. Kolsrud & Camille Landais & P. Nilsson & Johannes Spinnewijn, 2015. "The Optimal Timing of Unemployment Benefits: Theory and Evidence from Sweden," STICERD - Public Economics Programme Discussion Papers 25, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    13. Carroll, Christopher D., 2014. "Representing consumption and saving without a representative consumer," CFS Working Paper Series 464, Center for Financial Studies (CFS).
    14. Waxman, Andrew & Liang, Yuanning & Li, Shanjun & Barwick, Panle Jia & Zhao, Meng, 2020. "Tightening belts to buy a home: Consumption responses to rising housing prices in urban China," Journal of Urban Economics, Elsevier, vol. 115(C).
    15. Roine Vestman, 2013. "Limited Stock Market Participation Among Renters and Home Owners," 2013 Meeting Papers 549, Society for Economic Dynamics.
    16. Herskovic, Bernard & Kelly, Bryan & Lustig, Hanno & Van Nieuwerburgh, Stijn, 2016. "The common factor in idiosyncratic volatility: Quantitative asset pricing implications," Journal of Financial Economics, Elsevier, vol. 119(2), pages 249-283.
    17. Fadlon, Itzik & Nielsen, Torben Heien, 2019. "Household labor supply and the gains from social insurance," Journal of Public Economics, Elsevier, vol. 171(C), pages 18-28.
    18. Andreas Fagereng & Elin Halvorsen, 2015. "Imputing consumption from Norwegian income and wealth registry data," Discussion Papers 831, Statistics Norway, Research Department.
    19. Scott R. Baker & Lorenz Kueng & Steffen Meyer & Michaela Pagel, 2018. "Measurement Error in Imputed Consumption," NBER Working Papers 25078, National Bureau of Economic Research, Inc.
    20. Dahlquist, Magnus & Setty, Ofer & Vestman, Roine, 2016. "On the Asset Allocation of a Default Pension Fund," CEPR Discussion Papers 11052, Centre for Economic Policy Research.
    21. Engström, Per & Hagen, Johannes, 2015. "Income underreporting among the self-employed: a permanent income approach," Working Paper Series, Center for Fiscal Studies 2015:2, Uppsala University, Department of Economics.
    22. Campos, Rodolfo G. & Reggio, Iliana, 2014. "Measurement error in imputation procedures," Economics Letters, Elsevier, vol. 122(2), pages 197-202.
    23. Alain Galli & Rina Rosenblatt-Wisch, 2022. "Analysing households' consumption and saving patterns using tax data," Working Papers 2022-03, Swiss National Bank.

  3. Jack Favilukis & David Kohn & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2012. "International Capital Flows and House Prices: Theory and Evidence," NBER Chapters, in: Housing and the Financial Crisis, pages 235-299, National Bureau of Economic Research, Inc.
    See citations under working paper version above.

Books

  1. Viral V. Acharya & Matthew Richardson & Stijn Van Nieuwerburgh & Lawrence J. White, 2011. "Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance," Economics Books, Princeton University Press, edition 1, number 9400, December.

    Cited by:

    1. Igor Livshits & Youngmin Park, 2021. "Democratic Political Economy of Financial Regulation," Staff Working Papers 21-59, Bank of Canada.
    2. Goodhart, Charles, 2013. "La autoridad macroprudencial: Poderes, alcance y rendición de cuentas," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 25, pages 9-28.
    3. Jihad Dagher & Yangfan Sun, 2014. "Borrower Protection and the Supply of Credit: Evidence from Foreclosure Laws," IMF Working Papers 2014/212, International Monetary Fund.
    4. Viral V. Acharya & Raghuram G. Rajan, 2013. "Sovereign Debt, Government Myopia, and the Financial Sector," The Review of Financial Studies, Society for Financial Studies, vol. 26(6), pages 1526-1560.
    5. Elenev, Vadim & Landvoigt, Tim & Van Nieuwerburgh, Stijn, 2016. "Phasing out the GSEs," Journal of Monetary Economics, Elsevier, vol. 81(C), pages 111-132.
    6. Buchak, Greg & Matvos, Gregor & Piskorski, Tomasz & Seru, Amit, 2018. "Fintech, regulatory arbitrage, and the rise of shadow banks," Journal of Financial Economics, Elsevier, vol. 130(3), pages 453-483.
    7. Dwight Jaffee & John M. Quigley, 2012. "The Future of the Government-Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market," NBER Chapters, in: Housing and the Financial Crisis, pages 361-417, National Bureau of Economic Research, Inc.
    8. Viral V. Acharya, 2012. "The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, and Lessons for Emerging Markets," ADBI Working Papers 392, Asian Development Bank Institute.
    9. W. Scott Frame & Andreas Fuster & Joseph Tracy & James Vickery, 2015. "The rescue of Fannie Mae and Freddie Mac," FRB Atlanta Working Paper 2015-2, Federal Reserve Bank of Atlanta.
    10. Valentin Bolotnyy, 2014. "The Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(3), pages 724-755, September.
    11. Haoyang Liu & Zhaogang Song & James Vickery, 2021. "Defragmenting Markets: Evidence from Agency MBS," Staff Reports 965, Federal Reserve Bank of New York.
    12. Raghuram G. Rajan & Rodney Ramcharan, 2011. "Constituencies and Legislation: The Fight over the McFadden Act of 1927," NBER Working Papers 17266, National Bureau of Economic Research, Inc.
    13. International Monetary Fund, 2015. "United States: Selected Issues," IMF Staff Country Reports 2015/169, International Monetary Fund.
    14. Adelino, Manuel & Schoar, Antoinette & Severino, Felipe, 2025. "Credit supply and house prices: Evidence from mortgage market segmentation," Journal of Financial Economics, Elsevier, vol. 163(C).
    15. Ronel Elul & Deeksha Gupta & David K. Musto, 2025. "Concentration in Mortgage Markets: GSE Exposure and Risk-Taking in Uncertain Times," Working Papers 25-12, Federal Reserve Bank of Philadelphia.
    16. Larry D. Wall, 2012. "Central banking for financial stability Some lessons from the recent instability in the US and euro area," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 247-280, August.
    17. Matthew Richardson, 2012. "Regulating Wall Street: the Dodd–Frank Act," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 36(Q III), pages 85-97.
    18. W. Scott Frame & Larry D. Wall & Lawrence J. White, 2012. "The devil's in the tail: residential mortgage finance and the U.S. Treasury," FRB Atlanta Working Paper 2012-12, Federal Reserve Bank of Atlanta.
    19. Marco Pagano & Sam Langfield & Viral V. Acharya & Arnoud Boot & Markus K. Brunnermeier & Claudia Buch & Martin F. Hellwig & André Sapir & Ieke van den Burg, 2014. "Is Europe Overbanked?," Report of the Advisory Scientific Committee 4, European Systemic Risk Board.
    20. Tobias Adrian & Adam B. Ashcraft, 2012. "Shadow banking: a review of the literature," Staff Reports 580, Federal Reserve Bank of New York.
    21. Jan Libich & Liam Lenten, 2022. "Hero or villain? The financial system in the 21st century," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 3-40, February.
    22. Pagano, Marco, 2014. "Dealing with financial crises: How much help from research?," CFS Working Paper Series 481, Center for Financial Studies (CFS).
    23. Charles W. Calomiris, 2019. "How to Promote Fed Independence: Perspectives from Political Economy and History," Journal of Applied Corporate Finance, Morgan Stanley, vol. 31(4), pages 21-42, December.
    24. Deeksha Gupta, 2018. "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," 2018 Meeting Papers 512, Society for Economic Dynamics.
    25. Hager, Sandy Brian, 2013. "Public Debt, Ownership and Power: The Political Economy of Distribution and Redistribution," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157991.
    26. Alexeev, Michael & Weber, Shlomo (ed.), 2013. "The Oxford Handbook of the Russian Economy," OUP Catalogue, Oxford University Press, number 9780199759927.
    27. John Y. Campbell, 2012. "Mortgage Market Design," NBER Working Papers 18339, National Bureau of Economic Research, Inc.
    28. de Luna-Martinez, Jose & Vicente, Carlos Leonardo, 2012. "Global survey of development banks," Policy Research Working Paper Series 5969, The World Bank.
    29. Campbell, John Y. & Ramadorai, Tarun & Ranish, Benjamin Michael, 2012. "How Do Regulators Influence Mortgage Risk: Evidence from an Emerging Market," Scholarly Articles 12168178, Harvard University Department of Economics.
    30. Fengyun Liu & Chuanzhe Liu & Honghao Ren, 2018. "Urban Housing Price Fluctuations and Regional Systemic Financial Risks: Panel Spatial Economic Models in Jiangsu, China," Sustainability, MDPI, vol. 10(10), pages 1-17, September.
    31. Lawrence J. White., 2014. "Antitrust and the Financial Sector - with Special Attention to "Too Big to Fail"," Working Papers 14-10, New York University, Leonard N. Stern School of Business, Department of Economics.
    32. Chen, Jun-Hong & Jones, Dylan & Lee, Jihye & Yan, Yufu & Hsieh, Wan-Jung & Huang, Chieh-Hsun & Yang, Yuanyuan & Wu, Chi-Fang & Jonson-Reid, Melissa & Drake, Brett, 2024. "Do the benefits of homeownership on mental health vary by race and poverty status? An application of doubly robust estimation for causal inference," Social Science & Medicine, Elsevier, vol. 351(C).
    33. Lawrence J. White, 2016. "Credit Rating Agencies: An Analysis Through the Lenses of Industrial Organization, Finance and Regulation," Pacific Economic Review, Wiley Blackwell, vol. 21(2), pages 202-226, May.
    34. Basak, Deepal & Murray, Alexander & Zhao, Yunhui, 2017. "Does Financial Tranquility Call for More Stringent Regulation?," MPRA Paper 81373, University Library of Munich, Germany.
    35. Thomas J. Brennan & Andrew W. Lo & Ruixun Zhang, 2018. "Variety Is the Spice of Life: Irrational Behavior as Adaptation to Stochastic Environments," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-39, September.
    36. Viral V. Acharya & Matthew Richardson, 2012. "Implications of the Dodd-Frank Act," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 1-38, October.
    37. Manuel Adelino & Antoinette Schoar & Felipe Severino, 2012. "Credit Supply and House Prices: Evidence from Mortgage Market Segmentation," NBER Working Papers 17832, National Bureau of Economic Research, Inc.
    38. Tobias Adrian & Adam B. Ashcraft & Nicola Cetorelli, 2013. "Shadow bank monitoring," Staff Reports 638, Federal Reserve Bank of New York.
    39. Antonio Miguel Martins & Ana Paula Serra & Francisco Vitorino Martins & Simon Stevenson, 2019. "Residential Property Loans and Bank Performance during Property Price Booms: Evidence from Europe," Annals of Economics and Finance, Society for AEF, vol. 20(1), pages 247-295, May.
    40. Linda Sandris Larsen & Claus Munk & Rikke Sejer Nielsen & Jesper Rangvid, 2024. "How Do Interest-Only Mortgages Affect Consumption and Saving over the Life Cycle?," Management Science, INFORMS, vol. 70(3), pages 1970-1991, March.
    41. Larry D. Wall, 2012. "Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area," ADBI Working Papers 379, Asian Development Bank Institute.
    42. Greg Buchak & Gregor Matvos & Tomasz Piskorski & Amit Seru, 2018. "Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy," NBER Working Papers 25149, National Bureau of Economic Research, Inc.
    43. Lawrence J. White, 2011. "The Way Forward: U.S. Residential Mortgage Finance in a Post-GSE World," Working Papers 11-07, New York University, Leonard N. Stern School of Business, Department of Economics.
    44. Maurizio Trapanese, 2021. "The economics of non-bank financial intermediation: why do we need to fill the regulation gap?," Questioni di Economia e Finanza (Occasional Papers) 625, Bank of Italy, Economic Research and International Relations Area.
    45. Andrew W. Lo, 2012. "Reading about the Financial Crisis: A Twenty-One-Book Review," Journal of Economic Literature, American Economic Association, vol. 50(1), pages 151-178, March.
    46. Ronel Elul, 2015. "The government-sponsored enterprises: past and future," Business Review, Federal Reserve Bank of Philadelphia, issue Q1, pages 11-20.
    47. Jens Dick-Nielsen & Jacob Gyntelberg, 2019. "Highly Liquid Mortgage Bonds Using the Match Funding Principle," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 10(01), pages 1-37, December.
    48. Igor Livshits & Youngmin Park, 2019. "On the Political Economy of Financial Regulation," 2019 Meeting Papers 1465, Society for Economic Dynamics.
    49. Jason Thomas & Robert Order, 2020. "Fannie Mae and Freddie Mac: Risk-Taking and the Option to Change Strategy," The Journal of Real Estate Finance and Economics, Springer, vol. 60(3), pages 270-307, April.
    50. Alexis Antoniades & Charles W. Calomiris, 2018. "Mortgage Market Credit Conditions and U.S. Presidential Elections," NBER Working Papers 24459, National Bureau of Economic Research, Inc.
    51. Alexei Alexandrov & Thomas S. Conkling & Sergei Koulayev, 2024. "Changing the Scope of GSE Loan Guarantees: Estimating Effects on Mortgage Pricing and Availability," The Journal of Real Estate Finance and Economics, Springer, vol. 69(3), pages 409-451, October.
    52. Lawrence J. White, 2016. "The Credit Rating Agencies: An Analysis through the Lenses of Industrial Organization, Finance, and Regulation," Working Papers 16-02, New York University, Leonard N. Stern School of Business, Department of Economics.
    53. Wayne Passmore & Shane M. Sherlund, 2016. "FHA, Fannie Mae, Freddie Mac, and the Great Recession," Finance and Economics Discussion Series 2016-031, Board of Governors of the Federal Reserve System (U.S.).
    54. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    55. Ronel Elul & Deeksha Gupta & David Musto, 2025. "Concentration in Mortgage Markets: Government Sponsored Enterprise Exposure and Risk-Taking in Uncertain Times," Management Science, INFORMS, vol. 71(11), pages 9784-9811, November.
    56. Drechsler, Itamar & Savov, Alexi & Schnabl, Philipp, 2022. "How monetary policy shaped the housing boom," Journal of Financial Economics, Elsevier, vol. 144(3), pages 992-1021.
    57. Erik Hurst & Benjamin J. Keys & Amit Seru & Joseph S. Vavra, 2015. "Regional Redistribution Through the U.S. Mortgage Market," NBER Working Papers 21007, National Bureau of Economic Research, Inc.
    58. Ramadorai, Tarun & Ranish, Benjamin & Campbell, John Y., 2015. "The Impact of Regulation on Mortgage Risk: Evidence from India," Scholarly Articles 34331451, Harvard University Department of Economics.
    59. Jihad Dagher, 2018. "Regulatory Cycles: Revisiting the Political Economy of Financial Crises," IMF Working Papers 2018/008, International Monetary Fund.
    60. Maurizio Trapanese, 2020. "The regulatory cycle in banking: what lessons from the U.S. experience? (from the Dodd-Frank Act to Covid-19)," Questioni di Economia e Finanza (Occasional Papers) 585, Bank of Italy, Economic Research and International Relations Area.
    61. Antoniades, Alexis & Calomiris, Charles W., 2020. "Mortgage market credit conditions and U.S. Presidential elections," European Journal of Political Economy, Elsevier, vol. 64(C).
    62. Cargill, Thomas F. & Pingle, Mark, 2019. "Federal Reserve policy and housing: A goal too far," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 150-158.
    63. Patricia C. Mosser & Joseph Tracy & Joshua Wright, 2013. "The capital structure and governance of a mortgage securitization utility," Staff Reports 644, Federal Reserve Bank of New York.

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