Journal articleReview of Financial Studies · June 1, 2026
We combine administrative data with a life cycle structural model that exploits the unique features of the U.K. mortgage market to analyze the sources of inaction and to estimate borrowers’ nonpecuniary remortgaging costs. The utility costs needed to gener ...
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Journal articleJournal of Financial Economics · March 1, 2026
Operation of residential buildings is responsible for roughly 22% of global energy consumption and 17% of CO2 emissions. We study the investments triggered by a regulatory intervention requiring rented properties to satisfy minimum energy effici ...
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Journal articleJournal of Financial Economics · September 1, 2024
In the U.S., student debt is currently the second largest component of consumer debt. Households are required to repay these loans early in their lifecycle, when marginal utility is particularly high. We study alternative contracts that offer partial or fu ...
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Journal articleJournal of Finance · October 1, 2021
We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of borrowers and an infinitely lived risk-averse representative lender. Mortgages are priced using an equilibrium pricing kernel derived from the lend ...
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