This paper analyzes the determinants of homeownership in immigrant households over the 1980–2000 period. The study finds that immigrants have lower homeownership rates than natives and that the homeownership gap widened significantly during that period. The differential location decisions of immigrant and native households, as well as the changing national origin mix of the immigrant population...

I develop a quantitative, dynamic general equilibrium model of life cycle behavior to study the effects of several policy reforms on assets composition over the life cycle, wealth distribution and aggregate saving. Privatizing social security increases aggregate saving, decreases overall wealth inequality, and generates large welfare gain, especially for agents with high initial productivity. L...

In the crystal structure of the title compound, 5-fluoro-cytosinium picrate, C4H5FN3O+·C6H2N3O7-, one N heteroatom of the 5-fluoro-cytosine (5FC) ring is protonated. The 5FC ring forms a dihedral angle of 19.97 (11)° with the ring of the picrate (PA-) anion. In the crystal, the 5FC+ cation inter-acts with the PA- anion through three-centre N-H⋯O hydrogen bonds, forming two conjoined rings havin...

This study examines how the value of residential land and structures evolved during the great housing boom and bust using data on more than a million residential properties that were sold in ten metropolitan areas between 1998 and 2009. We use a hedonic estimator to disentangle the market value of land and structures at a local (census tract) level. Our estimates reveal substantial heterogeneit...

I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move housing and nominal prices in the same direction, and are amplified and propagated over time. The financial accelerator is not uniform: nominal debt dampens supply shocks, stabilizing the economy under interest rate control. Structural estimation suppor...

In housing markets, neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about neighborhood values than buyers are, but some sellers and buyers are better informed than their peers are. Consistent with predictions from a new framework for analyzing such markets with heterogeneous assets and differentially informed agents, we find that c...

Using data on the universe of housing transactions in England and Wales over a 20-year period, we document that sale prices selling propensities are affected by house prevailing period which properties were previously bought. administrative mortgages, show cognitive frictions explain most history dependence prices, whereas credit more relevant for propensities. We corroborate our analysis with ...

We examine the long-term effects of a 1998–2003 randomized experiment in Tulsa, Oklahoma with Individual Development Accounts that offered low-income households 2:1 matching funds for housing down payments. Prior work shows that, among households who rented in 1998, homeownership rates increased more through 2003 in the treatment group than for controls. We show that control group renters caugh...

This paper uses MSA level data and a panel VAR model to analyze the dynamic determination and impact of the volatility of single-family home value appreciation. We find that the volatility can be magnified by an exogenous increase in the home appreciation rate, responds to changes in the population growth rate, and is serially correlated. Moreover, an exogenous increase in the volatility increa...

PURPOSE To monitor the hydration, core temperature, and speed (pace) of a triathlete performing an Ironman triathlon. METHODS A 35-year-old experienced male triathlete participated in the Western Australian Ironman triathlon on December 1, 2006. The participant was monitored for blood Na(+) concentration before the race (PRE), at the transitions (T1 and T2), halfway through the run (R21), and...