We document that home ownership of households with "heads" aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities made it easier to...

Abrevaya (1999b) considered estimation of a transformation model in the presence of left-truncation. This paper observes that a cross-sectional version of the statistical model considered in Frederiksen, Honore, and Hu (2007) is a generalization of the model considered by Abrevaya (1999b) and...

Nicolas Dutot (1684-1741) is an important figure for the history of economic thought, as a pioneer in monetary theory and price statistics, and for economic history as a chronicler of John Law’s System. Yet until recently very little about him was known, some of it incorrect. I present...

In addition to their direct effects, episodes of financial instability may decrease investor confidence. Measuring the impact of a crisis on investor confidence is complicated by the fact that it is difficult to disentangle the effects on investor confidence from coincident direct effects of the...

We examine the long-term return performance and fundamental valuation of IPOs underwritten by relationship banks. We find that over one- to three-year horizons these IPOs yield returns similar to those on IPOs underwritten by non-relationship banks. Moreover, we show that there is selection...

In this article, we review the empirical evidence on the impact of education vouchers on student achievement, and briefly discuss the evidence from other forms of school choice. The best research to date finds relatively small achievement gains for students offered education vouchers, most of...

This paper develops an equilibrium model of speculative bubbles that can be used to explore the role of various policies in either giving rise to or eliminating the possibility of asset bubbles, e.g. restricting the use of certain types of loan contracts, imposing down-payment restrictions, and...

Previous study by Card and Lewis (2005) has found (puzzling) that inflows of Mexican immigrants into new metropolitan areas have had no effect on the relative wages of very low-skill (high school dropouts). Rather, Mexican workers do affect relative wages for high school graduates. Whereas Card...

This paper summarizes interviews from 1998 with 590 individuals trying to create a business centered around five questions: "Who are you?," "What are you trying to accomplish?," "What have you and others put into the business?," "What have you accomplished?," "What remains to be done?" There is...

This paper aims to explain disparities in the charitable bequest behavior of men and women. I use data on charitable bequests in wills from 17th Century Suffolk, England to investigate whether women or men were more generous to the poor when they died. Because of the difference in the legal...