This study uses new data on the rate of prepayment on conventional single-family adjustable-rate mortgages (ARMs) that originated between 1983 and 1986 to determine if ARMs with and without initial-year discounts have the same probability of paying off. The new data are from a large national...

This study uses new data on the rate of prepayment on conventional single-family adjustable-rate mortgages (ARMs) that originated between 1983 and 1986 to determine if ARMs with and without initial-year discounts have the same probability of paying off. The new data are from a large national...

Home mortgages have loomed continually larger in the financial situation of American households. In 1949, mortgage debt was equal to 20 percent of total household income; by 1979, it had risen to 46 percent of income; by 2001, 73 percent of income (Bernstein, Boushey and Mishel, 2003). Similarly,...

This paper examines the effect of different kinds of investments on the business cycle. Specifically, it examines whether residential and non-residential investment Granger cause GDP, and whether GDP Granger causes each of these types of investments. The paper uses quarterly National Income and...

type="main" <title type="main">ABSTRACT</title> <p>Most research on the art market focuses on the high end, composed of auction houses and a few well-known dealers. In this paper, we use a new database to examine the industry structure and location patterns of the New York art market, which consists largely of small,...</p>

Media and academic attention to the art market has mostly focused on the high end, composed of famous auction houses and a few well-known international dealers. In this paper, we use a newly developed database to examine the industry structure and location patterns of the broader New York art...

How New York City has maintained its position atop the global urban hierarchy as a leading player in the world and national economy is part of the broader discussion on why cities grow and why some remain at the top of the heap decade on decade. There are several dominant theories explaining New...

This article is a natural extension of the current discussion on occupational clustering and economic growth. It is argued that, while there has been increased interest in the role of occupations, little has been done from a methodological and empirical approach to discover how the study of...