The role of bankruptcy law in credit markets has received renewed attention in the aftermath of the housing bubble collapse. The fundamental challenge for research on this topic is to separate the impact of legal factors from other features of the credit environment. We do so by exploiting...

Knowing what event precipitated a client's abnormal behaviors makes the client appear more normal than if the event is not known (Meehl, 1973). Does such knowledge also influence judgments of the need for psychological treatment, and if so, does it matter whether the precipitating event was...

Magical beliefs about contagion via contact (Rozin, Nemeroff, Wane, & Sherrod, 1989) may emerge when people overgeneralize real-world mechanisms of contamination beyond their appropriate boundaries (Lindeman & Aarnio, 2007). Do people similarly overextend knowledge of airborne contamination...

There is little consensus as to the cause of the housing bubble that precipitated the financial crisis of 2008. Numerous explanations exist: misguided monetary policy; a global savings surplus; government policies encouraging affordable homeownership; irrational consumer expectations of rising...

Recent proposals to address housing market troubles through principal modification could increase the cost of credit in the mortgage market. We explore this possibility using historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy filers could reduce the...

Recent proposals to address housing market troubles through principal modification could increase the cost of credit in the mortgage market. We explore this possibility using historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy filers could reduce the...

Recent proposals to address housing market troubles through principal modification raise the possibility that such policies could increase the cost of credit in the mortgage market. We explore this using historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy...

Research to date does not demonstrate a causal chain from financial education to welfare-enhancing financial behavior, in part due to biases, heuristics, and emotional influences on decisions. Yet the search for effective financial education continues. But it is time to ask whether giving every...

This article describes the provisions of the federal Home Mortgage Disclosure Act (HMDA), tracing its legal evolution since 1989, when Congress expanded HMDA to require reporting of home mortgage lending by ethnicity and race. HMDA requires most lenders to report the demographic makeup and...