The role of government and private institutions in credit cycles in the U.S. mortgage market

Boom and bust cycles are recurring features in housing markets. These episodes are often associated with significant expansions in the amount of mortgage debt households incur. The mortgage crisis of 2008 was no exception, with a near doubling of outstanding household mortgage debt between 2000 and 2008 in the United States. In this paper, we […]

Credit Card Offers Target Less-Educated Consumers With More Shrouded and Back-Loaded Fees

Courtesy of Hong Ru and Antoinette Schoar Eye-catching credit card mailers that fill every household’s mailbox have become as American as baseball and apple pie. In 2016, credit card companies mailed out 4.6 billion pieces of credit card advertisement that came with colorful envelopes and intriguing features. The wide variety of offers provides consumers with […]