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The Missing Loan-to-Value Cycle

By Manuel Adelino, W. Ben McCartney, and Antoinette Schoar

American Economic Review: Insights

We show that the equilibrium loan-to-value (LTV) distribution in the US mortgage market has been remarkably stable over the last quarter century, both in aggregate and region-by-region, despite large, cross-sectionally heterogeneous house price cycles....

Sequential Protest Formation

By Benjamin Matta

American Economic Journal: Microeconomics

People participate in protests even though it is costly, benefits are not exclusive to participants, and each individual is unlikely to be pivotal. Building on these characteristics, I propose a sequential model of protest formation where opportunities t...