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Surprising findings on what influences unintended pregnancy from Wise, Geronimus and Smock

Recommendations on how to reduce discrimination resulting from ban-the-box policies cite Starr's work

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Call for papers: Conference on computational social science, April 2017, U-M

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Post-doc fellowship in computational social science for summer or fall 2017, U-Penn

ICPSR Summer Program scholarships to support training in statistics, quantitative methods, research design, and data analysis

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Mon, March 13, 2017, noon:
Rachel Best

Home is where the equity is: Mortgage refinancing and household consumption

Publication Abstract

Hurst, E., and Frank P. Stafford. 2004. "Home is where the equity is: Mortgage refinancing and household consumption." Journal of Money Credit and Banking, 36(6): 985-1014.

Applying a permanent income model with exogenous liquidity constraints and mortgage behavior, household refinancing when mortgage interest rates are historically high and rising, a persistent empirical puzzle, is explained. Using data from the Panel Study of Income Dynamics, households experiencing an unemployment shock and having limited initial liquid assets to draw upon are shown to have been 25% more likely to refinance, 1991-94. On average, such liquidity-constrained households converted over two-thirds of every dollar of equity they removed into current consumption as mortgage rates plummeted, 1991-94, producing an estimated expenditure stimulus of at least $28 billion.

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