A Commitment Rule for Insolvency Forum

Insurance is less valuable when people can also smooth their spending using loans. Access to a five-year loan decreases the average value of insurance by $232–$366, or 58–61%.

The banking deregulation of the 1980s and 90s provides unique evidence of the way in which banks set up their branches across locations. Two forms of sorting explain observed location patterns well. Sorting on size, whereby top banks locate in...

Homebuyers who refinance their mortgages more often end up paying less in the long run than those who rarely refinance. Mortgage reforms can potentially reduce these disparities, but they can also have unintended consequences for the mortgage market.