Federal Reserve Bank of Minneapolis
NBER Working Papers and Publications
|November 2009||Mortgage Broker Regulations That Matter: Analyzing Earnings, Employment, and Outcomes for Consumers|
with Morris M. Kleiner
in Studies of Labor Market Intermediation , David H. Autor, editor
|December 2007||Mortgage Broker Regulations That Matter: Analyzing Earnings, Employment, and Outcomes for Consumers|
with Morris M. Kleiner: w13684
As the role of mortgage brokers in mortgage origination grew from insignificant in the 1980s to dominant in recent years, questions have arisen about whether its services help or harm consumers. In response, states have increasingly regulated the business, largely by creating and tightening occupational licensing requirements for mortgage brokers. The question of whether increased occupational licensing of mortgage brokers improves consumer outcomes is theoretically ambiguous and has been little studied empirically. This study introduces a new database of mortgage broker licensing requirements and assesses the relationships between these requirements and outcomes in both the labor market for brokers and the consumer market for mortgages. We find that one typical regulation--the requirement...
|December 2000||The Conventional Treatment of Seasonality in Business Cycle Analysis: Does it Create Distortions?|
with Lawrence J. Christiano: t0266
'No.' So says one model that is broadly consistent with postwar U.S. seasonal and business cycle data.
Published: Christiano, Lawrence J. and Richard M. Todd. "The Conventional Treatment Of Seasonality In Business Cycle Analysis: Does It Create Distortions?," Journal of Monetary Economics, 2002, v49(2,Mar), 335-364.