Results

Journal article

Journal of Banking and Finance:

The role of prepayment penalties in mortgage loans

We study the effect of mortgage prepayment penalties on borrowers? prepayments and delinquencies by exploiting a 2007 reform in Italy that reduced penalties on outstanding mortgages and banned penalties on newly-issued m...Read more...

Journal article

American Economic Review:

A structural model of the retail market for illicit drugs

We estimate a model of illicit drugs markets using data on purchases of crack cocaine. Buyers are searching for high-quality drugs, but they determine drugs' quality (i.e., their purity) only after consuming them. Hence,...Read more...

CEP discussion paper

Aggregate recruiting intensity

We develop a model of firm dynamics with random search in the labor market where hiring firms exert recruiting effort by spending resources to fill vacancies faster. Consistent with micro evidence, in the model fast-grow...Read more...