About
- John L. and Helen Kellogg Professor of Finance
- Federal Reserve Bank of Chicago, Research Consultant
- National Bureau of Economic Research, Research Associate
- Journal of Finance, Anundi Smith Breeden, First Prize (2014, 2015)
Voting History
Interest-bearing stablecoins, either via direct issuer payments or exchange-provided rewards, would measurably erode the deposit franchise of banks in developed-market economies.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Question A: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would reduce mortgage rates by more than 25 basis points.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: It depends on the slope of the demand curve for buying MBS. I do not know what is the size of the purchase needed to move spreads by 25bps.
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Question B: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would measurably improve the affordability of home ownership.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
|---|---|---|---|
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Comment: Unless housing supply increases, this will simply translate into higher house prices.
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Question C: Restrictions on large institutional investors buying single-family homes would measurably improve the affordability of home ownership.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
|---|---|---|---|
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Comment: Institutional investors own fewer than 1 percent of family homes. Maybe there is some heterogeneity, but the overall effect should be small.
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