Tag Archives: David Scharfstein

Fiscal Risk and the Portfolio of Government Programs

From Sam Hanson, David Scharfstein, and Adi Sunderam: This paper proposes a new approach to social cost-benefit analysis using a model in which a benevolent government chooses risky projects in the presence of market failures and tax distortions. The government internalizes … Continue reading

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The Future of Housing Finance

I got an email from CBO this morning on this topic and thought I’d revisit the two main options under consideration from the administration’s Housing Finance report that I helped work on a bit more than two years ago. If … Continue reading

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Concentration in Mortgage Lending, Refinancing Activity, and Mortgage Rates

Here’s a recent paper from David Scharfstein and Adi Sunderam on the effects of mortgage market concentration on refinancing effectiveness. Seems like some interesting variation that could be used to trace out the effects of refinancing on consumption in a follow up … Continue reading

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Reforming Money Market Mutual Funds

Here’s a new proposal from Sam Hanson, David Scharfstein, and Adi Sunderam. We analyze the leading reform proposals to address the structural vulnerabilities of money market mutual funds (MMFs). We take the main goal of MMF reform to be safeguarding financial stability. … Continue reading

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The Growth of Modern Finance

From Robin Greenwood and David Scharfstein: Whether the growth of the financial sector has been beneficial to society depends in large part on the social benefits of active asset management, the increase in household credit, and the growth of shadow banking. … Continue reading

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