Here is the application link: illinois.csod.com/ux/ats/careers…
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Julia Fonseca
77 posts
Julia Fonseca
@JuliaAFonseca
Assistant Prof of Finance at UIUC @giesbusiness
Katılım Şubat 2010
298 Takip Edilen704 Takipçiler
The position will be up to 2 years, shared between UIUC and Wharton (with the option to do the first year remotely or spend the full two years at Wharton). Please apply asap using the link below. The priority deadline is Dec 1, and we will review on a rolling basis.
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🚨New pre-doc position! Come work with @luliu_fin and me on mortgage, housing, and labor markets. We'll be tackling policy-relevant questions with both empirical and structural methods. @econ_ra #EconTwitter
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Julia Fonseca retweetledi
The April 2023 decision to stop reporting medical debts below $500 on consumer credit reports had no effect on credit access or financial health, from Victor Duarte, @JuliaAFonseca, Divij Kohli, and Julian Reif nber.org/papers/w33644
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Julia Fonseca retweetledi
Call for papers for the very 1st UMass Amherst Finance Conference
isomfinancedept.wixsite.com/finance-confer…
The conference is on Friday, May 9, 2025
The deadline for submitting your paper is February 1
@econ_conf #econtwitter @UMassAmherst @IsenbergUMass
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@arpitrage @besttrousers There’s disagreement about that: we (Fonseca and Liu, 2023) find that lock-in does affect out-of-state moves, and so do Liebersohn and Rothstein (2024). There are multiple teams (including Lu and me) working on the labor question, so we should know more soon!
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@besttrousers Agree on the other costs of lock-in, though also see this
"We find limited scope for labor misallocation due to lock-in, as moves across labor market areas are rather unaffected. Instead, lock-in primarily reduces within-metro churn"
static1.squarespace.com/static/5f75531…
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One benefit of mortgage lock-in is strategic non default: households will do anything to keep their 3% mortgage
Sergio Rebelo@SergioRebelo6
Mortgage delinquency rates remain low, largely due to the prevalence of fixed-rate mortgages among households. However, delinquency rates for credit cards and commercial real estate loans are increasing.
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Julia Fonseca retweetledi
Please submit finance, econ, and CS papers to our workshop at ACM Conference on AI in Finance (ICAIF) November in Brooklyn: sites.google.com/view/sfmes/home
A goal: investigate how new ML/simulation tools might solve classic critiques of ABM and address EQUILIBRIUM and self-consistency
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Julia Fonseca retweetledi
I’m thrilled to announce the 2025 WEFIDEV-RFS-CEPR Conference on Finance and Development on March 28th & 29th at LSE. It will be the first of three annual conferences with an RFS dual submission option. Mark your calendars - deadline is Dec 1st! Details: wefidev.com
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An and a nice 🧵 that explains their findings: x.com/luliu_fin/stat…
Lu Liu@luliu_fin
🚨Recent working paper🚨with @JuliaAFonseca papers.ssrn.com/sol3/papers.cf… Paper summary: when current mortgage rates are higher than locked-in rates, households do not want to move and forego better-paid jobs, reducing housing market liquidity. 1/n
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Great post. Lock-in is real. Here's a related paper on mortgage lock-in by
@luliu_fin
and
@JuliaAFonseca
that also estimates the effects on mobility. " we show that a 1 p.p. decline in the difference between mortgage rates locked in at origination and current rates reduces moving by 9% overall and 16% between 2022-2024"
Nick Timiraos@NickTimiraos
"Rising interest rates reduced mobility in 2022-23 for households with mortgages by 16%" "Households who moved despite being 'locked in' saw an average increase in annual mortgage payments worth nearly $5,000 as a result of their moves" nber.org/papers/w32781
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Raising interest rates to fight inflation can (counterintuitively) *increase* housing prices
⬆️interest rates causes ⬆️ lock-in, leading to ⬇️ supply & ⬆️ prices
Listen to my brilliant cohort-mate @JuliaAFonseca on @planetmoney explain more about her recent paper -
Julia Fonseca@JuliaAFonseca
That means that raising rates from historically low levels to fight inflation can, in itself, create some inflation through housing markets. Link to podcast: npr.org/2024/07/31/119… Link to paper: papers.ssrn.com/sol3/papers.cf…
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Julia Fonseca retweetledi
📢📢! New working paper + podcast alert !📢📢
We study the equilibrium effects of mortgage lock-in on house prices, mobility, and homeownership. See thread by @JuliaAFonseca @pgmabille
Julia Fonseca@JuliaAFonseca
I was excited to go back on @theindicator @planetmoney to talk about a brand new paper with @luliu_fin and @pgmabille ! Mortgage rates have risen sharply from historically low levels while house prices and rents have remained stable. We show mortgage lock-in can explain this.
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That means that raising rates from historically low levels to fight inflation can, in itself, create some inflation through housing markets.
Link to podcast: npr.org/2024/07/31/119…
Link to paper: papers.ssrn.com/sol3/papers.cf…
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Lock-in also increases rents if rental supply is sufficiently elastic. Renters who can't move up increase demand for rentals, but less downsizing lowers demand and the net effect is negative. But rental supply declines more as rental yields are driven down by higher house prices.
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I was excited to go back on @theindicator
@planetmoney to talk about a brand new paper with @luliu_fin and @pgmabille ! Mortgage rates have risen sharply from historically low levels while house prices and rents have remained stable. We show mortgage lock-in can explain this.
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We also have new results on small business entry and exit, types of moves (moving to better school districts vs. better employment opportunities), and a placebo check for outright owners and renters.
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@luliu_fin and I updated our mortgage lock-in paper to show that a 1 p.p. decline in the difference between mortgage rates locked in at origination and current rates reduces moving by 16% between 2022-2024, compared to 9% between 2010-2024.
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