Macroeconomic Effects of Bankruptcy and Foreclosure Policies
研究了美国两项主要债务减免政策（BAPCPA和HARP）的影响，发现BAPCPA降低了破产率但增加了房价下跌时的止赎率，而HARP减少了1个百分点的止赎并为高贷款价值比家庭带来福利收益。
I study the implications of two major debt-relief policies in the United States: the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Home Affordable Refinance Program (HARP). To do so, I develop a model of housing and default that includes relevant dimensions of credit-market policy and captures rich heterogeneity in household balance sheets. The model also explains the observed cross-state variation in consumer default rates. I find that BAPCPA significantly reduced bankruptcy rates, but increased foreclosure rates when house prices fell. HARP reduced foreclosures by 1 percentage point and provided substantial welfare gains to households with high loan-to-value mortgages.