New IZA DPs -- Housing & Households
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IZA DP Alerts
May 16, 2026, 9:09:01 AMMay 16
to it...@umich.edu
IZA Discussion Papers
Dear Italo Gutierrez,
These new IZA Discussion Papers are now available online.
DP 18483 - Dykstra/Fernández Guerrico:
Offsetting the Earnings Disincentive in Public Housing: Evidence from a Behaviorally Informed Field Intervention
DP 18486 - Shim/Kim/Lee/Choi/Bae/Coibion/Gorodnichenko:
The Effects of Fiscal News on Household Expectations and Spending: New Causal Evidence
DP 18543 - Akgunduz/Cilasun/Deryol/Tumen:
Echoes of Hyperinflation: The Link Between Past Exposure and Formation of Expectations
DP 18546 - Binder/Risch/Voorheis:
Housing Capital and Intergenerational Mobility in the United States
DP 18591 - Grigoli/Sandri/Gorodnichenko/Coibion:
Monetary Policy According to Households: Perceptions, Reactions, and Channels
Please find the abstracts and download links below.
IZA DP No. 18483
Holly Dykstra, Sofía Fernández Guerrico:
Offsetting the Earnings Disincentive in Public Housing: Evidence from a Behaviorally Informed Field Intervention
Abstract:
Income-based rents in public housing create an earnings disincentive. We collaborate with a public housing authority to design a behaviorally informed program that returns part of the rent induced by higher earnings to residents. Importantly, the program automatically enrolled households and was explicitly designed to make the increased payoff to working salient. Using a difference-in-differences approach, we estimate that annual household-head earnings rise 17% ($1,370/year) and public assistance falls 7.5%, with impacts on both intensive and extensive margins. These results provide evidence that an in-work benefit designed for salience can offset the earnings disincentive and affect follow-through labor market behavior.
https://docs.iza.org/dp18483.pdf
IZA DP No. 18486
Myungkyu Shim, Kwang Hwan Kim, Myunghwan Andrew Lee, Sangyup Choi, Siye Bae, Olivier Coibion, Yuriy Gorodnichenko:
The Effects of Fiscal News on Household Expectations and Spending: New Causal Evidence
Abstract:
We provide experimental evidence on how fiscal news shapes households’ expectations and spending behavior. Using a new survey of ~11,000 Korean individuals linked to automatically collected high-frequency spending data, we elicit respondents’ fiscal and macroeconomic beliefs and randomly provide them with one of five pieces of information about current public debt levels, fiscal deficits, and the government’s plans for deficit reduction. Exogenous increases in expected future public debt raise expected inflation and increase consumer spending. On the other hand, exogenous increases in expected fiscal balance raise expected output growth and have no significant effect on consumer spending.
https://docs.iza.org/dp18486.pdf
IZA DP No. 18543
Yusuf Emre Akgunduz, Seyit Mümin Cilasun, Ahmet Deryol, Semih Tumen:
Echoes of Hyperinflation: The Link Between Past Exposure and Formation of Expectations
Abstract:
This paper studies how lifetime inflation exposure shapes individuals’ inflation expectations, perceptions, and financial behavior. Using a large individual-level dataset from Türkiye spanning 2014 to 2024, combined with detailed measures of past inflation experiences, we show that individuals who have lived through higher inflation consistently report higher expected and perceived inflation. They also respond more strongly to current inflation conditions. The effects are larger for less educated and lower income individuals. In additional analysis, we find that greater lifetime inflation exposure is associated with higher use of retail loans, especially fixed rate loans. These results highlight the persistent influence of past economic conditions on expectation formation and household decisions in an emerging economy with a history of volatile inflation.
https://docs.iza.org/dp18543.pdf
IZA DP No. 18546
Ariel J. Binder, Max Risch, John Voorheis:
Housing Capital and Intergenerational Mobility in the United States
Abstract:
Housing is the largest capital asset for most families. While the intergenerational mobility literature has extensively studied the income distribution, it has devoted less attention to housing, in part due to data limitations. We document 3 features of intergenerational mobility by comparing housing capital and income in a new dataset covering 3.4 million U.S. families. First, housing is more persistent across generations than earnings. Moreover, the housing gap between White and Black children grows more sharply throughout the parental resource distribution than does the earnings gap. Second, less than half of intergenerational housing persistence operates through child earnings, leaving substantial scope for direct transmissions of capital assets and knowledge. The direct channel is much weaker among Black families and can almost fully explain their greater risk of downward mobility. Third, local housing supply constraints shape spatial differences in the intergenerational mobility of housing - but not of earnings - as measured in a quasi-experimental shift-share design. Our results highlight a more rigid structure of economic resources across families than implied by income studies.
https://docs.iza.org/dp18546.pdf
IZA DP No. 18591
Francesco Grigoli, Damiano Sandri, Yuriy Gorodnichenko, Olivier Coibion:
Monetary Policy According to Households: Perceptions, Reactions, and Channels
Abstract:
This paper studies how households perceive the transmission of monetary policy and how these perceptions affect their decisions. Using a large-scale survey of over 25,000 U.S. households combined with randomized information treatments, we measure how households expect changes in the federal funds rate to affect economic conditions and their own behavior. Households report that higher interest rates lead them to reduce their spending, particularly on durable goods. However, the mechanisms underlying this response differ markedly from those in standard macroeconomic models. Respondents expect monetary tightening to raise borrowing costs and inflation. In turn, consumption function estimates identified using information treatments reveal that households respond to higher expected inflation by reducing consumption. Household inflation expectations also emerge as a central driver of portfolio reallocations following monetary policy changes.
https://docs.iza.org/dp18591.pdf
These new IZA Discussion Papers are now available online.
DP 18483 - Dykstra/Fernández Guerrico:
Offsetting the Earnings Disincentive in Public Housing: Evidence from a Behaviorally Informed Field Intervention
DP 18486 - Shim/Kim/Lee/Choi/Bae/Coibion/Gorodnichenko:
The Effects of Fiscal News on Household Expectations and Spending: New Causal Evidence
DP 18543 - Akgunduz/Cilasun/Deryol/Tumen:
Echoes of Hyperinflation: The Link Between Past Exposure and Formation of Expectations
DP 18546 - Binder/Risch/Voorheis:
Housing Capital and Intergenerational Mobility in the United States
DP 18591 - Grigoli/Sandri/Gorodnichenko/Coibion:
Monetary Policy According to Households: Perceptions, Reactions, and Channels
Please find the abstracts and download links below.
IZA DP No. 18483
Holly Dykstra, Sofía Fernández Guerrico:
Offsetting the Earnings Disincentive in Public Housing: Evidence from a Behaviorally Informed Field Intervention
Abstract:
Income-based rents in public housing create an earnings disincentive. We collaborate with a public housing authority to design a behaviorally informed program that returns part of the rent induced by higher earnings to residents. Importantly, the program automatically enrolled households and was explicitly designed to make the increased payoff to working salient. Using a difference-in-differences approach, we estimate that annual household-head earnings rise 17% ($1,370/year) and public assistance falls 7.5%, with impacts on both intensive and extensive margins. These results provide evidence that an in-work benefit designed for salience can offset the earnings disincentive and affect follow-through labor market behavior.
https://docs.iza.org/dp18483.pdf
IZA DP No. 18486
Myungkyu Shim, Kwang Hwan Kim, Myunghwan Andrew Lee, Sangyup Choi, Siye Bae, Olivier Coibion, Yuriy Gorodnichenko:
The Effects of Fiscal News on Household Expectations and Spending: New Causal Evidence
Abstract:
We provide experimental evidence on how fiscal news shapes households’ expectations and spending behavior. Using a new survey of ~11,000 Korean individuals linked to automatically collected high-frequency spending data, we elicit respondents’ fiscal and macroeconomic beliefs and randomly provide them with one of five pieces of information about current public debt levels, fiscal deficits, and the government’s plans for deficit reduction. Exogenous increases in expected future public debt raise expected inflation and increase consumer spending. On the other hand, exogenous increases in expected fiscal balance raise expected output growth and have no significant effect on consumer spending.
https://docs.iza.org/dp18486.pdf
IZA DP No. 18543
Yusuf Emre Akgunduz, Seyit Mümin Cilasun, Ahmet Deryol, Semih Tumen:
Echoes of Hyperinflation: The Link Between Past Exposure and Formation of Expectations
Abstract:
This paper studies how lifetime inflation exposure shapes individuals’ inflation expectations, perceptions, and financial behavior. Using a large individual-level dataset from Türkiye spanning 2014 to 2024, combined with detailed measures of past inflation experiences, we show that individuals who have lived through higher inflation consistently report higher expected and perceived inflation. They also respond more strongly to current inflation conditions. The effects are larger for less educated and lower income individuals. In additional analysis, we find that greater lifetime inflation exposure is associated with higher use of retail loans, especially fixed rate loans. These results highlight the persistent influence of past economic conditions on expectation formation and household decisions in an emerging economy with a history of volatile inflation.
https://docs.iza.org/dp18543.pdf
IZA DP No. 18546
Ariel J. Binder, Max Risch, John Voorheis:
Housing Capital and Intergenerational Mobility in the United States
Abstract:
Housing is the largest capital asset for most families. While the intergenerational mobility literature has extensively studied the income distribution, it has devoted less attention to housing, in part due to data limitations. We document 3 features of intergenerational mobility by comparing housing capital and income in a new dataset covering 3.4 million U.S. families. First, housing is more persistent across generations than earnings. Moreover, the housing gap between White and Black children grows more sharply throughout the parental resource distribution than does the earnings gap. Second, less than half of intergenerational housing persistence operates through child earnings, leaving substantial scope for direct transmissions of capital assets and knowledge. The direct channel is much weaker among Black families and can almost fully explain their greater risk of downward mobility. Third, local housing supply constraints shape spatial differences in the intergenerational mobility of housing - but not of earnings - as measured in a quasi-experimental shift-share design. Our results highlight a more rigid structure of economic resources across families than implied by income studies.
https://docs.iza.org/dp18546.pdf
IZA DP No. 18591
Francesco Grigoli, Damiano Sandri, Yuriy Gorodnichenko, Olivier Coibion:
Monetary Policy According to Households: Perceptions, Reactions, and Channels
Abstract:
This paper studies how households perceive the transmission of monetary policy and how these perceptions affect their decisions. Using a large-scale survey of over 25,000 U.S. households combined with randomized information treatments, we measure how households expect changes in the federal funds rate to affect economic conditions and their own behavior. Households report that higher interest rates lead them to reduce their spending, particularly on durable goods. However, the mechanisms underlying this response differ markedly from those in standard macroeconomic models. Respondents expect monetary tightening to raise borrowing costs and inflation. In turn, consumption function estimates identified using information treatments reveal that households respond to higher expected inflation by reducing consumption. Household inflation expectations also emerge as a central driver of portfolio reallocations following monetary policy changes.
https://docs.iza.org/dp18591.pdf
IZA DP Alerts | www.iza.org
If you have trouble downloading the papers, or for any other questions regarding the IZA Discussion Paper Series, please contact iza...@liser.lu.
IZA@LISER Network
Luxembourg Institute of Socio-Economic Research (LISER)
11, Porte des Sciences, L-4366 Esch-sur-Alzette / Belval
Privacy Policy | Manage your subscriptions
If you have trouble downloading the papers, or for any other questions regarding the IZA Discussion Paper Series, please contact iza...@liser.lu.
IZA@LISER Network
Luxembourg Institute of Socio-Economic Research (LISER)
11, Porte des Sciences, L-4366 Esch-sur-Alzette / Belval
Privacy Policy | Manage your subscriptions
IZA DP Alerts
May 16, 2026, 9:10:55 AMMay 16
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