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  • October 22, 2012
  • Article

Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers... View Details
Keywords: Monetary Policy; Household Finance; Refinancing; Contract Rigidities; Debt Rigidity; MPC; Deleveraging; Personal Finance; Household; Policy; Borrowing and Debt; Macroeconomics
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  • Article

Contested Meanings of Freedom: Workingmen's Wages, the Company Store System and the Godcharles v. Wigeman Decision

By: Laura Phillips Sawyer
In 1886, the Pennsylvania Supreme Court struck down a law that prohibited employers from paying wages in company store scrip and mandated monthly wage payments. The court held that the legislature could not prescribe mandatory wage contracts for legally competent... View Details
Keywords: Wages; Rights; Fairness; Lawsuits and Litigation; Laws and Statutes; Pennsylvania
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    Contested Meanings of Freedom

    In 1886, the Pennsylvania Supreme Court struck down a law that prohibited employers from paying wages in company store scrip and mandated monthly wage payments. The court held that the legislature could not pre-scribe mandatory wage contracts for legally competent... View Details
    • 05 Aug 2009
    • Working Paper Summaries

    Authority versus Persuasion

    Keywords: by Eric J. Van den Steen
    • 2010
    • Chapter

    Backlash to Arbitration: Three Causes

    By: Louis T. Wells

    There are at least three reasons for the current backlash among developing countries against the international regime that governs disputes between foreign investors and host governments. First is the inconsistency of the decisions rendered by arbitration panels... View Details

    Keywords: Developing Countries and Economies; International Finance; Foreign Direct Investment; Agreements and Arrangements; Business and Government Relations; Conflict Management
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    • 02 Feb 2010
    • First Look

    First Look: Feb. 2

    focused," but they don't deliver solutions to customers' thorniest problems. Why? Because they're stymied by the rigid "silos" they're organized around. In Reorganize for Resilience, Ranjay Gulati reveals how resilient... View Details
    Keywords: Martha Lagace
    • 24 Oct 2023
    • HBS Case

    From P.T. Barnum to Mary Kay: Lessons From 5 Leaders Who Changed the World

    industry pioneer Mary Kay Ash learned about hard work, strict priorities, and the power of positive reinforcement firsthand. When she was seven, her father contracted tuberculosis, becoming housebound and requiring constant medical care.... View Details
    Keywords: by Avery Forman
    • Teaching Interest

    Overview

    Globalization and Emerging Markets (Elective Course) The world order has changed significantly in the last two decades. The influence of western-style varieties of capitalism has been challenged by new forms of capitalism that rely less on private enterprise and on the... View Details
    Keywords: Globalization; Strategy; Macroeconomics; State Capitalism; Political Economy; Emerging Markets; Multinational Firms and Management; Global Strategy; Economics; Energy Industry; Retail Industry; Mining Industry; Agriculture and Agribusiness Industry; Banking Industry; China; Africa; Dubai; Pakistan; India; Brazil; Russia; Cuba; Argentina
    • Web

    Business History - Faculty & Research

    court held that the legislature could not prescribe mandatory wage contracts for legally competent workingmen. The decision quashed over two decades of efforts to end the "truck system." Although legislators had agreed that wage payments... View Details
    • 26 Apr 2022
    • Book

    What Does Your Business Stand For? Why Building Trust Starts with Purpose

    autonomy. Purpose transforms the entire basis for cooperation inside the workplace, turning the enterprise from a nexus of contracts between self-interested individuals into a nexus of commitments. As my research confirmed, the trust that... View Details
    Keywords: by Ranjay Gulati
    • Web

    Research - Behavioral Finance & Financial Stability

    credit extended to private sector firms. See Sam’s other research here , Jeremy’s other research here , Adi’s other research here , and Eric’s other research here . More Info Large banks and small firm lending By: Victoria Ivashina & Vitaly Bord OCT 2021 The View Details
    • 03 Mar 2003
    • Research & Ideas

    The Ingredients of a Deal Disaster

    Chinese Business, "The Chinese perceive contracts as too rigid to take new circumstances into account. Hence, there is no stigma to changing the terms of an agreement after it has been signed."... View Details
    Keywords: by Ron S. Fortgang, David A. Lax & James K. Sebenius
    • 14 Jul 2009
    • First Look

    First Look: July 14

    of host countries' investment laws. Second, and perhaps most important, is the very rigid view of contracts that panels have tended to take, even when a host country acts as a result of an economic crisis. A... View Details
    Keywords: Martha Lagace
    • 21 Nov 2017
    • First Look

    First Look at New Research and Ideas, November 21, 2017

    share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults and an increase in house prices, car purchases, and employment. Household balance sheets and mortgage contract View Details
    Keywords: Sean Silverthorne
    • 22 Feb 2011
    • Research & Ideas

    Most Popular Articles, Papers of the Decade

    longer-term perspective. Authority versus Persuasion Published: August 5, 2009 In directing employees, managers often face a choice between invoking authority and persuasion. In particular, since a firm's formal and relational contracts... View Details
    Keywords: by Sean Silverthorne
    • 19 Apr 2011
    • First Look

    First Look: April 19

    the concept of threat rigidity to the class and explore some of the team behaviors that result from this condition. Book: http://www.amazon.com/Group-Communication-Analysis-Appreciation-Application/dp/0757582958/ref=cm_cmu_up_thanks_hdr... View Details
    Keywords: Sean Silverthorne
    • 20 Feb 2008
    • First Look

    First Look: February 20, 2008

    explanation of price rigidity has the advantage of being consistent with the observation that the typical size of price increases is nearly invariant to inflation. Lastly, the paper turns to some government policies regarding prices that... View Details
    Keywords: Martha Lagace
    • 05 May 2009
    • First Look

    First Look: May 5, 2009

    Survive—Thrive: Leading Innovation in Good Times and Bad Authors:Lynda M. Applegate and Bruce Harreld Abstract Battered by contracting markets and frozen credit, many businesses today are fighting for survival. Indeed, the current global... View Details
    Keywords: Martha Lagace
    • 06 Mar 2018
    • First Look

    First Look at Research and Ideas, March 6, 2018

    the heterogeneous payment requirements across the multiple payers and health plans contracting with the academic health center. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=54127 March–April 2018 Harvard Business... View Details
    Keywords: Sean Silverthorne
    • 03 Mar 2009
    • First Look

    First Look: March 3, 2009

    decisions are endogenous, and 3) influencing stores' choices of strategic variables (e.g., pricing) once they have decided to affiliate. We show that search diversion remains a necessary strategic instrument for the intermediary even when the View Details
    Keywords: Martha Lagace