Real Estate Finance and Housing Economics
Finance (Consumption Portfolio Choice)
Real Estate Research Blog!
Chris Foote, Paul Willen, and I have decided to venture into the blogging world. The bi-weekly blog will be housed on the FRB Atlanta public website and will analyze topical academic research in the field of housing economics. For more information here is the link:
"Foreclosure Externalities: New Evidence" with Eric Rosenblatt, Paul Willen, and Vincent Yao. 2015. Journal of Urban Economics. 42(3): 42--56.
"Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults" with Manuel Adelino and Paul S. Willen. 2014. Journal of Real Estate Finance and Economics, 49(3): 352--378.
"The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out" with Yuping Tsai. 2014. Economica, 81(324): 721--746.
"Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization" with Manuel Adelino and Paul S. Willen. 2013. Journal of Monetary Economics, 60(7): 835--853.
"Numerical Ability Predicts Mortgage Default" with Lorenz Goette and Stephan Meier. 2013. Proceedings of the National Academy of Sciences (PNAS), 110(28): 11267--11271.
"Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process" with Lauren Lambie-Hanson and Paul Willen. 2013. Journal of Urban Economics, 73(1): 1--17.
"Price Discrimination and Business Cycle Risk" with Marco Cornia and Adam Hale Shapiro. 2012. Journal of Industrial Economics, 60(3): 347--373.
"The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market" with Harvey Rosen and Paul S. Willen. 2010. Journal of Finance, 65(1): 333--360.
"Reducing Foreclosures: No Easy Answers" with Chris Foote, Lorenz Goette, and Paul S. Willen. 2009. NBER Macroeconomics Annual, 24: 89--138.
“Subprime Mortgages, Foreclosures, and Urban Neighborhoods" with Paul S. Willen. 2009. The B.E. Journal in Economic Analysis and Policy, 9(3).
"Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry" with Adam Hale Shapiro. 2009. Journal of Political Economy, 117(1): 1--37.
"Making Sense of the Subprime Crisis" with Andreas Lehnert, Shane M. Sherland, and Paul S. Willen. 2008. Brookings Papers on Economic Activity, Fall: 69--145.
"Negative Equity and Foreclosure: Theory and Evidence" with Chris Foote and Paul S. Willen. 2008. Journal of Urban Economics, 64(2): 234--245.
"Just the Facts: An Initial Analysis of Subprime's Role in the Housing Crisis" with Chris Foote, Lorenz Goette, and Paul S. Willen. 2008. Journal of Housing Economics, 17(4): 1--24.
"Why did so many people make so many ex-post bad decisions? The causes of the foreclosure crisis" (with Chris Foote and Paul Willen) 2012. Prepared for the conference, ``Rethinking Finance: New Perspectives on the Crisis," organized
by Alan Blinder, Andrew Lo, and Robert Solow and sponsored by the Russell Sage and Century Foundations.
``Why principal reduction won't solve the foreclosure crisis" (with Chris Foote and Paul Willen) 2012. Harvard College Economics Review, 5(1): 9--10.
“The Economics of Foreclosure” 2010. New Palgrave Online Dictionary of Economics (2nd Edition), S. Durlauf and L. Blume (eds.).
“Understanding the Foreclosure Crisis” with Stephen L. Ross and Paul S. Willen. 2011. Journal of Policy Analysis and Management, 30(2): 382--388 (“Point/Counterpoint” section).
"Mortgage Foreclosure Prevention Efforts" with Wenli Li. 2010. FRB Atlanta Economic Review, 95(2).
''Making Sense of the Subprime Crisis'' (with Kristopher Gerardi, Andreas Lehnert, and Paul Willen), in Robert W. Kolb, ed., Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. Hoboken, NJ: John Wiley & Sons, 2010.
"The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities" (with Manuel Adelino and Scott Frame).
"The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO" (with W. Scott Frame and Paul Willen)
(revise and resubmit Review of Financial Studies)
"Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default" (with Kyle Herkenhoff, Lee O'Hanian, and Paul Willen).
(revise and resubmit Review of Financial Studies)
"Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting" with Adam Hale Shapiro and Paul S. Willen. 2009. Federal Reserve Bank of Atlanta Working Paper 2009-25.
"Subprime outcomes: Risky mortgages, homeownership experiences and foreclosures" with Adam Hale Shapiro and Paul S. Willen. 2007. Federal Reserve Bank of Boston Working Paper, 07-15.
Work in Progress
"A Test of Dynamic Signaling Models: Evidence from Mortgage Securitization"
(with Manuel Adelino)
"Accounting for the Growth in Residential Leverage in the 2000s" (with Lauren Lambie-Hansen, Steve Ross and Paul Willen)
Kristopher S. Gerardi
Federal Reserve Bank of Atlanta
Financial Economist and Policy Advisor
Federal Reserve Bank of Atlanta
1000 Peachtree St., N.E.
T: (404) 498-8561
Date of Birth: April 4, 1980
Place of Birth: Boston, MA
"Teachers Teaching Teachers: The Role of Networks on Financial Decisions." Gonzalo Maturana and Jordan Nickerson, Midwest Finance Association Meetings, Atlanta, GA (3/4/2016).
"CMBS and Conflicts of Interest: Evidence from a Natural Experiment on Servicer Ownership," Maisy Wong, AREUEA Annual Meeting, San Francisco, CA (1/3/2016).
"Did Bank Borrowers Benefit from the TARP Program? The Effects of TARP on Loan Contract Terms," Berger, Makaew, and Roman, SFA Meetings, Captiva Island, FL (11/19/2015).
"Social Dimensions of Subprime Mortgage Default," Connolly, Fisher, and Painter, IBEFA Summer Meeting, San Francisco, CA (6/25/2015).
"Speculative Fever: Investor Contagion in the Housing Bubble," P. Bayer, C. Geissler, K. Mangum, and J. Roberts, AEA Annual Meeting, Boston, MA (1/5/2015).
"Information Losses in Home Purchase Appeals," P. Calem, L. Lambie-Hanson, and L. Nakamura, FRB System Committee on Regional Analysis, San Antonio, TX (12/4/2014).
"Are Credit Constraints Important among Self Employed?" S. Leth-Petersen, and R. Nanda. IFS Housing Conference: Microdata, Macro Problems, London, England (5/24/2013).
"Shifting Credit Standards and the Boom and Bust in U.S. House Prices: Time Series Evidence from the Past Three Decades," J. Duca, A. Murphy, and J. Muellbauer, FRB Day-Ahead Conference, San Diego, CA (1/3/2013)
"Do-It-Yourself Home Improvement: Changes for Measured GDP and Long-Run Housing Values," R. Soloveichik. AEA Annual Meeting, San Diego, CA (1/6/2013).
"What Explains High Unemployment? The Aggregate Demand Channel," A. Mian and A. Sufi. FRB Atlanta Conference on Employment Consequences of the Great Recession, Atlanta, GA (9/15/2012).
"House Price Growth when Kids are Teenagers: A Path to Higher Intergenerational Achievement?" D. Cooper and M. Luengo-Prado, Housing/Urban/Labor/Macro Spring Conference, Boston, MA (3/24/2012)
"Subprime Mortgages and the Housing Bubble" J. Brueckner, P. Calem, and L. Nakamura, AREAUA Annual Meeting, Chicago, IL (1/6/2012)
"Residential Mortgage Renegotiation During the Great Depression," Andra Ghent, AREAUA Annual Meeting, Denver, CO (1/6/2011)
"Cream-skimming in Subprime Mortgage Securitizations: Which Subprime Mortgage Loans were Sold by Depository Institutions Prior to the Crisis of 2007?" P. Calem, C. Henderson, J. Liles, FRB Day-Ahead Conference, Denver, CO (1/5/2011)
"Real Estate Price Measurement and Stability Crises," Nancy Wallace, Workshop on Housing Markets, Monetary Policy and Financial Stability, Stockholm Sweden (11/8/2010)
"Mortgage Modification and Strategic Default: Evidence from a Legal Settlement with Countrywide," C. Mayer, T. Piskorski, E. Morrison, and A. Gupta, Conference on Household Heterogeneity and Household Finance, FRB Cleveland (9/9/2010)
"Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States," Andre C. Ghent and Marianna Kudlyak
University of Wisconsin-Madison and Federal Reserve Bank of Atlanta Housing-Labor-Macro-Urban Conference (9/25/2009)
"The Impact of Secondary Mortgage Market Activity on the Expansion of Subprime Credit," Taylor Nadauld and Shane Sherlund
FRB Atlanta Day Ahead Conference (1/2/2010)
Presentation at The Irish Mortgage Market in Context Conference in Dublin, Ireland, October 2011
Presentation at the Housing/Urban/Labor Markets (HULM) Conference at FRB Atlanta. "Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data" March 2011.
Seminar at the Sveriges/Riksbank in Stockholm Sweden, November 2010.
American Council on Consumer Interests (ACCI) 2010 Annual Conference at FRB Atlanta. "Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data" April 2010.