Papers

Working Papers

  1. “How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic,” with Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, and James Vickery. 2021. https://doi.org/10.29412/res.wp.2021.04 Revise-and-resubmit, Journal of Finance.

  2. “Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus,” with David Hao Zhang. 2020. https://doi.org/10.29412/res.wp.2020.19

  3. “Mortgage Prepayment, Race, and Monetary Policy,” with Kristopher Gerardi and David Hao Zhang. 2020. https://doi.org/10.29412/res.wp.2020.07 Revise-and-resubmit, Journal of Financial Economics.

  4. “The Time-Varying Price of Financial Intermediation in the Mortgage Market." With Andreas Fuster and Stephanie Lo. Forthcoming, Journal of Finance.

  5. “The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO." With Kris Gerardi and Scott Frame. Revise-and-Resubmit, Review of Financial Studies.


Published Papers

  1. "Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications." Revised March 2019. With Chris Foote and Lara Loewenstein. Review of Economic Studies, forthcoming.

  2. "Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default." With Kris Gerardi, Kyle Herkenhoff and Lee Ohanian. 2017. Review of Financial Studies 31.3 (2017): 1098-1131.

  3. “Payment Size, Negative Equity, and Mortgage Default." With Andreas Fuster. 2016. American Economic Journal: Economic Policy 9.4 (2017): 167-91. .

  4. “The Role of Proximity in Foreclosure Externalities: Evidence From Condominiums," with Lynn M. Fisher and Lauren Lambie-Hanson. 2015. American Economic Journal: Economic Policy, 7(1): 119-140.

  5. “Foreclosure externalities: New evidence." With Kristopher S. Gerardi, Eric Rosenblatt and Vincent W. Yao. 2015. Journal of Urban Economics 87: 42-56.

  6. “Mandated Risk Retention in Mortgage Securitization: An Economist’s View." 2014. American Economic Review 104(2): 82-86.

  7. "Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-payment Defaults." With Manuel Adelino and Kris Gerardi. 2014. Journal of Real Estate Finance and Economics, 49(3): 352-378.

  8. “Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization." With Manuel Adelino and Kris Gerardi. 2013. Journal of Monetary Economics 60(7):835-853.

  9. “Do borrower rights improve borrower outcomes? Evidence from the foreclosure process." With Kris Gerardi and Lauren Lambie-Hanson. 2013. Journal of Urban Economics, 73(1):1-17. Internet Appendix

  10. “How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the AMLF." With Burcu Duygan-Bump, Patrick Parkinson, Eric Rosengren and Gustavo A. Suarez. 2013. The Journal of Finance 68(2): 715-737.

  11. “Insuring Consumption Using Income-Linked Assets." 2011. With Andreas Fuster. Review of Finance, 15(4):835-873.

  12. “The Impact Of Deregulation And Financial Innovation On Consumers: The Case Of The Mortgage Market." 2010. With Kristopher Gerardi and Harvey Rosen. Journal of Finance 65(1):333–360.

  13. “Reducing Foreclosures." With Chris Foote, Kris Gerardi and Lorenz Goette. NBER Macro Annual 2009:69–159.

  14. “Making sense of the subprime crisis." With Kris Gerardi, Andreas Lehnert and Shane Sherlund. 2008. Brookings Papers on Economic Activity, Fall: 69–145.

  15. “Just the Facts: An initial analysis of the subprime crisis." With Chris Foote, Kris Gerardi and Lorenz Goette. 2008. Journal of Housing Economics, 17(4):291-305.

  16. “Negative Equity and Foreclosure: Theory and evidence." With Chris Foote and Kris Gerardi. 2008. Journal of Urban Economics, 64(2):234-245.

  17. "Social security and unsecured debt." With Erik Hurst. 2007. Journal of Public Economics, 91:1273-1297.

  18. “Borrowing costs and the demand for equity over the life-cycle." With Steve Davis and Felix Kubler. 2006. The Review of Economics and Statistics, 88(2):348-362.

  19. "Educational opportunity and income inequality." With Igal Hendel and Joel Shapiro. 2005. Journal of Public Economics 89:841-870.

  20. “New financial markets: Who gains and who loses." 2005. Economic Theory 26(1):141-166

Other Publications

  1. “Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic,” with Kristopher Gerardi and Lauren Lambie-Hanson. 2022. In Recession Remedies Lessons Learned from the U.S. Economic Policy Response to COVID-19. Wendy Edelberg, Louise Sheiner, and David Wessel, eds. Washington: Brookings Institution

  2. “Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation during COVID-19,” with Kristopher Gerardi and Lauren Lambie-Hanson. 2021. Federal Reserve Bank of Boston Research Current Policy Perspectives. June 22, 2021.

  3. “Evaluating the Benefits of a Streamlined Refinance Program,” with Kristopher Gerardi and Lara Loewenstein. 2021. Housing Policy Debate 31, no. 1 (2021): 51-65.

  4. Mortgage-Default Research and the Recent Foreclosure Crisis With Chris Foote. Annual Review of Financial Economics 10 (2018): 59-100.

  5. “Evaluating policies to prevent another crisis: An economist’s view." 2014. Cato Papers on Public Policy, 3:

  6. “Occupation-level income shocks and asset returns: Their covariance and implications for portfolio choice." With Steve Davis. 2013. Quarterly Journal of Finance, 3(03n04).

  7. “Subprime Mortgages, Foreclosures, and Urban Neighborhoods." With Kristopher Gerardi. 2009. The B.E. Journal of Economic Analysis & Policy 9(3, Symposium): Article 12.

  8. “The Rising Gap Between Primary And Secondary Mortgage Rates." With Andreas Fuster, Laurie Goodman, David Lucca, Laurel Madar and Linsey Molloy. 2013. FRBNY Economic Policy Review.

  9. “Why did so many people make so many ex post bad decisions? The causes of the foreclosure crisis." With Kris Gerardi and Chris Foote. 2012. In Rethinking the Financial Crisis. Alan Blinder, Andrew Lo and Robert Solow, eds.

  10. “US mortgage and foreclosure law." 2012. With Zachary Kimball. In The New Palgrave Dictionary of Economics, eds. Steven N. Durlauf and Lawrence E. Blume. Basingstoke: Palgrave Macmillan.

  11. “subprime mortgage crisis, the." 2011. With Chris Foote. In The New Palgrave Dictionary of Economics, eds. Steven N. Durlauf and Lawrence E. Blume. Basingstoke: Palgrave Macmillan.

  12. “A profile of the mortgage crisis in an LMI community." 2011. With Lynn Fisher and Lauren Lambie-Hanson. In Susan Wachter and Marty Smith (eds.), The American Mortgage System: Rethink, Recover, Rebuild. Philadelphia: University of Pennsylvania Press.

  13. “Reasonable people did disagree: Optimism and pessimism about the U.S. housing market before the crash." 2011 With Kristopher Gerardi and Chris Foote. In Susan Wachter and Marty Smith (eds.), The American Mortgage System: Rethink, Recover, Rebuild. Philadelphia: University of Pennsylvania Press.

  14. “Residential Mortgage Default: Determinants." 2010. In Susan J. Smith, Anthony Saunders and Susan Wachter (eds.) International Encyclopedia of Housing and Home. Oxford:Elsevier.

  15. “The Theory of Optimal Life-Cycle Saving and Investing." 2008. With Zvi Bodie and Jonathan Treussard. In Stephen Horan (editor), Private Wealth: Advances in Wealth Management Practice, CFA Institute/Wiley.

  16. “Income Shocks, Asset Returns, and Portfolio Choice." With Steve Davis. In Innovations in Retirement Financing edited by Zvi Bodie, Brett Hammond and Olivia Mitchell. Philadelphia: University of Pennsylvania Press, 2001.

_____________________________________________________________

Older, unpublished papers

  1. “$1.25 Trillion Is Still Real Money: Some Facts about the Effects of the Fed’s Mortgage Market Investments." With Andreas Fuster. Boston Fed Public Policy Discussion Paper No. 10-4 (2010).

  2. “Subprime Outcomes: Risky mortgages, homeownership and foreclosure." With Kris Gerardi and Adam Shapiro. FRB Boston Working Papers Series, paper no. 07-15 (2007).

  3. “Collateralized Borrowing and Life-Cycle Portfolio Choice." With Felix Kubler. NBER Working Paper 12309 (2006).

  4. “Incomplete markets and trade." FRB Boston Working Papers Series, paper no. 04-8 (2004).

  5. “On the gains to international trade in risky financial assets." With Steve Davis and Jeremy Nalewaik. NBER working paper 7796. Revised September 2001.

  6. “Using financial assets to hedge labor income risks: Estimating the benefits." With Steve Davis. (2000).