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Atlanta Fed Working Papers

2022

2022-17
Can Everyone Tap Into the Housing Piggy Bank? Racial Disparities in Access to Home Equity
James N. Conklin, Kristopher Gerardi, and Lauren Lambie-Hanson
November 2022
Abstract | Full text

2022-11
The Good, the Bad and the Ordinary: Estimating Agent Value-Added Using Real Estate Transactions
Chris Cunningham, Kristopher Gerardi, and Lily Shen
September 2022
Abstract | Full text

2020

2020-22
Mortgage Prepayment, Race, and Monetary Policy
Kristopher Gerardi, Paul Willen, and David Hao Zhang
December 2020
Abstract | Full text

2019

2019-20
Foreclosure Externalities and Vacant Property Registration Ordinances
Arnab Biswas, Chris Cunningham, Kristopher Gerardi, and Daniel Sexton
November 2019
Abstract | Full text

2019-15
Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry
Patrick Dennis, Kristopher Gerardi, and Carola Schenone
July 2019
Abstract | Full text (920 KB)

2018

2018-10
Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom
James Conklin, W. Scott Frame, Kristopher Gerardi, and Haoyang Liu
August 2018
Abstract | Full text (920 KB)

2017

2017-4a
Fracking and Mortgage Default
Chris Cunningham, Kristopher Gerardi, and Lily Shen
March 2017 (revised October 2020)
Abstract | Full text (2,647 KB)

2016

2016-8b
Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
Manuel Adelino, Kristopher Gerardi, and Barney Hartman-Glaser
Revised March 2018
Abstract | Full text (649 KB)

2015

2015-3
The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO
Scott Frame, Kristopher Gerardi, and Paul S. Willen
March 2015
Abstract | Full text (316 KB)

2014

2014-4a
The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities
Manuel Adelino, W. Scott Frame, and Kristopher S. Gerardi
April 2014
Abstract | Full text (641 KB)

2013

2013-4a
Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default
Kristopher Gerardi, Kyle F. Herkenhoff, Lee E. Ohanian, and Paul S. Willen
August 2013 (Revised June 2017)
Abstract | Full text (497 KB)

2012

2012-11
Foreclosure Externalities: Some New Evidence
Kristopher Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao
August 2012
Abstract | Full text (827 KB)

2011

2011-16
Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
Kristopher Gerardi, Lauren Lambie-Hanson, and Paul S. Willen
November 2011
Abstract | Full text (357 KB)

2011-3
Price Discrimination and Business-Cycle Risk
Marco Cornia, Kristopher S. Gerardi, and Adam Hale Shapiro
March 2011
Abstract | Full text (462 KB)

2010

2010-15
The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out
Kristopher Gerardi and Yuping Tsai
September 2010
Abstract | Full text (226 KB)

2010-10
Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data
Kristopher Gerardi, Lorenz Goette, and Stephan Meier
April 2010
Abstract | Full text (428 KB)

2010-8
What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig
Manuel Adelino, Kristopher Gerardi, and Paul Willen
March 2010
Abstract | Full text (441 KB)

2009

2009-25
Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting
Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen
September 2009
Abstract | Full text (555 KB)

2009-17a
Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization
Manuel Adelino, Kristopher Gerardi, and Paul S. Willen
Revised April 2010
Abstract | Full text (247 KB)

2009-15
Reducing Foreclosures: No Easy Answers
Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen
May 2009
Abstract | Full text (497 KB)

2009-2
Making Sense of the Subprime Crisis
Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherland, and Paul S. Willen
February 2009
Abstract | Full text (575 KB)

2009-1
Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Kristopher S. Gerardi and Paul S. Willen
February 2009
Abstract | Full text (1.05 MB)

Articles

2022

Kristopher Gerardi, Lauren Lambie-Hanson, and Paul Willen "Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic." Policy Hub (2022-9).
Abstract | Full text 

2021

Bin Wei, Kris Gerardi, and Feng Zhao. "Atlanta Fed Conference Investigates Inequalities in the Financial System," Policy Hub: Macroblog. December 2, 2021.

Kristopher Gerardi, Lauren Lambie-Hanson, and Paul Willen "Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation during COVID-19." Policy Hub (2021-6).
Abstract | Full text 

2020

Kristopher Gerardi, Lara Loewenstein, and Paul Willen "Evaluating the Benefits of a Streamlined Refinance Program." Policy Hub (2020-8).
Abstract | Full text 

2010

Kristopher Gerardi and Wenli Li "Mortgage Foreclosure Prevention Efforts." Federal Reserve Bank of Atlanta Economic Review (2010 No2).
Abstract | Full text

Blog Posts

Kristopher Gerardi, Carl Hudson, Lara Loewenstein, and Paul S. Willen, "An Update on Forbearance Trends," Real Estate Research, July 2, 2020.

Chris Cunningham and Kristopher Gerardi, "COVID-19 Mortgage Relief—The Role of Income Support," macroblog, May 27, 2020.

W. Scott Frame, Kristopher Gerardi, and Joseph Tracy. "Risky Business: Government Mortgage Insurance Programs," Liberty Street Economics. June 20, 2016.

Kristopher Gerardi. "Teachers Teaching Teachers: The Role of Networks in Financial Decisions," Real Estate Research. April 27, 2016.

Chris Foote, Kristopher Gerardi, and Paul Willen. "Income Growth, Credit Growth, and Lending Standards: Revisiting the Evidence," Real Estate Research. April 20, 2015.

Kristopher Gerardi. "The Effectiveness of Restrictions of Mortgage Equity Withdrawal in Curtailing Default: The Case of Texas," Real Estate Research. January 14, 2015.

Podcast Episodes

W. Scott Frame and Kristopher Gerardi. "A Conversation about the Role of Subprime Loans in the Home Price Boom." Economy Matters podcast. November 1, 2018.

Kris Gerardi. "Are Lemons Sold First? A Discussion of the Mortgage Market." Economy Matters podcast. August 18, 2016.

Kris Gerardi. "An Expert Explains High-Frequency Trading." Economy Matters podcast. June 2, 2016.

Articles

"Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default" (with Kyle Herkenhoff, Lee OHanian, and Paul Willen). Forthcoming, Review of Financial Studies.

"The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities" (with Manuel Adelino and Scott Frame). 2017. Journal of Monetary Economics, 87: 34–51.

"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 EarlyPayment 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): 11,267–11,271.

"Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process" (with Lauren Lambie-Hansen 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.

"Negative Equity and Foreclosure: Theory and Evidence" (with Chris Foote and Paul S. Willen) 2008. Journal of Urban Economics 64(2): 234–245.

"Making Sense of the Subprime Crisis" (with Andreas Lehnert, Shane M. Sherland, and Paul S. Willen) 2008 (Fall). Brookings Papers on Economic Activity.

"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.