Biography November 2022
Kristopher S. Gerardi is a financial economist and senior policy adviser in the Research Department of the Federal Reserve Bank of Atlanta. Dr. Gerardi received his doctorate in economics in 2008 from Boston University and his bachelor's degree in economics and physics in 2002 from Hamilton College in Clinton, New York. He has published papers in several leading economics and finance journals, including the Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Journal of Urban Economics. Dr. Gerardi's research on the origins of the subprime mortgage crisis has appeared in several scholarly journals including the Proceedings of the National Academy of Sciences and has been featured in the Economist, New York Times, Boston Globe, and many other major media outlets. He is currently the coeditor of the Journal of Urban Economics, serves on the editorial board of the Journal of Housing Economics, and is a member of the board of directors of the American Real Estate and Urban Economics Association.
Atlanta Fed Working Papers
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
Abstract | Full text (920 KB)
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)
Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data
Kristopher Gerardi, Lorenz Goette, and Stephan Meier
Abstract | Full text (428 KB)
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)
Other Fed Work
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
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.
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.
"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.