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Research

Working Papers

What's Wrong with Pittsburgh? (October 2017)

Complexity in Structured Finance (with Walter Torous and Rossen Valkanov, August 2017)
Revised and Resubmitted to Review of Economic Studies
Selected Media Coverage: Bloomberg News

Intergenerational Linkages in Household Credit (with Marianna Kudlyak, June 2017)

Second Mortgages: Valuation and Implications for the Performance of Structured Products (with Kristian Miltersen and Walter Torous, April 2017)

Asset Insulators (with Gabriel Chodorow-Reich and Valentin Haddad, May 2016)

Why Do Markets React Badly to Good News? Evidence from Fed Funds Futures (August 2010)

 

Peer-Reviewed Publications

Competition and Credit Ratings After the Fall (with Sean J. Flynn)
Management Science, forthcoming.

The CARD Act and Young Borrowers: The Effects and the Affected (with Peter Debbaut and Marianna Kudlyak)
Journal of Money, Credit and Banking, 2016, 48:7, 1495-513.
Selected Media Coverage: NBC, Forbes, US News, Yahoo Finance, Bloomberg

Comparing Securitized and Balance Sheet Loans: Size Matters (with Rossen Valkanov)
Management Science, 2016, 62:10, 2784-803.

Did Affordable Housing Legislation Contribute to the Subprime Securities Boom? (with Ruben Hernandez-Murillo and Michael Owyang)
Real Estate Economics, 2015, 43:4, 820-54.
Appendix
Selected Media Coverage: New Republic, The Daily Beast, The Washington Post, The Huffington Post

Home Ownership, Household Leverage, and Hyperbolic Discounting
Real Estate Economics, 2015, 43:3, 750-81.

How do Case Law and Statute Differ? Lessons from the Evolution of Mortgage Law
Journal of Law & Economics, 2014, 57:4, 1085-1122.
Selected Media Coverage: The Wall Street Journal (Developments Blog)

Differences in Subprime Loan Pricing Across Races and Neighborhoods (with Ruben Hernandez-Murillo and Michael Owyang)
Regional Science and Urban Economics, 2014, 48, 199-215.
Appendix

Infrequent Housing Adjustment, Limited Participation, and Monetary Policy
Journal of Money, Credit and Banking, 2012, 44:5, 931-955.
Appendix          Replication Files

Recourse and Residential Mortgage Default: Evidence from U.S. States (with Marianna Kudlyak)
Review of Financial Studies, 2011, 24:9, 3139-3186.
Selected Media Coverage: The Wall Street Journal (Developments Blog), The New York Times, CBS, The New Republic (blog)

Securitization and Mortgage Renegotiation: Evidence from the Great Depression
Review of Financial Studies, 2011, 24:6, 1814-1847.
Erratum (Typesetting error)          Data

Is Housing the Business Cycle? Evidence from US Cities (with Michael Owyang)
Journal of Urban Economics, 2010, 67:3, 336-351.

Comparing DSGE-VAR Forecasting Models: How Big are the Differences?   
Journal of Economic Dynamics and Control, 2009, 33:4, 864-882.
Appendix          Matlab Codes and Data

 

Non-Peer Reviewed Publications

How do Households Make Mortgage Choices? (with Vincent Yao)
Real Estate Economics, 2016, November 16 (Virtual Issue).

Taking the Charter School Approach to Prison   
Wall Street Journal, 2015, May 3.