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Press representatives wishing to interview Atlanta Fed economists should contact Public Affairs at media@atl.frb.org or call 470-858-6665. For other inquiries, please send an email to atl-res-admin@atl.frb.org.
Kristopher Gerardi is research economist and senior adviser in the Research Department of the Federal Reserve Bank of Atlanta. 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, and Journal of Monetary 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 Brookings Papers on Economic Activity, and he has been featured in The Economist, New York Times, Boston Globe, and many other major media outlets. He is currently a coeditor of the Journal of Urban Economics and serves on the editorial boards of the Journal of Urban Economics and the Journal of Housing Economics. 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.
2024-15
Mortgage Lock-in, Lifecycle Migration, and the Welfare Effects of Housing Market Liquidity
Kristopher Gerardi, Franklin Qian, and David Zhang
October 2024
2024-6
Government Litigation Risk and the Decline in Low-Income Mortgage Lending
W. Scott Frame, Kristopher Gerardi, Erik J. Mayer, Billy Y. Xu, and Lawrence Chengzhi Zhao
July 2024
2023-17
A Critical Review of the Common Ownership Literature
Kristopher Gerardi, Michelle Lowry, and Carola Schenone
November 2023
2022-17a
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 (Revised June 2024)
2022-11b
The Good, the Bad and the Ordinary: Estimating Agent Value-Added Using Real Estate Transactions
Chris Cunningham, Kristopher Gerardi, and Lily Shen
September 2022 (Revised June 2024)
2020-22
Mortgage Prepayment, Race, and Monetary Policy
Kristopher Gerardi, Paul Willen, and David Hao Zhang
December 2020
2019-20
Foreclosure Externalities and Vacant Property Registration Ordinances
Arnab Biswas, Chris Cunningham, Kristopher Gerardi, and Daniel Sexton
November 2019
2019-15
Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry
Patrick Dennis, Kristopher Gerardi, and Carola Schenone
July 2019
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
2017-4a
Fracking and Mortgage Default
Chris Cunningham, Kristopher Gerardi, and Lily Shen
March 2017 (Revised October 2020)
2016-8b
Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
Manuel Adelino, Kristopher Gerardi, and Barney Hartman-Glaser
Revised March 2018
2015-3
The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO
Scott Frame, Kristopher Gerardi, and Paul S. Willen
March 2015
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
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)
2012-11
Foreclosure Externalities: Some New Evidence
Kristopher Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao
August 2012
2011-16
Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
Kristopher Gerardi, Lauren Lambie-Hanson, and Paul S. Willen
November 2011
2011-3
Price Discrimination and Business-Cycle Risk
Marco Cornia, Kristopher S. Gerardi, and Adam Hale Shapiro
March 2011
2010-15
The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out
Kristopher Gerardi and Yuping Tsai
September 2010
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
2010-8
What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig
Manuel Adelino, Kristopher Gerardi, and Paul Willen
March 2010
2009-25
Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting
Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen
September 2009
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
2009-15
Reducing Foreclosures: No Easy Answers
Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen
May 2009
2009-2
Making Sense of the Subprime Crisis
Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherland, and Paul S. Willen
February 2009
2009-1
Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Kristopher S. Gerardi and Paul S. Willen
February 2009
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).
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).
Kristopher Gerardi, Lara Loewenstein, and Paul Willen "Evaluating the Benefits of a Streamlined Refinance Program." Policy Hub (2020-8).
Kristopher Gerardi and Wenli Li "Mortgage Foreclosure Prevention Efforts." Federal Reserve Bank of Atlanta Economic Review (2010 No2).
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). 2017. Review of Financial Studies, 31(3): 1098–1131.
"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.