Kristopher S Gerardi
Research Economist and Senior Adviser
About
Kristopher Gerardi is research economist and senior adviser in the Research Department of the Federal Reserve Bank of Atlanta.
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Biography
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.
Published Work
Federal Reserve work covering the latest six years.
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Federal Reserve work covering the latest six years.
Publications
2020
Kristopher Gerardi, Paul Willen, and David Hao Zhang. "Mortgage Prepayment, Race, and Monetary Policy." Working Paper 2020-22. Federal Reserve Bank of Atlanta. December 2020.
2019
Arnab Biswas, Chris Cunningham, Kristopher Gerardi, and Daniel Sexton. "Foreclosure Externalities and Vacant Property Registration Ordinances." Working Paper 2019-20. Federal Reserve Bank of Atlanta. November 2019.
Patrick Dennis, Kristopher Gerardi, and Carola Schenone. "Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry." Working Paper 2019-15. Federal Reserve Bank of Atlanta. July 2019.
2018
James Conklin, W. Scott Frame, Kristopher Gerardi, and Haoyang Liu. "Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom." Working Paper 2018-10. Federal Reserve Bank of Atlanta. August 2018.
2017
Chris Cunningham, Kristopher Gerardi, and Lily Shen. "Fracking and Mortgage Default." Working Paper 2017-4a. Federal Reserve Bank of Atlanta. March 2017 (Revised October 2020).
2016
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.
Manuel Adelino, Kristopher Gerardi, and Barney Hartman-Glaser. "Are Lemons Sold First? Dynamic Signaling in the Mortgage Market." Working Paper 2016-8b. Federal Reserve Bank of Atlanta. Revised March 2018.
2015
Chris Foote, Kristopher Gerardi, and Paul Willen. "Income Growth, Credit Growth, and Lending Standards: Revisiting the Evidence" Real Estate Research. April 20, 2015.
Scott Frame, Kristopher Gerardi, and Paul S. Willen. "The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO." Working Paper 2015-3. Federal Reserve Bank of Atlanta. March 2015.
Kristopher Gerardi. "The Effectiveness of Restrictions of Mortgage Equity Withdrawal in Curtailing Default: The Case of Texas," Real Estate Research. January 14, 2015.
2014
Manuel Adelino, W. Scott Frame, and Kristopher S. Gerardi. "The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities." Working Paper 2014-4a. Federal Reserve Bank of Atlanta. April 2014.
2013
Kristopher Gerardi, Kyle F. Herkenhoff, Lee E. Ohanian, and Paul S. Willen. "Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default." Working Paper 2013-4a. Federal Reserve Bank of Atlanta. August 2013 (Revised June 2017)
2012
Kristopher Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao. "Foreclosure Externalities: Some New Evidence." Working Paper 2012-11. Federal Reserve Bank of Atlanta. August 2012.
2011
Kristopher Gerardi, Lauren Lambie-Hanson, and Paul S. Willen. "Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process." Working Paper 2011-16. Federal Reserve Bank of Atlanta. November 2011.
Marco Cornia, Kristopher S. Gerardi, and Adam Hale Shapiro. "Price Discrimination and Business-Cycle Risk." Working Paper 2011-3. Federal Reserve Bank of Atlanta. March 2011.
2010
Kristopher Gerardi and Yuping Tsai. "The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out." Working Paper 2010-15. Federal Reserve Bank of Atlanta. September 2010.
Kristopher Gerardi, Lorenz Goette, and Stephan Meier . "Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data." Working Paper 2010-10. Federal Reserve Bank of Atlanta. April 2010.
Manuel Adelino, Kristopher Gerardi, and Paul Willen. "What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig." Working Paper 2010-8. Federal Reserve Bank of Atlanta. March 2010.
Kristopher Gerardi and Wenli Li "Mortgage Foreclosure Prevention Efforts." Federal Reserve Bank of Atlanta Economic Review (2010 No2).
2009
Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen. "Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting." Working Paper 2009-25. Federal Reserve Bank of Atlanta. September 2009.
Manuel Adelino, Kristopher Gerardi, and Paul S. Willen. "Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization." Working Paper 2009-17a. Federal Reserve Bank of Atlanta. Revised April 2010.
Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen. "Reducing Foreclosures: No Easy Answers." Working Paper 2009-15. Federal Reserve Bank of Atlanta. May 2009.
Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherland, and Paul S. Willen. "Making Sense of the Subprime Crisis." Working Paper 2009-2. Federal Reserve Bank of Atlanta. February 2009.
Kristopher S. Gerardi and Paul S. Willen. "Subprime Mortgages, Foreclosures, and Urban Neighborhoods." Working Paper 2009-1. Federal Reserve Bank of Atlanta. February 2009.
Podcast Episodes
2018
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.
2016
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.
External work by Atlanta Fed staff.
Articles
2017
"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.
2015
"Foreclosure externalities: New evidence" (with Eric Rosenblatt, Paul Willen, and Vincent Yao) 2015. Journal of Urban Economics, 42(3): 42–56.
2014
"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.
2013
"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.
2012
"Price Discrimination and Business Cycle Risk" (with Marco Cornia and Adam Hale Shapiro) 2012. Journal of Industrial Economics, 60(3): 347–373.
2010
"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.
2009
"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.
2008
"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.