Kristopher S. Gerardi is a financial economist and associate policy adviser in the research department of the Federal Reserve Bank of Atlanta. His major fields of study are real estate economics, applied microeconomics, and macroeconomics.
Prior to joining the Bank in 2008, Dr. Gerardi was a research associate at the Federal Reserve Bank of Boston. He also worked as a teaching assistant at Boston University and a research assistant at Hamilton College.
Dr. Gerardi has published in several journals, including the Journal of Finance, Journal of Political Economy, Brookings Papers on Economic Activity, Journal of Urban Economics, and the Journal of Housing Economics. He is currently the associate editor of the Journal of Monetary Economics and has served as a referee for the American Economic Review and The Quarterly Journal of Economics.
Dr. Gerardi received his doctorate in economics in 2008 from Boston University. He received his bachelor's degree in economics and physics in 2002 from Hamilton College, in Clinton, New York.
Real Estate Finance
Finance (Consumption Portfolio Choice)
"Price Discrimination and Business Cycle Risk" (with Marco Cornia and Adam Hale Shapiro). Forthcoming in Journal of Industrial Economics.
"The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market" (with Harvey Rosen and Paul S. Willen). Journal of Finance 65, no. 1 (2010), pp 333–60.
"Reducing Foreclosures: No Easy Answers" (with Chris Foote, Lorenz Goette, and Paul S. Willen). NBER Macroeconomics Annual 24 (2010), pp 89–138.
"Subprime Mortgages, Foreclosures, and Urban Neighborhoods" (with Paul S. Willen). The B.E. Journal of Economic Analysis & Policy 9, no. 3 (2009).
"Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry" (with Adam Hale Shapiro). Journal of Political Economy 117, no. 1 (2009), pp. 1–37.
"Negative Equity and Foreclosure: Theory and Evidence" (with Chris Foote and Paul S. Willen). Journal of Urban Economics 64, no. 2 (2008), pp. 234–45.
"Just the Facts: An Initial Analysis of Subprime's Role in the Housing Crisis" (with Chris Foote, Lorenz Goette, and Paul S. Willen). Journal of Housing Economics 17, no. 4 (2008), pp. 1–24.
"Reasonable people did disagree: Optimism and pessimism about the U.S. housing market before the crash" (with Chris Foote and Paul S. Willen). Forthcoming in Reinventing the American Mortgage System: Rethink, Recover, Rebuild. Coedited by Marvin Smith and Susan M. Wachter.
"The Economics of Foreclosure" 2010. New Palgrave Online Dictionary of Economics (2nd edition). S. Durlauf and L. Blume (eds.).
"Understanding the Foreclosure Crisis" (with Stephen L. Ross and Paul S. Willen). Forthcoming in Journal of Policy Analysis and Management ("Point/Counterpoint section.)
"Mortgage Foreclosure Prevention Efforts" (with Wenli Li). Federal Reserve Bank of Atlanta's Economic Review 95, no. 2 (2010).
"Making Sense of the Subprime Crisis" (with Andreas Lehnert and Paul S. Willen). In Robert W. Kolb, ed., Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. Hoboken, NJ: Jon Wiley & Sons (2010).
"Reducing Foreclosures" (with Chris Foote, Lorenz Goette, and Paul S. Willen), manuscript (prepared for the NBER Macro annual Conference, April 2009). Also found as Federal Reserve Bank of Boston Discussion Paper No. 09-2 (2009).
"Subprime Outcomes: Risky Mortgages, Homeownership Experiences and Foreclosures" (with Adam Hale Shapiro and Paul S. Willen). Federal Reserve Bank of Boston Working Paper 07-15, 2007.
Atlanta Fed Working Papers
Foreclosure Externalities: Some New Evidence
Kristopher Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao
Abstract || Full text in PDF (827 KB)
Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
Kristopher Gerardi, Lauren Lambie-Hanson, and Paul S. Willen
Abstract || Full text in PDF (357 KB)
Price Discrimination and Business-Cycle Risk
Marco Cornia, Kristopher S. Gerardi, and Adam Hale Shapiro
Abstract || Full text in PDF (462 KB)
The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out
Kristopher Gerardi and Yuping Tsai
Abstract || Full text in PDF (226 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 in PDF (428 KB)
What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig
Manuel Adelino, Kristopher Gerardi, and Paul Willen
Full text in PDF (441 KB)
Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting
Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen
Abstract || Full text in PDF (555 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 in PDF (247 KB)
Reducing Foreclosures: No Easy Answers
Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen
Abstract || Full text in PDF (497 KB)
Making Sense of the Subprime Crisis
Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherland, and Paul S. Willen
Abstract || Full text in PDF (575 KB)
Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Kristopher S. Gerardi and Paul S. Willen
Abstract || Full text in PDF (1.05 MB)
Work in Progress
"Foreclosure externalities: Some new evidence" (with Eric Rosenblatt, Paul S. Willen, and Vincent Yao).
"Why did so many people make so many ex-post bad decisions? The causes of the foreclosure crisis" (with Chris Foote and Paul S. Willen).
"Fannie Mae's and Freddie Mac's Afforable Housing Goals: Fuel for the Subprime Mortgage Crisis?" (With W. Scott Frame and Jim Wilcox).
Conferences and Presentations
Presentation at the Irish Mortgage Market in Context Conference in Dublin, Ireland, October 2011
Presentation at the Housing/Urban/Labor Markets (HULM) Conference at the Federal Reserve Bank of Atlanta. "Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data" (March 2011).
Seminar at the Sveriges/Riksbank in Stolkholm, Sweden (November 2010).
American Council on Consumer Interests (ACCI) 2010 Annual Conference at the Federal Reserve Bank of Atlanta: "Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data" (April 2010).
Federal Reserve Bank of Boston—Presenter
Federal Reserve Bank of Atlanta—Presenter
Federal Reserve Bank of New York—Presenter
Federal Reserve Bank of Kansas City—Presenter
Federal Reserve Board of Governors, Washington, D.C.—Presenter
Fordham University, New York—Presenter
Macroeconomic System Meeting, Federal Reserve Bank of Dallas—Discussant
Financial Management Agency Annual Meeting, Dallas—Presenter
American Economic Association Annual Meeting, San Francisco—Presenter and Discussant
Federal Reserve Bank of Boston—Presenter
||Financial Economist and Associate Policy Adviser, Federal Reserve Bank of Atlanta
|June 2005–Aug. 2008
||Research Associate, Federal Reserve Bank of Boston
|Sept. 2002–May 2005
||Teaching Assistant, Boston University, Department of Economics
Ph.D., Economics, Boston University, 2008
B.A., Economics and Physics, Hamilton College, Clinton, N.Y., 2002
American Economic Review, Quarterly Journal of Economics, National Science Foundation,
Journal of Monetary Economics,
Review of Industrial Organization,
Quarterly Review of Economics and Finance,
International Journal of Industrial Organization