Kristopher S. Gerardi is a research economist and assistant policy adviser in the economic group 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 has served as a referee for the Journal of Monetary Economics and the Review of Industrial Organization.
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.
Research Interests
Housing and Real Estate Economics
Applied Microeconomics
Macroeconomics (Business Cycles)
Finance (Consumption Portfolio Choice)
Publications
"The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market" (with Harvey Rosen and Paul S. Willen). Forthcoming in Journal of Finance.
"Making Sense of the Subprime Crisis" (with Andreas Lehnert, Shane M. Sherland, and Paul S. Willen). Forthcoming in Brookings Papers on Economic Activity.
"Subprime Mortgages, Foreclosures, and Urban Neighborhoods" (with Paul S. Willen). Forthcoming in The B.E. Journal of Economic Analysis & Policy.
"Does Competition Reduce Price Dispersion? New Evidence From the Airline Industry" (with Adam Hale Shapiro). Journal of Political Economy 117, no. 1, 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.
Working Papers
"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
2009-25
Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting
Kristopher Gerardi, Adam Hale Shapiro, and Paul S. Willen
September 2009
Abstract || Full text in PDF (555 KB)
2009-17
Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization
Manuel Adelino, Kristopher Gerardi, and Paul S. Willen
August 2009
Abstract || Full text in PDF (247 KB)
2009-15
Reducing Foreclosures: No Easy Answers
Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen
May 2009
Abstract || Full text in PDF (497 KB)
2009-2
Making Sense of the Subprime Crisis
Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherland, and Paul S. Willen
February 2009
Abstract || Full text in PDF (575 KB) 
2009-1
Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Kristopher S. Gerardi and Paul S. Willen
February 2009
Abstract || Full text in PDF (1.05 MB)
Work in Progress
"Renegotiating Home Mortgages: Evidence from the Subprime Mortgage Crisis" (with Manuel Adelino and Paul S. Willen).
"Delegating Underwriting" (with Manuel Adelino and Paul S. Willen).
"Reasons for Foreclosures: Evidence from Surveys of Subprime Homeowners" (with Lorenz Goette and Stephan Meier).
"The Economics of Alternative Mortgages" (with Andreas Lehnart and Paul S. Willen).
"A New Approach to Thinking About Housing Affordability" (with Harvey Rosen and Paul S. Willen).
"Markups and the Business Cycle: The Case of the Airline Industry" (with Adam Hale Shapiro).
Conferences and Presentations
2008
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
2007
Federal Reserve Bank of Boston - Presenter
Employment
| Sept. 2008– |
Research Economist and Assistant 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 |
Education
Ph.D., Economics, Boston University, 2008
B.A., Economics and Physics, Hamilton College, Clinton, N.Y., 2002
Referee Experience
National Science Foundation,
Journal of Monetary Economics,
Review of Industrial Organization,
Labour Economics,
Quarterly Review of Economics and Finance,
International Journal of Industrial Organization
