photo of Kristopher S. Gerardi

Kristopher S. Gerardi

Financial Economist and Associate Policy Adviser

Research Department
Federal Reserve Bank of Atlanta
1000 Peachtree Street N.E.
Atlanta, Georgia 30309-4470
404-498-8561
kristopher.gerardi@atl.frb.org
http://sites.google.com/site/kristophergerardishomepage/Home

To interview economists, press should contact Public Affairs at 404-498-8748.

  • Biography

    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.

  • Research

    Research Interests

    Housing and Real Estate Economics
    Applied Microeconomics
    Finance (Consumption Portfolio Choice)

    Publications

    "Numerical Ability Predicts Mortgage Default" (with Lorenz Goette and Stephan Meier). Forthcoming in the Proceedings of the National Academy of Sciences (PNAS).

    "Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults" (with Manuel Adelino and Paul S. Willen). Forthcoming in the Journal of Real Estate Finance and Economics.

    "The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out" (with Yuping Tsai). Forthcoming in Economica.

    "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): 347–73.

    "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): 333–60.

    "Reducing Foreclosures: No Easy Answers" (with Chris Foote, Lorenz Goette, and Paul S. Willen). 2010. NBER Macroeconomics Annual 24: 89–138.

    "Subprime Mortgages, Foreclosures, and Urban Neighborhoods" (with Paul S. Willen). 2009. The B.E. Journal of Economic Analysis & 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): 234–45.

    "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.

    Other Publications

    "Why did so many people make so many ex-post bad decisions? The causes of the foreclosure crisis" (with Chris Foote and Paul Willen). 2012. Prepared for the conference "Rethinking Finance: New Perspectives on the Crisis," organized by Alan Blinder, Andrew Lo, and Robert Solow and sponsored by the Russell Sage and Century Foundations.

    "Why principal reduction won't solve the foreclosure crisis" (with Chris Foote and Paul Willen). 2012. Harvard College Economics Review 5(1): 9–10.

    "Reasonable people did disagree: Optimism and pessimism about the U.S. housing market before the crash" (with Chris Foote and Paul S. Willen). 2011. In The American Mortgage System Crisis and Reform, coedited by Marvin Smith and Susan M. Wachter, University of Pennsylvania Press.

    "Understanding the Foreclosure Crisis" (with Stephen L. Ross and Paul S. Willen). 2011. Journal of Policy Analysis and Management ("Point/Counterpoint" section) 30(2): 382–88.

    "The Economics of Foreclosure." 2010. New Palgrave Online Dictionary of Economics (2nd edition), S. Durlauf and L. Blume (eds.).

    "Mortgage Foreclosure Prevention Efforts" (with Wenli Li). 2010. Federal Reserve Bank of Atlanta's Economic Review 95(2).

    Working Papers

    "Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization" (with Manuel Adelino and Paul S. Willen). 2009. Federal Reserve Bank of Atlanta Working Paper 2009-17a (second round at Journal of Monetary Economics).

    "Foreclosure Externalities: Some New Evidence" (with Eric Rosenblatt, Paul Willen, and Vincent Yao). 2011. Federal Reserve Bank of Atlanta Working Paper 2012-11 (under review).

    "Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting" (with Adam Hale Shapiro and Paul S.Willen). 2009. Federal Reserve Bank of Atlanta Working Paper 2009-25.

    "Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures" (with Adam Hale Shapiro and Paul S. Willen). 2007. Federal Reserve Bank of Boston Working Paper 07-15.

    Atlanta Fed Working Papers

    2013-4
    Unemployment, Negative Equity, and Strategic Default
    Kristopher Gerardi, Kyle F. Herkenhoff, Lee E. Ohanian, and Paul S. Willen
    August 2013
    Abstract | Full text in PDF (497 KB)

    2012-11
    Foreclosure Externalities: Some New Evidence
    Kristopher Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao
    August 2012
    Abstract | Full text in PDF (827 KB)

    2011-16
    Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
    Kristopher Gerardi, Lauren Lambie-Hanson, and Paul S. Willen
    November 2011
    Abstract | Full text in PDF (357 KB)

    2011-3
    Price Discrimination and Business-Cycle Risk
    Marco Cornia, Kristopher S. Gerardi, and Adam Hale Shapiro
    March 2011
    Abstract | Full text in PDF (462 KB)

    2010-15
    The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out
    Kristopher Gerardi and Yuping Tsai
    September 2010
    Abstract | Full text in PDF (226 KB)

    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
    Abstract | Full text in PDF (428 KB)

    2010-8
    What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig
    Manuel Adelino, Kristopher Gerardi, and Paul Willen
    March 2010
    Abstract | Full text in PDF (441 KB)

    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)

    2009-17a
    Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization
    Manuel Adelino, Kristopher Gerardi, and Paul S. Willen
    Revised April 2010
    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

    "Supervisory Stress Tests, Model Risk, and Model Disclosure: Lessons from OFHEO" (with W. Scott Frame and Paul Willen).

    "Accounting for the Growth in Residential Leverage in the 2000s" (with Lauren Lambie-Hansen, Steve Ross, and Paul Willen).

    "Unemployment, Negative Equity, and Strategic Default" (with Kyle Herkenhoff, Lee O'Hanian, and Paul Willen).

    "The Role of Blockholders in Debt Markets: Fannie Mae, Freddie Mac, and Subprime MBS" (with Manuel Adelino and Scott Frame).

  • Curriculum Vitae

    Education

    PhD, Economics, Boston University, 2008
    BA, Economics and Physics, Hamilton College, Clinton, N.Y., 2002

    Employment

    April 2012–present: Financial Economist and Associate Policy Adviser, Federal Reserve Bank of Atlanta

    September 2008–March 2012: Financial Economist and Associate Policy Adviser, Federal Reserve Bank of Atlanta

    June 2005–August 2008: Research Associate, Federal Reserve Bank of Boston

    September 2002–May 2005: Teaching Assistant, Boston University, Department of Economics

    Editorial Appointments

    Associate Editor, Journal of Monetary Economics, January 2010–present
    Editorial Board, Journal of Urban Economics, 2013–present

    Special Projects

    • Participated in a Federal Reserve System work group that evaluated the desirability and fea- sibility of accepting privately issued residential mortgage-backed securities as collateral for lending under the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF) program (Spring–Summer 2009).
    • Participated as a model reviewer in the Model Validation Unit, a Federal Reserve System work group that developed models for use in the Comprehensive Capital Analysis and Review (CCAR). CCAR is a stress-testing exercise designed to evaluate the capital planning processes and capital adequacy of the largest bank holding companies in the United States (Fall 2011–Spring 2012).

    Honors & Awards

    • Homer Hoyt Institute/Weimer School Advanced Studies in Real Estate postdoctoral honoree, 2013
    • "Excellence in Refereeing Award" American Economic Review 2012
    • Graduated summa cum laude, Hamilton College, 2002
    • Elected member of Phi Beta Kappa Honor Society, Hamilton College, 2002

    Referee Experience

    American Economic Review; Quarterly Journal of Economics; National Science Foundation; Journal of Monetary Economics; Review of Economics and Statistics; American Economic Journal; Economic Policy; Journal of the European Economic Association; Journal of Money, Credit, and Banking; Economic Inquiry; Review of Industrial Organization; Journal of Urban Economics; Labour Economics; Quarterly Review of Economics and Finance; International Journal of Industrial Organization; Southern Economic Journal; Journal of Real Estate Finance and Economics; Journal of Housing Economics; Regional Science and Urban Economics; Journal of Law and Economics; International Journal of Central Banking; Journal of Housing Research

    Professional Associations

    American Economics Association, American Real Estate and Urban Economics Association (AREUEA)

    Professional Service

    Served on the program committee for the 2014 AREUEA Annual Conference

    Conferences and Presentations

    2008

    Federal Reserve Bank of Boston, MA–Presenter
    Federal Reserve Bank of Atlanta, GA–Presenter
    Federal Reserve Bank of New Yorkm NY–Presenter
    Federal Reserve Bank of Kansas City, MO–Presenter
    Federal Reserve Board of Governors, Washington, DC–Presenter
    Fordham University, New York, NY–Presenter
    Macroeconomic System Meeting, Federal Reserve Bank of Dallas, TX–Discussant
    Financial Management Agency Annual Meeting, Dallas, TX–Presenter

    2009

    Federal Reserve Day Ahead Conference on Financial Markets, San Francisco, CA–Discussant
    American Economic Association Annual Meeting, San Francisco, CA–Presenter and Discussant
    Federal Home Loan Mortgage Corporation (FHLMC)–Presenter
    American Enterprise Institute (AEI)–Presenter
    Applied Micro System Meeting, Federal Reserve Bank of Kansas City, MO–Discussant
    Society for the Advancement of Economic Theory (SAET), Ischia, Italy–Presenter
    University of Wisconsin-Madison and Federal Reserve Bank of Atlanta Housing-Labor-Macro-Urban Conference–Discussant
    University of Chicago (Booth School of Business), GA–Presenter

    2010

    Federal Reserve Day Ahead Conference on Financial Markets, Atlanta, GA–Discussant
    American Council on Consumer Interests (ACCI) Annual Conference, Atlanta, GA–Presenter
    Household Heterogeneity and Household Finance Conference (sponsored by Deutsche Bundesbank and Cleveland Fed), Cleveland, OH–Discussant
    Financial Structure and Regulation System Committee Meeting, Cleveland Fed, OH–Discussant
    Riksbank, Stockholm, Sweden—Presenter
    Workshop on Housing Markets, Monetary Policy, and Financial Stability, Stockholm, Sweden–Discussant

    2011

    Federal Reserve Day Ahead Conference on Financial Markets, Denver, CO–Discussant
    American Economic Association Annual Meeting, Denver, CO–Discussant
    Housing/Urban/Labor Markets (HULM) Conference at Federal Reserve Bank of Atlanta, GA–Presenter
    The Irish Mortgage Market in Context Conference in Dublin, Ireland–Presenter

    2012

    American Economic Association Annual Meeting, Chicago, IL–Discussant and Presenter
    University of Connecticut, Storrs, CT–Presenter
    Housing/Urban/Labor Markets (HULM) Conference at Boston Fed, MA–Discussant
    American Real Estate and Urban Economics Association (AREAUA) mid-year meetings in Washington DC–Presenter
    Association for Public Policy Analysis and Management (APPAM) fall research conference in Baltimore, MD–Presenter

    2013

    Federal Reserve Day Ahead Conference, San Diego, CA–Discussant
    American Economic Association Annual Meeting, San Diego, CA–Discussant and Presenter
    Central Bank of Ireland Conference on Loss Mitigation Efforts in Dublin, Ireland–Presenter
    Financial Markets Conference, Federal Reserve Bank of Atlanta, Stone Mountain, GA–Presenter
    New York University, Furman Center Colloquium, New York, NY–Presenter
    Homer Hoyt Institute/Weimer School of Advanced Studies in Real Estate and Land Economics Research Symposium, Palm Beach, FL–Presenter
    University College London Cemmap housing conference, London, UK–Discussant