photo of Kristopher S. Gerardi

Kristopher S. Gerardi

Financial Economist and Policy Adviser
curriculum vitae Adobe PDF file format :: personal websiteOff-site link
email :: 404-498-8561

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

  • Biography

    Kristopher S. Gerardi is a financial economist and adviser in the research department of the Federal Reserve Bank of Atlanta. 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, in Clinton, New York. He has published papers in several leading economics and finance journals, including the Journal of Political Economy, Journal of Finance, Journal of Monetary Economics, and Journal of Urban 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 has been featured in the Economist, New York Times, Boston Globe, and many other major media outlets. He is currently the associate editor of the Journal of Monetary Economics, serves on the editorial board of the Journal of Urban Economics, and is a member of the board of directors of the American Real Estate and Urban Economics Association (AREUEA).

  • Working Papers

    Atlanta Fed Working Papers

    2016-8
    Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
    Manuel Adelino, Kristopher Gerardi, and Barney Hartman-Glaser
    July 2016
    Abstract | Full text Adobe PDF file format (489 KB)

    2015-3
    The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO
    Scott Frame, Kristopher Gerardi, and Paul S. Willen
    March 2015
    Abstract | Full text Adobe PDF file format (316 KB)

    2014-4
    The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities
    Manuel Adelino, W. Scott Frame, and Kristopher S. Gerardi
    April 2014
    Abstract | Full text Adobe PDF file format (698 KB)

    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 Adobe PDF file format (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 Adobe PDF file format (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 Adobe PDF file format (357 KB)

    2011-3
    Price Discrimination and Business-Cycle Risk
    Marco Cornia, Kristopher S. Gerardi, and Adam Hale Shapiro
    March 2011
    Abstract | Full text Adobe PDF file format (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 Adobe PDF file format (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 Adobe PDF file format (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 Adobe PDF file format (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 Adobe PDF file format (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 Adobe PDF file format (247 KB)

    2009-15
    Reducing Foreclosures: No Easy Answers
    Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen
    May 2009
    Abstract | Full text Adobe PDF file format (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 Adobe PDF file format (575 KB)

    2009-1
    Subprime Mortgages, Foreclosures, and Urban Neighborhoods
    Kristopher S. Gerardi and Paul S. Willen
    February 2009
    Abstract | Full text Adobe PDF file format (1.05 MB)

  • Other Fed Work

    Articles

    Kristopher Gerardi and Wenli Li "Mortgage Foreclosure Prevention Efforts." Federal Reserve Bank of Atlanta Economic Review (2010 No2).
    Abstract | Full text Adobe PDF file format (274 KB)

    Blog Posts

    W. Scott Frame, Kristoper Gerardi, and Joseph Tracy. "Risky Business: Government Mortgage Insurance ProgramsOff-site link," 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.

    Podcast Episodes podcast

    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.

  • Publications

    Articles

    "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.