Peer-Reviewed Publications
“What Determines Consumer Financial Distress? Place- and Person-Based Factors” (pdf)
(with Neale Mahoney and Hanbin Yang), Review of Financial Studies, 36(1), January 2023.
“Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance” (pdf)
(with Neil Bhutta), Review of Financial Studies, 35(2), February 2022.
“Investment Over the Business Cycle: Insights from College Major Choice” (pdf)
(with Erica Blom and Brian C. Cadena), Journal of Labor Economics, 39(4), October 2021.
“Refinancing, Monetary Policy, and the Credit Cycle” (pdf)
(with Gene Amromin and Neil Bhutta), Annual Review of Financial Economics, 12, November 2020.
“Minimum Payments and Debt Paydown in Consumer Credit Cards” (link)
(with Jialan Wang), Journal of Financial Economics, 131(3), March 2019.
“The Credit Market Consequences of Job Displacement” (pdf)
Review of Economics and Statistics, 100(3), July 2018.
“Unsecured Credit Supply, Credit Cycles, and Regulation” (link)
(with Song Han and Geng Li), Review of Financial Studies, 31(3), March 2018.
“Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging” (link)
(with Di Maggio, Kermani, Piskorski, Ramcharan, Seru, and Yao), American Economic Review, 107(11), November 2017.
[Note: This is a combined version of working papers “Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging,” by Di Maggio, Kermani, and Ramcharan (previously R&R at AER) and “Mortgage Rates, Household Balance Sheets, and the Real Economy” by Keys, Piskorski, Seru, and Yao (previously R&R at JPE, NBER Working Paper No. 20561, NBER Digest).]
“Failure to Refinance” (link)
(with Devin G. Pope and Jaren C. Pope), Journal of Financial Economics, 122(3), December 2016.
– CoreLogic Academic Research Council (CLARC) Excellence Award, 2014
– Featured in NBER Digest, January 2015 (pdf)
“Regional Redistribution Through the U.S. Mortgage Market” (link)
(with Erik Hurst, Amit Seru, and Joseph Vavra), American Economic Review, 106(10), October 2016.
“Interest Rates and Equity Extraction During the Housing Boom” (link)
(with Neil Bhutta), American Economic Review, 106(7), July 2016.
“Human Capital and the Lifetime Costs of Impatience” (link)
(with Brian C. Cadena), American Economic Journal: Economic Policy, 7(3), August 2015.
“Can Self-Control Explain Avoiding Free Money? Evidence from Interest-Free Student Loans” (pdf)
(with Brian C. Cadena), Review of Economics and Statistics, 95(4), October 2013.
“Lender Screening and the Role of Securitization: Evidence from Prime and Subprime Mortgage Markets” (pdf)
(with Amit Seru and Vikrant Vig), Review of Financial Studies, 25(7), July 2012.
“Did Securitization Lead to Lax Screening? Evidence from Subprime Loans” (link)
(with Tanmoy Mukherjee, Amit Seru, and Vikrant Vig), Quarterly Journal of Economics, 125(1), February 2010.
[Note: For responses to a critique of this paper, see 620 FICO, Take II.]
– Best Paper Award at the Mitsui Conference on Credit Risk, 2008
– Citigroup Best Paper Award at the CAF Summer Research Conference, 2008
– EuroBank Best Paper Award at the European Finance Association Conference, 2008
– Recipient of BSI Gamma Foundation Grant, “The Credit Crisis: Causes, Effects, and Lessons,” 2008
Financial Regulation and Securitization: Evidence from Subprime Mortgage Loans” (link)
(with Tanmoy Mukherjee, Amit Seru, and Vikrant Vig), Journal of Monetary Economics, 56(5), July 2009.
“Has Exposure to Poor Neighborhoods Changed in America? Race, Risk, and Housing Locations in Two Decades” (link)
(with Xavier de Souza Briggs), Urban Studies, 46(2), February 2009.
“Does Merit Pay Reward Teachers? Evidence from a Randomized Experiment” (link)
(with Thomas S. Dee), Journal of Policy Analysis and Management, 23(3), Summer 2004.
Current Working Papers
“The Cost of Consumer Collateral: Evidence from Bunching” (pdf)
(with Benjamin Collier and Cameron Ellis), NBER Working Paper No. 29527, November 2021.
“Neglected No More: Mortgage Lending, House Prices, and Sea Level Rise” (pdf) [2-page summary]
(with Philip Mulder), NBER Working Paper No. 27930, October 2020.
– Featured in NBER Digest, January 2021 (pdf)
“Global Capital and Local Assets: House Prices, Quantities, and Elasticities” (pdf) [elasticity data]
(with Caitlin S. Gorback), NBER Working Paper No. 27370, June 2020, under review.
“Affordability, Financial Innovation, and The Start of the Housing Boom” (pdf)
(with Jane K. Dokko and Lindsay E. Relihan), Federal Reserve Bank of Chicago Working Paper 2019-01, January 2019, under review.
“Credit Market Consequences of Credit Flag Removals” (pdf)
(with Will Dobbie and Neale Mahoney), July 2017.
Books (Edited Volume)
“Evidence and Innovation in Housing Law and Policy” (OpenAccess)
(co-edited with Lee Fennell), Cambridge University Press, 2017.
Work in Progress
“Rainy Day Credit? Unsecured Credit and Local Employment Shocks”
(with Jeremy Tobacman and Jialan Wang).
“The Evolution of Credit Card Contracts: Risk-Based or Bias-Based?”
(with Jialan Wang).
“The Behavioral Effect of Student Loan Debt: Evidence from the Teacher Loan Forgiveness Program”
(with Brian Jacob and Damon Jones).
Other Publications
“The Labor Market Consequences of Impatience” (pdf)
(with Brian C. Cadena), IZA World of Labor, 233v2, October 2022.
“Bolstering the Housing Safety Net: The Promise of Automatic Stabilizers” (pdf) [Executive Summary]
(with Rob Collinson and Ingrid Gould Ellen), Hamilton Project Policy Proposal 2021-02, The Brookings Institution, April 2021.
“Mortgage Refinancing during the Great Recession: The Role of Credit Scores” (link)
(with Gene Amromin and Michael J. Murto), Chicago Fed Letter No. 355, 2016.
“Mortgage Financing in the Housing Boom and Bust” (pdf)
(with Tomasz Piskorski, Amit Seru, and Vikrant Vig), in E. Glaeser and T. Sinai, eds., Housing and the Financial Crisis, University of Chicago Press, NBER Conference Report Series, 2013.
“And Banking for All?”
(with Michael S. Barr and Jane K. Dokko), in Barr, Michael, No Slack: The Financial Lives of Low-Income Americans, Brookings Institution Press, 2012.
“Borrowing to Make Ends Meet”
(with Michael S. Barr and Jane K. Dokko), in Barr, Michael, No Slack: The Financial Lives of Low-Income Americans, Brookings Institution Press, 2012.
“Exploring the Determinants of High-Cost Mortgages to Homeowners in Low- and Moderate-Income Neighborhoods”
(with Michael S. Barr and Jane K. Dokko), in S. Wachter and M. Smith, eds., The American Mortgage System: Rethink, Recover, Rebuild,
University of Pennsylvania Press, 2011.
“Hurt the Worst: The Risk of Unemployment Among Disadvantaged and Advantaged Male Workers, 1968-2003” (pdf)
(with Sheldon Danziger), in K. Newman, ed., Laid Off, Laid Low: Political and Economic Consequences of Employment Insecurity,
Social Science Research Council / Columbia University Press, 2008.
“Trends in Income and Consumption Volatility, 1970-2000,” (pdf)
in D. Joliffe and J. Ziliak, eds., Income Volatility and Food Assistance in the United States, Upjohn Institute for Employment Research, 2008.
“Dollars and Sense: What a Tennessee Experiment Tells us about Merit Pay” (pdf)
(with Thomas S. Dee), Education Next, 5(1), p. 60-67, Winter 2005.
“Increased Life Expectancy: A Global Perspective”
(with Barry P. Bosworth), in H. Aaron and W. B. Schwartz, eds., Coping with Methuselah: Molecular Medicine and the Problems of an Aging Society. Brookings Press, 2004.
“Implications of the Bush Commission Pension Reforms for Married Couples” (pdf)
(with Barry P. Bosworth and Gary Burtless), Center for Retirement Research Working Paper 2003-03, February 2003.