Publications

Articles in academic & policy journals:

The Role of Technology in Mortgage Lending (with Andreas Fuster, Matthew Plosser and Philipp Schnabl). Review of Financial Studies, 2019, 32(5): 1854-1899. [ungated working paper] [fintech lending classification & data]

Credit Risk Transfer and De Facto GSE Reform (with David Finkelstein and Andreas Strzodka). Economic Policy Review, 2018, 24(3).

Peas in a Pod? Comparing the U.S. and Danish Mortgage Markets (with Jesper Berg and Morten Nielsen). Economic Policy Review, 2018, 24(3): 63-87. Reprinted in Cityscape 2019, 21(1).

How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment (with Shawn Cole and Xavier Giné), Review of Financial Studies, 2017, 30(6): 1935-1970. [ungated working paper] 

Assessing Financial Stability: The Capital and Loss Assessment Under Stress Scenarios (CLASS) Model (with Beverly Hirtle, Anna Kovner and Meru Bhanot), Journal of Banking and Finance, 2016, 69 (Supplement 1): S35-55. [ungated working paper + data/replication code]

The Rescue of Fannie Mae and Freddie Mac (with W. Scott Frame, Andreas Fuster and Joseph Tracy), Journal of Economic Perspectives, 2015, 29(2): 25-52.

Securitization and the Fixed-Rate Mortgage (with Andreas Fuster), Review of Financial Studies, 2015, 28(1): 176-211. [ungated working paper]

Do Big Banks Have Lower Operating Costs? (with Anna Kovner and Lily Zhou), Economic Policy Review, 2014, 20(2): 1-27. Reprinted in Journal of Financial Perspectives, 2015, 3(1): 1-40.

TBA Trading and Liquidity in the Agency MBS Market (with Joshua Wright), Economic Policy Review, 2013, 19(1): 1-18.

Barriers to Household Risk Management: Evidence From India (with Shawn Cole, Xavier Giné, Jeremy Tobacman, Petia Topalova and Robert Townsend), American Economic Journal: Applied Economics, 2013, 5(1): 104-135. [ungated version]

A Structural View of U.S. Bank Holding Companies (with Dafna Avraham and Patricia Selvaggi), Economic Policy Review, 2012, 18(2): 65-81.

Credit Ratings and Security Prices in the Subprime MBS Market (with Adam Ashcraft, Paul Goldsmith-Pinkham and Peter Hull), American Economic Review (Papers and Proceedings), 2011, 101(3): 115-119.

Patterns of Rainfall Insurance Participation in Rural India (with Xavier Giné and Robert Townsend), World Bank Economic Review, 2008, 22(3): 539-66.

How and Why Do Small Firms Manage Interest Rate Risk? Journal of Financial Economics, 2008, 87(2): 446-470. [ungated working paper]

Statistical Analysis of Rainfall Insurance Payouts in Southern India (with Xavier Giné and Robert Townsend), American Journal of Agricultural Economics, 2007, 89(5): 1248-54. [ungated working paper]

Labour Market Adjustment: Evidence on Interstate Labour Mobility (with Guy Debelle), Australian Economic Review, 1999, 32(3): 249-263. [ungated working paper]

Is the Phillips Curve A Curve? Some Evidence and Implications for Australia (with Guy Debelle), Economic Record, 1998, 74(227): 384-98. [ungated working paper]

Shorter Federal Reserve policy articles:

Recent Data on Mortgage Forbearance: Borrower Uptake and Understanding of Lender Accommodations (with Tom Akana and Lauren Lambie-Hanson), Research Brief, Federal Reserve Bank of Philadelphia Consumer Finance Institute, 2021, March.

Why is the Share of Adjustable Rate Mortgages So Low? (with Emanuel Moench and Diego Aragon), Current Issues in Economics and Finance, 2010, 16(8).

New York Fed Liberty Street Economics blog, 20+ posts: link

 Book chapters and other publications:

Mortgage-Backed Securities (with Andreas Fuster and David Lucca). 2023. Research Handbook of Financial Markets, edited by Refet Gürkaynak and Jonathan Wright. [ungated working paper] [slides] 

Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market (with Xavier Giné, Lev Menand and Robert Townsend), in The Oxford Handbook of the Indian Economy, 2012, Chetan Ghate (ed.), Oxford University Press.

A Private Lender Cooperative Model for Residential Mortgage Finance (with Toni Dechario, Patricia Mosser, Joseph Tracy and Joshua Wright), in The American Mortgage System: Crisis and Reform, 2011, S. Wachter and M. Smith (eds), University of Pennsylvania Press. [ungated working paper]

Rainfall Insurance in Semi-Arid India: Contract Design, Household Participation and Future Prospects (with Xavier Giné and Robert Townsend), in Weather Risk Management, 2010, K. Tang (ed.), RiskBooks, London, UK.

The Macroeconomics of Australian Unemployment (with Guy Debelle), in Unemployment and the Australian Labour Market, 1998, J. Borland and G. Debelle (eds). Reserve Bank of Australia.