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Robert J. Kurtzman

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

SCHOLARLY PAPERS

21

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2,741

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Top 18,841

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46

Scholarly Papers (21)

Loan Modifications and the Commercial Real Estate Market

FEDS Working Paper No. 2022-50
Number of pages: 71 Posted: 16 Aug 2022
David Glancy, Robert J. Kurtzman and Lara Loewenstein
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Cleveland
Downloads 222 (350,885)
Citation 1

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Commercial real estate, Modifications, LTV

Loan Modifications and the Commercial Real Estate Market

FRB of Cleveland Working Paper No. 22-09
Number of pages: 63 Posted: 13 Apr 2022
David Glancy, Robert J. Kurtzman and Lara Loewenstein
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Cleveland
Downloads 127 (574,734)

Abstract:

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commercial real estate, modifications, LTV

2.

Did QE Lead to Lax Bank Lending Standards? Evidence from the Federal Reserve's LSAPs

Number of pages: 48 Posted: 11 May 2017 Last Revised: 05 Jul 2017
Robert J. Kurtzman, Stephan Luck, Tom Zimmermann and Tom Zimmermann
Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York and University of CologneQuantCo, Inc.
Downloads 282 (269,245)
Citation 4

Abstract:

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QE, Banks, Risk, SLOOS, STBL

Accounting for Productivity Dispersion Over the Business Cycle

Number of pages: 61 Posted: 18 May 2016 Last Revised: 09 Jun 2017
Robert J. Kurtzman and David Zeke
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 211 (359,157)

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Productivity, Business Cycles, Accounting Decomposition, Misallocation

Accounting for Productivity Dispersion Over the Business Cycle

FEDS Working Paper No. 2016-45
Number of pages: 62 Posted: 25 May 2016 Last Revised: 21 Sep 2016
Robert J. Kurtzman and David Zeke
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 51 (1,072,374)

Abstract:

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4.

Misallocation Costs of Digging Deeper into the Central Bank Toolkit

FEDS Working Paper No. 2017-076
Number of pages: 70 Posted: 20 Sep 2017 Last Revised: 24 Dec 2019
Robert J. Kurtzman and David Zeke
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 257 (296,486)
Citation 9

Abstract:

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QE, LSAPs, and Misallocation

How Do Capital Requirements Affect Loan Rates? Evidence From High Volatility Commercial Real Estate

Number of pages: 42 Posted: 18 Jul 2018 Last Revised: 16 Sep 2018
David Glancy and Robert J. Kurtzman
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 164 (458,714)
Citation 6

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Capital Requirements, Basel III, Commercial Real Estate

How Do Capital Requirements Affect Loan Rates? Evidence from High Volatility Commercial Real Estate

FEDS Working Paper No. 2018-79
Number of pages: 43 Posted: 27 Nov 2018 Last Revised: 21 Feb 2019
David Glancy and Robert J. Kurtzman
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 74 (863,736)
Citation 2

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6.

The Economy-Wide Gains from Resolving Debt Overhang

Number of pages: 50 Posted: 29 Jul 2016 Last Revised: 07 May 2018
Robert J. Kurtzman and David Zeke
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 203 (376,944)

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Debt Overhang, Default, Innovation, Growth

Recourse as Shadow Equity: Evidence from Commercial Real Estate Loans

FEDS Working Paper No. 2021-79
Number of pages: 32 Posted: 29 Dec 2021
David Glancy, Robert J. Kurtzman, Lara Loewenstein and Joseph Nichols
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Cleveland and Board of Governors of the Federal Reserve System
Downloads 118 (611,628)
Citation 4

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Commercial real estate, Recourse, LTV

Recourse as Shadow Equity: Evidence from Commercial Real Estate Loans

FRB of Cleveland Working Paper No. 21-20
Number of pages: 32 Posted: 28 Sep 2021 Last Revised: 21 Dec 2021
Lara Loewenstein, David Glancy, Robert J. Kurtzman and Joseph Nichols
Federal Reserve Bank of Cleveland , Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 66 (921,129)

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commercial real estate, recourse, LTV

Intermediary Segmentation in the Commercial Real Estate Market

FEDS Working Paper No. 2019-79
Number of pages: 54 Posted: 27 Nov 2019
David Glancy, John Krainer, Robert J. Kurtzman and Joseph Nichols
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 111 (648,902)
Citation 10

Abstract:

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Intermediary Segmentation in the Commercial Real Estate Market

Number of pages: 53 Posted: 27 Nov 2019
David Glancy, John Krainer, Robert J. Kurtzman and Joseph Nichols
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 68 (903,821)

Abstract:

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commercial real estate, life insurers, segmentation

9.

Determinants of Recent CRE Distress: Implications for the Banking Sector

FEDS Working Paper No. 2024-72
Number of pages: 43 Posted: 16 Sep 2024
David Glancy and Robert J. Kurtzman
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 169 (449,518)

Abstract:

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Commercial real estate, Banks, CMBS

10.

Does Mortgage Rate Lock-in Dampen Commercial Real Estate Busts?

Number of pages: 48 Posted: 27 Jun 2025 Last Revised: 10 Feb 2026
Sean Flynn, Robert J. Kurtzman and Alexei Tchistyi
Cornell University - Cornell SC Johnson College of Business, Board of Governors of the Federal Reserve System and Cornell University - Cornell SC Johnson College of Business
Downloads 160 (474,889)

Abstract:

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commercial real estate, mortgage lock-in, cmbs

CRE Redevelopment Options and the Use of Mortgage Financing

FEDS Working Paper No. 2024-46
Number of pages: 51 Posted: 28 Jun 2024
David Glancy, Robert J. Kurtzman and Lara Loewenstein
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Cleveland
Downloads 77 (871,518)

Abstract:

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Commercial real estate, Cash buyers, Redevelopment

CRE Redevelopment Options and the Use of Mortgage Financing

FRB of Cleveland Working Paper No. 24-15, https://doi.org/10.26509/frbc-wp-202415
Number of pages: 51 Posted: 10 Jul 2024
David Glancy, Robert J. Kurtzman and Lara Loewenstein
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Cleveland
Downloads 62 (966,800)

Abstract:

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commercial real estate, cash buyers, redevelopment

Shovel Ready Projects and Commercial Construction Activity's Long and Variable Lags

FEDS Working Paper No. 2024-016R1
Number of pages: 55 Posted: 01 May 2024
David Glancy, Robert J. Kurtzman and Lara Loewenstein
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Cleveland
Downloads 89 (755,041)

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Building supply elasticities, Commercial real estate, Construction, Time to plan

On Commercial Construction Activity's Long and Variable Lags

FRB of Cleveland Working Paper No. 24-14, https://doi.org/10.26509/frbc-wp-202414
Number of pages: 44 Posted: 27 Jun 2024
David Glancy, Robert J. Kurtzman and Lara Loewenstein
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Cleveland
Downloads 33 (1,326,242)

Abstract:

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commercial real estate, construction, time-to-plan

13.

Did QE Lead Banks to Relax Their Lending Standards? Evidence from the Federal Reserve's Lsaps

FEDS Working Paper No. 2017-93
Number of pages: 49 Posted: 11 Sep 2017
Robert J. Kurtzman, Stephan Luck, Tom Zimmermann and Tom Zimmermann
Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York and University of CologneQuantCo, Inc.
Downloads 101 (689,572)
Citation 10

Abstract:

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Banks, QE, Risk, SLOOS, Survey of Terms of Business Lending

14.

Aggregate Implications of Deviations from Modigliani-Miller: A Sufficient Statistics Approach

FEDS Working Paper No. 2023-45
Number of pages: 76 Posted: 12 Jul 2023
Robert J. Kurtzman and David Zeke
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 61 (951,658)

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Heterogeneous firms, General equilibrium, Firm entry, Agency costs, Costly external finance, Sufficient statistics

15.

Estimating Aggregate Data Center Investment with Project-level Data

FEDS Working Paper No. 2025-109
Number of pages: 27 Posted: 03 Feb 2026
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 35 (1,304,549)

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16.

Trends in Credit Unions' Share of U.S. Private Depository Household Lending

FEDS Notes No. 2025-01-31-2
Posted: 26 Feb 2025
Robert J. Kurtzman and Hannah Landel
Board of Governors of the Federal Reserve System and Independent

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17.

From Plans to Starts: Examining Recent Trends in Manufacturing Plant Construction

FEDS Notes No. 2025-01-14
Posted: 26 Feb 2025
Eirik E. Brandsaas, Robert J. Kurtzman and Joseph Nichols
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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18.

From-Whom-To-Whom Relationships in the Financial Accounts of the United States a New Methodology and Some Early Results

FEDS Notes No. 2023-03-24-3
Posted: 12 May 2023
Michael Batty, Elizabeth Holmquist and Robert J. Kurtzman
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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19.

Accounting for Covid-19 Related Funding, Credit, Liquidity, and Loan Facilities in the Financial Accounts of the United States

FEDS Notes No. 2021-07-30-1
Posted: 18 Aug 2021
Matthew Hoops and Robert J. Kurtzman
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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20.

An Aggregate View of Bank Lending Standards and Demand

FEDS Notes No. 2020-05-04
Posted: 13 Aug 2020
David Glancy, Rebecca Zarutskie and Robert J. Kurtzman
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Dallas and Board of Governors of the Federal Reserve System

Abstract:

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21.

Changes in Monetary Policy and Banks' Net Interest Margins: A Comparison Across Four Tightening Episodes

FEDS Notes No. 2019-04-19-2
Posted: 22 Apr 2019 Last Revised: 25 Jun 2020
Morning Consult, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Banks - Federal Reserve Bank of Dallas

Abstract:

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