Paul Willen

Federal Reserve Bank of Boston - Research Department

600 Atlantic Avenue

Boston, MA 02210

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • Federal Reserve Bank of Boston - Research Department

SCHOLARLY PAPERS

55

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Rank 4,853

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17,318

TOTAL CITATIONS
Rank 711

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Top 711

in Total Papers Citations

1,237

Scholarly Papers (55)

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1.

The Theory of Life-Cycle Saving and Investing

FRB of Boston Public Policy Discussion Paper No. 07-3
Number of pages: 27 Posted: 27 Jul 2007
Zvi Bodie, Jonathan Treussard and Paul Willen
Boston University, Treussard Capital Management LLC and Federal Reserve Bank of Boston - Research Department
Downloads 3,448 (7,350)
Citation 19

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2.

Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don't

FRB of Boston Public Policy Discussion Paper No. 08-2
Number of pages: 57 Posted: 30 Jun 2008
Christopher L. Foote, Kristopher Gerardi, Lorenz Goette and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta, University of Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 1,627 (24,043)
Citation 25

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3.

Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures

FRB of Boston Working Paper No. 07-15
Number of pages: 58 Posted: 16 Dec 2007
Kristopher Gerardi, Adam Hale Shapiro and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of San Francisco and Federal Reserve Bank of Boston - Research Department
Downloads 1,351 (31,745)
Citation 541

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4.

Making Sense of the Subprime Crisis

Downloads 806 (65,976)
Citation 46

Making Sense of the Subprime Crisis

FRB Atlanta Working Paper No. 2009-2
Posted: 02 Jul 2021 Last Revised: 01 Jul 2021
Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund and Paul Willen
Federal Reserve Bank of Atlanta, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston - Research Department

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Making Sense of the Subprime Crisis

Brookings Papers on Economic Activity, Forthcoming, Federal Reserve Bank of Atlanta Working Paper No. 2009-2
Number of pages: 75 Posted: 22 Feb 2009
Kristopher Gerardi, Andreas Lehnert, Paul Willen and Shane Sherlund
Federal Reserve Bank of Atlanta, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Boston - Research Department and Board of Governors of the Federal Reserve System
Downloads 612 (92,868)
Citation 17

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subprime, foreclosure, house prices, underwriting standards

Making Sense of the Subprime Crisis

FRB of Boston Public Policy Discussion Paper No. 09-1
Number of pages: 74 Posted: 13 Feb 2009
Kristopher Gerardi, Andreas Lehnert, Shane Sherlund and Paul Willen
Federal Reserve Bank of Atlanta, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston - Research Department
Downloads 194 (330,224)
Citation 29

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5.

How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility

Journal of Finance, Forthcoming, FRB of Boston Quantitative Analysis Unit Working Paper No. 10-3
Number of pages: 59 Posted: 02 May 2010 Last Revised: 22 Feb 2012
Burcu Duygan-Bump, Patrick M. Parkinson, Eric S. Rosengren, Gustavo Suarez and Paul Willen
Board of Governors of the Federal Reserve System, Government of the United States of America - Division of Research and Statistics, Federal Reserve Bank of Boston - Supervision and Regulation, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston - Research Department
Downloads 567 (103,726)
Citation 32

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Federal Reserve, Financial Crisis, Discount Window, Money Market Mutual Funds, Commercial Paper, Asset-Backed Commercial Paper

6.

Unemployment, Negative Equity, and Strategic Default

Number of pages: 50 Posted: 13 Jul 2013
Kristopher Gerardi, Kyle Herkenhoff, Lee E. Ohanian and Paul Willen
Federal Reserve Bank of Atlanta, University of Minnesota - Minneapolis, University of California, Los Angeles (UCLA) - Department of Economics and Federal Reserve Bank of Boston - Research Department
Downloads 541 (109,938)
Citation 22

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unemployment, employment, job loss, assets, mortgage, modifications, default, strategic, strategic default, negative equity, trigger, single trigger, double trigger, liquidity constraint, mortgage default, delinquency, PSID, mortgage distress, financial liquidity, negative equity and unemployment

7.

The Time-Varying Price of Financial Intermediation in the Mortgage Market

Downloads 497 (121,941)
Citation 4

The Time-Varying Price of Financial Intermediation in the Mortgage Market

Journal of Finance, Forthcoming, Swiss Finance Institute Research Paper No. 23-103
Number of pages: 98 Posted: 20 Jan 2017 Last Revised: 03 Nov 2023
Andreas Fuster, Stephanie Lo and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), NDVR and Federal Reserve Bank of Boston - Research Department
Downloads 393 (159,117)
Citation 1

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mortgage finance, financial intermediation, monetary policy transmission, QE

The Time-Varying Price of Financial Intermediation in the Mortgage Market

FRB of Boston Working Paper No. 16-28
Number of pages: 65 Posted: 17 Mar 2017 Last Revised: 30 Aug 2017
Andreas Fuster, Stephanie Lo and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), NDVR and Federal Reserve Bank of Boston - Research Department
Downloads 73 (695,696)

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mortgage finance, financial intermediation, monetary policy transmission

The Time-Varying Price of Financial Intermediation in the Mortgage Market

NBER Working Paper No. w23706
Number of pages: 66 Posted: 21 Aug 2017 Last Revised: 10 Apr 2023
Andreas Fuster, Stephanie Lo and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), NDVR and Federal Reserve Bank of Boston - Research Department
Downloads 31 (1,031,023)
Citation 3

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8.

Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market

Downloads 485 (125,624)
Citation 16

Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market

Federal Reserve Bank of Boston Research Paper Series Public Policy Discussion Paper No. 06-6, Hudson Institute Research Paper No. 06-07
Number of pages: 59 Posted: 03 Oct 2006 Last Revised: 06 Aug 2008
Kristopher Gerardi, Harvey S. Rosen and Paul Willen
Federal Reserve Bank of Atlanta, Princeton University - Department of Economics and Federal Reserve Bank of Boston - Research Department
Downloads 345 (183,910)
Citation 4

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Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market

NBER Working Paper No. w12967
Number of pages: 61 Posted: 15 Mar 2007 Last Revised: 08 Dec 2022
Kristopher Gerardi, Harvey S. Rosen and Paul Willen
Federal Reserve Bank of Atlanta, Princeton University - Department of Economics and Federal Reserve Bank of Boston - Research Department
Downloads 140 (439,438)
Citation 12

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9.

The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO

Downloads 480 (127,487)
Citation 9

The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO

FRB Atlanta Working Paper No. 2015-3
Number of pages: 57 Posted: 13 Apr 2015
W. Scott Frame, Kristopher Gerardi and Paul Willen
Bank Policy Institute, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 332 (191,722)
Citation 9

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Bank supervision, stress test, model risk, residential mortgages, government-sponsored enterprises

The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and Ofheo

FRB of Boston Working Paper No. 15-4
Number of pages: 55 Posted: 19 Oct 2015 Last Revised: 06 May 2016
W. Scott Frame, Kristopher Gerardi and Paul Willen
Bank Policy Institute, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 148 (422,328)

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bank supervision, stress tests, model risk, residential mortgages, government-sponsored enterprises

10.

The Rising Gap between Primary and Secondary Mortgage Rates

Economic Policy Review, Vol. 19, No. 2, 2013
Number of pages: 23 Posted: 13 Jan 2014
Andreas Fuster, Laurie S. Goodman, David O. Lucca, Laurel Madar, Linsey Molloy and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), The Urban Institute - Housing Finance Policy Center, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Emerging Markets and International Affairs Group and Federal Reserve Bank of Boston - Research Department
Downloads 445 (139,366)
Citation 4

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mortgages, banking

11.

Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice

Downloads 441 (140,816)
Citation 20

Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice

Number of pages: 71 Posted: 26 Oct 2000
Steven J. Davis and Paul Willen
University of Chicago and Federal Reserve Bank of Boston - Research Department
Downloads 328 (194,227)
Citation 4

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Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice

NBER Working Paper No. w7905
Number of pages: 70 Posted: 16 Sep 2000 Last Revised: 08 Aug 2022
Steven J. Davis and Paul Willen
University of Chicago and Federal Reserve Bank of Boston - Research Department
Downloads 113 (521,858)
Citation 16

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12.

Borrowing Costs and the Demand for Equity Over the Life Cycle

Downloads 386 (163,929)
Citation 19

Borrowing Costs and the Demand for Equity Over the Life Cycle

AFA 2004 San Diego Meetings , FRB of Boston Working Paper No. 05-7
Number of pages: 42 Posted: 30 Dec 2003
Steven J. Davis, Felix Kubler and Paul Willen
University of Chicago, University of Zurich and Federal Reserve Bank of Boston - Research Department
Downloads 308 (208,018)
Citation 12

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Borrowing Costs and the Demand for Equity Over the Life Cycle

NBER Working Paper No. w9331
Number of pages: 45 Posted: 16 Nov 2002 Last Revised: 01 Jan 2023
Steven J. Davis, Felix Kubler and Paul Willen
University of Chicago, University of Zurich and Federal Reserve Bank of Boston - Research Department
Downloads 78 (669,783)
Citation 7

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13.

Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization

Downloads 346 (184,942)
Citation 12

Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization

FRB of Boston Public Policy Discussion Paper No. 09-4, Federal Reserve Bank of Atlanta Working Paper 2009-17
Number of pages: 41 Posted: 17 Jul 2009 Last Revised: 30 May 2015
Manuel Adelino, Kristopher Gerardi and Paul Willen
Duke University, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 266 (242,537)
Citation 12

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Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization

NBER Working Paper No. w15159
Number of pages: 42 Posted: 21 Jul 2009 Last Revised: 04 Jun 2023
Manuel Adelino, Kristopher Gerardi and Paul Willen
Duke University, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 80 (659,902)

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14.

Subprime Mortgages, Foreclosures, and Urban Neighborhoods

Downloads 337 (190,284)
Citation 17

Subprime Mortgages, Foreclosures, and Urban Neighborhoods

FRB of Boston Public Policy Discussion Paper No. 08-6
Number of pages: 38 Posted: 08 Jan 2009
Kristopher Gerardi and Paul Willen
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 246 (262,533)
Citation 12

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Subprime Mortgages, Foreclosures, and Urban Neighborhoods

Berkeley Electronic Journal of Economic Analysis & Policy, Vol. 9, No. 3, 2009 , Federal Reserve Bank of Atlanta Working Paper Series No. 2009-1
Number of pages: 39 Posted: 27 Aug 2009
Kristopher Gerardi and Paul Willen
Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 91 (609,268)
Citation 5

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subprime, foreclosure, minority, homeownership

15.

Negative Equity and Foreclosure: Theory and Evidence

FRB of Boston Public Policy Discussion Paper No. 08-3
Number of pages: 36 Posted: 30 Jun 2008
Christopher L. Foote, Kristopher Gerardi and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 332 (193,370)
Citation 87

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16.

Reasonable People did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash

FRB of Boston Public Policy Discussion Paper No. 10-5
Number of pages: 32 Posted: 16 Oct 2010
Kristopher Gerardi, Christopher L. Foote and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Boston and Federal Reserve Bank of Boston - Research Department
Downloads 305 (211,859)
Citation 16

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17.

Mortgage Prepayment, Race, and Monetary Policy

Downloads 302 (214,053)
Citation 4

Mortgage Prepayment, Race, and Monetary Policy

Number of pages: 81 Posted: 09 Feb 2021
Kristopher Gerardi, Paul Willen and David Zhang
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Boston - Research Department and Rice University - Jesse H. Jones Graduate School of Business
Downloads 220 (292,928)
Citation 4

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Mortgage Prepayment, Race, and Monetary Policy

FRB Atlanta Working Paper No. 2020-22
Number of pages: 81 Posted: 20 Apr 2021
Kristopher Gerardi, Paul Willen and David Zhang
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Boston - Research Department and Rice University - Jesse H. Jones Graduate School of Business
Downloads 82 (650,130)

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mortgage, refinance, race, monetary policy, interest rate

18.

Educational Opportunity and Income Inequality

Downloads 302 (214,053)
Citation 4

Educational Opportunity and Income Inequality

FRB of Boston Public Policy Discussion Paper No. 04-5
Number of pages: 37 Posted: 04 Mar 2006
Igal Hendel, Joel Shapiro and Paul Willen
Northwestern University - Department of Economics, Universitat Pompeu Fabra (UPF) - Faculty of Economic and Business Sciences and Federal Reserve Bank of Boston - Research Department
Downloads 224 (287,901)
Citation 2

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education signaling, college premium, college loans

Educational Opportunity and Income Inequality

NBER Working Paper No. w10879
Number of pages: 38 Posted: 29 Oct 2004 Last Revised: 24 Sep 2022
Paul Willen, Igal Hendel and Joel Shapiro
Federal Reserve Bank of Boston - Research Department, Northwestern University - Department of Economics and Universitat Pompeu Fabra (UPF) - Faculty of Economic and Business Sciences
Downloads 78 (669,783)
Citation 2

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19.

Payment Size, Negative Equity, and Mortgage Default

Downloads 287 (225,880)
Citation 52

Payment Size, Negative Equity, and Mortgage Default

FRB of New York Staff Report No. 582
Number of pages: 61 Posted: 09 Dec 2012 Last Revised: 26 Jan 2015
Andreas Fuster and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL) and Federal Reserve Bank of Boston - Research Department
Downloads 245 (263,607)
Citation 7

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mortgage finance, delinquency, adjustable-rate mortgages, Alt-A

Payment Size, Negative Equity, and Mortgage Default

NBER Working Paper No. w19345
Number of pages: 67 Posted: 17 Aug 2013 Last Revised: 12 May 2023
Andreas Fuster and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL) and Federal Reserve Bank of Boston - Research Department
Downloads 42 (917,256)
Citation 45

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20.

Mortgage-Default Research and the Recent Foreclosure Crisis

Downloads 271 (239,593)
Citation 27

Mortgage-Default Research and the Recent Foreclosure Crisis

FRB of Boston Working Paper No. 17-13
Number of pages: 56 Posted: 05 Dec 2017 Last Revised: 06 Dec 2017
Christopher L. Foote and Paul Willen
Federal Reserve Bank of Boston and Federal Reserve Bank of Boston - Research Department
Downloads 271 (237,960)
Citation 27

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Mortgage default, foreclosures, housing boom and bust, financial crisis

Mortgage-Default Research and the Recent Foreclosure Crisis

Annual Review of Financial Economics, Vol. 10, pp. 59-100, 2018
Posted: 08 Nov 2018
Christopher L. Foote and Paul Willen
Federal Reserve Bank of Boston and Federal Reserve Bank of Boston - Research Department

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21.

How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

Downloads 256 (254,881)
Citation 11

How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

Swiss Finance Institute Research Paper No. 21-41
Number of pages: 108 Posted: 29 Jul 2021 Last Revised: 18 Oct 2024
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 100 (576,264)

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mortgage, credit, financial intermediation, fintech, COVID-19, nonbanks

How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

FEDS Working Paper No. 2021-48
Number of pages: 52 Posted: 10 Aug 2021 Last Revised: 07 Sep 2021
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 54 (816,464)

Abstract:

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How Resilient is Mortgage Credit Supply? Evidence from the Covid-19 Pandemic

NBER Working Paper No. w28843
Number of pages: 77 Posted: 24 May 2021 Last Revised: 24 Apr 2022
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 53 (823,962)
Citation 2

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How Resilient is Mortgage Credit Supply? Evidence from the Covid-19 Pandemic

FRB of Philadelphia Working Paper No. 21-20
Number of pages: 77 Posted: 02 Jun 2021 Last Revised: 23 Jul 2021
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 49 (855,631)

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How Resilient is Mortgage Credit Supply? Evidence from the Covid-19 Pandemic

CEPR Discussion Paper No. DP16110
Number of pages: 78 Posted: 14 May 2021 Last Revised: 14 Jul 2021
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 0
Citation 9
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22.

$1.25 Trillion is Still Real Money: Some Facts About the Effects of the Federal Reserve’s Mortgage Market Investments

FRB of Boston Public Policy Discussion Paper No. 10-4
Number of pages: 55 Posted: 16 Oct 2010
Andreas Fuster and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL) and Federal Reserve Bank of Boston - Research Department
Downloads 219 (295,687)
Citation 36

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23.

Reducing Foreclosures

FRB of Boston Public Policy Discussion Paper No. 09-2
Number of pages: 52 Posted: 21 May 2009
Christopher L. Foote, Kristopher Gerardi, Lorenz Goette and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta, University of Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 216 (299,628)
Citation 7

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24.

Collateralized Borrowing and Life-Cycle Portfolio Choice

Downloads 215 (300,909)

Collateralized Borrowing and Life-Cycle Portfolio Choice

FRB of Boston Working Paper No. 06-4, AFA 2007 Chicago Meetings Paper
Number of pages: 48 Posted: 17 Mar 2006
Paul Willen and Felix Kubler
Federal Reserve Bank of Boston - Research Department and University of Zurich
Downloads 156 (401,746)

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portfolio choice, collateral

Collateralized Borrowing and Life-Cycle Portfolio Choice

NBER Working Paper No. w12309
Number of pages: 49 Posted: 14 Jul 2006 Last Revised: 21 Aug 2022
Paul Willen and Felix Kubler
Federal Reserve Bank of Boston - Research Department and University of Zurich
Downloads 59 (780,701)

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25.

Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults

Downloads 208 (310,554)
Citation 9

Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults

Federal Reserve Bank of Atlanta Working Paper Series No. 2010-8
Number of pages: 28 Posted: 06 May 2010 Last Revised: 30 May 2015
Manuel Adelino, Kristopher Gerardi and Paul Willen
Duke University, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 112 (525,450)
Citation 6

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foreclosure, mortgage, house prices

What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig

FRB of Boston Working Paper No. 10-2
Number of pages: 16 Posted: 06 May 2010
Manuel Adelino, Kristopher Gerardi and Paul Willen
Duke University, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 96 (588,335)
Citation 3

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26.

Can't Pay or Won't Pay?: Unemployment, Negative Equity, and Strategic Default

Downloads 198 (325,026)
Citation 24

Can't Pay or Won't Pay?: Unemployment, Negative Equity, and Strategic Default

FRB of Boston Working Paper No. 15-13
Number of pages: 81 Posted: 25 Nov 2015
Kristopher Gerardi, Kyle Herkenhoff, Lee E. Ohanian and Paul Willen
Federal Reserve Bank of Atlanta, University of Minnesota - Minneapolis, University of California, Los Angeles (UCLA) - Department of Economics and Federal Reserve Bank of Boston - Research Department
Downloads 136 (449,964)

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Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default

NBER Working Paper No. w21630
Number of pages: 74 Posted: 12 Oct 2015 Last Revised: 06 Feb 2023
Kristopher Gerardi, Kyle Herkenhoff, Lee E. Ohanian and Paul Willen
Federal Reserve Bank of Atlanta, University of Minnesota - Minneapolis, University of California, Los Angeles (UCLA) - Department of Economics and Federal Reserve Bank of Boston - Research Department
Downloads 62 (760,923)
Citation 24

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27.

Technological Innovation in Mortgage Underwriting and the Growth in Credit: 1985–2015

FRB of Cleveland Working Paper No. 18-16
Number of pages: 71 Posted: 14 Dec 2018
Christopher L. Foote, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 194 (331,295)
Citation 4

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Mortgage underwriting, housing cycle, technological change, credit boom

28.

Reducing Foreclosures: No Easy Answers

Downloads 191 (336,101)
Citation 13

Reducing Foreclosures: No Easy Answers

NBER Macroeconomics Annual, Vol. 24, 2009, Federal Reserve Bank of Atlanta Working Paper 2009-15
Number of pages: 53 Posted: 23 Aug 2009
Christopher L. Foote, Kristopher Gerardi, Lorenz Goette and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta, University of Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 121 (494,738)
Citation 9

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mortgage, foreclosure, modification, securitization

Reducing Foreclosures: No Easy Answers

NBER Working Paper No. w15063
Number of pages: 54 Posted: 16 Jun 2009 Last Revised: 27 Feb 2023
Christopher L. Foote, Kristopher Gerardi, Lorenz Goette and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta, University of Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 70 (712,384)
Citation 4

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29.

Why Did so Many People Make so Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis

Downloads 189 (339,431)
Citation 6

Why Did so Many People Make so Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis

FRB Atlanta Working Paper No. 2012-7
Number of pages: 62 Posted: 22 Mar 2015
Christopher L. Foote, Kristopher Gerardi and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 111 (529,084)
Citation 1

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financial crisis, mortgage, foreclosure, asymmetric information, mortgage-backed security (MBS), collaterized debt obligation (CDO)

Why Did so Many People Make so Many Ex Post Bad Decisions? the Causes of the Foreclosure Crisis

NBER Working Paper No. w18082
Number of pages: 63 Posted: 19 May 2012 Last Revised: 29 May 2023
Christopher L. Foote, Kristopher Gerardi and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 78 (669,783)
Citation 5

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30.

Incomplete Markets and Trade

Number of pages: 21 Posted: 13 Jan 2005
Paul Willen
Federal Reserve Bank of Boston - Research Department
Downloads 180 (354,797)
Citation 5

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31.

House Prices and Rents in the 21st Century

FRB of Cleveland Working Paper No. 23-02, https://doi.org/10.26509/frbc-wp-202302
Number of pages: 31 Posted: 05 Jan 2023 Last Revised: 09 May 2023
Lara Loewenstein and Paul Willen
Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 156 (401,714)

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House Price Overvaluation, Rent-price Ratio, Credit Shocks, Housing Bubbles

32.

Technological Innovation in Mortgage Underwriting and the Growth in Credit, 1985–2015

FRB of Boston Working Paper No. 19-11
Number of pages: 49 Posted: 06 Dec 2019 Last Revised: 13 Dec 2019
Christopher L. Foote, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 144 (428,798)

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mortgage underwriting, housing cycles, technological change, credit boom

33.

Cross-Sectional Patterns of Mortgage Debt During the Housing Boom: Evidence and Implications

Downloads 137 (446,282)
Citation 34

Cross-Sectional Patterns of Mortgage Debt During the Housing Boom: Evidence and Implications

NBER Working Paper No. w22985
Number of pages: 81 Posted: 27 Dec 2016 Last Revised: 22 Apr 2023
Christopher L. Foote, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 54 (816,464)

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Cross-Sectional Patterns of Mortgage Debt During the Housing Boom: Evidence and Implications

FRB of Boston Working Paper No. 16-12
Number of pages: 53 Posted: 23 Nov 2016
Christopher L. Foote, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 48 (863,890)

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Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications

FRB of Cleveland Working Paper No. 19-19
Number of pages: 67 Posted: 18 Oct 2019
Christopher L. Foote, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 35 (987,044)
Citation 34

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34.

Social Security and Unsecured Debt

Downloads 121 (492,304)
Citation 2

Social Security and Unsecured Debt

FRB of Boston Public Policy Discussion Paper No. 04-10
Number of pages: 52 Posted: 04 Mar 2006
Erik Hurst and Paul Willen
University of Chicago - Booth School of Business and Federal Reserve Bank of Boston - Research Department
Downloads 74 (690,238)

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Social Security and Unsecured Debt

NBER Working Paper No. w10282
Number of pages: 57 Posted: 01 Feb 2004 Last Revised: 07 Aug 2022
Erik Hurst and Paul Willen
University of Chicago - Booth School of Business and Federal Reserve Bank of Boston - Research Department
Downloads 47 (872,400)
Citation 2

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35.

Insuring Consumption Using Income-Linked Assets

Downloads 116 (508,339)
Citation 1

Insuring Consumption Using Income-Linked Assets

FRB of Boston Working Paper No. 10-1
Number of pages: 48 Posted: 09 Mar 2010
Andreas Fuster and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL) and Federal Reserve Bank of Boston - Research Department
Downloads 77 (674,776)

Abstract:

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Income Risk, Risk Sharing, Portfolio Choice, Financial Innovation

Insuring Consumption Using Income-Linked Assets

NBER Working Paper No. w15829
Number of pages: 46 Posted: 22 Mar 2010 Last Revised: 03 Apr 2022
Andreas Fuster and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL) and Federal Reserve Bank of Boston - Research Department
Downloads 39 (945,993)
Citation 1

Abstract:

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36.

Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process

Downloads 114 (515,072)
Citation 11

Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process

FRB Atlanta Working Paper No. 2011-16a
Number of pages: 43 Posted: 22 Mar 2015
Kristopher Gerardi, Lauren Lambie-Hanson and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 68 (723,951)
Citation 1

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foreclosure, mortgage, judicial, power of sale, right to cure

Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process

NBER Working Paper No. w17666
Number of pages: 49 Posted: 17 Dec 2011 Last Revised: 10 Apr 2022
Kristopher Gerardi, Lauren Lambie-Hanson and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 46 (881,004)
Citation 10

Abstract:

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37.

A Profile of the Mortgage Crisis in a Low-and-Moderate-Income Community

FRB of Boston Public Policy Discussion Paper No. 10-6
Number of pages: 20 Posted: 16 Oct 2010
Lynn M. Fisher, Lauren Lambie-Hanson and Paul Willen
Mortgage Bankers Association, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 104 (551,407)
Citation 4

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38.

A Proposal to Help Distressed Homeowners: A Government Payment-Sharing Plan

FRB of Boston Public Policy Brief No. 09-1
Number of pages: 11 Posted: 14 Jul 2009
Christopher L. Foote, Jeffrey C. Fuhrer, Eileen Mauskopf and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston - Research Department
Downloads 102 (559,286)
Citation 9

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39.

Foreclosure Externalities: Some New Evidence

Downloads 98 (574,734)
Citation 43

Foreclosure Externalities: Some New Evidence

NBER Working Paper No. w18353
Number of pages: 47 Posted: 08 Sep 2012 Last Revised: 24 Feb 2023
Kristopher Gerardi, Eric Rosenblatt, Paul Willen and Vincent Yao
Federal Reserve Bank of Atlanta, Federal National Mortgage Association (Fannie Mae) - Research, Federal Reserve Bank of Boston - Research Department and Georgia State University - J. Mack Robinson College of Business
Downloads 50 (847,519)
Citation 40

Abstract:

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Foreclosure Externalities: Some New Evidence

FRB Atlanta Working Paper No. 2012-11
Number of pages: 46 Posted: 22 Mar 2015
Kristopher Gerardi, Eric Rosenblatt, Paul Willen and Vincent Yao
Federal Reserve Bank of Atlanta, Federal National Mortgage Association (Fannie Mae) - Research, Federal Reserve Bank of Boston - Research Department and Georgia State University - J. Mack Robinson College of Business
Downloads 48 (863,890)
Citation 3

Abstract:

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foreclosure, mortgage, judicial, power of sale, right to cure

40.

Decomposing the Foreclosure Crisis: House Price Depreciation versus Bad Underwriting

FRB Atlanta Working Paper No. 2009-25
Number of pages: 47 Posted: 23 Mar 2015
Kristopher Gerardi, Adam Hale Shapiro and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of San Francisco and Federal Reserve Bank of Boston - Research Department
Downloads 96 (582,521)
Citation 23

Abstract:

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foreclosure, mortgage, house prices

41.

Report on the Potential Impacts of Property Tax Abatement on Rental Housing Construction in Boston

FRB of Boston Working Paper No. 24-1
Number of pages: 47 Posted: 22 Jan 2024
Patricia Alejandro, Mary Ellen Carter, Edward L. Glaeser, Adam M. Guren and Paul Willen
Harvard University - Harvard Law School, Boston College - Department of Accounting, Harvard University - Department of Economics, Boston University - Department of Economics and Federal Reserve Bank of Boston - Research Department
Downloads 88 (615,174)
Citation 1

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tax abatement, housing supply, Boston

42.

Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus

Downloads 83 (637,142)
Citation 3

Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus

Number of pages: 59 Posted: 12 Feb 2021
David Zhang and Paul Willen
Rice University - Jesse H. Jones Graduate School of Business and Federal Reserve Bank of Boston - Research Department
Downloads 60 (773,972)

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Mortgage Discrimination, Fair Lending, Red-lining, Points, Interest Rate, Optimal Transport, Directional Differentiation, Menu Problem

Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus

NBER Working Paper No. w29142
Number of pages: 61 Posted: 16 Aug 2021 Last Revised: 16 Feb 2023
David Zhang and Paul Willen
Rice University - Jesse H. Jones Graduate School of Business and Federal Reserve Bank of Boston - Research Department
Downloads 23 (1,129,305)
Citation 3

Abstract:

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43.

Evaluating the Benefits of a Streamlined Refinance Program

Downloads 78 (660,374)
Citation 2

Evaluating the Benefits of a Streamlined Refinance Program

FRB of Cleveland Working Paper No. 20-21
Number of pages: 24 Posted: 08 Jul 2020
Kristopher Gerardi, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 34 (997,686)

Abstract:

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government-sponsored enterprises, refinancing, business cycles

Evaluating the Benefits of a Streamlined Refinance Program

Federal Reserve Bank of Boston Research Paper Series Current Policy Perspectives Paper No. 89267
Number of pages: 24 Posted: 31 Dec 2020
Kristopher Gerardi, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 34 (997,686)
Citation 2

Abstract:

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refinancing, mortgage markets, GSEs

Evaluating the Benefits of a Streamlined Refinance Program

FRB Atlanta Policy Hub Paper No. 2020-08, https://doi.org/10.29338/ph2020-08
Number of pages: 22 Posted: 14 Mar 2025
Kristopher Gerardi, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 10 (1,300,903)

Abstract:

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mortgage; refinance; cash-out; COVID-19

44.

Internet Appendix: How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

Number of pages: 26 Posted: 20 Jul 2021
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL), Federal Reserve Board, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 76 (670,004)

Abstract:

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COVID-19, Mortgages and credit, financial intermediation, fintech

45.

On the Gains to International Trade in Risky Financial Assets

NBER Working Paper No. w7796
Number of pages: 63 Posted: 19 Jul 2000 Last Revised: 26 Oct 2022
Steven J. Davis, Jeremy Nalewaik and Paul Willen
University of Chicago, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston - Research Department
Downloads 56 (785,633)

Abstract:

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46.

Addressing Housing Shortages Through Tax Abatement

Federal Reserve Bank of Boston Research Paper Series Current Policy Perspectives Paper No. 2024-2
Number of pages: 8 Posted: 01 Apr 2024
Paul Willen
Federal Reserve Bank of Boston - Research Department
Downloads 43 (886,509)

Abstract:

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tax abatement, housing supply, Housing - Boston

47.

Evaluating Policies to Prevent Another Crisis: An Economist's View

NBER Working Paper No. w20100
Number of pages: 40 Posted: 14 May 2014 Last Revised: 04 Jun 2023
Paul Willen
Federal Reserve Bank of Boston - Research Department
Downloads 34 (971,814)

Abstract:

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48.

The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums

NBER Working Paper No. w20080
Number of pages: 36 Posted: 28 Apr 2014 Last Revised: 15 May 2022
Lynn M. Fisher, Lauren Lambie-Hanson and Paul Willen
Mortgage Bankers Association, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 18 (1,158,766)
Citation 12

Abstract:

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49.

House Prices and Rents in the 21st Century

FRB of Boston Working Paper No. 23-2
Number of pages: 30 Posted: 04 May 2023
Lara Loewenstein and Paul Willen
Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 16 (1,183,923)

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housing bubbles, credit shocks, rent-price ratio, house price overvaluation

50.

House Prices and Rents in the 21st Century

NBER Working Paper No. w31013
Number of pages: 31 Posted: 13 Mar 2023 Last Revised: 05 Apr 2023
Lara Loewenstein and Paul Willen
Federal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 12 (1,231,600)
Citation 1

Abstract:

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51.

Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation During COVID-19

Downloads 0 (1,279,198)

Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation During COVID-19

FRB of Philadelphia Payment Cards Center Discussion Paper No. 21-2
Posted: 09 Jul 2021 Last Revised: 30 Apr 2022
Kristopher Gerardi, Lauren Lambie-Hanson and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department

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mortgage refinancing, mortgage repayment, home equity, racial inequality

52.

Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic

FRB Atlanta Policy Hub Paper No. 2022-09, https://doi.org/10.29338/ph2022-9
Number of pages: 29 Posted: 24 Mar 2025
Kristopher Gerardi, Lauren Lambie-Hanson and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Boston - Research Department
Downloads 4 (1,298,016)

Abstract:

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mortgage refinancing; mortgage repayment; home equity; racial inequality

53.

Insuring Consumption Using Income-Linked Assets

FRB of Boston Working Paper No. 10-1
Posted: 12 Jul 2021 Last Revised: 11 Jul 2021
Andreas Fuster and Paul Willen
École Polytechnique Fédérale de Lausanne (EPFL) and Federal Reserve Bank of Boston - Research Department

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54.

Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early Payment Defaults

Journal of Real Estate Finance and Economics, Vol. 49, No. 3, 2014
Posted: 03 Oct 2014
Manuel Adelino, Kristopher Gerardi and Paul Willen
Duke University, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department

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Early payment default; Foreclosure; Mortgage; Securitization

55.

Educational Opportunity and the College Premium

Posted: 11 Sep 2002
Igal Hendel, Joel Shapiro and Paul Willen
Northwestern University - Department of Economics, Universitat Pompeu Fabra (UPF) - Faculty of Economic and Business Sciences and Federal Reserve Bank of Boston - Research Department

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