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

49

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615

CROSSREF CITATIONS

861

Scholarly Papers (49)

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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 - Department of Finance & Economics, Research Affiliates and Federal Reserve Bank of Boston - Research Department
Downloads 2,487 (6,906)
Citation 15

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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 1,542 (14,915)
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 1,219 (21,352)
Citation 122

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4.

Making Sense of the Subprime Crisis

Downloads 688 ( 47,688)
Citation 96

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 559 (61,577)
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 129 (276,611)
Citation 25

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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 424 (87,191)
Citation 10

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

6.

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

Downloads 419 ( 88,356)
Citation 43

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 310 (123,149)
Citation 3

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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: 07 Jun 2021
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 109 (312,831)
Citation 4

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7.

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 339 (112,455)
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

8.

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

Downloads 302 (127,433)
Citation 13

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 268 (143,694)
Citation 7

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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: 07 Feb 2021
Steven J. Davis and Paul Willen
University of Chicago and Federal Reserve Bank of Boston - Research Department
Downloads 34 (567,858)
Citation 7

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9.

Borrowing Costs and the Demand for Equity Over the Life Cycle

Downloads 290 (133,020)
Citation 39

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 244 (157,822)
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: 02 Jul 2021
Steven J. Davis, Felix Kubler and Paul Willen
University of Chicago, University of Zurich and Federal Reserve Bank of Boston - Research Department
Downloads 46 (505,958)
Citation 7

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10.

Subprime Mortgages, Foreclosures, and Urban Neighborhoods

Downloads 276 (139,990)
Citation 22

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 216 (177,700)
Citation 11

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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 60 (447,906)
Citation 2

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subprime, foreclosure, minority, homeownership

11.

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 267 (144,876)
Citation 16

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12.

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

Downloads 251 (154,043)
Citation 34

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 215 (178,483)
Citation 24

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Why Don&Apos;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 2021
Manuel Adelino, Kristopher Gerardi and Paul Willen
Duke University, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 36 (556,439)

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13.

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

Downloads 250 (154,681)
Citation 5

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
Federal Reserve Bank of Dallas, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 170 (220,716)
Citation 6

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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
W. Scott Frame, Kristopher Gerardi and Paul Willen
Federal Reserve Bank of Dallas, Federal Reserve Bank of Atlanta and Federal Reserve Bank of Boston - Research Department
Downloads 80 (382,320)

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

14.

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 242 (159,569)
Citation 87

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15.

Educational Opportunity and Income Inequality

Downloads 228 (169,032)
Citation 11

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 - Faculty of Economic and Business Sciences and Federal Reserve Bank of Boston - Research Department
Downloads 171 (219,681)
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 2021
Paul Willen, Igal Hendel and Joel Shapiro
Federal Reserve Bank of Boston - Research Department, Northwestern University - Department of Economics and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 57 (459,386)
Citation 1

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16.

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
Ecole Polytechnique Fédérale de Lausanne, 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 212 (181,095)
Citation 4

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mortgages, banking

17.

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 185 (205,026)
Citation 7

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18.

Collateralized Borrowing and Life-Cycle Portfolio Choice

Downloads 158 (234,641)
Citation 1

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 128 (278,239)

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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 2021
Paul Willen and Felix Kubler
Federal Reserve Bank of Boston - Research Department and University of Zurich
Downloads 30 (591,820)

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19.

Payment Size, Negative Equity, and Mortgage Default

Downloads 145 (251,684)
Citation 57

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
Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 130 (274,988)
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 2021
Andreas Fuster and Paul Willen
Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 15 (703,496)
Citation 26

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20.

$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
Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 141 (257,330)
Citation 36

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21.

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

Downloads 139 (260,253)
Citation 7

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 75 (397,030)
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 64 (433,253)
Citation 3

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22.

Incomplete Markets and Trade

Number of pages: 21 Posted: 13 Jan 2005
Paul Willen
Federal Reserve Bank of Boston - Research Department
Downloads 135 (266,246)
Citation 5

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23.

Mortgage-Default Research and the Recent Foreclosure Crisis

Downloads 133 (269,319)
Citation 5

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 133 (270,320)
Citation 5

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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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24.

Reducing Foreclosures: No Easy Answers

Downloads 125 (282,141)
Citation 21

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 87 (363,018)
Citation 12

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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: 28 Feb 2021
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 38 (545,507)
Citation 4

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25.

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

Downloads 118 (294,182)
Citation 11

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

FRB of NY Staff Report No. 805
Number of pages: 66 Posted: 20 Jan 2017 Last Revised: 31 Aug 2017
Andreas Fuster, Stephanie Lo and Paul Willen
Ecole Polytechnique Fédérale de Lausanne, Harvard University and Federal Reserve Bank of Boston - Research Department
Downloads 66 (426,304)
Citation 1

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mortgage finance, financial intermediation, monetary policy transmission

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
Ecole Polytechnique Fédérale de Lausanne, Harvard University and Federal Reserve Bank of Boston - Research Department
Downloads 43 (520,203)

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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: 11 Apr 2021
Andreas Fuster, Stephanie Lo and Paul Willen
Ecole Polytechnique Fédérale de Lausanne, Harvard University and Federal Reserve Bank of Boston - Research Department
Downloads 9 (754,775)
Citation 3

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26.

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

Downloads 107 (315,046)
Citation 41

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 58 (455,468)
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: 30 May 2021
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 49 (492,272)
Citation 5

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27.

Mortgage Prepayment, Race, and Monetary Policy

Downloads 105 (319,143)

Mortgage Prepayment, Race, and Monetary Policy

Number of pages: 81 Posted: 09 Feb 2021
Kristopher Gerardi, Paul Willen and David Hao Zhang
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Boston - Research Department and Harvard University
Downloads 81 (379,460)

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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 Hao Zhang
Federal Reserve Bank of Atlanta, Federal Reserve Bank of Boston - Research Department and Harvard University
Downloads 24 (633,368)

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mortgage, refinance, race, monetary policy, interest rate

28.

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, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 79 (381,212)
Citation 4

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Mortgage underwriting, housing cycle, technological change, credit boom

29.

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 78 (384,009)
Citation 3

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30.

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 77 (386,951)
Citation 4

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31.

Social Security and Unsecured Debt

Downloads 75 (392,716)
Citation 9

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 48 (496,641)

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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 2021
Erik Hurst and Paul Willen
University of Chicago - Booth School of Business and Federal Reserve Bank of Boston - Research Department
Downloads 27 (611,697)
Citation 2

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32.

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

Downloads 63 (430,988)
Citation 48

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 34 (567,858)

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Can&Apos;T Pay or Won&Apos;T Pay? Unemployment, Negative Equity, and Strategic Default

NBER Working Paper No. w21630
Number of pages: 74 Posted: 12 Oct 2015 Last Revised: 07 Feb 2021
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 29 (598,291)
Citation 24

Abstract:

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33.

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

Downloads 61 (437,977)

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: 26 Jul 2021
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
Ecole Polytechnique Fédérale de Lausanne, 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 26 (618,704)

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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
Ecole Polytechnique Fédérale de Lausanne, 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 14 (712,049)

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

Swiss Finance Institute Research Paper No. 21-41
Number of pages: 79 Posted: 29 Jul 2021
Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James I. Vickery and Paul Willen
Ecole Polytechnique Fédérale de Lausanne, 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 14 (712,049)

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

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
Ecole Polytechnique Fédérale de Lausanne, 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 7 (771,792)

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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
Ecole Polytechnique Fédérale de Lausanne, 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
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34.

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

Downloads 59 (445,159)
Citation 13

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, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 26 (618,704)

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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 Oct 2021
Christopher L. Foote, Lara Loewenstein, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 20 (663,797)

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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, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 13 (720,543)
Citation 14

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35.

Insuring Consumption Using Income-Linked Assets

Downloads 56 (456,212)
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
Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 44 (515,463)

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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: 07 Oct 2021
Andreas Fuster and Paul Willen
Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Bank of Boston - Research Department
Downloads 12 (729,090)
Citation 1

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36.

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 55 (459,957)
Citation 21

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foreclosure, mortgage, house prices

37.

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

Downloads 42 (514,643)
Citation 40

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 22 (648,418)
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 Oct 2021
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 20 (663,797)
Citation 10

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38.

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

FRB of Boston Working Paper No. 19-11
Posted: 06 Dec 2019
Christopher L. Foote, Lara Loewenstein, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Boston, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 40 (524,043)

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mortgage underwriting, housing cycle, technological change, credit boom

39.

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

Downloads 36 (543,915)

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

Number of pages: 59 Posted: 12 Feb 2021
David Hao Zhang and Paul Willen
Harvard University and Federal Reserve Bank of Boston - Research Department
Downloads 30 (591,820)

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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: 07 Oct 2021
David Hao Zhang and Paul Willen
Harvard University and Federal Reserve Bank of Boston - Research Department
Downloads 6 (780,491)
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40.

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: 22 Oct 2021
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 36 (543,915)

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41.

Foreclosure Externalities: Some New Evidence

Downloads 33 (559,972)
Citation 48

Foreclosure Externalities: Some New Evidence

NBER Working Paper No. w18353
Number of pages: 47 Posted: 08 Sep 2012 Last Revised: 26 Aug 2021
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 19 (671,695)
Citation 18

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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 14 (712,049)
Citation 1

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

42.

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
Ecole Polytechnique Fédérale de Lausanne, 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 21 (635,559)

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

43.

Evaluating the Benefits of a Streamlined Refinance Program

Downloads 21 (635,559)

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, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 13 (720,543)

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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, Lara Loewenstein and Paul Willen
Federal Reserve Bank of Atlanta, Federal Reserve Bank of BostonFederal Reserve Bank of Cleveland and Federal Reserve Bank of Boston - Research Department
Downloads 8 (763,366)

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44.

Evaluating Policies to Prevent Another Crisis: An Economist&Apos;S View

NBER Working Paper No. w20100
Number of pages: 40 Posted: 14 May 2014 Last Revised: 04 Jun 2021
Paul Willen
Federal Reserve Bank of Boston - Research Department
Downloads 12 (702,278)

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45.

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 2021
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 4 (765,017)
Citation 4

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46.

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
Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Bank of Boston - Research Department

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47.

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
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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48.

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

49.

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 - Faculty of Economic and Business Sciences and Federal Reserve Bank of Boston - Research Department

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