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Senior Economic Advisor and Economist
Phone: (215) 574-3985
Fax: (215) 574-4303
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Current Working Papers
- "Housing over Time and over the Life Cycle: A Structural Estimation," with Haiyong Liu, Fang Yang, and Rui Yao, Working Paper 15-04, January 2015.
- "Recourse and Residential Mortgages: The Case of Nevada," with Florian Oswald, Working Paper 15-02, January 2015.
- "Using Bankruptcy to Reduce Foreclosures: Does Strip-Down of Mortgages Affect the Supply of Mortgage Credit?" with Ishani Tewari and Michelle J. White, Working Paper 14-35, December 2014.
- "The Anatomy of U.S. Personal Bankruptcy Under Chapter 13," with Hülya Eraslan, Gizem Koşar, and Pierre-Daniel Sarte, Working Paper 14-33, October 2014.
- "Mortgage Default, Foreclosure, and Bankruptcy" with Michelle White, NBER Working Paper W15472.
- "Housing over Time and over the Life Cycle: A Structural Estimation," with Haiyong Liu and Rui Yao, Working Paper 09-7, March 2009.
Publications in Refereed Journals
- "Home Production and Social Security Reform," with Michael Dotsey and Fang Yang, European Economic Review, accepted. View the online appendix for this paper. (178 KB)
- "Credit Access After Consumer Bankruptcy Filing: New Evidence," with Julapa Jagtiani, American Bankruptcy Law Journal, accepted.
- "Consumption and Time Use over the Life Cycle" (with Michael Dotsey and Fang Yang), International Economic Review (2014), pp. 665-692. View the online appendix for this paper. (176 KB)
- "Did Bankruptcy Reform Cause Mortgage Default Rates to Rise?" (with Michelle White and Ning Zhu), American Economic Journal: Economic Policy (2011), pp. 123-47.
- "The Homeownership Experience of Households in Bankruptcy" (with Sarah W. Carroll), Cityscape 13 (1) (2011), pp. 113-134.
- "Skill Shortages and Labor Market Outcomes in Central Europe" (with Zuzana Brixova and Tarif Yousef), Economic Systems 33(1) (March 2009), pp. 45-59.
- "The Life-Cycle Effects of House Price Changes," with Rui Yao, Journal of Money, Credit, and Banking (September 2007), pp. 1375-1409.
- "Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply," with Song Han, Journal of Financial Services Research (June 2007), pp. 132-52.
- "U.S. Consumer Bankruptcy Choice: The Importance of General Equilibrium Effects," with Pierre-Daniel Sarte, Journal of Monetary Economics (April 2006), pp. 613-31.
- "Progressive Taxation and Long-run Growth," with Pierre-Daniel Sarte, American Economic Review (December 2004), pp. 1705-1716.
- "Credit Market Frictions and Their Direct Effects on U.S. Manufacturing Fluctuations," with Pierre-Daniel Sarte, Journal of Economic Dynamics and Control (December 2003), pp. 419-43.
- "Firm Specific Learning and the Investment Behavior of Large and Small Firms," with John Weinberg, International Economic Review (May 2003), pp. 599-625.
- "On the Differential Impact of the Asian Crisis on the World Economy: A General Equilibrium Perspective," with Xinshen Diao and Erinc Yeldan, Pacific Economic Review (October 2002), pp. 519-43.
- "Entrepreneurship and Government Subsidies: A General Equilibrium Analysis," Journal of Economic Dynamics and Control (September 2002), pp. 1815-44.
- "Dynamics Employment and Hours Effects of Government Spending Shocks," with Mingwei Yuan, Journal of Economic Dynamics and Control (July 2000), pp. 1233-63.
Federal Reserve Bank of Philadelphia Business Review Articles
- “Smart Money or Dumb Money: Investors' Role in the Housing Bubble,” First Quarter 2015.
- “The Economics of Student Loan Borrowing and Repayment,” Third Quarter 2013.
- “The Economics of Household Leveraging and Deleveraging,” with Susheela Patwari, Third Quarter 2012.
- “American Dream or American Obsession? The Economic Benefits and Costs of Homeownership,” with Fang Yang, Third Quarter 2010.
- "Residential Housing and Personal Bankruptcy," Second Quarter 2009.
- "What Do We Know About Chapter 13 Personal Bankruptcy Filings?," Fourth Quarter 2007.
- "Your House Just Doubled in Value? Don't Uncork the Champagne Just Yet!" (with Rui Yao), First Quarter 2006.
- "Moving Up: Trend in Homeownership and Mortgage Indebtedness," First Quarter 2005.
- "Mortgage Foreclosure Prevention Efforts," with Kristopher Gerardi, Economic Review, Federal Reserve Bank of Atlanta (2010), 95(2), pp. 1-13.
- "To Forgive or Not to Forgive: An Analysis of U.S. Consumer Bankruptcy Choices," Federal Reserve Bank of Richmond Economic Quarterly (Spring 2001), pp. 1-22.
- "How the Asian Crisis Affected the World Economy: A General Equilibrium Perspective," with Xinshen Diao and Erinc Yeldan, Federal Reserve Bank of Richmond Economic Quarterly (Spring 2000), pp. 35-59.
- "Government Loan, Guarantee and Grant Programs: An Evaluation," Federal Reserve Bank of Richmond Economic Quarterly (Fall 1998), pp. 25-51.