Education

Ph.D., economics, Yale University, 1997

M. Phil., economics, Yale University, 1995

M.A., economics, Yale University, 1994

B.A., economics, Williams College, 1990

Work experience

Federal Reserve Bank of Boston

Senior Economist and Policy Advisor, 2007-
Senior Economist, 2004-2006

 

Massachusetts Institute of Technology

Visiting Associate Professor of Economics,
Department of Economics, Fall 2006

 

National Bureau of Economic Research

Faculty Research Fellow, 2004-

 

University of Chicago

Assistant Professor, Graduate School of Business, 2000-2004

 

Princeton University

Assistant Professor, Department of Economics, 1997-2000

Publications

Refereed journal articles

"Negative Equity and Foreclosure: Theory and Evidence," with Christopher Foote and Kristopher Gerardi. Journal of Urban Economics, forthcoming.

"Social Security and unsecured debt" with Erik Hurst. 2006. Forthcoming, Journal of Public Economics.

“Borrowing Costs and the Demand for Equity over the Life Cycle.” with Steven J. Davis and Felix Kubler. The Review of Economica and Statistics, 88(2):348-362. A previous version of this paper appeared as FRB Boston Working Papers Series, paper no. 05-7 (2005).

“Educational Opportunity and Income Inequality.” with Igal Hendel and Joel Shapiro. 2005. Journal of Public Economics 89:841-870. A previous version of this paper appeared as FRB Boston Public Policy Discussion Papers Series, paper no. 04-5 (2004).

“New Financial Markets: Who Gains and Who Loses” 2005. Economic Theory 26(1):141-166.

“Discussion of Jonathan Parker's 'The Consumption Risk of the Stock Market'” Brookings Papers on Economic Activity. no 2 (2001).

Books and book chapters

“Income Shocks, Asset Returns, and Portfolio Choice,” with S. Davis, in Innovations in Retirement Financing, Zvi Bodie, Brett Hammond and Olivia Mitchell, eds., Philadelphia: University of Pennsylvania Press, 2001.

Working papers and other unpublished papers

"Negative Equity and Foreclosure: Theory and Evidence," with Christopher Foote and Kristopher Gerardi. FRB Boston Public Policy Discussion Papers Series, paper no. 08-3. (2008)

"Subprime Facts: What (We Think) We Know about the Subprime Crises and What We Don't," with Christopher Foote, Kristopher Gerardi and Lorenz Goette. FRB Boston Public Policy Discussion Papers Series, paper no. 08-2 (2008).

“Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures,” with Kristopher Gerardi and Adam Hale Shapiro. FRB Boston Working Papers Series, paper no. 07-15 (2007).

“The Theory of Life-Cycle Saving and Investing,” with Zvi Bodie and Jonathan Treussard. FRB Boston Public Policy Discussion Papers Series, paper no. 07-3 (2007).

“Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market,” with Kristopher Gerardi and Harvey Rosen. FRB Boston Public Policy Discussion Papers Series, paper no. 06-6 (2006).

“Collateralized Borrowing and Life-Cycle Portfolio Choice,” with Felix Kubler. FRB Boston Public Policy Discussion Papers Series, paper no. 06-4 (2006).

“Borrowing Costs and the Demand for Equity over the Life Cycle,” with Steven J. Davis and Felix Kubler. FRB Boston Public Policy Discussion Papers Series, paper no. 05-7 (2005) and NBER Working Paper 9331.

“Social Security and Unsecured Debt,” with Erik Hurst. FRB Boston Public Policy Discussion Papers Series, paper no. 04-10 (2004).

“Incomplete Markets and Trade.” FRB Boston Working Papers Series, paper no. 04-8 (2004).

“Educational Opportunity and Income Inequality,” with Igal Hendel and Joel Shapiro. FRB Boston Public Policy Discussion Papers Series, paper no. 04-5 (2004).

“Social Security and Unsecured Debt,” with Erik Hurst. NBER Working Paper 10282. (2004).

“Borrowing Costs and the Demand for Equity Over the Life-Cycle,” with Steven Davis and Felix Kubler. NBER Working Paper 9331. (Revised October 2003).

“On the Gains to International Trade in Risky Financial Assets,” with Steven Davis and Jeremy Nalewaik. NBER Working Paper 7796. (Revised September 2001).

“Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice," with Steven Davis. NBER Working Paper 7905 (August 2000).

Other material

“Risk, Return and Self-Employment,” with Harvey Rosen. (July 2002).

“Using Financial Assets to Hedge Labor Income Risks: Estimating the Benefits,” with Steven Davis. Manuscript (March 2000).

“Welfare, Self-Insurance and Financial Innovation in Dynamic Incomplete Markets Models.” Manuscript (July 1999).

“The Effect of Financial Sophistication on the Trade Balance” (December 1998).

Public service

Referee: Review of Economic Studies, Econometrica, American Economic Review, Journal of Economic Theory, Journal of Political Economy, National Science Foundation, Review of Economic Dynamics, Journal of International Economics, Review of Financial Studies, Review of Economic Dynamics, Journal of Economic Dynamics and Control, BE Journals in Macroeconomics.

Recent seminar presentations: Boston College, Boston University, University of Chicago, Federal Reserve Board, Federal Reserve Banks of Boston, Chicago, Cleveland, and New York, Harvard, Northwestern, University of Venice, Wharton.

Recent conference presentations: American Economic Association Meetings (2007),Federal Reserve Macro System Meeting (Spring, Fall 2006), SED Meetings (Summer 2006), Econometric Sociewty Meetings (Summer 2006), NBER Summer Institute (Summer 2006), Federal Reserve Micro System Meeting (Spring 2006), Cowles-CARESS GE Conference (Spring 2006), Western Finance Association (Summer 2004).