Paul S. Willen

Senior Economist and Policy Advisor
Research Department
T: 617-973-3149
F: 617-973-2123
Paul.Willen@bos.frb.org
Paul Willen's research page offsite
 
Primary fields of research:
Macroeconomics, finance

Paul Willen is a senior economist and policy advisor in the research department of the Federal Reserve Bank of Boston. Paul's research focuses on household financial management; recently he has spent much of his time studying mortgage markets. His research appears in the Review of Economics and Statistics, Economic Theory, the Journal of Finance, the Journal of Public Economics, the Journal of Urban Economics, the NBER Macro Annual, the Brookings papers on Economic Activity, and elsewhere. Paul's research on the origins of the subprime crisis has appeared in scholarly journals and has been cited in virtually every major newspaper in the United States. Prior to joining the Boston Fed in 2004, Paul was on the faculty at Princeton and the University of Chicago. He has also been a visiting member of the faculty at MIT in each of the last three years. Paul did his undergraduate work at Williams College and got his Ph.D. from Yale University.

For Paul's commentary on current issues in real estate research, see the Atlanta Fed's "Real Estate Research" blog. offsite


  • Education
  • Work
    Experience
  • Selected
    Publications
  • Recent
    Unpublished Papers
  • Public
    Service

Ph.D., economics, Yale University, 1997

M. Phil., economics, Yale University, 1995

M.A., economics, Yale University, 1994

B.A., economics, Williams College, 1990

 

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

Refereed Journal Articles

"Mandated Risk Retention in Securitization: An Economist's View." 2014. American Economic Review, Papers and Proceedings, forthcoming.

"Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice." With Steve Davis. 2014. Quarterly Journal of Finance, forthcoming.

"Evaluating Policies to Prevent Another Crisis: An Economist's View," 2014. Cato Papers on Public Policy, forthcoming.

"Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults." With Manuel Adelino and Kris Gerardi. Journal of Real Estate Finance and Economics, forthcoming.

"Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitizations." With Manuel Adelino and Kris Gerardi. 2013. Journal of Monetary Economics 60(7):835-853.

"Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process." With Kris Gerardi and Lauren Lambie-Hanson. 2013. Journal of Urban Economics, 73(1):1-17.

"How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility." With Burcu Duygan-Bump, Patrick Parkinson, Eric Rosengren and Gustavo A. Suarez. 2013 The Journal of Finance 68(2):715-737.

"Insuring Consumption Using Income-Linked Assets." 2011. With Andreas Fuster. Review of Finance 15(4):835-873.

"Reducing Foreclosures." with Christopher Foote, Kristopher S. Gerardi and Lorenz Goette. NBER Macroeconomics Annual, 2009 :69-159.

"The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market." with Kristopher S. Gerardi and Harvey Rosen. 2010 Journal of Finance, 65(1): 333-360.

"Subprime Mortgages, Foreclosures, and Urban Neighborhoods." with Kristopher S. Gerardi. 2009 BE Journal of Economic Analysis and Policy, a (3, symposium): Article 12.

"Making Sense of the Subprime Crisis." with Kristopher S. Gerardi, Andreas Lehnert, and Shane Sherlund. Brookings Papers on Economic Activity, Fall: 69-145.

"Just the Facts: An Initial Analysis of the Subprime Crisis." with Christopher Foote, Kristopher S. Gerardi and Lorenz Goette. 2008. Journal of Housing Economics, 17(4): 291-305.

"Negative Equity and Foreclosure: Theory and Evidence," with Christopher Foote and Kristopher S. Gerardi. 2008. Journal of Urban Economics, 64(2): 234-245.

"Social Security and Unsecured Debt" with Erik Hurst. 2007. Journal of Public Economics, 91: 1273-1297

“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).

 

 

"Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice," with Steven J. Davis. FRB Boston Working Paper Series, paper no. 13-9, (2013).

"The Role of Proximity in Foreclosure Externalities: Evidence From Condominiums," with Lynn M. Fisher and Lauren Lambie-Hanson. FRB Boston Public Policy Discussion Paper Series, paper no. 13-2 (2013).

"Payment Size, Negative Equity, and Mortgage Default," with Andreas Fuster. FRB Boston Public Policy Discussion Paper Series, paper no. 12-10, (2012).

"Foreclosure Externalities: Some New Evidence," with Kristopher S. Gerardi, Eric Rosenblatt and Vincent W. Yao. FRB Boston Public Policy Discussion Paper Series, paper no. 12-5, (2012).

"Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis," with Christopher L. Foote and Kristopher S. Gerardi. FRB Boston Public Policy Discussion Paper Series, paper no. 12-2, (2012).

"Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process," with Kristopher Gerardi and Lauren Lambie-Hanson. FRB Boston Public Policy Discussion Paper Series, paper no. 11-9, (2011).

"A Profile of the Mortgage Crisis in a Low-and-Moderate-Income Community," with Lynn Fisher and Lauren Lambie-Hanson. FRB Boston Public Policy Discussion Paper Series, paper no. 10-6, (2010).

"Reasonable People Did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash," with Kristopher S. Gerardi and Christopher L. Foote. FRB Boston Public Policy Discussion Paper Series, paper no. 10-5, (2010).

"$1.25 Trillion is Still Real Money: Some Facts About the Effects of the Federal Reserve's Mortgage Market Investments," with Andreas Fuster. FRB Boston Public Policy Discussion Paper Series, paper no. 10-4 (2010)

"How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility," with Burcu Duygan-Bump, Patrick M. Parkinson, Eric S. Rosengren and Gustavo A. Suarez. FRB Boston QUA Working Paper Series, paper no. 10-3 (2010)

"What Explains Differences In Foreclosure Rates? A Response to Piskorski, Seru, and Vig," with Manuel Adelino and Kristopher Gerardi. FRB Boston Working Paper Series, paper no. 10-2 (2010)

"Insuring Consumption Using Income-Linked Assets," with Andreas Fuster. FRB Boston Working Paper Series, paper no. 10-1 (2010)

"A Proposal to Help Distressed Homeowners: A Government Payment-Sharing Plan," with Chris Foote, Jeff Fuhrer and Eileen Mauskopf. FRB Boston Public Policy Brief Series, paper no. 09-1 (2009)

"Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization," with Manuel Adelino and Kristopher S. Gerardi. FRB Boston Public Policy Discussion Paper Series, no. 09-4 (2009)

"Reducing Foreclosures," with Christopher Foote, Kristopher S. Gerardi and Lorenz Goette. FRB Boston Public Policy Discussion Papers Series, paper no. 09-2 (2009).

"Making Sense of the Subprime Crisis," with Kristopher S. Gerardi, Andreas Lehnert, and Shane M. Sherland. FRB Boston Public Policy Discussion Papers Series, paper no. 09-1 (2009)

Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures,” with Kristopher S. 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).

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

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

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).