Paul S. Willen
Paul S. Willen
Senior Economist and Policy Advisor


email  Paul.Willen@bos.frb.org


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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 Economics60(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).