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

Research

email  Paul.Willen@bos.frb.org

617-973-3149

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Publications

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).

Working papers and other unpublished papers

"The Time-Varying Price of Financial Intermediation in the Mortgage Market" with Andreas Fuster and Stephanie Lo. FRB Boston Working Papers Series, paper no. 16-28 (2016).

"Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications." FRB Boston Working Paper Series, paper no. 16-12, (2016).

"Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default," with Kristopher Gerardi, Kyle F. Herkenhoff and Lee E. Ohanian. FRB Boston Working Paper Series, paper no. 15-13, (2015).

"The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO," with W. Scott Frame and Kristopher Gerardi. FRB Boston Working Paper Series, paper no. 15-4, (2015).

"Tight Credit Conditions Continue to Constrain the Housing Recovery," with Jordan Rappaport. FRB Boston Current Policy Perspectives Series, paper no. 14-1, (2014).

"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).