- Ph.D. (Economics), Yale University, May 1995.
- Diploma (Math. Statistics and Operations Research), University of Cambridge, June 1988.
- B.A. (Applied Mathematics), University of California, Berkeley, May 1987.
- Economic Advisor and Economist, Research Department, Federal Reserve Bank of Philadelphia, July 2011 – December 2013.
- Senior Economist, Research Department, Federal Reserve Bank of Philadelphia, June 2003 – June 2011.
- Adjunct Associate Professor, Finance Department, Wharton School, July 2006-
- Visiting Professor, Finance Department, Tel Aviv University, September 2010 - May 2011.
- Visiting Assistant Professor, Finance Department, Wharton School, University of
Pennsylvania, August 2002 – June 2003, August 1999 - June 2000.
- Assistant Professor, Department of Economics, Brown University, July 1994 – June 2002.
- Visiting Assistant Professor, Finance Department, NYU-Stern School, Fall 2000.
- Consultant in Fixed-Income Analytics, Kidder, Peabody & Co., NY, 1990 – 1993.
- “Concentration in Mortgage Markets: GSE Exposure and Risk-Taking in Uncertain Times,” with Deeksha Gupta and David Musto, Working Paper 20-04, January 2020.
- “Owner-Occupancy Fraud and Mortgage Performance,” with Aaron Payne and Sebastian Tilson, Working Paper 19-53, December 2019.
- “How Big Is the Wealth Effect? Decomposing the Response of Consumption to House Prices,” with S. Borağan Aruoba and Şebnem Kalemli-Özcan, Working Paper 19-06, January 2019.
- “Securitization and Mortgage Default,” Working Paper 15-15, March 2015.
- "Understanding House Price Index Revisions" with Joseph M. Silverstein and Tom Stark, Working Paper 14-38, December 2014.
- "Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages" with Philip Bond, Sharon Garyn-Tal, and David K. Musto, Working Paper 13-3/R, December 2012.
- "Bankruptcy: Is It Enough to Forgive or Must We Also Forget?" with Piero Gottardi, Working Paper 11-14, April 2011.
- "What 'Triggers' Mortgage Default?," with Nicholas S. Souleles, Souphala Chomsisengphet, Dennis Glennon, and Robert Hunt, Working Paper 10-13, April 2010.
- "Bankruptcy: Is It Enough to Forgive or Must We Also Forget?" with Piero Gottardi, Working Paper 07-10, March 2007.
Publications in Refereed Journals
- Does Junior Inherit: Refinancing and the Blocking Power of Second Mortgages, Review of Financial Studies 30:1, January 2017, p. 211-244. (with P. Bond, S. Garyn-Tal and D. Musto).
- Securitization and Mortgage Default, Journal of Financial Services Research 49:2, (June 2016), p. 281-309.
- Bankruptcy: Is It Enough to Forgive or Must We Also Forget? American Economic Journal — Microeconomics 7:4 (2015): 294–338 (with Piero Gottardi).
- What 'Triggers' Mortgage Default. American Economic Review 100 (2), p. 490-94 (with Nicholas Souleles et al.)
- Collateral, Credit History, and the Financial Decelerator, Journal of Financial Intermediation. 17:1 (January 2008), p. 63-88.
- Bankruptcy Exemptions, Credit History, and the Mortgage Market, Journal of Urban Economics 5 (January 2006), p. 171-188 (with S. Chomsisengphet).
- Forum-Shopping and Personal Bankruptcy, Journal of Financial Services Research 21:3
(June 2002), p. 233-255 (with N. Subramanian).
- Will You Marry Me? A Perspective on the Gender Gap, Journal of Economic Behavior and Organization 49:4 (December 2002), p. 549-572 (with J. Silva-Reus and O. Volij).
- Effectively Complete Equilibria – a Note, Journal of Mathematical Economics 32:1 (August 1999), p.113-119.
- Welfare-Improving Financial Innovation with a Single Good, Economic Theory 13:1 (January 1999), p. 25-40.
- Financial Innovation, Precautionary Saving and the Riskfree Rate, Journal of Mathematical Economics 27:1 (February 1997), p. 113-131.
- Welfare Effects of Financial Innovation in Incomplete Markets Economies with Several Consumption Goods, Journal of Economic Theory 65:1 (February 1995), p. 43-78.
Federal Reserve Bank of Philadelphia Business Review Articles
Federal Reserve Bank of Philadelphia Economic Insights Articles