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Details about Paul S. Willen

Homepage:https://sites.google.com/view/willenresearch/home
Workplace:Economic Research, Federal Reserve Bank of Boston, (more information at EDIRC)

Access statistics for papers by Paul S. Willen.

Last updated 2019-12-04. Update your information in the RePEc Author Service.

Short-id: pwi457


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Working Papers

2019

  1. Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications
    Working Papers, Federal Reserve Bank of Cleveland Downloads
    Also in Working Papers, Federal Reserve Bank of Boston (2016) Downloads View citations (37)
    NBER Working Papers, National Bureau of Economic Research, Inc (2016) Downloads View citations (15)

2018

  1. Maybe Some People Shouldn’t Own (3) Homes
    2018 Meeting Papers, Society for Economic Dynamics Downloads
  2. Technological Innovation in Mortgage Underwriting and the Growth in Credit: 1985-2015
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (1)

2017

  1. Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta Downloads View citations (59)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2015) Downloads View citations (12)
    Working Papers, Federal Reserve Bank of Boston (2015) Downloads View citations (12)

    See also Journal Article in Review of Financial Studies (2018)
  2. Mortgage-default research and the recent foreclosure crisis
    Working Papers, Federal Reserve Bank of Boston Downloads
    See also Journal Article in Annual Review of Financial Economics (2018)
  3. The Time-Varying Price of Financial Intermediation in the Mortgage Market
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (6)
    Also in Staff Reports, Federal Reserve Bank of New York (2017) Downloads View citations (3)
    Working Papers, Federal Reserve Bank of Boston (2017) Downloads View citations (3)

2015

  1. Payment size, negative equity, and mortgage default
    Staff Reports, Federal Reserve Bank of New York Downloads View citations (13)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2012) Downloads View citations (4)
    NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (4)

    See also Journal Article in American Economic Journal: Economic Policy (2017)
  2. The Failure of supervisory stress testing: Fannie Mae, Freddie Mac, and OFHEO
    Working Papers, Federal Reserve Bank of Boston Downloads View citations (2)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2015) Downloads View citations (2)

2014

  1. Evaluating Policies to Prevent another Crisis: An Economist's View
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads
  2. The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (2)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2013) Downloads View citations (1)

    See also Journal Article in American Economic Journal: Economic Policy (2015)
  3. Tight credit conditions continue to constrain the housing recovery
    Current Policy Perspectives, Federal Reserve Bank of Boston Downloads
    See also Journal Article in Macro Bulletin (2014)

2013

  1. Occupation-level income shocks and asset returns: their covariance and implications for portfolio choice
    Working Papers, Federal Reserve Bank of Boston Downloads View citations (2)
    Also in CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago (2000) Downloads View citations (38)
    NBER Working Papers, National Bureau of Economic Research, Inc (2000) Downloads View citations (37)

    See also Journal Article in Quarterly Journal of Finance (QJF) (2013)

2012

  1. Foreclosure externalities: Some new evidence
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (16)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2012) Downloads View citations (22)
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2012) Downloads View citations (16)
  2. Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (47)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2012) Downloads View citations (46)
    Public Policy Discussion Paper, Federal Reserve Bank of Boston (2012) Downloads View citations (49)

2011

  1. Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (4)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2011) Downloads View citations (2)
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2011) Downloads View citations (2)

    See also Journal Article in Journal of Urban Economics (2013)

2010

  1. $1.25 Trillion is still real money: some facts about the effects of the Federal Reserve’s mortgage market investments
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (31)
  2. A profile of the mortgage crisis in a low-and-moderate-income community
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (4)
  3. How effective were the Federal Reserve emergency liquidity facilities?: evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
    Supervisory Research and Analysis Working Papers, Federal Reserve Bank of Boston Downloads View citations (11)
    See also Journal Article in Journal of Finance (2013)
  4. Insuring Consumption Using Income-Linked Assets
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (2)
    Also in Working Papers, Federal Reserve Bank of Boston (2010) Downloads View citations (1)

    See also Journal Article in Review of Finance (2011)
  5. Reasonable people did disagree: optimism and pessimism about the U.S. housing market before the crash
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (5)
  6. What explains differences in foreclosure rates? a response to Piskorski, Seru, and Vig
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta Downloads View citations (5)
    Also in Working Papers, Federal Reserve Bank of Boston (2010) Downloads View citations (1)

2009

  1. Decomposing the foreclosure crisis: House price depreciation versus bad underwriting
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta Downloads View citations (6)
  2. Making sense of the subprime crisis
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (37)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2009) Downloads View citations (9)

    See also Journal Article in Brookings Papers on Economic Activity (2008)
  3. Reducing Foreclosures: No Easy Answers
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (32)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2009) Downloads View citations (23)

    See also Chapter (2010)
  4. Reducing foreclosures
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (14)
  5. Subprime mortgages, foreclosures, and urban neighborhoods
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta Downloads View citations (25)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2008) Downloads View citations (1)

    See also Journal Article in The B.E. Journal of Economic Analysis & Policy (2009)
  6. Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (12)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2009) Downloads View citations (21)
    Public Policy Discussion Paper, Federal Reserve Bank of Boston (2009) Downloads View citations (38)

    See also Journal Article in Journal of Monetary Economics (2013)

2008

  1. Negative equity and foreclosure: theory and evidence
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (199)
    See also Journal Article in Journal of Urban Economics (2008)
  2. Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
    2008 Meeting Papers, Society for Economic Dynamics Downloads View citations (9)
    Also in Working Papers, Federal Reserve Bank of Boston (2007) Downloads View citations (76)
  3. Subprime facts: what (we think) we know about the subprime crisis and what we don’t
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (19)
  4. Summary of "subprime outcomes: risky mortgages, homeownership experiences, and foreclosures"
    Proceedings, Federal Reserve Bank of Chicago View citations (4)

2007

  1. A summary of: \\"Do households benefit from financial deregulation and innovation? the case of mortgage market\\"
    Proceedings, Federal Reserve Bank of Chicago View citations (2)
  2. Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market
    Working Papers, Princeton University, Department of Economics, Center for Economic Policy Studies. Downloads View citations (7)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2007) Downloads View citations (15)
    Public Policy Discussion Paper, Federal Reserve Bank of Boston (2006) Downloads View citations (10)
  3. The theory of life-cycle saving and investing
    Public Policy Discussion Paper, Federal Reserve Bank of Boston Downloads View citations (8)

2006

  1. Collateralized Borrowing And Life-Cycle Portfolio Choice
    2006 Meeting Papers, Society for Economic Dynamics View citations (2)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2006) Downloads View citations (6)
    NBER Working Papers, National Bureau of Economic Research, Inc (2006) Downloads View citations (6)

2005

  1. Borrowing costs and the demand for equity over the life cycle
    Working Papers, Federal Reserve Bank of Boston Downloads View citations (31)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) Downloads View citations (5)

    See also Journal Article in The Review of Economics and Statistics (2006)

2004

  1. Educational Opportunity and Income Inequality
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (3)
    Also in Working Papers, Barcelona Graduate School of Economics (2003) Downloads
    Public Policy Discussion Paper, Federal Reserve Bank of Boston (2004) Downloads View citations (4)

    See also Journal Article in Journal of Public Economics (2005)
  2. Incomplete markets and trade
    Working Papers, Federal Reserve Bank of Boston Downloads View citations (6)
  3. Social Security and Unsecured Debt
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (4)
    Also in Public Policy Discussion Paper, Federal Reserve Bank of Boston (2004) Downloads View citations (4)

    See also Journal Article in Journal of Public Economics (2007)

2001

  1. Educational opportunity and the college premium
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra Downloads View citations (1)

2000

  1. On the Gains to International Trade in Risky Financial Assets
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (29)

Journal Articles

2018

  1. Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default
    Review of Financial Studies, 2018, 31, (3), 1098-1131 Downloads View citations (8)
    See also Working Paper (2017)
  2. Mortgage-Default Research and the Recent Foreclosure Crisis
    Annual Review of Financial Economics, 2018, 10, (1), 59-100 Downloads View citations (3)
    See also Working Paper (2017)

2017

  1. Payment Size, Negative Equity, and Mortgage Default
    American Economic Journal: Economic Policy, 2017, 9, (4), 167-91 Downloads View citations (15)
    See also Working Paper (2015)

2015

  1. Discussion of Arslan, Guler, and Taskin
    Journal of Money, Credit and Banking, 2015, 47, (S1), 171-174 Downloads
  2. Foreclosure externalities: New evidence
    Journal of Urban Economics, 2015, 87, (C), 42-56 Downloads View citations (45)
  3. The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums
    American Economic Journal: Economic Policy, 2015, 7, (1), 119-40 Downloads View citations (11)
    See also Working Paper (2014)

2014

  1. Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early Payment Defaults
    The Journal of Real Estate Finance and Economics, 2014, 49, (3), 352-378 Downloads View citations (3)
  2. Mandated Risk Retention in Mortgage Securitization: An Economist's View
    American Economic Review, 2014, 104, (5), 82-87 Downloads View citations (3)
  3. Tight credit conditions continue to constrain the housing recovery
    Macro Bulletin, 2014, 1-2 Downloads
    See also Working Paper (2014)

2013

  1. Do borrower rights improve borrower outcomes? Evidence from the foreclosure process
    Journal of Urban Economics, 2013, 73, (1), 1-17 Downloads View citations (34)
    See also Working Paper (2011)
  2. How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
    Journal of Finance, 2013, 68, (2), 715-737 Downloads View citations (55)
    See also Working Paper (2010)
  3. Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice
    Quarterly Journal of Finance (QJF), 2013, 03, (03n04), 1-53 Downloads View citations (2)
    See also Working Paper (2013)
  4. The rising gap between primary and secondary mortgage rates
    Economic Policy Review, 2013, (Dec), 17-39 Downloads View citations (13)
  5. Why don't Lenders renegotiate more home mortgages? Redefaults, self-cures and securitization
    Journal of Monetary Economics, 2013, 60, (7), 835-853 Downloads View citations (44)
    See also Working Paper (2009)

2011

  1. Decoding misperceptions: The role of underwriting and appropriate policy responses
    Journal of Policy Analysis and Management, 2011, 30, (2), 396-398 Downloads View citations (1)
  2. Insuring Consumption Using Income-Linked Assets
    Review of Finance, 2011, 15, (4), 835-873 Downloads View citations (3)
    See also Working Paper (2010)
  3. Understanding the foreclosure crisis
    Journal of Policy Analysis and Management, 2011, 30, (2), 382-388 Downloads View citations (6)

2010

  1. The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market
    Journal of Finance, 2010, 65, (1), 333-360 Downloads View citations (46)

2009

  1. A proposal to help distressed homeowners: a government payment-sharing plan
    Public Policy Brief, 2009 Downloads View citations (7)
  2. Subprime Mortgages, Foreclosures, and Urban Neighborhoods
    The B.E. Journal of Economic Analysis & Policy, 2009, 9, (3), 1-37 Downloads View citations (27)
    See also Working Paper (2009)

2008

  1. Just the facts: An initial analysis of subprime's role in the housing crisis
    Journal of Housing Economics, 2008, 17, (4), 291-305 Downloads View citations (32)
  2. Making Sense of the Subprime Crisis
    Brookings Papers on Economic Activity, 2008, 39, (2 (Fall)), 69-159 Downloads View citations (55)
    See also Working Paper (2009)
  3. Negative equity and foreclosure: Theory and evidence
    Journal of Urban Economics, 2008, 64, (2), 234-245 Downloads View citations (227)
    See also Working Paper (2008)

2007

  1. Social security and unsecured debt
    Journal of Public Economics, 2007, 91, (7-8), 1273-1297 Downloads View citations (17)
    See also Working Paper (2004)

2006

  1. Borrowing Costs and the Demand for Equity over the Life Cycle
    The Review of Economics and Statistics, 2006, 88, (2), 348-362 Downloads View citations (47)
    See also Working Paper (2005)

2005

  1. Educational opportunity and income inequality
    Journal of Public Economics, 2005, 89, (5-6), 841-870 Downloads View citations (30)
    See also Working Paper (2004)
  2. New financial markets: who gains and who loses
    Economic Theory, 2005, 26, (1), 141-166 Downloads View citations (6)

Chapters

2012

  1. US mortgage and foreclosure law
    Palgrave Macmillan Downloads View citations (1)

2011

  1. subprime mortgage crisis, the
    Palgrave Macmillan Downloads

2010

  1. Reducing Foreclosures: No Easy Answers
    A chapter in NBER Macroeconomics Annual 2009, Volume 24, 2010, pp 89-138 Downloads View citations (17)
    See also Working Paper (2009)
 
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