Selected Publications in Refereed Journals

"Stress Tests and Small Business Lending" (with Kristle Kortes, Lei Li, Elena Loutskina, and Philip Strahan). Forthcoming. Journal of Financial Economics 

Fiscal Stimulus and Consumer Debt” (with Elena Loutskina and Daniel Murphy). Forthcoming. Review of Economics and Statistics

Moving to a Job: The Role of Home Equity, Debt, and Access to Credit” (with Dmytro Hryshko, Maria Luengo-Prado, and Bent Sorensen),  American Economic Journal: Macroeconomics, 2017, 9 (2): 149–181

Non-technical summary available here

Articles about this research in the Inside Mortgage Finance, and FoxBusiness.


Mortgage Companies and Regulatory Arbitrage” (with Elena Loutskina),  Journal of Financial Economics, 2016, Volume 122, Issue 2, Pages 328–351

Non-technical summary available here

Understanding the Subprime Mortgage Crisis” (with Otto Van Hemert), Review of Financial Studies, 24(6), 2011, pp. 1848-1880   (Google Scholar: 1,390+ CITATIONS. SSRN: 43,600+ DOWNLOADS)

Non-technical summary available here

U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income (with Charlotte Ostergaard and Bent Sorensen),  Journal of Finance 62, No. 6, 2007, pp. 2763-2801    (125+ CITATIONS)

Non-technical summary available here

General Publications in Refereed Journals

The Rise and Fall of Consumption in the ‘00s. A Tangled Tale (with Dmytro Hryshko, Maria Luengo-Prado, and Bent Sorensen). Economica. Forthcoming

Non-technical summary is available here.


The Impact of Missed Payments and Foreclosures on Credit ScoresQuarterly Review of Economics and Finance, 2017, Issue 64, Pages 108–119.               


Financial Crises and Bank Failures: A Review of Prediction Methods” (with Iftekhar Hasan), Omega—The International Journal of Management Science 38, 2010, pp. 315-324   (Google Scholar: 160+  CITATIONS)


Quick Exists of Subprime MortgagesFRB of St. Louis Review  91(2), March/April 2009, pp.79-93


Gains from Financial Integration in the European Union: Evidence for New and Old Members (with Vadym Volosovych),  Journal of International Money and Finance 27, 2008, pp. 277-294

Non-technical summary available here

U.S. Banking Deregulation and Self-Employment: A Differential Impact on Those in NeedJournal of Economics and Business 60, 2008, pp. 165-178


Risk Sharing and Portfolio Allocation in EMU” (with Charlotte Ostergaard and Bent Sorensen),  European Economy Economic Papers 334, July 2008 

Book Chapters

Ivo Pezzuto "Predictable and Avoidable: Repairing Economic Dislocation and Preventing the Recurrence of Crisis," Routledge: Taylor and Francis Group, London and New York, 2013

Alex Marsh and Kenneth Gibb “Housing Economics” Volume 2, SAGE Publications, April 2011

Kolb, Robert W. (ed.), Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, Hoboken, NJ: John Wiley & Sons, Inc., 2010.

Federal Reserve Publications

Three Myths about Peer-to-Peer Loans Economic Commentary (with Elena Loutskina and Daniel Kolliner), November 2017

Does Fiscal Stimulus Work when Recessions Are Caused by Too Much Private Debt?” Economic Commentary (with Elena Loutskina and Daniel Murphy), August 2016

Why Has Consumption Been So Volatile in the New Millennium?” Economic Commentary (with Dmytro Hryshko, María José Luengo-Prado, Daniel Kolliner, and Bent Sorensen), July 2015


A Gap in Regulation and the Looser Lending Standards that Followed” Economic Commentary (with Elena Loutskina), October 2014


Keeping the House or Moving for a Job” Economic Commentary (with Dmytro Hryshko, María José Luengo-Prado and Bent Sorensen), July 2013


The Myth of the Lock-In Effect” Forefront, Spring 2013


Americans Cut Their Debt” Economic Commentary (with Matthew Koepke), August 2012


Your Credit Score Is a Ranking, Not a Score” Economic Commentary, November 2010


Ten Myths about Subprime Mortgages” Economic Commentary, May 2009


Did Credit Scores Predict the Subprime Crisis?” Regional Economist, October 2008


Eight District States Weather the Mortgage Foreclosure Storm(with Michael Pakko) Regional Economist,  October 2008


Subprime Crisis: Is there a Way Out?” Central Banker, Spring 2008


Banking Deregulation Helps Small Business Owners Stabilize Their Income” (with Charlotte Ostergaard and Bent Sorensen), Regional Economist, April 2007


Subprime ARMs: Popular Loans, Poor Performance (with Yadav Gopalan), Bridges, Spring 2007


Income Inequality: Time for Predatory Lending Laws?” Regional Economist, October 2006. Reprinted in the Mortgage Press, April 2007

Economic Trends Articles

The Impact of Rising Student Loan Debt on Mortgage Borrowing (with Daniel Kolliner) 11.30.15


Peer-to-Peer Lending Is Poised to Grow (with Daniel Kolliner) 08.14.14


Household Credit Shifts Higher; Debt Burden Continues to Decline (with Daniel Kolliner) 03.10.14


Consumer Debt and the Housing Market (with Amy Higgins) 10.17.13


The Evolution of Debt Balances (with Samuel Chapman) 05.02.2013

Uneven Debt Burdens across the United States (with Samuel Chapman) 02.08.2013

Confidence and Consumption Show Signs of Life (with Samuel Chapman) 11.14.2012


A Tale of Two Types of Credit (with Matthew Koepke and Emily Burgen) 08.02.2012


Strategically Distressed (with Matthew Koepke) 05.01.2012


Are Consumers More Eager to Borrow? (with Matthew Koepke) 01.25.2012


Mortgage Market Struggles to Gain Footing (with Matthew Koepke) 11.29.11


Mortgage Market Continues to Struggle (with Matthew Koepke) 08.31.11


Mortgage Originations Struggle to Stay Afloat (with Matthew Koepke) 05.31.11


Mortgage Originations—A Mixed Bag (with Matthew Koepke) 02.28.11

Mortgage Borrowers Deleverage (with Matthew Koepke) 11.22.10

Where Does the Mortgage Market Go from Here? (with Matthew Koepke) 08.27.10


Has the Mortgage Market Run Out of Steam? (with Kent Cherny) 05.21.10


An Update on Banks’ Commercial Real Estate Exposure (with Kent Cherny) 01.12.10


Bank Exposure to Commercial Real Estate (with Kent Cherny), 08.11.09

The Credit Environment for Business Loans (with Kent Cherny and Saeed Zaman) 05.28.09

Other Publications


Subprime Mortgages: Myths and Reality (with Kent Cherny), Vox Column (

The Subprime Mortgage Crisis: Could We Have Seen it Coming? (with Otto Van Hemert), STERNbusiness, Spring-Summer 2008. Reprinted at the MBA Channel on 10-13-2008

Gains from Risk-Sharing in the EU” (with Vadym Volosovych), The World Bank, Beyond Transition, January - March 2007, Volume 18 No. 1