• Senior Financial Economist, Federal Reserve Bank of Chicago 2008 - Present
• Financial Economist, Federal Reserve Bank of Chicago 2006 - 2008
• SVP, Credit Risk Management Executive, Bank of America 2004 - 2006
• VP, Financial Economist, Bank of America 2000 - 2004
• Senior Analyst, Health Products Research 1999 - 2000
   

• Visiting Associate Professor, Finance Department, Indian School of Business 2008-Present
• Consultant, World Bank-IFC 2008
• Adjunct Assistant Professor, Finance Department, DePaul University 2007
• Adjunct Assistant Professor, Finance Department, George Washington University 2005
• Instructor, Economics Department, University of Wisconsin - Milwaukee 1995 – 1998
  
• Consultant, Research Department, Bank of Uganda, Kampala, Uganda 1995
  
  

• Russell Sage Foundation Research Grant, November 2011
• Networks Financial Institute, Best Paper Award, January 2011
• TIAA-CREF Paul A. Samuelson Award, Certificate of Excellence, January 2011
• Terker Family Prizes in Investment Research Award, Wharton School of Business, January 2009
• Paolo Baffi Centre on Central Banking and Financial Regulation Award, May 2008
• Center for Financial Research Grant, Federal Deposit Insurance Corporation, April 2008
• Glucksman Institute Research Award, New York University, February 2008
• Consumer Financial Education and Research Award, TCAI, University of Arizona, October 2007 
• Center for Financial Research Grant, Federal Deposit Insurance Corporation, March 2006
• J Walter Elliot Award for Excellence in Macroeconomics - UWM 1995
  

• Financial Institutions: Relationship Lending, Asymmetric Information, Credit Scoring, Credit Cards, Pawn Lending, Pay Day Loans, Small Business Loans, Auto Loans, Cash for Clunkers, CAMELS, TALF, CRA
• Household Finance: Financial Education, Consumption, Savings, Tax Rebates, Minimum Wages, Unemployment
• Behavioral Economics: Learning, Social Capital, Cognitive Ability
• Law and Economics: Consumer Bankruptcy, Discrimination, Crime, State Exemption Laws
• Real Estate Finance: Securitization, Sub Prime Markets, Loan Modification, Home Equity, HAMP, Home-builders, Mortgage Refinancing
  

Books

• Household Credit Usage: Personal Debt and Mortgages, (with Ambrose, B )
  Palgrave-MacMillan Publishing, October, 2007

• Learning in the Credit Card Market (with Driscoll, J., X. Gabaix, and D. Laibson)
  American Economic Review, R&R 3rd round.
  La Crosse Tribune, Sepetember 20, 2007

• Optimal Mortgage Refinancing: A Closed Form Solution (with Driscoll, J., and D. Laibson)
  Journal of Money, Credit and Banking, revise and resubmit
  Mortgage Refinancing Calculator
  Chicago Tribune, June 3, 2007, Mortgage Banking Magazine, October 1, 2007, Christian Science Monitor, August 12, 2010, Wall Street Journal, September 18, 2010, Wall Street Journal, October 7, 2011

• Does Mandatory Loan Review Affect Mortgage Contract Choice and Performance (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff)
  Journal of Financial Economics, revise and resubmit
  Chicago Sun-Times, January 10, 2009 The New Republic, April 4, 2009

• Do Consumers Choose the Right Credit Contracts? (with Chomsisengphet, S., C. Liu, and N. Souleles)
  Review of Financial Studies, revise and resubmit

Publications

• The Consumption and Debt Response to Minimum Wage Increases (with Aaronson, D., and E. French)
  American Economic Review, forthcoming

• Adverse Selection in Mortgage Securitization (with Chang, Y., and A. Yavas)
  Journal of Financial Economics, forthcoming

• The Role of Securitization in Mortgage Renegotiation. (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff), JFE Version
Journal of Financial Economics, 2011, Vol. 102(3), Pp.559-578
• The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence. (with Ambrose, B., H. Huang, and Y. Yildirim), JFQA Version
Journal of Financial and Quantitative Analysis, 2011, Vol. 46(2), Pp. 553-584
• The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market (with Ambrose, B., S. Chomsisengphet, and C. Liu), JMCB Version
Journal of Money, Credit and Banking, 2011, Vol. 43(4), Pp. 633-655
• Consumer Bankruptcy and Default: The Role of Individual Social Capital (with Chomsisengphet, S. and C. Liu), JoEP Version
Journal of Economic Psychology, 2011, Vol. 32, Pp. 632-650
• Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Impact Your Probability of Default?(with Ambrose, B., S, Chomsisengphet, and A. Sanders )
  Real Estate Economics, forthcoming

• Internal Capital Allocation in a Diversified Firm: Evidence from the Annual Capital Expenditure Survey (with Chiu, I., and X. Souphom, G. Yamashiro), QREF Version
  Quarterly Review of Economics and Finance, 2011, Vol. 51, Pp. 162-172

• Who is Herding? Brokerage Firm Effects in Trading of Domestic and Foreign Investors in the Indonesian Stock Market (with Chiu, I., C. Liu, and G. Rhee), JFR Version
Journal of Financial Research, 2011, Vol. 34(3), Pp. 461-479
• The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations (with Chomsisengphet, S., and C. Liu), JMCB Version
  Journal of Money, Credit, and Banking, 2010, Vol. 42(4), Pp. 743-754

• Distance and Private Information in Lending (with Hauswald, R), RFS Version
  Review of Financial Studies, 2010, Vol. 23(7), Pp. 2757-2788

• Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff), AER Version
American Economic Review Papers and Proceedings, 2010, Vol. 100(2), Pp. 495-500
• The Age of Reason: Financial Decisions over the Lifecycle with Implications for Regulation (with Driscoll, J., X. Gabaix, and D. Laibson), BPEA Version, Online Appendix
Brookings Papers on Economic Activity, 2009, Vol. Fall, Pp. 51-117
The Wall Street Journal, March 22, 2007, Chicago Sun-Times, April 20, 2007, Chicago Tribune, April 29, 2007, The Washington Post, July 14, 2007, The Atlantic Monthly, September, 2007, MarketWatch, September 17, 2007, Chicago Sun-Times, September 24, 2007, Wall Street Journal, September 10, 2009, Investment News, September 11, 2009, Smart Money, November 20, 2009, The Oregonian, November 21, 2009, Canadian Business Magazine, December 7, 2009, Health Care Professionals, January 7, 2010, Financial Planning Magazine, April 1, 2010, Investors Chronicle, August 10, 2010, Yahoo Finance, Septepber 9, 2010, Scientific American, November 18, 2010, O, The Oprah Magazine, May, 2011, Kiplinger Magazine, June, 2011, Market Watch, October 5, 2011
• Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles? (with Skiba, P., and J. Tobacman)
  American Economic Review Papers and Proceedings, 2009, Vol. 99(2), Pp. 412-417
  The Wall Street Journal, October 9, 2009

• Bankruptcy Exemption Laws and the Market for Mortgages (with Chomsisengphet, S)
  Cityscape, 2009, Vol. 11(1), Pp. 101-112

• Why do Foreign Investors Under-Perform Domestic Investors in Trading Activities? Evidence from Indonesia (with Faircloth, S., C. Liu, and G. Rhee), JFM Version
  Journal of Financial Markets, 2009, Vol. 12, Pp. 32-53

• Investor Demand for Initial Public Offerings and Aftermarket Performance of These Firms: Evidence from the Hong Kong Stock Market (with Liu, C., and G. Rhee)
  Journal of International Financial Markets, Institutions, and Money, 2008, Vol. 18, Pp. 176-190

• Do Forbearance Plans Help Mitigate Credit Card Losses? (with Chomsisengphet, S., and L. Mielnicki)
  Journal of Family and Economic Issues, 2008, Vol. 29(2), Pp. 191-209 (Lead Article)

• Reaction of Consumer Spending and Debt to Tax Rebates: Evidence from Consumer Credit Data, (with Liu, C., and N. Souleles), JPE Version
  Journal of Political Economy, 2007, Vol. 115(6), Pp. 986-1019
  Los Angeles Times, January 19, 2008 , The Wall Street Journal, January 22, 2008 , Market Watch, January 29, 2008 , San Francisco Chronicle, February 5, 2008 , Slate, Newsweek February 7, 2008 , Wall Street Journal, April 30, 2008

• Earnings Management During Distinct Phases of Capital Demand: Evidence from Japanese Banks (with Chomsisengphet, S.,C. Liu, and G. Rhee)
  International Review of Economics and Finance, 2007, Vol. 16(3), Pp. 429-443

• Where Does Price Discovery Occur for Stocks Traded in Multiple Markets? Evidence from Hong Kong and London (with Liu, C., and G. Rhee)
  Journal of International Money and Finance, 2007, Vol. 26, Pp. 46-63

• The Impact of Homeowner's Housing Wealth Misestimation on Consumption and Saving Decisions
  Real Estate Economics , 2007, Vol. 35(2), Pp. 135-154 (Lead Article)
  Chicago Tribune, July 29, 2007

• An Empirical Analysis of Home Equity Loan and Line Performance (with Ambrose, B., S. Chomsisengphet, and C. Liu)
  Journal of Financial Intermediation, 2006, Vol. 15(4), Pp. 444-469

• Credit Quality and Credit Commitment (with Ambrose, B., and C. Liu)
  Journal of Money, Credit and Banking , 2006, Vol. 38(1), Pp. 1-22 (Lead Article)

• The Impact of Currency Crisis and Subsequent Policy Response on the Argentine Mortgage Market (with Chomsisengphet, S., and O. Hassler)
  Journal of Housing Economics,2005, Vol. 14(3), Pp. 242-270

• Impact of State Exemption Laws on Small Business Bankruptcy Decision (with Chomsisengphet, S., C. Liu, and L. Mielnicki)
  Southern Economic Journal, 2005, Vol. 71(3), Pp. 620-635

• Telecommunication and Economic Growth: A Panel Data Approach (with Dutta, A.)
  Applied Economics, 2004, Vol. 36(15), Pp. 1649-1654

• Financial Markets and Financing Choices of Firms: Evidence from Developing Countries (with Mohtadi, H.)
  Global Finance Journal, 2004, Vol. 15(1), Pp. 57-70

• Exemption Laws and Consumer Delinquency and Bankruptcy Behavior: An Empirical Analysis of Credit Card Data (with Liu, C., and L. Mielnicki)
  Quarterly Review of Economics and Finance, 2003, Vol. 43(2), Pp. 273-289

• Mortgages, Minorities, and Discrimination: A Bank-Specific Analysis (with Li, S., and L. Mielnicki)
  Housing Studies, 2003, Vol. 18(3), Pp. 303-311

• Determinants of Credit Card Delinquency and Bankruptcy: Macroeconomic Factors (with Liu, C)
  Journal of Economics and Finance, 2003, Vol. 27, Pp. 75-84

• The Asser-Backed Securities Market, The Crisis, and TALF (with Barrett, J. and C. DeNardi)
  Federal Reserve Bank of Chicago ProfitWise, April 2011, Pp. 8-16

• Loan Commitments and Private Firms (with Chomsisengphet, S., and J. Driscoll)
  Federal Reserve Bank of Chicago Economic Perspective, Q2 2011, Pp. 71-79

• Financial Counseling, Financial Literacy, and Household Decision Making(with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff)
  in Mitchell, O., and A. Lusardi (eds.)
  Financial Literacy: Implications for Retirement Security and the Financial Marketplace
  Oxford University Press, forthcoming, October 2011, Pp. 181-205
  Wall Streeet Journal, July 1, 2010

• Why aren't banks lending more? The role of commercial Real Estate (with Genay, H., and R. McMenamin)
  Chicago Fed Letters, #281, December 2010,

• What is The Age of Reason? (with Driscoll, J., X. Gabaix, and D. Laibson)
Center for Retirement Research, Issue in Brief, 2010, Vol. 10-12, Pp. 1-8

The Asset-Backed Securities Markets, the Crisis and TALF (with Barrett, J., C. Cun, and C. DeNardi)

Federal Reserve Bank of Chicago Economic Perspective, Q4 2010, Pp. 101-115

Consumer Behavior in Financial Markets: Financial Crisis and Policy Implications

ISB Insight, Cover Story, 2010, Vol. Summer 2010, Pp. 16-19

Rescuing Asset-backed Securities Markets (with Cun C., and C. DeNardi)

Chicago Fed Letters, #270, January 2010,

Determinants of Automobile Prepayment and Default (with Ambrose, B., and S. Chomsisengphet)

Federal Reserve Bank of Chicago Economic Perspective, Q3 2008, Pp. 17-28

Determinants of Small Business Default (with Chomsisengphet, S., and C. Liu)

in Christodoulakis, G., and S. Satchell (eds.)

The Analytics of Risk Model Validation

Palgrave-Macmillan Publishing, December 2007, Pp. 1-12

Information Asymmetry and the Automobile Loan Market (with Ambrose, B., and S. Chomsisengphet)

in Agarwal, S., and Ambrose, B, (eds.)

Household Credit Usage: Personal Debt and Mortgages

Palgrave-Macmillan Publishing, October, 2007, Pp. 93-116,

Business Week, August 10, 2007

Comparing the Prime and Subprime Mortgage Markets (with Ho, C)

Chicago Fed Letters, #241 August 2007

Reuters News, June 28, 2007

Distance and Lending Decisions, (with Hauswald, R )

in the Proceedings of the 42nd Bank Structure and Competition Conference,

Federal Reserve Bank of Chicago, May 2007, Pp. 183-204

Liberalization of Equity Markets, Capital Structure and Growth: Progress, Lessons and Challenges in Developing Countries,

in Banerjee P., and F. Richter (eds.)

Economic Institutions in India: Sustainability Under Liberalization and Globalization

Palgrave Macmillan Publishing, 2002, Pp. 99-120

Stock Market Development and Economic Growth: Preliminary Evidence from African Countries

Journal of Sustainable Development in Africa, Spring 2001

Assessing Real Sector Response to Stabilization and Structural Adjustment Program in Uganda: The Case of the Manufacturing Sector

Journal of Sustainable Development in Africa, Fall 2000

• Relationship Lending: Evidence from the Consumer Credit Market (with Chomsisengphet, S., C. Liu, and N. Souleles)

• Soft Information and Firm Monitoring (with Chomsisengphet, S., C. Liu, and N. Souleles)

• The Choice Between Informed and Arm's Length Debt (with Hauswald, R)

• Authority and Information (with Hauswald, R)

• Role of Collateral in Financial Decision Making (with Hauswald, R)

• Credit Scoring and Information in Large and Small Banks (with Hauswald, R)

• Asymmetric Information and Credit Card Securitization (with Ambrose, B., S. Chomsisengphet, and C. Liu)

• Joint Liability Lending and Default Behavior (with Ambrose, B., S. Chomsisengphet, and C. Liu)

• Living Likes the Jones: Evidence from Home Equity Cash Our Behavior (with Ambrose, B., S. Chomsisengphet, and C. Liu)

• Does it Pay to Read Your Junk Mail: Evidence on the Effect of Advertisement on Financial Decisions (with Ambrose, B) Online Appendix
• Credit Markets and Spending Aversion (with Chomsisengphet, S)

• Market Based Loan Mitigation Practices for Troubles Mortgages following the Mortgage Crisis (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff)
  The Washington Post, November 10, 2010

• Liquidation and Self-cure of Distressed Mortgages Following the Financial Crisis (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff)

• What Works in Loan Modification: Principal Reduction or Interest Rate Consessions (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff)

• The Politics of Mortgage Foreclosures (with Amromin, G., I. Ben-David, and S. Dinc)

• Financial Smoking Guns: High Frequency Links between Transactions and Crime (with Skiba, P., J. Tobacman)

• The Impact of Consumer Spending Dynamics and Debt on Bankruptcy Chapter Choice (with Liu, C., and Skiba, P)

• Do Bankrupt Households Lie about Debt and Assets? (with Chomsisengphet, S., and P. Skiba)

• Dismissal with Prejudice? Race and Politics in Personal Bankrutpcy (with Chomsisengphet, S., R. McManemin, and Skiba, P)

• The Subprime Virus: Theory and Evidence (with Ambrose, B and Y. Yildirim)

• Cognative Ability and Household Financial Decision Making (with Mazumder, B)
  Canadian Business, April 5, 2011

• Perverse Incentives at the Banks? -- Evidence from a Natural Experiment (with Wang, F)

• Subprime Mortgages, Speculation and Housing Bubbles (with Ambrose, B. A. Sanders, and S. Villupuram)

• Homebuilder, Affiliated Financing Arms and the Current Mortgage Crisis (withAmromin, G., A. Paulson, C. Gartenberg, and S. Villupuram)

• The Impact of Judicial Foreclosure Laws on Mortgage Approvals, Terms, and Performance (with Ambrose, B.,I. Ben-David, and S. Villupuram)

• Household Default Behavior in Chile: Theory and Evidence (with Bustos, A., and S. Chomsisengphet)

• New Loans, Existing Lines of Credit and Repayment (with Nakamura, E., E. Ravina, and J. Steinsson)

• Beyond Race and Gender: Financial Access of Low and Moderate Income Households (with Chomsisengphet, S. and C. Do)

• Why Do Banks Reward Their Customers to Use Their Credit Cards? (with Chakravorti, S. and A. Lunn)
  Wall Streeet Journal, December 28, 2010 , Time Magazine, December 29, 2010

• Discrimination in the Mortgage Market: Theory and Evidence (with Anwar, S., and M. Stephens)

• Financial Literacy and Financial Planning: Evidence from India (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff)
  Wall Streeet Journal, July 1, 2010 , Knowledge@Wharton, March 24, 2011 , Hindustan Times, May 15, 2011

• Do Second Liens Holdup First Lien Holders’ Modifications? (with Amromin, G., I. Ben-David, S. Chomsisengphet, and J. Zhang)

• Why do Borrowers make Mortgage Refinancing Mistakes? (with Rosen, R)

• Why do Consumers use Debit Cards when they have Credit Cards (with Bubna, A., and M. Lipscomb)

• Inconsistent Regulators: Evidence from Banking (with Lucca, D., A. Seru and F. Trebbi)
  Wall Streeet Journal, Jaunary 23, 2011

• Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program (with Amromin, G., I. Ben-David, S. Chomsisengphet, T. Piskorski, and A. Seru )

  How much did CRA impact bank lending standards?” (with Benmelech, E., N. Bergman, A. Seru)

  Rationality in the Consumer Credit Market: Choosing Between Alternative and Mainstream Credit (with Bos. M)

  Distance, Pawn Borrowing and the Choice of Pawnshops (with Bos. M)

  Cognitive Abilities and Pawn Lending (with Bos. M)

  Spending and Debt Response to State Sales Tax Holidays (with McGranahan, L)