NYU Stern

Publications

TBA Trading and Liquidity in the Agency MBS Market
James Vickery and Joshua Wright, FRBNY Economic Policy Review, May 2013

Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks

Viral Acharya, Robert Engle and Matthew Richardson, American Economic Review Papers and Proceedings, May 2012 (forthcoming)

Securitization Without Risk Transfer
Viral Acharya, Philipp Schnabl and Gustavo Suarez, Journal of Financial Economics, January 2012

International Capital Flows and House Prices: Theory and Evidence

Jack Favilukis, David Kohn, Sydney Ludvigson, and Stijn van Nieuwerburgh, National Bureau of Economic Research Housing and the Financial Crisis, NBER, Cambridge, MA., Chapter 8, December, 2011

The Area and Population of Cities: New Insights from a Different Perspective on Cities
Xavier Gabaix, Hernan Rozenfeld, Diego Rybski, and Hernan Makse, American Economic Review, August 2011

Reforming the U.S. Housing Finance System: A Proposal
Viral Acharya, Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence White, Financial Development Report 2011, World Economic Forum, Chapter 1.4, 2011

Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007-09
Viral Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter, Foundations and Trends® in Finance, Vol. 4, No. 4, pp. 247-325, 2010

Towards a New Architecture for U.S. Mortgage Markets: The Future of the Government Sponsored Enterprises

Viral Acharya, Stanley Kon, Matthew Richardson, Sabri Oncu, Lawrence White, and Stijn Van Nieuwerburgh, Regulating Wall Street, edited by V. Acharya, T. Cooley, M. Richardson, and I. Walter, John Wiley and Sons, 2010

Why Has House Price Dispersion Gone Up?

Stijn Van Nieuwerburgh and Pierre-Olivier Weill, Review of Economic Studies, Vol. 77 (4), pp. 1567-1606, October 2010

Cities from Scratch

Brandon Fuller and Paul Romer, City Journal, Vol. 20, No. 4, Autumn 2010

Which Parts of Globalization Matter for Catch-Up Growth
Paul Romer, American Economic Review, Vol. 100, No. 2, pp. 94-98, May 2010

How Much Does Household Collateral Constrain Regional Risk Sharing?

Hanno Lustig and Stijn Van Nieuwerburgh, Review of Economic Dynamics, Vol. 13(2), pp. 265-294, April 2010

Technologies, Rules, and Progress: The Case for Charter Cities
Paul Romer, Center for Global Development, March 2010

What to Do About the Government Sponsored Enterprises?
Dwight Jaffee, Matthew Richardson, Lawrence White, Robert Wright, and Stijn Van Nieuwerburgh, Restoring Financial Stability: How to Repair a Failed System, edited by V. Acharya and and M. Richardson, John Wiley and Sons, Chapter 4, 2009

Mortgage Origination and Securitization in the Financial Crisis

Dwight Jaffee, Anthony Lynch, Matthew Richardson, and Stijn Van Nieuwerburgh, Restoring Financial Stability: How to Repair a Failed System, edited by V. Acharya and and M. Richardson, John Wiley and Sons, Chapter 1, 2009

Home Equity Insurance: A Pilot Project

Andrew Caplin, William N. Goetzmann, Eric Hangen, Barry J. Nalebuff, Elisabeth Prentice, John Rodkin, Matthew I. Spiegel and Tom Skinner, Housing Markets and the Economy, edited by E. Glaeser and J. Quigley, Lincoln Press, 2009

Mortgage Timing

Ralph Koijen, Otto Van Hemert, and Stijn Van Nieuwerburgh, Journal of Financial Economics, Vol. 93 (2), pp. 292-324, August 2009

Rectifying the Tax Treatment of Shared Appreciation Mortgages

Andrew Caplin, Noel Cunningham and Mitchell Engler, Tax Law Review, Vol. 62, pp. 505-538, September 2008

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market

Xavier Gabaix, Arvind Krishnamurthy and Olivier Vigneron, Journal of Finance, Vol. 62(2), pp. 557-595, April 2007

Mortgage-Backed Securities: Another Way to Finance Housing
Lawrence White, Financial System in US: Emerging Issues, edited by K.N. Rao, Icfai University Press, 2007

Shared Equity Mortgages, Housing Affordability, and Homeownership

Andrew Caplin, James Carr, Frederick Pollock and Zhong Yi Tong, Fannie Mae Foundation Special Report, Vol. 18, pp. 209-242, 2007

The Residential Real Estate Brokerage Industry: What Would More Vigorous Competition Look Like?

Lawrence White, Real Estate Law Journal, Summer 2006

On Truly Privatizing Fannie Mae and Freddie Mac: Why It’s Important, and How to Do It

Lawrence White, Housing Finance International, December 2005

Housing Collateral, Consumption Insurance and Risk Premia: an Empirical Perspective
Hanno Lustig and Stijn Van Nieuwerburgh, Journal of Finance, Vol. 60 (3), pp.1167-1219, June 2005

Fussing and Fuming at Fannie and Freddie: How Much Smoke, How Much Fire?
W. Scott Frame and Lawrence White, Journal of Economic Perspectives, Spring 2005

Regulating Housing GSEs: Thoughts on Institutional Structure and Authorities
W. Scott Frame and Lawrence White, Economic Review, Federal Reserve Bank of Atlanta, Q2 2004

The Evolution of City Size Distributions

Xavier Gabaix and Yannis Ioannides, Handbook of Regional and Urban Economics, Vol. 4, Chapter 53, edited by Vernon Henderson and Jacques Thisse, North-Holland, pp.2341-2378, 2004

Focusing on Fannie and Freddie: The Dilemmas of Reforming Housing Finance

Lawrence White, Journal of Financial Services Research, pp. 43-58, February 2003

Reforming Freddie and Fannie: Privatization is the Way
Lawrence White, FMA Online, 2002

The Reverse Mortgage Market: Problems and Prospects

Andrew Caplin, Innovations in Retirement Financing, University of Pennsylvania Press, edited by Olivia S. Mitchell, Zvi Bodie, Brett Hammond, and Steve Zeldes, pp. 234-253,2002

What's It All About?

Lawrence White, P. Wallison, ed., Public Purposes and Private Interests: Fannie Mae and Freddie Mac, Vol. I: Government Subsidy and Conflicting Missions, AEI, 2000

Zipf's Law for Cities: An Explanation

Xavier Gabaix, Quarterly Journal of Economics, 114 (3), pp.739-67. August 1999

Collateral Damage: How Refinancing Constraints Exacerbate Regional Recessions
Andrew Caplin, Charles Freeman and Joseph Tracy, Journal of Money, Credit and Banking, pp. 496-516, 1997

Housing Partnerships: A New Approach to a Market at a Crossroads
Andrew Caplin, Sewin Chan, Charles Freeman and Joseph Tracy, Cambridge and London: MIT Press, pp. xiv, 265, 1997

Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach
Jacob Boudoukh, Matthew Richardson, Richard Stanton, and Robert Whitelaw, Review of Financial Studies, Vol. 10, No. 2, pp. 405-446, 1997

Comments on 'The Privatization of Fannie Mae and Freddie Mac
Lawrence White, U.S. Department of Housing and Urban Development, Studies on Privatizing Fannie Mae and Freddie Mac, 1996

A New Strategy for Dynamically Hedging Mortgage-Backed Securities

Jacob Boudoukh, Matthew Richardson, Richard Stanton, and Robert Whitelaw, Journal of Derivatives, Vol. 2, No. 4, pp. 60-77, 1995

The Community Reinvestment Act: Good Intentions Headed in the Wrong Direction
Lawrence White, Fordham Urban Law Journal, 1993

How Good Are Two-Point Estimates of Urban Density Gradients and Central Densities?

Lawrence White, Journal of Urban Economics, July 1977

A Further Note on Density Functions and Average Distance from the Center
Lawrence White, Journal of Urban Economics, April 1977

The Tax Subsidy to Owner-Occupied Housing: Who Really Benefits?
Lawrence White and Michelle White, Journal of Public Economics, February 1977