We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...

This paper quantifies the welfare effects of a change in the nominal exchange rate using the example of the beer market. I estimate a structural econometric model that makes it possible to compute manufacturers' and retailers' pass-through of a nominal exchange-rate change, without observing...

Remarks at the University of Chicago Booth School of Business Annual U.S. Monetary Policy Forum, New York City.

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the Regional Economic Press Briefing, New York City.

Remarks at the Whitman School of Management at Syracuse University, Syracuse, New York.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.

Remarks at Queens College, Flushing, New York.