Professional Experience

• • Deputy Director, Office of Financial Stability Policy and Research

    Board of Governors of the Federal Reserve System

  • 2010 - present

• • Assistant Director, Division of Research & Statistics

    Board of Governors of the Federal Reserve System

  • 2009 - 2010

• • Chief, Household and Real Estate Finance Section

    Board of Governors of the Federal Reserve System

  • 2007 - 2009

• • Visiting Researcher

    Tax Policy Center, Urban Institute, Washington D.C.

  • 2006

• • Senior Economist

    Board of Governors of the Federal Reserve System

  • 2004 - 2007

• • Economist

    Board of Governors of the Federal Reserve System

  • 1998 - 2004

• • Research Affiliate

    Joint Center for Poverty Research, Chicago, Illinois

  • 1997 - 1998

Publications

• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2010). "The Incentives of Mortgage Servicers: Myths and Realities," in Kolb, Robert W. ed., Lessons from the Financial Crisis. Hoboken, NJ: John Wiley & Sons, pp. 231-237.
• Dick, Astrid A., and Andreas Lehnert (2010). "Personal Bankruptcy and Credit Market Competition," Journal of Finance, vol. 65, no. 2, pp. 655-686.
• Lehnert, Andreas (2010). "Residential Mortgages," in Berger, Allen,N., Philip Molyneux and John O. Wilson S. eds., The Oxford Handbook of Banking. Oxford and New York: Oxford University Press, pp. 565-598.
• Chu, Chenghuan Sean, Andreas Lehnert, and Wayne Passmore (2009). "Strategic Trading in Multiple Assets and the Effects on Market Volatility," International Journal of Central Banking, vol. 5, no. 4, pp. 143-172.
• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2009). "Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program," Uniform Commercial Code Law Journal, vol. 42, no. 1, pp. 1-32.
• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2009). "The Incentives of Mortgage Servicers: Myths and Realities," Uniform Commercial Code Law Journal, vol. 41, no. 4, pp. 347-374.
• Gerardi, Kristopher, Andreas Lehnert, Shane M. Sherlund, and Paul Willen (2008). "Making Sense of the Subprime Crisis," Brookings Papers on Economic Activity,pp. 69-145.
• Davis, Morris A., Andreas Lehnert, and Robert F. Martin (2008). "The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing," Review of Income and Wealth, vol. 54, no. 2, pp. 279-284.
• Lehnert, Andreas, Wayne Passmore, and Shane M. Sherlund (2008). "GSEs, Mortgage Rates, and Secondary Market Activities," Journal of Real Estate Finance and Economics, vol. 36, no. 3, pp. 343-363.
• Lehnert, Andreas, and Wayne Passmore (2006). "Comment on 'an Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac'," Journal of Monetary Economics, vol. 53, no. 1, pp. 177-182.
• Passmore, S. Wayne, Diana Hancock, Andreas W. Lehnert, and Shane M. Sherlund (2006). "The Federal Reserve's Research on Government-Sponsored Enterprises," In Proceedings of the 42nd Annual Conference on Bank Structure and Competition. Chicago IL: Federal Reserve Bank of Chicago, pp. 90-101.
• Canner, Glenn B., Elizabeth Laderman, Andreas Lehnert, and S. Wayne Passmore (2002). "Measuring the CRA Subsidy in Mortgage Markets," In Proceedings of the 38th Annual Conference on Bank Structure and Competition, Chicago IL: Federal Reserve Bank of Chicago, pp. 429-441.
• Engen, Eric M., and Andreas Lehnert (2000). "Mutual Funds and the U.S. Equity Market," Federal Reserve Bulletin, vol. 86, no. 12, pp. 797-812.
• Lehnert, Andreas, Ethan Ligon, and Robert M. Townsend (1999). "Liquidity Constraints and Incentive Contracts," Macroeconomic Dynamics, vol. 3, no. 1, pp. 1-47.
• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2009). "Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program," Finance and Economics Discussion Series 2009-43. Board of Governors of the Federal Reserve System (U.S.).
• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2008). "The Incentives of Mortgage Servicers: Myths and Realities," Finance and Economics Discussion Series 2008-46. Board of Governors of the Federal Reserve System (U.S.).
• Hancock, Diana, Andreas Lehnert, Wayne Passmore, and Shane M. Sherlund (2006). "The Competitive Effects of Risk-Based Bank Capital Regulation: An Example from U.S. Mortgage Markets," Finance and Economics Discussion Series 2006-46. Board of Governors of the Federal Reserve System (U.S.).
• Lehnert, Andreas, Wayne Passmore, and Shane M. Sherlund (2006). "GSEs, Mortgage Rates, and Secondary Market Activities," Finance and Economics Discussion Series 2006-30. Board of Governors of the Federal Reserve System (U.S.).
• Lehnert, Andreas, Wayne Passmore, and Shane M. Sherlund (2005). "GSEs, Mortgage Rates, and Secondary Market Activities," Finance and Economics Discussion Series 2005-07. Board of Governors of the Federal Reserve System (U.S.).
• Passmore, S. Wayne, Diana Hancock, Andreas Lehnert, and Shane M. Sherlund (2005). "An Analylsis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization," in Basel II White Paper. Washington, D.C.: Board of Governors of the Federal Reserve System.
• Lehnert, Andreas (2004). "Housing, Consumption, and Credit Constraints," Finance and Economics Discussion Series 2004-63. Board of Governors of the Federal Reserve System (U.S.).
• Canner, Glenn B., Elizabeth Laderman, Andreas Lehnert, and Wayne Passmore (2002). "Does the Community Reinvestment Act (CRA) Cause Banks to Provide a Subsidy to some Mortgage Borrowers?" Finance and Economics Discussion Series 2002-19. Board of Governors of the Federal Reserve System (U.S.).
• Dupor, William D., and Andreas Lehnert (2002). "Increasing Returns and Optimal Oscillating Labor Supply," Finance and Economics Discussion Series 2002-22. Board of Governors of the Federal Reserve System (U.S.).
• Lehnert, Andreas, and Dean M. Maki (2002). "Consumption, Debt and Portfolio Choice: Testing the Effect of Bankruptcy Law," Finance and Economics Discussion Series 2002-14. Board of Governors of the Federal Reserve System (U.S.).
• Lehnert, Andreas, and Wayne Passmore (1999). "Pricing Systemic Crises: Monetary and Fiscal Policy when Savers are Uncertain," Finance and Economics Discussion Series 1999-33. Board of Governors of the Federal Reserve System (U.S.).
• Lehnert, Andreas, and Wayne Passmore (1999). "The Banking Industry and the Safety Net Subsidy," Finance and Economics Discussion Series 1999-34. Board of Governors of the Federal Reserve System (U.S.).
• Lehnert, Andreas (1998). "Asset Pooling, Credit Rationing, and Growth," Finance and Economics Discussion Series 1998-52. Board of Governors of the Federal Reserve System (U.S.).

Presentations

• conference

  October 2011

  IMF Stress Testing/U.S. SCAP Workshop

  Macroeconomic Scenarios for Stress Testing

• discussion

  June 2011

  AREUEA Mid-Year Meetings

  Subprime Mortgages, Mortgage Choice, and Hyperbolic Discounting

• discussion

  February 2011

  UC Irvine Center for Real Estate Symposium

  Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?

• conference

  June 2010

  Federal Reserve Bank of Cleveland Policy Summit

  Why Are Mortgage Modifications So Hard?

• discussion

  July 2007

  NBER Economics of Real Estate and Local Public Finance Summer Institute

  Secondary Markets, Risk, and Access to Credit: Evidence from the Mortgage Market

• discussion

  October 2009

  NBER Household Finance Working Group

  Did Securitization Increase Foreclosure of Distressed Loans? Evidence from Early Pay Default Loans

• discussion

  September 2009

  Symposium on Improving Assessment of Mortgage Default Risk, Washington D.C.

  Taking the Lie out of Liar Loans

• discussion

  July 2009

  NBER Project on Market Institutions and Financial Market Risk

  House Pirces, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

• conference

  September 2006

  International Union for Housing Finance, 26th World Congress, Vancouver, British Columbia

  The Competitive Effects of Risk-Based Capital Regulation: An Example from U.S. Mortgage Markets

• discussion

  April 2005

  Carnegie-Rochester Conference Series on Public Policy

  An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac

• discussion

  May 2005

  Federal Reserve Bank of Atlanta

  Consumption Along the Life Cycle: How Different is Housing?

• discussion

  May 2005

  Federal Reserve Bank of Atlanta

  Consumption Along the Life Cycle: How Different is Housing?

• discussion

  September 2003

  Financial Management Association

  An Analysis of the Relationship between Creditors, Consumer Credit Councils and Debt-strapped Consumers

• conference

  January 2005

  ASSA Meetings

  GSEs, Mortgage Rates, and Secondary Market Activities

• discussion

  January 2003

  ASSA Meetings

  Comparing Wealth Effects: The Stock Market Versus the Housing Market

• conference

  January 2003

  ASSA Meetings

  Housing, Consumption and Credit Constraints

• discussion

  October 2002

  Financial Management Association

  Do Small Banks Have an Advantage in Lending? An Examination of Risk-Adjusted Yields on Business Loans at Large and Small Banks

• conference

  October 2001

  Financial Management Association

  Understanding the Equity Premium and Stock Market Volatility with Investor Uncertainty

• conference

  January 2001

  ASSA Meetings

  Understanding the Equity Premium and Stock Market Volatility with Investor Uncertainty

• conference

  July 2001

  NBER Macro Fluctuations Summer Institute

  Increasing Returns and Optimal Oscillating Labor Supply

• conference

  January 2001

  ASSA Meetings

  The Effect of State-Level Bankruptcy Law: What is the Evidence?

• conference

  October 2000

  Financial Management Association

  Monetary Policy and Financial Conglomerates

• conference

  June 2000

  Society for Economic Dynamics, Costa Rica

  The Great American Debtor

• conference

  July 2000

  NBER Macro Consumption Summer Institute

  The Great American Debtor

Other Activities