Meet the Researchers
Joseph B. Nichols
Principal Economist
Household and Business Spending Section
Research and Statistics
202-452-2983
[email protected]
[email protected]
Education
- Ph.D., Economics, University of Maryland, 2005
- M.S., Operations Research, George Washington University, 1997
- B.A., Math/Econ/Philosophy, George Washington University, 1994
Current Research Topics
- Commercial Real Estate, Construction Lending, CMBS
Principal Economist
Board of Governors of the Federal Reserve System
2012 - presentSenior Economist
Board of Governors of the Federal Reserve System
2008 - 2012Economist
Board of Governors of the Federal Reserve System
2005 - 2008
- Recourse as shadow equity: Evidence from commercial real estate loans
David Glancy, Robert Kurtzman, Lara Loewenstein, and Joseph Nichols
Real Estate Economics (2023)
https://doi.org/10.1111/1540-6229.12450
See also » FRB Working Paper (2021) - Nonresidential construction spending is likely not as weak as it seems
Eirik Brandsaas, Daniel Garcia, Joseph Nichols, and Kyra Sadovi
FEDS Notes (2023)
https://doi.org/10.17016/2380-7172.3283 - Intermediary Segmentation in the Commercial Real Estate Market
David Glancy, John R. Krainer, Robert J. Kurtzman, and Joseph B. Nichols
Journal of Money, Credit and Banking (2022)
https://doi.org/10.1111/jmcb.12889
See also » FRB Working Paper (2019) - Recourse as Shadow Equity: Evidence from Commercial Real Estate Loans
David Glancy, Robert Kurtzman, Lara Loewenstein, and Joseph Nichols
Finance and Economics Discussion Series (2021)
https://doi.org/10.17016/FEDS.2021.079 - Determinants of Losses on Construction Loans: Bad Loans, Bad Banks, or Bad Markets?
Emily Johnston Ross, Joseph B. Nichols, and Lynn Shibut
FDIC Quarterly (2021) - Bank Multifamily Construction Lending During the COVID-19 Pandemic
Frederick Cooper, Yolanda Rodriguez, Andra Ghent, and Joseph Nichols
Real Estate Finance Journal (2021) - Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Market
Lamont K. Black, John R. Krainer, and Joseph B. Nichols
Review of Financial Studies (2020)
https://doi.org/10.1093/rfs/hhaa031
See also » FRB Working Paper (2017) - Reputation, Information, and Herding in Credit Ratings: Evidence from CMBS
Xudong An, Larry Cordell, and Joseph B. Nichols
Journal of Real Estate Finance and Economics (2020)
https://doi.org/10.1007/s11146-019-09701-3 - Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Mortgage Market
Lamont Black, John Krainer, and Joseph Nichols
Finance and Economics Discussion Series (2017)
https://doi.org/10.17016/FEDS.2017.056 - From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans
Lamont Black, John Krainer, and Joseph Nichols
Journal of Real Estate Finance and Economics (2017)
https://doi.org/10.1007/s11146-016-9548-1 - What Is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-Backed Securities (CMBS)
Xudong An, Yongheng Deng, Joseph B. Nichols, and Anthony B. Sanders
Journal of Real Estate Finance and Economics (2015)
https://doi.org/10.1007/s11146-014-9480-1 - Local Traits and Securitized Commercial Mortgage Default
Xudong An, Yongheng Deng, Joseph B. Nichols, and Anthony B. Sanders
Journal of Real Estate Finance and Economics (2013)
https://doi.org/10.1007/s11146-013-9431-2 - An Analysis of the Impact of the Commercial Real Estate Concentration Guidance
Keith Friend, Harry Glenos, and Joseph B. Nichols
Board of Governors of the Federal Reserve System (U.S.) (2013) - Swings in Commercial and Residential Land Prices in the United States
Joseph B. Nichols, Stephen D. Oliner, and Michael R. Mulhall
Journal of Urban Economics (2013)
https://doi.org/10.1016/j.jue.2012.06.004 - Differences Across Originators in CMBS Loan Underwriting
Lamont K. Black, Chenghuan Sean Chu, Andrew Cohen, and Joseph B. Nichols
Journal of Financial Services Research (2012)
https://doi.org/10.1007/s10693-011-0120-0
See also » FRB Working Paper (2011) - Consumption Responses to Permanent and Transitory Shocks to House Appreciation
Juan Contreras and Joseph Nichols
Finance and Economics Discussion Series (2010)
https://doi.org/10.17016/FEDS.2010.32 - Commercial and Residential Land Prices Across the United States
Joseph B. Nichols, Stephen D. Oliner, and Michael R. Mulhall
Finance and Economics Discussion Series (2010)
https://doi.org/10.17016/FEDS.2010.16 - Nominal Mortgage Contracts and the Effects of Inflation on Portfolio Allocation
Joseph B. Nichols
Finance and Economics Discussion Series (2007)
https://doi.org/10.17016/FEDS.2007.67 - How Has the Growth of the CMBS Market Impacted Commercial Real Estate Lending at Banks?
Joseph B. Nichols
CMBS World (2007) - Borrower Self-Selection, Underwriting Costs, and Subprime Mortgage Credit Supply
Joseph Nichols, Anthony Pennington-Cross, and Anthony Yezer
Journal of Real Estate Finance and Economics (2005)
https://doi.org/10.1007/s11146-004-4879-8 - Health Status, Insurance, and Expenditures in the Transition from Work to Retirement
Hugo Benitez-Silva, Moshe Buchinsky, John Rust, Emine Boz, Joseph B. Nichols, Sharbani Roy, and Ignez Tristao
Departmental working papers (Stony Brook University, Department of Economics) (2005) - The Dual Role of Housing as a Consumption and Investment Goal
Joseph B. Nichols
Dissertations (University of Maryland, College Park) (2005) - Credit History and the FHA-Conventional Choice
Anthony Pennington-Cross and Joseph Nichols
Real Estate Economics (2000)
https://doi.org/10.1111/1540-6229.00803 - Does FHA Increase Home Ownership or Just Accelerate It?
John L. Goodman Jr. and Joseph B. Nichols
Journal of Housing Economics (1997)
https://doi.org/10.1006/jhec.1997.0208
Last Update:
August 2, 2024