Meet the Researchers
Andreas Lehnert
[email protected]
Education
- Ph.D., Economics, University of Chicago, 1998
- M.Sc., Economics, London School of Economics, 1992
- B.A., Mathematics, Trinity University, 1991
- B.S., Economics, Trinity University, 1991
- Macroprudential Policy
- Banking
Director, Division of Financial Stability
Board of Governors of the Federal Reserve System
2016 - presentDeputy Director, Division of Financial Stability
Board of Governors of the Federal Reserve System
2010 - 2016Assistant Director, Division of Research & Statistics
Board of Governors of the Federal Reserve System
2009 - 2010Chief, Household and Real Estate Finance Section
Board of Governors of the Federal Reserve System
2007 - 2009Visiting Researcher
Tax Policy Center, Urban Institute, Washington D.C.
2006Senior Economist
Board of Governors of the Federal Reserve System
2004 - 2007Economist
Board of Governors of the Federal Reserve System
1998 - 2004Research Affiliate
Joint Center for Poverty Research, Chicago, Illinois
1997 - 1998
- Credit, Financial Conditions, and Monetary Policy Transmission
David Aikman, Andreas Lehnert, Nellie Liang, and Michele Modugno
International Journal of Central Banking (2020) - Financial Vulnerabilities, Macroeconomic Dynamics, and Monetary Policy
David Aikman, Andreas Lehnert, Nellie Liang, and Michele Modugno
Finance and Economics Discussion Series (2016)
https://doi.org/10.17016/FEDS.2016.055 - Recent Experience with Supervisory Stress Testing in the United States
Rochelle Edge and Andreas Lehnert
Stress Testing and Macroprudential Regulation: A Transatlantic Assessment (2016) - Supervisory Stress Tests
Beverly Hirtle and Andreas Lehnert
Annual Review of Financial Economics (2015)
https://doi.org/10.1146/annurev-financial-111914-042040 - Residential Mortgages
Gregory Donadio and Andreas Lehnert
Oxford Handbook of Banking (2015)
https://doi.org/10.1093/oxfordhb/9780199688500.013.0014 - Supervisory Stress Tests
Beverly Hirtle and Andreas Lehnert
Staff reports (Federal Reserve Bank of New York) (2014) - The History of Cyclical Macroprudential Policy in the United States
Douglas J. Elliott, Gregory H. Feldberg, and Andreas Lehnert
Finance and Economics Discussion Series (2013)
https://doi.org/10.17016/FEDS.2013.29 - Residential Mortgages
Andreas Lehnert
Oxford Handbook of Banking (2012)
https://doi.org/10.1093/oxfordhb/9780199640935.013.0023 - Personal Bankruptcy and Credit Market Competition
Astrid A. Dick and Andreas Lehnert
Journal of Finance (2010)
https://doi.org/10.1111/j.1540-6261.2009.01547.x - The Incentives of Mortgage Servicers: Myths and Realities
Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf
Lessons from the Financial Crisis (2010)
See also » FRB Working Paper (2008) - Strategic Trading in Multiple Assets and the Effects on Market Volatility
Chenghuan Sean Chu, Andreas Lehnert, and Wayne Passmore
International Journal of Central Banking (2009) - The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing
Morris A. Davis, Andreas Lehnert, and Robert F. Martin
Review of Income and Wealth (2008)
https://doi.org/10.1111/j.1475-4991.2008.00274.x - GSEs, Mortgage Rates, and Secondary Market Activities
Andreas Lehnert, Wayne Passmore, and Shane M. Sherlund
Journal of Real Estate Finance and Economics (2008)
https://doi.org/10.1007/s11146-007-9047-5
See also » FRB Working Paper (2005) - Making Sense of the Subprime Crisis
Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen
Brookings Papers on Economic Activity (2008) - Comment on 'An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac'
Andreas Lehnert and Wayne Passmore
Journal of Monetary Economics (2006)
https://doi.org/10.1016/j.jmoneco.2005.10.002 - An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization
S. Wayne Passmore, Diana Hancock, Andreas Lehnert, and Shane M. Sherlund
Basel II White Paper (2005) - Housing, Consumption, and Credit Constraints
Andreas Lehnert
Finance and Economics Discussion Series (2004)
https://doi.org/10.17016/FEDS.2004.63 - Increasing Returns and Optimal Oscillating Labor Supply
William D. Dupor and Andreas Lehnert
Finance and Economics Discussion Series (2002)
https://doi.org/10.17016/FEDS.2002.22 - Does the Community Reinvestment Act (CRA) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers?
Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert, and Wayne Passmore
Finance and Economics Discussion Series (2002)
https://doi.org/10.17016/FEDS.2002.19 - Consumption, Debt and Portfolio Choice: Testing the Effect of Bankruptcy Law
Andreas Lehnert and Dean M. Maki
Finance and Economics Discussion Series (2002)
https://doi.org/10.17016/FEDS.2002.14 - Measuring the CRA Subsidy in Mortgage Markets
Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert, and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (2002) - Mutual Funds and the U.S. Equity Market
Eric M. Engen and Andreas Lehnert
Federal Reserve Bulletin (2000)
https://doi.org/10.17016/bulletin.2000.86-12 - The Banking Industry and the Safety Net Subsidy
Andreas Lehnert and Wayne Passmore
Finance and Economics Discussion Series (1999)
https://doi.org/10.17016/FEDS.1999.34 - Pricing Systemic Crises: Monetary and Fiscal Policy When Savers are Uncertain
Andreas Lehnert and Wayne Passmore
Finance and Economics Discussion Series (1999)
https://doi.org/10.17016/FEDS.1999.33 - Asset Pooling, Credit Rationing, and Growth
Andreas Lehnert
Finance and Economics Discussion Series (1999)
https://doi.org/10.17016/FEDS.1998.52 - Liquidity Constraints and Incentive Contracts
Andreas Lehnert, Ethan Ligon, and Robert M. Townsend
Macroeconomic Dynamics (1999)
discussion
October 201439th Annual Federal Reserve Bank of St. Louis Fall Conference
Mandatory Disclosure and Financial Contagion
conference
June 2014Third Annual Stress Testing Model Symposium Federal Reserve Bank of Boston
Scenario Design Choices
conference
May 201450th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago
The History of Cyclical Macroprudential Policy in the United States
conference
April 2014Financial Markets Conference, Federal Reserve Bank of Atlanta
The Information Needs of Macroprudential Policymaking
conference
September 2013Conference on Stable Funding, Federal Reserve Bank of New York – Office of Financial Research
The History of Bank Runs
conference
October 2011IMF Stress Testing/U.S. SCAP Workshop
Macroeconomic Scenarios for Stress Testing
discussion
June 2011AREUEA Mid-Year Meetings
Subprime Mortgages, Mortgage Choice, and Hyperbolic Discounting
discussion
February 2011UC Irvine Center for Real Estate Symposium
Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?
conference
June 2010Federal Reserve Bank of Cleveland Policy Summit
Why Are Mortgage Modifications So Hard?
discussion
July 2007NBER Economics of Real Estate and Local Public Finance Summer Institute
Secondary Markets, Risk, and Access to Credit: Evidence from the Mortgage Market
discussion
October 2009NBER Household Finance Working Group
Did Securitization Increase Foreclosure of Distressed Loans? Evidence from Early Pay Default Loans
discussion
September 2009Symposium on Improving Assessment of Mortgage Default Risk, Washington D.C.
Taking the Lie out of Liar Loans
discussion
July 2009NBER Project on Market Institutions and Financial Market Risk
House Pirces, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
conference
September 2006International 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 2005Carnegie-Rochester Conference Series on Public Policy
An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac
discussion
May 2005Federal Reserve Bank of Atlanta
Consumption Along the Life Cycle: How Different is Housing?
discussion
May 2005Federal Reserve Bank of Atlanta
Consumption Along the Life Cycle: How Different is Housing?
discussion
September 2003Financial Management Association
An Analysis of the Relationship between Creditors, Consumer Credit Councils and Debt-strapped Consumers
conference
January 2005ASSA Meetings
GSEs, Mortgage Rates, and Secondary Market Activities
discussion
January 2003ASSA Meetings
Comparing Wealth Effects: The Stock Market Versus the Housing Market
conference
January 2003ASSA Meetings
Housing, Consumption and Credit Constraints
discussion
October 2002Financial 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 2001Financial Management Association
Understanding the Equity Premium and Stock Market Volatility with Investor Uncertainty
conference
January 2001ASSA Meetings
Understanding the Equity Premium and Stock Market Volatility with Investor Uncertainty
conference
July 2001NBER Macro Fluctuations Summer Institute
Increasing Returns and Optimal Oscillating Labor Supply
conference
January 2001ASSA Meetings
The Effect of State-Level Bankruptcy Law: What is the Evidence?
conference
October 2000Financial Management Association
Monetary Policy and Financial Conglomerates
conference
June 2000Society for Economic Dynamics, Costa Rica
The Great American Debtor
conference
July 2000NBER Macro Consumption Summer Institute
The Great American Debtor
Conference Organization
October 2010 | Arlington, Virginia
Mortgages and the Future of Housing Finance
Co-organizer
January 2001 | New Orleans, Louisiana
AFE Session "Uncertainty in Capital Markets"
Co-organizer
Referee
- American Economic Journal: Macroeconomics
- Journal of Economic Dynamics and Control
- Journal of Economics and Business
- Journal of Human Resources
- Journal of Political Economy
- Journal of Real Estate Finance and Economics
- Real Estate Economics
- Review of Economic Dynamics
- Review of Economics and Statistics