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TheEconomists

Photo of Andreas Lehnert
202-452-3325
andreas.lehnert@frb.gov
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
  • Current Research Topics

  • Macroprudential Policy
  • Household Use of Debt
    • 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
  • 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.).
  • 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

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
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Last update: August 8, 2014