Photo of Joseph B. Nichols

Joseph B. Nichols

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 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2008 - 2012
  • Economist

    Board of Governors of the Federal Reserve System

    2005 - 2008
  • 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 (Forthcoming)
    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 Center for Financial Research Paper (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
  • 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: June 30, 2022