Fernando Ferreira

Benjamin Smith, Fernando Ferreira, Jeanna Kenney (2024), Household Mobility, Networks, and Gentrification of Minority Neighborhoods in the US, Journal of Labor Economics.

Abstract: We investigate the impact of recent gentrification shocks on minority neighborhoods in the 50 largest US labor markets. We show that household moves from a given neighborhood are concentrated to few destinations with similar minority shares and strong network ties, but those neighborhoods are farther away from downtown. Gentrification affects Black neighborhoods by raising house prices, reducing the proportion of Black households, and increasing the share of movers going to neighborhoods with network ties. However, gentrification has negligible effects on Hispanic neighborhoods. Overall labor market area segregation decreases after a gentrification shock because highly Black neighborhoods become less segregated.

Fernando Ferreira, Patrick Bayer, Marcus Casey, Robert McMillan (2018), Racial and Ethnic Price Differentials in the Housing Market, Journal of Urban Economics, Vol. 102 (), pp. 91-105.

Fernando Ferreira, Patrick Bayer, Stephen Ross (2018), What Drives Racial and Ethnic Differences in High Cost Mortgages? The Role of High Risk Lenders, The Review of Financial Studies, Vol. 31(1) (), pp. 175-205.

Fernando Ferreira (Under Review), Housing Disease and Public School Finances.

Fernando Ferreira, Anthony DeFusco, Joseph Gyourko, Wenjie Ding (Work In Progress), The Role of Contagion in the Last American Housing Cycle.

Fernando Ferreira, Patrick Bayer, Stephen Ross (2016), The Vulnerability of Minority Homeowners in the Housing Boom and Bust, American Economic Journal: Economic Policy, 8 (1), pp. 1-27.

Abstract: This paper examines mortgage outcomes for a large sample of individual home purchases and refinances linked to credit scores in seven major US markets. Among those with similar credit scores and loan attributes, black and Hispanic homeowners had much higher rates of delinquency and default in the downturn. These estimated differences are especially pronounced for loans originated near the peak of the housing boom. These findings suggest that black and Hispanic homeowners drawn into the market near the peak were especially vulnerable to adverse economic shocks and raise concerns about homeownership as a mechanism for reducing racial disparities in wealth.

Fernando Ferreira and Joseph Gyourko (Working), A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012, (June 1, 2015).

Abstract: Utilizing new panel micro data on the ownership sequences of all types of borrowers from 1997-2012 leads to a reinterpretation of the U.S. foreclosure crisis as more of a prime, rather than subprime, borrower issue. Moreover, traditional mortgage default factors associated with the economic cycle, such as negative equity, completely account for the foreclosure propensity of prime borrowers relative to all-cash owners, and for the three-quarters of the analogous subprime gap. Housing traits, race, initial income, and speculators did not play a meaningful role, and initial leverage only accounts for a small variation in outcomes of prime and subprime borrowers.

Fernando Ferreira and Nathaniel Baum-Snow (2015), Causal Inference in Urban Economics, Handbook of Regional and Urban Economics, vol. 5A, May 2015. Edited by Duranton, Henderson, and Strange..

Abstract: Recovery of causal relationships in data is an essential part of scholarly inquiry in the social sciences. This chapter discusses strategies that have been successfully used in urban and regional economics for recovering such causal relationships. Essential to any successful empirical inquiry is careful consideration of the sources of variation in the data that identify parameters of interest. Interpretation of such parameters should take into account the potential for their heterogeneity as a function of both observables and unobservables.

Fernando Ferreira, Patrick Bayer, Stephen L. Ross (Work In Progress), Race, Ethnicity and High Cost Mortgage Lending.

Fernando Ferreira and Joseph Gyourko (2014), Does Gender Matter for Political Leadership? The Case of U.S. Mayors, Journal of Public Economics, Vol. 112 (), pp. 24-39.