Fernando Ferreira

Fernando Ferreira
  • C. F. Koo Associate Professor, Associate Professor of Real Estate and Business Economics & Public Policy

Contact Information

  • office Address:

    1466 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: public economics, real estate, urban economics

Links: CV, Personal Website

Overview

Education

Ph.D. in Economics: University of California, Berkeley, 2004

M.A. in Economics: Federal University of Rio Grande do Sul, Brazil, 1999

B.A. in Economics: State University of Maringa, Brazil, 1996

 Academic Positions Held

Associate Professor, The Wharton School: 2011-present

Assistant Professor, The Wharton School: 2004-2011

Research Associate, National Bureau of Economic Research: 2011-present

Faculty Research Fellow, National Bureau of Economic Research: 2008-2011

Faculty Fellow, Penn Institute for Urban Research: 2009-present

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Research

  • 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.

  • Fernando Ferreira, Leah Boustan, Hernan Winkler, Eric Zolt (2013), The Effect of Rising Income Inequality on Taxation and Public Expenditures: Evidence from US Municipalities and School Districts, 1970-2000, Review of Economics and Statistics, 95 (4), pp. 1291-1302.

    Abstract: The income distribution in many developed countries widened dramatically from 1970 to 2000. Some scholars argue that income inequality contributes to a host of social ills by undermining voters’ willingness to support public expenditures. In contrast, we find that growing income inequality is associated with an expansion in government revenues and expenditures on a wide range of services in U.S. municipalities and school districts. Results are robust to a number of model specifications, including instrumental variables that address the endogeneity of the local income distribution. Our results are inconsistent with models predicting that heterogeneous societies provide lower levels of public goods.

Teaching

Current Courses

  • BEPP962 - Applied Economics Seminar

    The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end students will attend the Wharton Applied Economics each Wednesday at noon seminar when it meets; prepare two written referee reports on WAE papers per semester, due before the seminar is presented; after attending the seminar - and the ensuing discussion of the paper - students will prepare follow-up evaluations of their referee report reports, due one week after the seminar.

    BEPP962401

    BEPP962402

  • FNCE209 - Real Estate Investment: Analysis And Financing

    This course provides a broad introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital market tools used in real estate. There are case studies and two midterms, depending on instructor.

    FNCE209403 ( Syllabus )

  • REAL209 - Real Estate Investment: Analysis And Financing

    This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two midterms, (depending on instructor).

    REAL209403 ( Syllabus )

  • REAL947 - Advanced Real Estate And Urban Economics

    This course covers fundamental and cutting-edge topics in urban economics and real estate as well as the most important econometric issues that arise in the estimation of urban economics and real estate models. The first part of the course focuses on the application of modern econometric methods to analyze empirical questions in the broad urban economics field, which includes topics from public economics and local finances, such as household sorting and valuation of public goods. This part of the course is especially concerned about dealing with non-experimental data, and also provides a guide for tools that are useful for applied research. The second and third parts of the course examine the economic modeling and intuition of a range of topics in urban economics and real estate, such as spacial equilibrium, supply and demand of space, housing prices and cycles. In addition, special emphasis is given to how the understanding of economic theory and institutions can help any empirical analysis. At the end of the couse students should have a firm grasp of theory and econometric tools that lead to convincing empirical applications. ,All Ph.D. students will be expected to complete a research paper in addition to the successful completion of the course examination requirements.

    REAL947001 ( Syllabus )

  • REAL962 - Applied Economics Seminar

    The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end students will attend the Wharton Applied Economics each Wednesday at noon seminar when it meets; prepare two written referee reports on WAE papers per semester, due before the seminar is presented. After attending the seminar and the ensuing discussion of the paper, students will prepare follow-up evaluations of their referee report reports, due one week after the seminar.

    REAL962401

    REAL962402

  • REAL995 - Dissertation

    REAL995008

Past Courses

  • BEPP962 - Applied Economics Seminar

    The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end students will attend the Wharton Applied Economics each Wednesday at noon seminar when it meets; prepare two written referee reports on WAE papers per semester, due before the seminar is presented; after attending the seminar - and the ensuing discussion of the paper - students will prepare follow-up evaluations of their referee report reports, due one week after the seminar.

  • FNCE209 - Real Estate Investment: Analysis and Financing

    This course provides a broad introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital market tools used in real estate. There are case studies and two midterms, depending on instructor.

  • FNCE721 - Real Estate Investment: Analysis and Financing

    This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two mid-terms, (depending on instructor). Cross-listed with REAL 721.

  • REAL209 - Real Estate Investment: Analysis and Financing

    This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two midterms, (depending on instructor).

  • REAL399 - Independent Study

    All independent studies must be arranged and approved by a Real Estate department faculty member.

  • REAL721 - Real Estate Investment: Analysis and Financing

    This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two mid-terms, (depending on instructor). Cross-listed with FNCE 721.

  • REAL945 - Urban Real Estate Economics

    Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam. ,All PhD students will be expected to complete a research paper in addition to the successful completion of the course examination requirements.

  • REAL946 - Advanced Topics in Urban Economics

    This course addresses advanced topics in urban and real estate economics. The course will mix theory and empirics and will cover a broad range of topics including the modeling and estimation of agglomeration economies, land use and urban costs, transportation in cities, urban growth, migration between cities etc. The classes will mix formal presentations made by the instructor and student-led discussions of recent academic papers. In addition to presentations, students will be expected to complete a series of assignments including a short original research paper.

  • REAL947 - Advanced Real Estate and Urban Economics

    This course covers fundamental and cutting-edge topics in urban economics and real estate as well as the most important econometric issues that arise in the estimation of urban economics and real estate models. The first part of the course focuses on the application of modern econometric methods to analyze empirical questions in the broad urban economics field, which includes topics from public economics and local finances, such as household sorting and valuation of public goods. This part of the course is especially concerned about dealing with non-experimental data, and also provides a guide for tools that are useful for applied research. The second and third parts of the course examine the economic modeling and intuition of a range of topics in urban economics and real estate, such as spacial equilibrium, supply and demand of space, housing prices and cycles. In addition, special emphasis is given to how the understanding of economic theory and institutions can help any empirical analysis. At the end of the couse students should have a firm grasp of theory and econometric tools that lead to convincing empirical applications. ,All Ph.D. students will be expected to complete a research paper in addition to the successful completion of the course examination requirements.

  • REAL962 - Applied Economics Seminar

    The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end students will attend the Wharton Applied Economics each Wednesday at noon seminar when it meets; prepare two written referee reports on WAE papers per semester, due before the seminar is presented. After attending the seminar and the ensuing discussion of the paper, students will prepare follow-up evaluations of their referee report reports, due one week after the seminar.

  • REAL995 - Dissertation

  • REAL999 - Independent Study

Activity

Latest Research

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.
All Research

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