Tomasz Piskorski
Institution
Columbia University
PhD Year
2007
tp2252@gsb.columbia.edu
FTG Membership
Senior Member
Website
https://business.columbia.edu/faculty/people/tomasz-piskorski
Featured Work
Dec 28, 2017
An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts
We develop a tractable general equilibrium framework of housing and mortgage markets with aggregate and idiosyncratic risks, costly liquidity and strategic defaults, empirically relevant informational asymmetries, and endogenous mortgage design. We show that adverse selection plays an important role in shaping the form of an equilibrium contract. If borrowers' homeownership values are known, the equilibrium state-contingent contract depends on both aggregate wages and house prices....
