Benjamin J. Keys
Assistant Professor, Real Estate Department, University of Pennsylvania
Faculty Research Fellow, National Bureau of Economic Research
Contact Information
The Wharton School
University of Pennsylvania
1461 Steinberg-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104
Phone: (215) 746-1253

Peer-Reviewed Publications

"Minimum Payments and Debt Paydown in Consumer Credit Cards" (link)
(with Jialan Wang), Journal of Financial Economics, forthcoming.

"The Credit Market Consequences of Job Displacement" (pdf)
Review of Economics and Statistics, forthcoming.

"Unsecured Credit Supply, Credit Cycles, and Regulation" (link)
(with Song Han and Geng Li), Review of Financial Studies, 31(3), March 2018.

"Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging" (link)
(with Di Maggio, Kermani, Piskorski, Ramcharan, Seru, and Yao), American Economic Review, 107(11), November 2017.

[Note: This is a combined version of working papers "Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging," by Di Maggio, Kermani, and Ramcharan (previously R&R at AER) and
"Mortgage Rates, Household Balance Sheets, and the Real Economy" by Keys, Piskorski, Seru, and Yao (previously R&R at JPE, NBER Working Paper No. 20561).]

"Failure to Refinance" (link)
(with Devin G. Pope and Jaren C. Pope), Journal of Financial Economics, 122(3), December 2016.

"Regional Redistribution Through the U.S. Mortgage Market" (link)
(with Erik Hurst, Amit Seru, and Joseph Vavra), American Economic Review, 106(10), October 2016.

"Interest Rates and Equity Extraction During the Housing Boom" (link)
(with Neil Bhutta), American Economic Review, 106(7), July 2016.

"Human Capital and the Lifetime Costs of Impatience" (link)
(with Brian C. Cadena), American Economic Journal: Economic Policy, 7(3), August 2015.

"Can Self-Control Explain Avoiding Free Money? Evidence from Interest-Free Student Loans" (pdf)
(with Brian C. Cadena), Review of Economics and Statistics, 95(4), October 2013.

"Lender Screening and the Role of Securitization: Evidence from Prime and Subprime Mortgage Markets" (pdf)
(with Amit Seru and Vikrant Vig), Review of Financial Studies, 25(7), July 2012.

"Did Securitization Lead to Lax Screening? Evidence from Subprime Loans" (link)
(with Tanmoy Mukherjee, Amit Seru, and Vikrant Vig), Quarterly Journal of Economics, 125(1), February 2010.
[Note: For responses to a critique of this paper, see 620 FICO, Take II.]

Financial Regulation and Securitization: Evidence from Subprime Mortgage Loans" (link)
(with Tanmoy Mukherjee, Amit Seru, and Vikrant Vig), Journal of Monetary Economics, 56(5), July 2009.

"Has Exposure to Poor Neighborhoods Changed in America? Race, Risk, and Housing Locations in Two Decades" (link)
(with Xavier de Souza Briggs), Urban Studies, 46(2), February 2009.

"Does Merit Pay Reward Teachers? Evidence from a Randomized Experiment" (link)
(with Thomas S. Dee), Journal of Policy Analysis and Management, 23(3), Summer 2004.

Current Working Papers

"Investment Over the Business Cycle: Insights from College Major Choice" (pdf)
(with Erica Blom and Brian C. Cadena), IZA Discussion Paper No. 9167, July 2015, under review.

"Eyes Wide Shut? The Moral Hazard of Mortgage Insurers During the Housing Boom" (pdf)
(with Neil Bhutta), NBER Working Paper No. 24844, July 2018, under review.

"Credit Market Consequences of Credit Flag Removals" (pdf)
(with Will Dobbie and Neale Mahoney), June 2017.

Books (Edited Volume)

"Evidence and Innovation in Housing Law and Policy" (OpenAccess)
(co-edited with Lee Fennell), Cambridge University Press, 2017.

Work in Progress

"Rainy Day Credit? Unsecured Credit and Local Employment Shocks"
(with Jeremy Tobacman and Jialan Wang).

"Affordability, Financial Innovation, and The Start of the Housing Boom"
(with Jane K. Dokko and Lindsay E. Relihan).

"The Evolution of Credit Card Contracts: Risk-Based or Bias-Based?"
(with Jialan Wang).

"The Behavioral Effect of Student Loan Debt: Evidence from the Teacher Loan Forgiveness Program"
(with Brian Jacob and Damon Jones).

"The Geography of Financial Distress: Delinquency and Default in America"
(with Neale Mahoney).