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Emerging Scholar

Cameron Anglum

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Assistant Professor, School of Education, Education Policy and Equity, Saint Louis University

Areas of Interest

    About

    Cameron Anglum is an Assistant Professor in the Saint Louis University School of Education. He earned a Ph.D. in Education Policy with a certificate in Urban Studies from the University of Pennsylvania. His research and teaching concentrate on the economics of education policy and education finance, work which is centered on the study of policy and program effects witnessed by disadvantaged students and the school districts and governments that serve them. In particular, he uses quasi-experimental methods of quantitative analysis to examine how American governments at the local, state, and federal levels invest in inputs to public education, the largest public expenditure at the state and local levels. In 2018 he was awarded a National Academy of Education / Spencer Foundation Dissertation Fellowship and an Association for Education Finance and Policy New Scholar Award for his dissertation research examining school district debt issuance, credit constraints, and their relationships with school capital investments and educational inequality. His prior work has examined equity and adequacy considerations in school finance reforms, technology integration in urban schools, and reforms to school discipline policies. Anglum is an active member of the Association for Education Finance and Policy, the Association for Public Policy Analysis and Management, and the American Educational Research Association.

    Advisory Board Member

    Alexander Chilton

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    Head of Municipal Structuring, Financing and Lending at Morgan Stanley Municipal Bond Division

    Areas of Interest

      About

      Alexander Chilton is Head of Municipal Securities at Morgan Stanley’s Municipal Capital Solutions group. In his role, he runs a team that provides tailored financial solution to municipalities and municipal focused investors. Municipal Capital Solutions uses expertise in direct commitment of capital, securitizations, and derivatives to solve financial problems across a wide range of municipal projects. 

      Alex joined Morgan Stanley in 2015 as the COO for the Municipal Department and prior to that spent time at Citigroup holding various positions in the Municipal Securities Department. Alex graduated summa cum laude from the University of Pennsylvania with undergraduate degrees from the Wharton School and the School of Engineering and Applied Science participating in the Jerome Fischer Program in Management and Technology. He graduated with a master’s degree in Systems Engineering from the University of Pennsylvania in 2005. 

      Fellow

      Andrew Davidson

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      Founder and President, Andrew Davidson & Co.

      Areas of Interest

        About

        Andrew Davidson is a financial innovator and leader in the development of financial research and analytics. He has worked extensively on mortgage-backed securities product development, valuation and hedging. He is president of Andrew Davidson & Co., Inc., a New York firm specializing in the application of analytical tools to investment management, which he founded in 1992. Andrew was instrumental in the creation of the Freddie Mac and Fannie Mae risk-sharing transactions: STACR and CAS. These transactions allow Freddie Mac and Fannie Mae to attract private capital to bear credit risk, even as they remain in government conservatorship. Andrew is also active in other dimensions of GSE reform and has testified before the Senate Banking Committee on multiple occasions. Andrew also helped establish the Structured Finance Industry Group and served on the Executive Committee at its inception. He received an MBA in Finance at the University of Chicago and a BA in Mathematics and Physics at Harvard.

        Selected Publications

        Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty with Alexander Levin, June 2014, Oxford University Press.

        Securitization: Structuring and Investment Analysis with Anthony Sanders, Lan-Ling Wolff and Anne Ching, Sep 2003, Wiley.

        Mortgage-Backed Securities: Investment Analysis and Advanced Valuation Techniques with Michael Herskovitz, Dec 1993, Probus.

        Penn IUR Scholar

        Anthony DeFusco

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        Associate Professor of Finance, University of Wisconsin

        Faculty Research Fellow, National Bureau of Economic Research

        Areas of Interest

          About

          Anthony DeFusco is an Associate Professor of Finance at the University of Wisconsin and a Faculty Research Fellow at the National Bureau of Economic Research. Formerly an Associate Professor in the Department of Finance at Kellogg School of Management and a Doctoral Student in Applied Economics at The Wharton School of the University of Pennsylvania. His research interests include public economics, urban economics, and real estate finance. DeFusco received his Bachelor of the Arts in Mathematics and Mathematical Economics from Temple University in 2009. Prior to graduate school, he spent some time as a research assistant at the Federal Reserve Bank of Philadelphia.

          Selected Publications

          DeFusco, Anthony A., and Andrew D. Paciorek (2014). “The Interest Rate Elasticity of Mortgage Demand: Evidence from Bunching at the Conforming Loan Limit” Finance and Economics Discussion Series 2014-11. Board of Governors of the Federal Reserve System (U.S.).

          DeFusco, Anthony, Wenjie Ding, Fernando Ferreira, and Joseph Gyourko (2013). “The Role of Contagion in the Last American Housing Cycle.” Wharton School, mimeo.

          Fellow

          Nora Fitzpatrick

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          Chief of Staff, Communications & Outreach Group, Federal Reserve Bank of New York

          Areas of Interest

            About

            Nora Fitzpatrick is Chief of Staff of the Communications & Outreach Group at the Federal Reserve Bank of New York, where she manages external operations and develops tools to capture anecdotal information on the economy. Her career has focused on analyzing and bringing together thinkers, policymakers, and practitioners to engage in economic, community, and urban topics.

            Fitzpatrick previously served as the transition team Chief Financial Officer (CFO) for the Department of Housing and Urban Development (HUD) in Washington, D.C. Her responsibility at HUD included developing budget advice and testimony for the Secretary of Housing and Urban Development. She also held a state appointment as senior advisor to Lt. Governor of the State of New York and was part of a core team responsible for fiscal analysis of State of New York’s finances.

            Fitzpatrick also served as a policy aid in the Mayor’s Office in Philadelphia and her hometown of Jersey City, working on projects such as developing new tools for tax lien securitization and community engagement. She has also worked as a financial analyst at Fortress Investment Group and the Related Companies, focusing on affordable housing investments.

            Fitzpatrick is also a youth mentor and helped launch two youth-led service groups, including as a founding member of The Imagine Society, a nonprofit focused on empowering youth to lead projects to support economic development in New York City. She completed her undergraduate degree at the University of Pennsylvania in political science, philosophy, and economics, and earned a master’s in public administration at New York University’s Wagner School of Public Service.

            Fellow

            William Glasgall

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            Senior Vice President and Director, State and Local Initiatives, Volcker Alliance

            Areas of Interest

              About

              William Glasgall is Senior Vice President and Director, State and Local Initiatives, Volcker Alliance. He joined the Volcker Alliance in January 2014. Previously, he was managing editor at Bloomberg News, overseeing coverage of state and local government and financial news that won numerous awards from the Overseas Press Club and other organizations.

              His career also includes almost two decades at BusinessWeek Magazine, where he won two Overseas Press Club Awards for international reporting, and as a vice president at Standard & Poor’s. Mr. Glasgall is a member of the Municipal Fiscal Health Working Group of the Lincoln Institute of Land Policy; a governor of the Overseas Press Club Foundation; and a former member of the Board of Overseers of the Knight-Bagehot Fellowship Program in Economics and Business Journalism at Columbia University, where he was also a fellow.

              Fellow

              Ira Goldstein

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              President, Policy Solutions, Reinvestment Fund

              About

              Ira Goldstein, Ph.D., is the President of Policy Solutions at Reinvestment Fund, a results-oriented, socially responsible community investment group. Since 1999 when he joined Reinvestment Fund, Dr. Goldstein has conducted detailed spatial and statistical analyses in many cities and regions across the US. Those studies are used by local government to craft policy responses and allocate scarce resources based on assessment of the local real estate market conditions. He also has conducted studies of evictions, mortgage foreclosures and abusive lending practices and developed a novel approach to measuring actionable gaps in a community’s childcare environment. His work supported civil rights and consumer protection cases brought by federal, state and local governments. Before joining Reinvestment Fund, Dr. Goldstein served as mid-Atlantic Director of Fair Housing and Equal Opportunity for the US Department of HUD.

              For more than 30 years, Dr. Goldstein has been a Lecturer for the University of Pennsylvania’s Urban Studies program. He instructs undergraduates and graduate students in research methods, statistics, and housing policy.

              Selected Publications

              Maybe it Really Does Take A Village: Supporting the creation of high-quality unsubsidized affordable rental housing in legacy cities with Emily Dowdall, Jacob Rosch and Kevin Reeves

              Evictions in Philadelphia with Al Parker and Rhea Acuna

              Demographics and Characteristics of Middle Neighborhoods in Select Legacy Cities with William Schrecker and Jacob Rosch. In Brophy, Paul C. (ed). 2016. On the Edge: America’s middle neighborhoods. NY: The American Assembly

              Making Sense of Markets: Using Data to Guide Reinvestment Strategies. In Federal Reserve Bank of SF & the Urban Institute (eds). 2014. What Counts: Harnessing data for America’s communities.

              Lost Values: A Study of Predatory Lending in Philadelphia. 2007. Philadelphia: Reinvestment Fund.

              Affiliated PhD Student

              Caitlin Gorback

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              PhD Candidate, Applied Economics, The Wharton School, University of Pennsylvania

              School/Department

              Areas of Interest

                About

                Caitlin is a fifth year doctoral student in Wharton's Applied Economics program, specializing in urban and real estate economics. Her ongoing research includes how ride-sharing platforms reshape the commercial landscape of cities by changing residents' consumption patterns, and how liquid global capital flows influence illiquid local markets through housing transactions (joint with Professor Benjamin Keys). Other interests include issues of income and skill distributions in cities, and urban decline and revitalization. Prior to graduate school, Caitlin worked as a research associate at the Federal Research Bank of New York in the capital markets research function. She worked on researching underwater mortgages, the introduction of floating rate treasury notes, and drivers of stock market flash crashes. Caitlin earned her bachelor's degree at Duke University, majoring in Economics, where she wrote her honors thesis on trailer parks and low-income housing options. 

                Affiliated PhD Student

                Ben Hyman

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                PhD Candidate, Applied Economics, The Wharton School, University of Pennsylvania

                Areas of Interest

                  About

                  Ben Hyman is a doctoral candidate in Applied Economics at the Wharton School, University of Pennsylvania, affiliated with the Departments of Business Economics & Public Policy and Real Estate. Ben’s research interests span the fields of public finance, local labor markets, urban economics, and international trade. Ben received his B.A. (Honors) from the University of Southern California (USC), and holds an M.C.P. with a concentration in urban and regional economics from MIT. Prior to graduate school, he worked as a research associate with MIT’s poverty action lab (J-PAL). Ben’s current research focuses on two streams of work. The first concerns whether worker re-training programs help mitigate the adverse effects of local labor market disruptions. The second agenda studies the effects of state and local tax credit incentives on firm behavior and labor demand.

                   

                  Selected Publications

                  Can Displaced Labor be Retrained? Evidence from Quasi-Random Assignment to Trade Adjustment Assistance (2017) [Work-in-progress]

                  Firm Mobility and the Economic Development Effects of Location Subsidies: Evidence from a Large-Scale Tax Credit Lottery (2017) [Work-in-progress]

                  Harrison, A., Hyman, B., Martin, L., & Nataraj, S. (2015). When do Firms Go Green? Comparing Price Incentives with Command and Control Regulations in India (No. w21763). National Bureau of Economic Research.

                   

                  Affiliated PhD Student

                  Rebecca Jorgensen

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                  Phd Candidate in Wharton's Applied Economics Program

                  About

                  Rebecca Jorgensen is a sixth year PhD student in Wharton's Applied Economics program with research interests in household finance, real estate, and industrial organization economics. Her current research studies how mergers between residential real estate brokerages and mortgage lenders affect the structure of the mortgage market and the interest rate paid by borrowers. Her other work examines how increasing ridership on public transit affects travel time. Prior to graduate school, Rebecca worked as a Research Assistant at the Board of Governors of the Federal Reserve System on projects related to financial stability and competition, which is where her interest in mortgage markets began. Rebecca holds a Masters degree in Economics and a Bachelors degree in Quantitative Economics and Mathematics, all from Miami University.

                  Faculty Fellow

                  Benjamin Keys

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                  Rowan Family Foundation Professor of Real Estate and Finance

                  About

                  Ben Keys is the Rowan Family Foundation Professor of Real Estate and Finance at the University of Pennsylvania’s Wharton School and a Faculty Research Fellow of the National Bureau of Economic Research. He studies issues related to household finance, mortgage finance, real estate, applied econometrics, labor economics, and urban economics. Keys’s research has been published in such journals as the Quarterly Journal of Economics,  American Economic Review,  Journal of Financial Economics, and Review of Financial Studies, among others. His work has been profiled in the Economist, Wall Street Journal, New York Times, and Washington Post, among other publications. Before joining Wharton, Keys taught at the University of Chicago and worked as a staff economist at the Board of Governors of the Federal Reserve System. Keys holds a B.A. in economics and political science from Swarthmore College and an M.A. and Ph.D. in economics from the University of Michigan.

                  Selected Publications

                  “What Determines Consumer Financial Distress? Place- and Person-Based Factors” (pdf)
                  (with Neale Mahoney and Hanbin Yang), Review of Financial Studies, conditionally accepted.

                  “Investment Over the Business Cycle: Insights from College Major Choice” (pdf)
                  (with Erica Blom and Brian C. Cadena), Journal of Labor Economics, forthcoming.

                  “Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance” (pdf)
                  (with Neil Bhutta), Review of Financial Studies, 35(2), February 2022.

                  “Refinancing, Monetary Policy, and the Credit Cycle” (pdf)
                  (with Gene Amromin and Neil Bhutta), Annual Review of Financial Economics, 12, November 2020.

                  “Minimum Payments and Debt Paydown in Consumer Credit Cards” (link)
                  (with Jialan Wang), Journal of Financial Economics, 131(3), March 2019.

                  Fellow

                  Michael LaCour-Little

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                  Visiting Research Scholar at Congressional Budget Office

                  Areas of Interest

                    About

                    Michael LaCour-Little joined Fannie Mae in 2016 as Director of economics. He recently retired from the position and now works as a visiting Research Scholar at the Congressional Budget Office. Prior to a ten-year stint in academia, he worked for decades in banking at Wells Fargo and Citibank, including their mortgage companies.  He continues to serve on the editorial boards of a number of academic journals and is the author of dozens of peer-reviewed papers on topics in housing economics and real estate finance. A native of California, he earned his Ph.D. at the University of Wisconsin-Madison, and undergraduate and MBA degrees at the University of California.  

                    Selected Publications

                    LaCour-Little, Michael, Wei Yu, and Libo Sun. “The Role of Home Equity Lending in the Recent Mortgage Crisis”. Real Estate Economics 42(1): 153-189, 2014.

                    LaCour-Little, Michael and Jing Yang. “Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Pricing and Performance of Alt-A and Subprime Mortgages”. Journal of Real Estate Research 35(4): 507-553, 2013.

                    LaCour-Little, Michael. “The Pricing of Mortgages by Brokers: An Agency Problem?” Journal of Real Estate Research 31(2): 235-264, 2009.

                    Coleman, Major, Michael LaCour-Little, and Kerry Vandell. “Subprime Lending and the Housing Bubble: Tail Wags Dog?” Journal of Housing Economics 17(4): 272-290, 2008.

                    Calem, Paul and Michael LaCour-Little. “Risk-based Capital Requirements for Mortgage Loans” Journal of Banking and Finance 28: 647-672, 2004.

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