Vincent Yao is the AREA Professor of Real Estate, Associate Professor, Director of Real Estate Center and Director of the College Ph.D. Program in the Robinson College of Business at Georgia State University in Atlanta GA, USA. He is also a senior research fellow at the Federal Reserve Bank of Atlanta and a research fellow at the Hong Kong Monetary Authority. He holds visiting chair professorship at several universities in China. He received his BA from Renmin University of China and Ph.D. in Economics from State University of New York at Albany.
Prior to joining GSU, he spent over nine years as a director in Fannie Mae, responsible for overseeing a credit portfolio of $3 trillion loans guaranteed and securitized by the company. He was also the business sponsor of corporate models used in credit risk functions.
His current research interests are household finance, real estate finance, and housing policies. His papers have been published in the American Economic Review, Journal of Financial Economics, Management Science, Journal of Urban Economics, Real Estate Economics, and Journal of Financial Intermediation etc.
His recent research has focused on the following areas:
Rising student debt is considered one of the creeping threats of our time. This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit the plausibly-random debt discharge, affecting thousands of borrowers across the US, due to the inability of National Collegiate, the largest owner of private student loan debt, to prove chain of title of these debts. Using hand-collected lawsuits filings matched with individual credit bureau information, we find that borrowers experiencing the debt relief shock are significantly more likely to engage in deleveraging, by both reducing their demand for credit and limiting the use of existing credit accounts, and borrowers are also significantly less likely to default on other accounts. These borrowers’ geographical mobility increases, as well as, their probability to change job and ultimately improve their income. These findings speak to the benefits of intervening in the student loan market to reduce the consequences of debt overhang problems by helping borrowers unable to afford their student loan debts.
Erik Hurst, is the V. Duane Rath Professor of Economics and John E. Jeuck Faculty Fellow at the University of Chicago, Booth School of Business. He is also the current Deputy Director of the University of Chicago’s Becker-Friedman Institute.
He serves as a research associate for the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of Chicago and a co-editor of the National Bureau of Economics Macroeconomics Annual. From 2014-2017, Hurst served as a co-editor for the Journal of Political Economy.
Professor Hurst is a macroeconomist whose research has advanced our understanding of labor markets, consumer theory, housing markets, regional economics, mortgage markets, and entrepreneurship. His research on these topics has appeared in top economic journals and is frequently cited in the Economist, the Wall Street Journal, the Washington Post and the New York Times.
Professor Hurst received the 2006 TIAA-CREF Paul Samuelson Award for the best published paper dealing with household financial security and was also awarded the 2012 Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship bestowed annually to one scholar under the age of 40 whose research has made a significant contribution to the entrepreneurship literature.
In both 2008 and 2010, the Chicago Booth students awarded Professor Hurst the Emory Williams Award for Teaching Excellence. In 2013, the students awarded him their Faculty Excellence Award for his commitment to teaching. In 2017, Hurst was awarded the McKinsey prize for best teacher at Chicago Booth.
Professor Hurst earned a bachelor’s degree in economics in 1993 from Clarkson University. He went on to earn a master’s degree in economics in 1995 and a PhD in economics in 1999 from the University of Michigan.
Mary Zaki is an Assistant Professor in the Department of Agricultural and Resource Economics of the University of Maryland. Her research focuses on household finance and food consumption issues especially among low-income populations. She currently is studying household spending patterns between paycheck receipts, the effects of high cost credit on food consumption, the relationship between pay frequency and price-saving shopping activities, the effects of social welfare program work-requirements on labor outcomes, the effects of credit instrument disclosures on consumer understanding and subsequent borrowing and purchasing decisions, the effectiveness of food access programs in food deserts and the effect of school breakfast program expansions on student health outcomes and test scores. She received her B.S. and B.A. in Economics from the University of Pennsylvania and her M.S. and Ph.D. in Economics from Northwestern University.
The George Washington University
Duques Hall, Room 453
George Washington University School of Business
Duquès Hall, Room 651
George Washington University School of Business
Duquès Hall, Minerva Room (451)
George Washington University School of Business
Duquès Hall, Minerva Room (451)
George Washington University School of Business
Duquès Hall, Minerva Room (451)
George Washington University School of Business
Duquès Hall, Minerva Room (451)