Selected publications
A Sampling Of Paul Calem’s Research Publications
Articles in Academic Publications
- “Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More than Self-Cures?” with Julapa Jagtiani and R. Quinn Maingi, Journal of Real Estate Research 43 (2021): 145-180.
- “Bank Card Performance Through the Great Recession: A Consumer Level Analysis” with Julapa Jagtiani and Loretta Mester, Journal of Credit Risk 16 (2020): 1-41.
- “Appraising Home Purchase Appraisals” with Jeanna Kenney, Lauren Lambie-Hanson, and Leonard Nakamura, Real Estate Economics 49 (2021): 134-168.
- “Prudential Policies and their Impact on Credit in the United States” with Ricardo Correa and Seung Lee, Journal of Financial Intermediation 42(C) (2020).
- “Why Borrowers Persevere: An Explanation of Mortgage Lien Performance Mismatch” with Robert Sarama, Real Estate Economics 45 (2017): 28-57.
- “House Price Expectations, Alternative Mortgage Products, and Default” with Jan Brueckner and Leonard Nakamura, Journal of Money, Credit, and Banking 48 (2016): 81-112.
- “Geographic Patterns of Serious Mortgage Delinquency: Cross-MSA Comparisons” with Lariece Brown, Hui-Chin Chen, and Melissa Narragon, Cityscape: A Journal of Policy Development and Research 14 (2012): 243-273.
- “Subprime Mortgages and the Housing Bubble” with Jan Brueckner and Leonard Nakamura, Journal of Urban Economics 71 (2012): 230-243.
- “Switching Costs and Adverse Selection in the Market for Credit Cards: New Evidence” with Michael Gordy and Loretta Mester, Journal of Banking and Finance 30 (2006): 1653-1685.
- “The Neighborhood Distribution of Subprime Mortgage Lending” with Kevin Gillen and Susan Wachter, Journal of Real Estate Finance and Economics 29 (2004): 393-410.
- “Consumer Credit Scoring: Do Situational Circumstances Matter?” with Robert Avery and Glenn Canner, Journal of Banking and Finance 28 (2004): 835-856.
- “Risk-Based Capital Requirements for Mortgage Loans” with Michael Lacour-Little, Journal of Banking and Finance 28 (2004): 647-672.
- “Anatomy of a Fair Lending Exam: The Uses and Limitations of Statistics” with Stanley D. Longhofer, Journal of Real Estate Finance and Economics 24 (2002): 207-237.
- “Credit Scoring: Statistical Issues and Evidence from Credit Bureau Files” with Robert B. Avery, Raphael W. Bostic, and Glenn B. Canner, Real Estate Economics 28 (2000): 523-547.
- “Community Reinvestment and Credit Risk: Evidence from an Affordable Home Loan Program” with Susan Wachter, Real Estate Economics 27 (1999): 105-134.
- “Branch Banking and the Geography of Bank Pricing” with Leonard Nakamura, Review of Economics and Statistics 80 (1998): 600-610.
- “Using HMDA Data as a Regulatory Screen for Fair Lending Compliance” with Robert B. Avery and Patricia E. Beeson, Journal of Financial Services Research 11 (1997): 9-42.
- “The Simple Analytics of Observed Discrimination in Credit Markets” with Michael Stutzer, Journal of Financial Intermediation 4 (1995): 189-212.
- “Consumer Behavior and the Stickiness of Credit Card Interest Rates” with Loretta Mester, American Economic Review 85 (1995): 1327-1336.
Bank Policy Institute Research Notes
- “Lender Performance in the Personal Loan Market from the Perspective of Consumer Complaints” with Benjamin Gross, April 2, 2024.
- “The Role of Credit Card Late Fees in Encouraging Timely Repayment Is Essential to Efficient Functioning of the Market”, January 18, 2023.
- “Our Search for an Urban Banking Market Made Less Competitive by a Banking Merger” with Yasmeen Abdul-Razeq, July 7, 2022.
- “Lax Supervision of Fintech Companies Harms Consumers”, May 10, 2022.
- “Do Bank Mergers Create Banking Deserts? The Evidence Indicates No”, January 19, 2022.
- “Bank Merger Applications in Law and Practice” with Gregg Rozansky, August 20, 2021.
Bank Policy Institute Blog Posts
- “Why Discard the Traditional Assessment Area Approach to CRA Regulation?”, February 25, 2025.
- “Potential Adverse Effects of the Basel III Capital Proposal on Consumer Credit Card Lines” with Francisco Covas and Laura Suhr Plassman, June 11, 2024.
- “Is the Subprime Segment of the Credit Card Market Concentrated?” with Haelim Anderson and Benjamin Gross, May 31, 2024.
- “An Analysis of Credit Card Pricing Disparities between Large and Small Issuers”, March 8, 2024.
- “The Basel Proposal: What it Means for Retail Lending” with Francisco Covas, November 8, 2023.
- “The Basel Proposal: What it Means for Mortgage Lending” with Francisco Covas, September 30, 2023.
- “Bank On Transaction Accounts and Financial Inclusion: New Data Shows Continuing Success” with Yasmeen Abdul-Razeq, July 25, 2023.
- “Bridging the Gap: How Larger and Mid-sized Banks Power Small Businesses” with Francisco Covas and Benjamin Gross, July 21, 2023.
- “Regulatory Risks May Discourage Small Dollar Lending by Banks”, September 12, 2022.
- “What Drives Household Financial Inclusion? Analysis of Data Exposes Myths and Identifies Opportunities” with Yasmeen Abdul-Razeq, May 3, 2022.
- “Five Important Facts about the Competitiveness of the U.S. Banking Industry” with Francisco Covas, February 24, 2022.
- “Serious Problems with Using the Military APR Calculation for a Broadly Applied Interest Rate Cap”, October 28, 2021.
- “Expanding Mortgage Lending to Low-and Moderate-Income Households: All it Takes Is to Recognize the True Risks of Securitizing Those Mortgages” with Francisco Covas, September 16, 2021.
- “Alleged PPP Scammers Steered Clear of Large Banks: An Analysis of the DOJ’s Reported Cases to Date”, October 29, 2020.
- “Using Loan-Level Data to Assess the PPP’s Effectiveness” with Francisco Covas and Adam Freedman, October 1, 2020.
- “Supervisory Stress Tests for Loan Losses: A Five-Year Overview with Reflections on the Need for Greater Transparency”, July 29, 2020.
additional Published Articles
- “What Explains the Post-2011 Trends of Longer Maturities and Rising Default Rates on Auto Loans?” with Chellappan Ramasamy and Jenna Wang, Federal Reserve Bank of Philadelphia Consumer Finance Institute Discussion Paper no. 20-02 (2020).
- “Peacetime Stress Testing: A Proposal” with Jose Canals-Cerda, Arden Hall, and Lauren Lambie-Hanson, in Akhtar Siddique, Iftekhar Hasan, and David Lynch, Co-Editors, Stress Testing (2nd Edition), Risk Books (2019).
- “Stress Testing of Bank Loan Portfolios as a Diagnostic Tool” with Arden Hall, in Akhtar Siddique and Iftekhar Hasan Co-Editors, Stress Testing: Approaches, Methods, and Applications, Risk Books (2013).
- “Credit Report Accuracy and Access to Credit” with Robert Avery and Glenn Canner, Federal Reserve Bulletin (September 2004).
- “An Overview of Credit Bureau Data” with Robert Avery, Raphael Bostic, and Glenn Canner, Federal Reserve Bulletin (February 2003).