Fernando Ferreira

• Benjamin Smith, Fernando Ferreira, Jeanna Kenney (2024), Household Mobility, Networks, and Gentrification of Minority Neighborhoods in the US, Journal of Labor Economics. Abstract

  We investigate the impact of recent gentrification shocks on minority neighborhoods in the 50 largest US labor markets. We show that household moves from a given neighborhood are concentrated to few destinations with similar minority shares and strong network ties, but those neighborhoods are farther away from downtown. Gentrification affects Black neighborhoods by raising house prices, reducing the proportion of Black households, and increasing the share of movers going to neighborhoods with network ties. However, gentrification has negligible effects on Hispanic neighborhoods. Overall labor market area segregation decreases after a gentrification shock because highly Black neighborhoods become less segregated.
• Fernando Ferreira, Patrick Bayer, Marcus Casey, Robert McMillan (2018), Racial and Ethnic Price Differentials in the Housing Market, Journal of Urban Economics, Vol. 102 (), pp. 91-105.
• Fernando Ferreira, Patrick Bayer, Stephen Ross (2018), What Drives Racial and Ethnic Differences in High Cost Mortgages? The Role of High Risk Lenders, The Review of Financial Studies, Vol. 31(1) (), pp. 175-205.
• Fernando Ferreira (Under Review), Housing Disease and Public School Finances.
• Fernando Ferreira, Anthony DeFusco, Joseph Gyourko, Wenjie Ding (Work In Progress), The Role of Contagion in the Last American Housing Cycle.
• Fernando Ferreira, Patrick Bayer, Stephen Ross (2016), The Vulnerability of Minority Homeowners in the Housing Boom and Bust, American Economic Journal: Economic Policy, 8 (1), pp. 1-27. Abstract

  This paper examines mortgage outcomes for a large sample of individual home purchases and refinances linked to credit scores in seven major US markets. Among those with similar credit scores and loan attributes, black and Hispanic homeowners had much higher rates of delinquency and default in the downturn. These estimated differences are especially pronounced for loans originated near the peak of the housing boom. These findings suggest that black and Hispanic homeowners drawn into the market near the peak were especially vulnerable to adverse economic shocks and raise concerns about homeownership as a mechanism for reducing racial disparities in wealth.

• Fernando Ferreira and Joseph Gyourko (Working), A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012, (June 1, 2015). Abstract

  Utilizing new panel micro data on the ownership sequences of all types of borrowers from 1997-2012 leads to a reinterpretation of the U.S. foreclosure crisis as more of a prime, rather than subprime, borrower issue. Moreover, traditional mortgage default factors associated with the economic cycle, such as negative equity, completely account for the foreclosure propensity of prime borrowers relative to all-cash owners, and for the three-quarters of the analogous subprime gap. Housing traits, race, initial income, and speculators did not play a meaningful role, and initial leverage only accounts for a small variation in outcomes of prime and subprime borrowers.

• Fernando Ferreira and Nathaniel Baum-Snow (2015), Causal Inference in Urban Economics, Handbook of Regional and Urban Economics, vol. 5A, May 2015. Edited by Duranton, Henderson, and Strange.. Abstract

  Recovery of causal relationships in data is an essential part of scholarly inquiry in the social sciences. This chapter discusses strategies that have been successfully used in urban and regional economics for recovering such causal relationships. Essential to any successful empirical inquiry is careful consideration of the sources of variation in the data that identify parameters of interest. Interpretation of such parameters should take into account the potential for their heterogeneity as a function of both observables and unobservables.

• Fernando Ferreira, Patrick Bayer, Stephen L. Ross (Work In Progress), Race, Ethnicity and High Cost Mortgage Lending.
• Fernando Ferreira and Joseph Gyourko (2014), Does Gender Matter for Political Leadership? The Case of U.S. Mayors, Journal of Public Economics, Vol. 112 (), pp. 24-39.
• All Research from Fernando Ferreira »

Current Courses

• REAL9470 - Advanced Real Estate And Urban Economics

  This course covers fundamental topics in the broad fields of urban economics and real estate. We will focus on the application of econometric methods and economic modelling to analyze important issues, such as household sorting and valuation of local amenities, racial segregation, and the provision of local public goods.

  REAL9470001 ( Syllabus )

Past Courses

• BEPP2300 - Urban Fiscal Policy

  This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.

• BEPP2990 - Independent Study

• BEPP7730 - Urban Fiscal Policy

  This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.

• BEPP9620 - Applied Economics Seminar

  The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end, students will attend the Wharton Applied Economics seminar when it meets each Wednesday at noon; prepare two written referee reports on WAE papers per semester, due before the seminar is presented. After attending the seminar and the ensuing discussion of the paper, students will prepare follow-up evaluations of their referee reports, due one week after the seminar.

• FNCE2090 - Real Estate Investments

  This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two midterms, (depending on instructor).

• FNCE2300 - Urban Fiscal Policy

  This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.

• FNCE7210 - Real Estate Investments

  This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. Lecture with discussion required.

• FNCE7300 - Urban Fiscal Policy

  This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.

• INSP4999 - Honors Thesis

  The senior thesis course is a capstone for seniors in the Huntsman Program in International Studies and Business. Students in the Huntsman Program should consult with the Huntsman Program advisors for more information.

• PPE3999 - Independent Study

  Student arranges with a faculty member to pursue a research project on a suitable topic. For more information about research and setting up independent studies, visit: https://ppe.sas.upenn.edu/study/curriculum/independent-studies

• REAL2090 - Real Estate Investments

  This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and real estate capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two midterms, (depending on instructor).

• REAL2300 - Urban Fiscal Policy

  This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.

• REAL7210 - Real Estate Investments

  This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. Lecture with discussion required.

• REAL7300 - Urban Fiscal Policy

  This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.

• REAL8990 - Independent Study

  All independent studies must be arranged and approved by a Real Estate Department faculty member.

• REAL9460 - Adv Topic in Urban Econ

  This course addresses advanced topics in urban and real estate economics. The course will mix theory and empirics and will cover a broad range of topics including the modeling and estimation of agglomeration economies, land use and urban costs, transportation in cities, urban growth, migration between cities etc. The classes will mix formal presentations made by the instructor and student-led discussions of recent academic papers. In addition to presentations, students will be expected to complete a series of assignments including a short original research paper. PhD students will be expected to complete a research paper in addition to the successful completion of the course examination requirements. Prerequisites: The course assumes that students have familiarity with standard first year econometrics and microeconomics.

• REAL9470 - Adv Real Est & Urb Econ

  This course covers fundamental topics in the broad fields of urban economics and real estate. We will focus on the application of econometric methods and economic modelling to analyze important issues, such as household sorting and valuation of local amenities, racial segregation, and the provision of local public goods.

• REAL9620 - Applied Economics Seminar

  The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end, students will attend the Wharton Applied Economics seminar when it meets each Wednesday at noon; prepare two written referee reports on WAE papers per semester, due before the seminar is presented. After attending the seminar and the ensuing discussion of the paper, students will prepare follow-up evaluations of their referee reports, due one week after the seminar.

• REAL9950 - Dissertation

  Dissertation

Knowledge @ Wharton

• Lessons from COVID-19: Health Care’s Progress and Shortcomings Five Years Later, Knowledge @ Wharton - 03/12/2025
• How COVID-19 Changed the World, Knowledge @ Wharton - 03/11/2025
• How Tax Credits in Renewable Energy Finance Distort Outcomes, Knowledge @ Wharton - 03/11/2025
• Why Hybrid Intelligence Is the Future of Human-AI Collaboration, Knowledge @ Wharton - 03/11/2025
• The Psychology of Paying Taxes | Alex Rees-Jones, Knowledge @ Wharton - 03/11/2025
• How Tariffs Are Reshaping Aviation: Supply Chains, Costs, and Consumers, Knowledge @ Wharton - 03/07/2025
• NFL Combine with Kevin Cole, Knowledge @ Wharton - 03/05/2025
• Retail’s Tough Reality: Lessons from Joann’s Closure, Knowledge @ Wharton - 03/05/2025
• Why Does Gender Income Inequality Still Exist in the U.S.?, Knowledge @ Wharton - 03/04/2025
• Women Moving Forward: Collected Insights, Knowledge @ Wharton - 03/04/2025