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Photo of John R. Krainer

John R. Krainer

Principal Economist Stress Testing Section Supervision and Regulation
[email protected]

Education

  • Ph.D., Finance, University of Minnesota, 1999
Current Research Topics
  • Asset securitization
  • Bank credit supply
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2018 - present
  • Adjunct Professor

    Haas School of Business, University of California-Berkeley

    2017 - present
  • Research Officer

    Federal Reserve Bank of San Francisco

    1999 - 2018
  • Black, Lamont K., John R. Krainer, and Joseph B. Nichols (2020). "Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Market," The Review of Financial Studies, vol. 33, no. 11, pp. 5173–5211.
  • Hale, Galina, John Krainer, and Erin McCarthy (2020). "Aggregation Level in Stress-Testing Models," International Journal of Central Banking, vol. 16, no. 4, pp. 1-46.
  • Glancy, David, John Krainer, Robert Kurtzman, and Joseph Nichols (2019). "Intermediary Segmentation in the Commercial Real Estate Market," Finance and Economics Discussion Series 2019-079. Board of Governors of the Federal Reserve System (U.S.).
  • Gropp, Reint, John Krainer, and Elizabeth Laderman (2019). "Deleveraging and Consumer Credit Supply in the Wake of the 2008-09 Financial Crisis," International Journal of Central Banking, vol. 15, no. 3, pp. 205-251.
  • Black, Lamont, John Krainer, and Joseph Nichols (2017). "Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Mortgage Market," Finance and Economics Discussion Series 2017-056. Board of Governors of the Federal Reserve System (U.S.).
  • Bidder, Rhys, John Krainer, and Adam Shapiro (2018). "How Do Banks Cope with Loss?" Economic Letter 2018-02. Federal Reserve Bank of San Francisco.
  • Bidder, Rhys M., John R. Krainer, and Adam Hale Shapiro (2017). "De-Leveraging or De-Risking? How Banks Cope with Loss," Working Paper Series 2017-03. Federal Reserve Bank of San Francisco.
  • Black, Lamont, John Krainer, and Joseph Nichols (2017). "From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans," Journal of Real Estate Finance and Economics, vol. 55, no. 1, pp. 1-31.
  • Hale, Galina, and John Krainer (2016). "Aggregation in Bank Stress Tests," Economic Letter 2016-14. Federal Reserve Bank of San Francisco.
  • Hale, Galina, John Krainer, and Erin McCarthy (2015). "Aggregation Level in Stress Testing Models," Working Paper Series 2015-14. Federal Reserve Bank of San Francisco.
  • Gropp, Reint, John Krainer, and Elizabeth Laderman (2014). "Did Consumers Want Less Debt? Consumer Credit Demand versus Supply in the Wake of the 2008-2009 Financial Crisis," Working Paper Series 2014-08. Federal Reserve Bank of San Francisco.
  • Krainer, John (2014). "The Slowdown in Existing Home Sales," Economic Letter 2014-15. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Elizabeth Laderman (2014). "Mortgage Loan Securitization and Relative Loan Performance," Journal of Financial Services Research, vol. 45, no. 1, pp. 39-66.
  • Krainer, John, and Erin McCarthy (2014). "Housing Market Headwinds," Economic Letter 2014-32. Federal Reserve Bank of San Francisco.
  • Hedberg, William, and John Krainer (2013). "Why Are Housing Inventories Low?" Economic Letter 2013-31. Federal Reserve Bank of San Francisco.
  • Krainer, John (2013). "Commercial Real Estate and Low Interest Rates," Economic Letter 2013-12. Federal Reserve Bank of San Francisco.
  • Krainer, John, and James A. Wilcox (2013). "Evidence and Implications of Regime Shifts: Time-Varying Effects of the United States and Japanese Economies on House Prices in Hawaii," Real Estate Economics, vol. 41, no. 3, pp. 449-480.
  • Hedberg, William, and John Krainer (2012). "Credit Access Following a Mortgage Default," Economic Letter 2012-32. Federal Reserve Bank of San Francisco.
  • Hedberg, William, and John Krainer (2012). "Housing Supply and Foreclosures," Working Paper Series 2012-20. Federal Reserve Bank of San Francisco.
  • Krainer, John (2012). "Consumer Debt and the Economic Recovery," Economic Letter 2012-25. Federal Reserve Bank of San Francisco.
  • Gowrisankaran, Gautam, and John Krainer (2011). "Entry and Pricing in a Differentiated Products Industry: Evidence from the ATM Market," RAND Journal of Economics, vol. 42, no. 1, pp. 1-22.
  • Hedberg, William, and John Krainer (2011). "When Will Residential Construction Rebound?" Economic Letter 2011-23. Federal Reserve Bank of San Francisco.
  • Hobijn, Bart, John Krainer and David Lang (2011). "Cap Rates and Commercial Property Prices," Economic Letter 2011-29. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Elizabeth Laderman (2011). "Prepayment and Delinquency in the Mortgage Crisis Period," Working Paper Series 2011-25. Federal Reserve Bank of San Francisco.
  • Krainer, John, and James A. Wilcox (2011). "Fluctuating Fortunes and Hawaiian House Prices," Economic Letter 2011-38. Federal Reserve Bank of San Francisco.
  • Bajari, Patrick, Han Hong, John Krainer, and Denis Nekipelov (2010). "Estimating Static Models of Strategic Interactions," Journal of Business and Economic Statistics, vol. 28, no. 4, pp. 469-482.
  • Hedberg, William, and John Krainer (2010). "Mortgage Prepayments and Changing Underwriting Standards," Economic Letter 2010-22. Federal Reserve Bank of San Francisco.
  • Krainer, John (2010). "Mortgage Choice and the Pricing of Fixed-Rate and Adjustable-Rate Mortgages," Economic Letter 2010-03. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Stephen LeRoy (2010). "Risky Mortgages and Mortgage Default Premiums," Economic Letter 2010-38. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Stephen LeRoy (2010). "Underwater Mortgages," Economic Letter 2010-31. Federal Reserve Bank of San Francisco.
  • Krainer, John, Mark M. Spiegel, and Nobuyoshi Yamori (2010). "Asset Price Persistence and Real Estate Market Illiquidity: Evidence from Japanese Land Values," Real Estate Economics, vol. 38, no. 2, pp. 171-196.
  • Krainer, John (2009). "House Prices and Bank Loan Performance," Economic Letter 2009-06. Federal Reserve Bank of San Francisco.
  • Krainer, John (2009). "Recent Developments in Mortgage Finance," Economic Letter 2009-33. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2009). "Do Supervisory Rating Standards Change Over Time?" Federal Reserve Bank of San Francisco Economic Review, pp. 13-24.
  • Krainer, John, Stephen F. LeRoy, and Munpyung O (2009). "Mortgage Default and Mortgage Valuation," Working Paper Series 2009-20. Federal Reserve Bank of San Francisco.
  • Daly, Mary, John Krainer, and Jose A. Lopez (2008). "Regional Economic Conditions and Aggregate Bank Performance," in Andrew H. Chen (ed.), (Research in Finance, Volume 24), Emerald Group Publishing Limited, pp. 103-127.
  • Furlong, Frederick Thomas, Yelena Takhtamanova, Elizabeth Laderman, and John Krainer (2008). "The Subprime Mortgage Market: National and Twelfth District Developments," 2007 FRBSF Annual Report, pp. 6-17.
  • Krainer, John (2008). "Falling House Prices and Rising Time on the Market," Economic Letter 2008-11. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2008). "Using Securities Market Information for Bank Supervisory Monitoring," International Journal of Central Banking, vol. 4, no. 1, pp. 125-164.
  • Doms, Mark, and John Krainer (2007). "Innovations in Mortgage Markets and Increased Spending on Housing," Working Paper Series 2007-05. Federal Reserve Bank of San Francisco.
  • Doms, Mark, Frederick Furlong, and John Krainer (2007). "House Prices and Subprime Mortgage Delinquencies," Economic Letter 2007-14. Federal Reserve Bank of San Francisco.
  • Doms, Mark, Frederick T. Furlong, and John Krainer (2007). "Subprime Mortgage Delinquency Rates," Working Paper Series 2007-33. Federal Reserve Bank of San Francisco.
  • Furlong, Fred, and John Krainer (2007). "Regional Economic Conditions and Community Bank Performance," Economic Letter 2007-22. Federal Reserve Bank of San Francisco.
  • Furlong, Frederick T., and John Krainer (2007). "Regional Economic Conditions and the Variability of Rates of Return in Commercial Banking," Working Paper Series 2007-21. Federal Reserve Bank of San Francisco.
  • Gowrisankaran, Gautam, and John Krainer (2006). "The Welfare Consequences of ATM Surcharges: Evidence from a Structural Entry Model," NBER Working Paper, no. 12443. National Bureau of Economic Research.
  • Krainer, John (2006). "Economics, Real Estate, and the Supply of Land," Journal of Regional Science, vol. 46, no. 4, pp. 796-798.
  • Krainer, John (2006). "Mortgage Innovation and Consumer Choice," Economic Letter 2006-38. Federal Reserve Bank of San Francisco.
  • Krainer, John (2006). "Residential Investment over the Real Estate Cycle," Economic Letter 2006-15. Federal Reserve Bank of San Francisco.
  • Bajari, Patrick, C. Lanier Benkard, and John Krainer (2005). "House Prices and Consumer Welfare," Journal of Urban Economics, vol. 58, no. 3, pp. 474-487.
  • Gowrisankaran, Gautam, and John Krainer (2005). "Bank ATMs and ATM Surcharges," Economic Letter 2005-36. Federal Reserve Bank of San Francisco.
  • Krainer, John (2005). "Housing Markets and Demographics," Economic Letter 2005-21. Federal Reserve Bank of San Francisco.
  • Krainer, John, Mark M. Spiegel, and Nobuyoshi Yamori (2005). "Asset Price Declines and Real Estate Market Illiquidity: Evidence from Japanese Land Values," Working Paper Series 2004-16. Federal Reserve Bank of San Francisco.
  • Bajari, Patrick, and John Krainer (2004). "An Empirical Model of Stock Analysts' Recommendations: Market Fundamentals, Conflicts of Interest, and Peer Effects," NBER Working Paper, no. 10665. National Bureau of Economic Research.
  • Daly, Mary C., John Krainer, and Jose A. Lopez (2004). "Does Regional Economic Performance Affect Bank Conditions? New Analysis of an Old Question," Working Paper Series 2004-01. Federal Reserve Bank of San Francisco.
  • Krainer, John (2004). "What Determines the Credit Spread?" Economic Letter 2004-36. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Chishen Wei (2004). "House Prices and Fundamental Value," Economic Letter 2004-27. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2004). "Incorporating Equity Market Information into Supervisory Monitoring Models," Journal of Money, Credit, and Banking, vol. 36, no. 6, pp. 1043-1067.
  • Krainer, John (2003). "House Price Bubbles," Economic Letter 2003-06. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2003). "How Might Financial Market Information Be Used for Supervisory Purposes?" Federal Reserve Bank of San Francisco Economic Review, pp. 29-45.
  • Krainer, John, and Jose A. Lopez (2003). "Monitoring Debt Market Information for Bank Supervisory Purposes," Economic Letter 2003-35. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2003). "The Current Strength of the U.S. Banking Sector," Economic Letter 2003-37. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2003). "Using Equity Market Information to Monitor Banking Institutions," Economic Letter 2003-01. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Milton H. Marquis (2003). "Mortgages as Recursive Contracts," Working Paper Series 2003-03. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Milton Marquis (2003). "Mortgage Refinancing," Economic Letter 2003-29. Federal Reserve Bank of San Francisco.
  • Krainer, John (2002). "House Price Dynamics and the Business Cycle," Economic Letter 2002-13. Federal Reserve Bank of San Francisco.
  • Krainer, John (2002). "Stock Market Volatility," Economic Letter 2002-32. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Jose A. Lopez (2002). "Off-Site Monitoring of Bank Holding Companies," Economic Letter 2002-15. Federal Reserve Bank of San Francisco.
  • Krainer, John, and Stephen F. LeRoy (2002). "Equilibrium Valuation of Illiquid Assets," Economic Theory, vol. 19, no. 2, pp. 223-242.
  • Krainer, John (2001). "A Theory of Liquidity in Residential Real Estate Markets," Journal of Urban Economics, vol. 49, no. 1, pp. 32-53.
  • Krainer, John (2001). "Banking and the Business Cycle," Economic Letter 2001-30. Federal Reserve Bank of San Francisco.
  • Krainer, John (2001). "Natural Vacancy Rates in Commercial Real Estate Markets," Economic Letter 2001-27. Federal Reserve Bank of San Francisco.
  • Krainer, John (2001). "Retail Sweeps and Reserves," Economic Letter 2001-02. Federal Reserve Bank of San Francisco.
  • Krainer, John (2000). "REITs and the Integration between Capital Markets and Real Estate Markets," Economic Letter 2000-02. Federal Reserve Bank of San Francisco.
  • Krainer, John (2000). "The Separation of Banking and Commerce," Federal Reserve Bank of San Francisco Economic Review, pp. 15-25.
  • Krainer, John, and Fred Furlong (2000). "Tech Stocks and House Prices in California," Economic Letter 2000-27. Federal Reserve Bank of San Francisco.
  • Krainer, John (1999). "Real Estate Liquidity," Federal Reserve Bank of San Francisco Economic Review, no. 3, pp. 14-26.
Last update: June 30, 2022