Dwight M. Jaffee: Research Home Page


Booth Professor of Banking and Finance
Haas School of Business, University of California, Berkeley

Member, Haas Real Estate Group,  Haas Finance Group,
Chairman, Haas Real Estate Group
Co-Chair, Fisher Center for Real Estate and Urban Economics
Academic Status 2005-2006: On duty

Tel:     510-642-1273
fax:     510-643-7441
Email: jaffee@haas.berkeley.edu


  Other Links

·         My Official Haas School Webpage

·         My Group Homepages: Real Estate, Finance      

·         My Teaching homepage

·         My Curriculum Vitae (in PDF format)

Recent Research Papers (In PDF format, most current at top of each group)

Energy Efficient Real Estate

Selected Mortgage Market and Subprime Crisis Papers

Catastrophe Insurance and Auto Insurance

Op-Ed Pieces

Trade and Employment

Transition Economies

Energy Efficient Real Estate

Energy Efficiency Retrofits for U.S. Housing: Removing the Bottlenecks (Feb 27, 2013, with Bardhan, Kroll, and Wallace, Forthcoming Regional Science and Urban Economics)

Energy Efficiency and Commercial-Mortgage Valuation (with Richard Stanton and Nancy Wallace, 09/13/2011)

Energy Factors, Leasing Structure and the Market Price of Office Buildings in the U.S. (with Richard Stanton and Nancy Wallace, 08/31/2011)

Market Mechanisms for Financial Green Real Estate Investments (2009, with Nancy Wallace)

Selected Mortgage Market and Subprime Crisis Papers

An International Perspective for Mortgage Market Reform (forthcoming Journal of Money, Credit, and Banking)


The Future of the GSEs: The Role for Government in the U.S. Mortgage Market (Forthcoming 2013 NBER)


Reforming the US Mortgage Market Through Private Market Incentives (2012)

Housing Finance Reform: Private Markets Versus Government Guarantees (QJF 2011)

Bank Regulation and Mortgage Market Reform (Berkeley Business Law Journal, 2011)

Diversification Disasters (with Rustam Ibragimov and Johan Walden, Journal of Financial Economics 2011)

Housing Policy, Mortgage Policy and the Federal Housing Administration, (with John Quigley 2010)

Is the Market for Mortgage Backed Securities a Market for Lemons? (Review of Financial Studies 2009)

The U.S. Subprime Mortgage Crisis: Issues Raised and Lessons Learned (2009)

Monoline Regulations to Control the System Risk Created by Investment Banks and the GSEs (2009)

Mortgage Origination and Securitization in the Financial Crisis, (Chapter 1 in Restoring Financial Stability 2009)

What to Do About the Government-Sponsored Enterprises? (Chapter 4 in Restoring Financial Stability 2009)

Reforming Fannie and Freddie (Regulation, 2009)

Mortgage Guarantee Programs and the Subprime Crisis (California Management Review 2008)

Housing Subsidies and Homeowners: What Role for Government-Sponsored Enterprises? (with John Quigley Brookings 2007)

Impact of Global Capital Flows and Foreign Financing on US Interest Rates, (2007)

Monoline Restrictions, with Applications to Mortgage Insurance and Title Insurance (Review of Industrial Organization 2006)

The Interest Rate Risk of Fannie Mae and Freddie Mac (Journal of Financial Services Research, 2003)

Strategies to Develop Mortgage Markets in Transition Economics (Financial Sector Reform, 1997)

Securitization in European Mortgage Markets (World Bank, 1995)

Implications for Mortgage Industry Structure (HUD 1995, part 1)

Implications for Mortgage Industry Structure (HUD 1995 part 2) 

Catastrophe Insurance (Terrorism and Earthquakes) and Auto Insurance

Optimal Insurance with Costly Internal Capital (with Johan Walden), Journal of Risk Management and Insurance Review, 2014

The Welfare Economics of Catastrophe Losses and Insurance (with Thomas Russell), 2013, 38, pp. 469-494.

Long-Term Property Insurance (with Howard Kunreuther and Erwann Michel-Kerjan, Journal of Insurance Regulation 2011)

Pricing and Capital Allocation for Multiline Insurance Firms (with Johan Walden, Journal of Risk and Insurance 201)

Nondiversification Traps (with Johan Walden, Review of Financial Studies 2009)

Responding to WMD Terrorism Threats: The Role of Insurance Markets (in WMD Terrorism, MIT Press 2009)

NBCR Terrorism: Who Should Bear the Risk (in Global Business and the Terrorist Threat, Elgar, 2009)

Monoline Regulations to Control the Systemic  Risk Created by Investment Banks and GSEs, Journal of Economic Analysis and Policy, 2009

The Application of Monoline Insurance Principles in the Regulation of Investment Banks and the GSEs (Risk Management and insurance Review, 2009)

"Non-Diversification Traps in Markets for Catastrophic Risk (Review of Financial Studies, 2009)

Financing Catastrophe Insurance: A New Proposal (In Risking House and Home, 2008.

Terrorism Insurance: Rethinking the Government’s Role (Issues in Legal Scholarship, 2007)

Markets Under Stress: The Case of Extreme Event Insurance (in Stiglitz Festschrift )

Behavioral Models of Insurance: The Case of the California Earthquake Authority (NBER 2000)

Financial Markets and Financial Intermediaries: The Case of Catastrophe Insurance (NBER 1999)

Catastrophe Insurance, Capital Markets, and Uninsurable Risks (Journal of Risk and Insurance, June 1997)

The Regulation of Auto Insurance in California, (Book Chapter, 2001)

The Causes and Consequences of Rate Regulation in the Auto Insurance Industry (Book Chapter, 1998)

Op-Ed Pieces

Banks Won’t Cheer More Capital, But They Need (Bloomberg, 01/31/2012)

How To Privatize the Mortgage Market (Wall Street Journal, 10/25/2010)

Show Me the Money (The Economist's Voice, 2009)

Cost of Fannie, Freddie Rides on New Agency (San Francisco Chronicle, 2008)

What to Do About Fannie and Freddie (The Economist's Voice,2006)

Should the Government Provide Catastrophe Insurance (The Economist's Voice, 2006) 

Trade and Employment

Globalization, Offshoring, and Economic Convergence, A Synthesis,” in Offshoring Comes Home, Praeg8r 2008

On Intra-Firm Trade and Multinationals: Foreign Outsourcing and Offshoring in Manufacturing (published in Multinationals and Foreign Investment in Economic Development, Edited by Edward M. Graham, Palgrave Macmillan 2005.

Globalization and a High-Tech Economy: California, the United States, and Beyond (with Ashok Bardhan and Cynthia Kroll), Kluwer Academic Publishers, 2003.  Available for purchase at SpringerOnLine or Amazon

Foreign Trade and California’s Economic Growth (full report and Policy Brief), California Policy Seminar, Berkeley, 1998 (with Ashok Bardhan, Josh Kirschenbaum, Cynthia Kroll, and David Howe).

International Trade and California's Economy: Data, Chapter 2

International Trade and California's Economy: Statistical Tests, Chapter 3

Transition Economies

Structure of Banking Systems in Developed and Transition Economies

Russian Banking (FRB of San Francisco, 1995)

Russian Real Estate Markets

Real Estate in Urban Russia