Ph.D. in Economics, State University of New York at Albany
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, and Real Estate Economics etc. He is currently on the editorial board of Real Estate Economics – the leading journal in real estate.
Prior to joining Georgia State, Yao spent nine years as the director of credit portfolio strategy and the director of underwriting analytics in Fannie Mae. He was responsible for monitoring and managing a credit portfolio of $3 trillion loans guaranteed and securitized by the company.
“Interest Rate Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging,” (with M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, and A. Seru) American Economic Review, 2017.
“Systemic Mistakes of Borrowers in the Mortgage Market and Lack of Financial Sophistication,” (with S. Agarwal and I. Ben-David) Journal of Financial Economics, 123, 2017, 42-58.
“Why Do Borrowers Make Mortgage Refinancing Mistakes?” (with S. Agarwal and R. Rosen) Management Science, 62(12), 2016, 3494-3509.
“Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market,” (with S. Agarwal and I. Ben-David) Management Science, 61(9), 2015, 2220-2240.
“Foreclosure Externalities: New Evidence,” (with K. Gerardi, P. Willen and E. Rosenblatt) Journal of Urban Economics, 87, 2015, 42-56.
“The Foreclosure Discount: Myth or Reality?” (with J. Harding and E. Rosenblatt) Journal of Urban Economics, 71, 2012, 204-218
“The Contagion Effect of Foreclosed Properties,” (with J. Harding and E. Rosenblatt) Journal of Urban Economics, 66(3), 2009, 164-178