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Tomasz Piskorski

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Recent Commentary

Crowd at New York's American Union Bank during a bank run early in the Great Depression.
Analysis and Commentary

Mortgage Market Design: Lessons From The Great Recession

by Tomasz Piskorski, Amit Seru via Brookings Institution
Thursday, March 8, 2018
Rigidity of mortgage contracts and a variety of frictions in design of the market and the intermediation sector hindered efforts to restructure or refinance household debt in the aftermath of the crisis. Using a simple framework that builds on mortgage design literature, we illustrate that automatically indexed mortgage contracts or debt relief policies can reduce borrower’s debt burden during economic downturns, thereby leading to significant welfare gains.
Analysis and Commentary

Is The NDA Government's Flagship Initiative Jan Dhan Yojana Bearing Fruit On The Ground?

by Sumit Agarwal, Shashwat Alok, Pulak Ghosh, Soumya Ghosh, Tomasz Piskorski, Amit Seru via Economic Times (India)
Thursday, March 9, 2017

There is a big debate about the activity role of financial markets and products in shaping consumer welfare and real economic. In developed economies, there is an increasing discussion that financial sector may have become inefficiently large and products offered to households may have become excessively complex.