Stuart A. Gabriel

Profile photo of Stuart A. Gabriel
“The promotion of intellectual curiosity is a most rewarding feature of the classroom environment.”
 

Arden Realty Chair, Professor of Finance and Director, Richard S. Ziman Center for Real Estate at UCLA

About

 

Biography

An expert in real estate finance and economics, Stuart Gabriel applies the tools of economics and finance to analysis of housing, housing finance, real estate and urban economies.

One of his recent research studies found significant and compelling increases in house price returns across the vast number of metropolitan areas in the U.S. during the period of financial crisis and beyond. It also revealed some macro- and financial economics factors that were very important in driving housing market outcomes across these 400 places. “In our research we found that there was a much more pervasive macroeconomic and capital markets influence in local market conditions than was previously appreciated,” he says. “While long-standing analyses have emphasized the importance of local factors to metropolitan-specific housing cycles, our study showed the opposite outcome, in that common national factors appeared to strongly predominate in determination of local house price returns during the period of the financial crisis.”

Gabriel estimates he has taught roughly 3,000 students — and counting. The classroom environment, he says, “can be very dynamic, and that occurs when there is significant energy on the part of students and instructor, such as what arises in the context of a compelling and timely case study discussion. It’s exciting to see students who become enthusiastic and intellectually intrigued by the course material — it’s that curiosity that carries the student forward to be a lifetime learner.” He is the recipient of a number of awards for research and teaching excellence.

He currently holds a visiting professor position at the Coller School of Management at Tel Aviv University, where he is involved in research that relates to Israeli housing and mortgage markets. Gabriel’s fluency in Hebrew has come in handy when traveling to Israel with students for UCLA Anderson global immersion programs. He has also led trips to Mexico, Chile, Shanghai, Tokyo, Japan and Brazil.

As director of the Ziman Center, Gabriel says it’s “a rewarding platform in the sense that it allows deep and meaningful interactions with primary constituencies of UCLA — faculty, students, the professional community and alumni — and those who assess and make policy. We’ve recently launched initiatives that relate to housing affordability and sustainability here in California.”

Earlier in his career, Gabriel served on the economics staff of the Federal Reserve Board in Washington, D.C., and as a visiting scholar at the Federal Reserve Bank of San Francisco. He previously held the position of president of the American Real Estate and Urban Economics Association. He has testified before Congress and the California State Legislature on topics related to the 2000s financial crisis.

Frequently sought out as an industry expert, Gabriel has written for the New York Times and is often cited in the Los Angeles Times, Wall Street Journal, NPR and NBC. He serves on the editorial boards of seven academic journals and has published approximately 80 academic papers.

A triple degree holder from the University of California, Berkeley, Gabriel says he feels a “deep sense of gratitude to the UC system, as it so profoundly influenced my career.” He has served on numerous corporate boards, finding that work to be particularly rewarding and useful to his classroom work. He currently sits on the boards of KB Home and a number of real estate investment trusts.

In 2015, Gabriel and his family earned Jewish World Watch’s annual Global Soul award in recognition of their service and allegiance to the organization and its mission to curb, heal and intercept genocide worldwide.

When he’s not in the classroom, he can be found cheering on the Bruins (and Cal Bears). An avid outdoorsman, Gabriel spends many weekends in the Santa Monica Mountains hiking, biking, running or walking.

 

Education

Ph.D. Economics, UC Berkeley
M.A., UC Berkeley
A.B., UC Berkeley

 

Recent Publications

Marcelle Chauvet, Stuart Gabriel and Chandler Lutz. (November 2016). Mortgage Default Risk: New Evidence from Internet Search Queries. Forthcoming, Journal of Urban Economics, 96 (2016): 91 - 111.

Yuval Arbel, Danny Ben-Shahar and Stuart Gabriel. (December 2015). Are the Disabled Less Loss Averse? Evidence from a Natural Policy Experiment. Economic Inquiry, Early View Online.

Stuart A. Gabriel, Matthew E. Kahn and Ryan K. Vaughn. (January 2015). Congressional Influence As a Determinant of Subprime Lending. Journal of Housing Economics, Volume 28: 91-102.

Stuart Gabriel and Stuart Rosenthal. (June 2015). The Boom, the Bust and the Future of Homeownership. Real Estate Economics, Volume 43 (2): 334-374.

Yuval Arbel, Danny Ben Shahar and Stuart Gabriel. (November 2014). Anchoring and Housing Choice: Results of a Natural Policy Experiment. Regional Science and Urban Economics, Vol. 49, pp. 68-83.

John Cotter, Stuart Gabriel and Richard Roll. (November 2014). Can Housing Risk be Diversified? A Cautionary Tale from the Housing Boom and Bust. Review of Financial Studies, Volume 28 (3): 913-936.

Yongheng Deng, Stuart Gabriel, Kiyohiko Nishimura and Della Zhang. (2013). Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market. Real Estate Economics, 40 (5): 234-272.

Stuart Gabriel and Stuart Rosenthal. (2013). Urbanization, Agglomeration Economics, and Access to Mortgage Credit. Regional Science and Urban Economics, 43 (1): 42-50.

Stuart Gabriel and Frank Nothaft. (2012). James Berkovec Special Issue: An Introduction. Real Estate Economics, 40 (5): 1-7.

Stuart Gabriel and Gary Painter. (2012). "Household Location and Race: A Twenty-Year Retrospective". Journal of Regional Science, Volume 52 (5): 733 - 901.

Yuming Fu and Stuart Gabriel. (2012). Labor Migration, Human Capital Agglomeration, and Regional Development in China. Regional Science and Urban Economics, Volume 42: 473-484.

Xudong An, Yongheng Deng, and Stuart Gabriel. (2011). Asymmetric Information, Adverse Selection, and the Pricing of CMBS. Journal of Financial Economics, Volume 100(2): 304-325.

Yongheng Deng, Stuart Gabriel, and Anthony Sanders. (2011). CDO Market Implosion and the Pricing of Subprime Mortgage-Backed Securities. Journal of Housing Economics, Vol 20(2): 68-80.

Stuart A Gabriel and Stuart S Rosenthal. (2010). Do the GSEs Expand the Supply of Mortgage Credit? New Evidence on Crowd Out in the Secondary Mortgage Market. Journal of Public Economics, 94(2010): 975-986.

Stuart Gabriel, Raphael Bostic and Gary Painter. (2009). Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data. Regional Science and Urban Economics, 39(2009): 79-89.

Stuart Gabriel, John Quigley, and Larry Rosenthal. (2009). The Mortgage Meltdown, the Economy, and Public Policy. The B.E. Journal of Economics Analysis and Policy, Vol. 9, Issue 3 (Symposium), Article 1.

Xudong An, Yongheng Deng and Stuart Gabriel. (2009). Value Creation through Securitization: Evidence from the CMBS Market. Journal of Real Estate Finance and Economics, 38 (3): 302-326.

Stuart Gabriel and with Gary Painter. (2009). Mobility, Residential Location, and the American Dream: The Intra-metropolitan Geography of Minority Homeownership. Real Estate Economics, 36 (3): 499-531.

Stuart Gabriel, Xudong An, Raphael Bostic, and Yongheng Deng. (2007). GSE Loan Purchases, the FHA, and Housing Outcomes in Targeted, Low-Income Neighborhoods. Brookings-Wharton Papers on Urban Affairs, (2007): 205-256.

Stuart Gabriel and Yongheng Deng. (September 2006). Risk-Based Pricing and the Enhancement of Mortgage Credit Availability among Underserved and Higher Credit-Risk Populations. Journal of Money, Credit, and Banking, Vol. 38, No. 6, pp.1431-1460.

Stuart Gabriel and Raphael Bostic. (February 2006). Do the GSEs Matter to Low-Income Housing Markets? An Assessment of the Effects of GSE Loan Purchases on California Housing Outcomes. Journal of Urban Economics,Vol. 59, pp. 458-475.

Stuart Gabriel and Stuart Rosenthal. (January 2005). Homeownership in the 1980s and 1990s: Aggregate Trends and Racial Disparities. Journal of Urban Economics, Vol. 57, no. 1, pp. 101-127.

Stuart Gabriel and Stuart Rosenthal. (February 2004). Quality of the Business Environment Versus Quality of Life in a Dynamic Model of Urban Composition and Growth. The Review of Economics and Statistics, Vol. 86, No 1, pp.438-444.

Yuval Arbel, Danny Ben-Shahar and Stuart Gabriel. (December 2015). Are the Disabled Less Loss Averse? Evidence from a Natural Policy Experiment. Economic Inquiry, Early View Online.

Yuval Arbel, Danny Ben-Shahar and Stuart Gabriel. (December 2015). Are the Disabled Less Loss Averse? Evidence from a Natural Policy Experiment. Economic Inquiry, Early View Online.

 

Working Papers

Stuart Gabriel, Matteo Iacoviello, and Chandler Lutz. (February 2017). A Crisis of Missed Opportunites? Foreclosure Costs and Mortgage Modification During the Great Recession. [ Download ]

John Cotter, Stuart A. Gabriel and Richard Roll. (October 2016). Nowhere to Run, Nowhere to Hide: Asset Diversification in a Flat World. [ Download ]

Stuart Gabriel, Owen Hearey, Matthew E. Kahn and Ryan K. Vaughn. (September 2016). Public School Quality Valuation Over the Business Cycle. [ Download ]

Xudong An, Yongheng Deng, and Stuart A. Gabriel. (April 6, 2016). Default Option Exercise over the Financial Crisis and Beyond. [ Download ]

Stuart Gabriel and Chandler Lutz. (September 2014). The Impact of Unconventional Monetary Policy on Real Estate Markets. [ Download ]

 

Video

Stuart Gabriel

Is Now the Right Time to Refinance?

Arden Realty Chair and director of the UCLA Ziman Center for Real Estate Stuart Gabriel gives CBS-LA audiences an analysis of interest rates and advice on smart refinancing.
CBS-LA, November 11, 2015

Stuart Gabriel

REITWise 2013: NAREIT’s Law, Accounting and Finance Conference

Piecemeal changes are coming to the mortgage market.

Stuart Gabriel

Commercial Real Estate Will Not Drag U.S. Economy Back into Recession

Stuart Gabriel

Stuart Gabriel Discusses Real Estate, Housing and the U.S. Economy with Paul Feinberg