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Stuart A. Gabriel

Distinguished Professor of Finance and Arden Realty Chair. Director, UCLA Ziman Center for Real Estate
“The promotion of intellectual curiosity is a most rewarding feature of the classroom environment.”
About
 
 

Biography

Stuart A. Gabriel is a Distinguished Professor of Finance and Arden Realty Chair at UCLA Anderson School of Management. He is also the director of the UCLA Ziman Center for Real Estate. His research focuses on topics of real estate finance and economics, housing and mortgage markets, urban and regional economics, and macroeconomics.

Gabriel previously 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 has published more than 80 articles in economics and finance journals and serves on the editorial boards of seven academic journals.

His recent research has focused on issues of rental eviction moratoria and COVID-19, housing, and the global financial crisis, encompassing such topics as: assessment of foreclosure moratoria; integration and contagion in housing, equity and fixed-income markets; Google search behavior as an indicator of housing distress; GSE crowd-out in secondary mortgage markets; and the effects of CDO market implosion on mortgage pricing.

Gabriel is the recipient of a number of research awards, and in 2021 he received the Quigley Medal from the American Real Estate and Urban Economics Association. He has testified before the U.S. Congress and the California State Legislature and has provided policy advice to elected officials at the local, state and federal levels. Gabriel is a past president of the American Real Estate and Urban Economics Association and a fellow of the Homer Hoyt Institute for Advanced Real Estate Studies. In 2021, Gabriel received Neidorf “Decade” Teaching Award from the UCLA Anderson School of Management. He serves on the boards of directors of KB Home and the KBS REITs and is a consultant to numerous corporate and governmental entities. He holds a Ph.D. in economics from the University of California, Berkeley.

 

Education

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

 

Recent Publications

Stuart Gabriel, Matteo Iacoviello, and Chandler Lutz. (March 2020). A Crisis of Missed Opportunites? Foreclosure Costs and Mortgage Modification During the Great Recession. Review of Financial Studies, 34 (2021): 864–906.

Xudong An, Yongheng Deng, and Stuart A. Gabriel. (October 28, 2019). Default Option Exercise over the Financial Crisis and Beyond. Review of Finance (2020): 153–187.

Danny Ben-Shahar, Stuart Gabriel, and Roni Golan. (September 2019). Housing Affordability and Inequality: A Consumption-Adjusted Approach. Journal of Housing Economics, Volume 45 (2019).

Danny Ben-Shahar, Stuart Gabriel, Roni Golan. (April 2018). Can't Get There From Here: Affordability Distance to a Superstar City. Regional Science and Urban Economics.

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.

 

Working Papers

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 ]

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

The Housing Shortage and Homelessness: A Researcher’s Perspective

Warren Olney and leading real estate researcher Stuart Gabriel look at how the housing shortage and homelessness in California has been exacerbated by redlining, systemic failures and now, COVID-19. What are possible solutions?

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

Video

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

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

Piecemeal changes are coming to the mortgage market.

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

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