Greenwald’s research focuses on the connections between financial markets and the macroeconomy. In recent work, he has studied how institutional features of mortgage markets—particularly limits on the ratio of mortgage payments to borrower income—can amplify the effects of interest rate movements on debt, house prices, and economic activity, and can also help to explain the recent boom and bust in housing markets. In other work, he has investigated how inequality between workers and capital owners can affect the stock market, finding that shocks that redistribute between these factors of production are a central driver of long-horizon movements in stock prices. Greenwald holds an AB in economics from Harvard College and a PhD in economics from New York University.