Joseph S. Tracy is a nonresident senior fellow at the American Enterprise Institute (AEI), where he is working with the Economic Policy department and the AEI Housing Center. Before joining AEI, he served for more than two decades at the Federal Reserve Bank of New York and the Federal Reserve Bank of Dallas. Tracy’s work has appeared in Economic Policy Review, Journal of Applied Econometrics, Journal of Economic Perspectives, Journal of Labor Economics, Journal of Urban Economics, and Real Estate Economics. He is coeditor of Principles of Housing Finance Reform (University of Pennsylvania Press, 2016). Tracy has a PhD in economics from the University of Chicago and a BA from the University of Missouri. His email is joestracy@gmail.com.