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Session 5: Housing and the Macroeconomy

July 27-29, 2015

Organized by:

  • Peter Koudijs, Stanford University
  • Arvind Krishnamurthy, Stanford University
  • Tim McQuade, Stanford University
  • Alp Simsek, Massachusetts Institute of Technology

For purposes of travel planning this session will begin Monday, 7/27, 9:00am, and finish Wednesday, 7/29, 12:00pm.

This session will bring together young researchers working at the intersection of real estate economics, macro-prudential policy, and the macro effects of household balance sheets. On the real estate economics front, we will invite both theoretical and empirical researchers studying issues such as liquidity in housing markets, asymmetric information, housing demand, and local spillover effects. Recognizing the importance of housing in the broader economy and its central role in the Great Recession, the program will also cover macro issues.  Specifically, we will invite individuals studying how macro-prudential policy can be designed to prevent overheating and to control boom/bust cycles.  Of particular interest is exciting new research examining the role of macro-prudential policy in the presence of the zero lower bound.  Finally, since home purchases are one of the most important financial decisions households make, we would invite researchers studying how household balance sheets affect aggregate consumption and savings behavior, as well as their role in driving boom/bust cycles.

In this Session

Jul 27 |
9:00 am to 10:00 am

An Extrapolative Model of House Price Dynamics

Presented by: Charles Nathanson, Northwestern University
Jul 27 |
10:15 am to 11:15 am

Mortgage Refinancing, Interest Rate Pass-Through, and Competition: Evidence from Home Affordable Refinancing Program

Presented by: Amit Seru, University of Chicago
Jul 27 |
11:30 am to 12:30 pm

Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging

Presented by: Rodney Ramcharan, Federal Reserve Board
Co-Author(s): Amir Kermani, University of California, Berkeley
Jul 27 |
2:00 pm to 3:00 pm

Learning about the Neighborhood: Supply Elasticity and Housing Cycles

Presented by: Wei Xiong, Princeton University
Co-Author(s): Zhenyu Gao; Chinese University of Hong Kong; Michael Sockin, Princeton University
Jul 27 |
3:15 pm to 4:15 pm

Who Wants Affordable Housing in their Backyard?

Presented by: Tim McQuade, Stanford University
Jul 28 |
9:00 am to 10:00 am

Payments, Credit, and Asset Prices

Presented by: Monika Piazzesi, Martin Schneider, Stanford University
Jul 28 |
10:15 am to 11:15 am

Monetary Policy and the Redistribution Channel

Presented by: Adrien Auclert, Princeton University
Jul 28 |
11:30 am to 12:30 pm

Investment Hangover and the Great Recession

Presented by: Alp Simsek, Massachusetts Institute of Technology
Jul 28 |
2:00 pm to 3:00 pm

Good Booms, Bad Booms

Presented by: Guillermo Ordonez, University of Pennsylvania
Co-Author(s): Gary Gorton, Yale University
Jul 28 |
3:15 pm to 4:15 pm

Credit Spreads and the Severity of Financial Crises

Presented by: Arvind Krishnamurthy, Stanford University
Co-Author(s): Tyler Muir, Yale University
Jul 29 |
8:00 am to 9:00 am

House Prices and Consumer Spending

Presented by: Guido Lorenzoni, Northwestern University
Jul 29 |
9:15 am to 10:15 am

Homeowner Borrowing and Housing Collateral: New Evidence from Expiring Price Controls

Presented by: Anthony A. DeFusco, Northwestern University
Jul 29 |
10:30 am to 11:30 am

Bankers' Liability and Risk Taking: Evidence from New England, 1865-1874

Presented by: Peter Koudijs, Stanford University