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Housing, Stability and the Macroeconomy: International Perspectives

November 14–15, 2014 Dallas Fed

To inform researchers and policymakers of these efforts and to foster future advances, the Federal Reserve Bank of Dallas, the IMF Research Department and the Journal of Money, Credit, and Banking are sponsoring a two-day conference to provide a venue for original theoretical and empirical studies on the macroeconomics of housing, focusing on the lessons learned from the crisis and outstanding issues that remain to be addressed.

Agenda

Thursday, November 14, 2013

8:15 a.m.

Registration and Continental Breakfast

8:45 a.m.

Welcome Remarks
Helen Holcomb, Federal Reserve Bank of Dallas
Housing, Stability and the Macroeconomy: International Perspectives
Stijn Claessens, International Monetary Fund

9 a.m.

Paper Session 1
Chair: Anthony Murphy, Federal Reserve Bank of Dallas

 

Optimal Monetary Policy Rules and House Prices: The Role of Financial Frictions
Presentation
Alessandro Notarpietro*, Bank of Italy
Stefano Siviero, Bank of Italy

 

Discussion of Optimal Monetary Policy Rules and House Prices: The Role of financial Frictions
Discussant:
Zheng Liu, Federal Reserve Bank of San Francisco

 

House Price Booms, Current Account Deficits and Low Interest Rates
Presentation
Andrea Ferrero*, Oxford University

 

Discussion of House Price Booms, Current Account Deficits and Low Interest Rates
Discussant:
Edward Leamer, University of California, Los Angeles

11 a.m.

Paper Session 2
Chair: Thorsten Beck, Cass Business School and Tilburg University

 

Capital Inflows and the U.S. Housing Boom
Presentation
Filipa Sá*, King’s College, London
Tomasz Wieladek, Bank of England

 

Discussion of Capital Inflows and the U.S. Housing Boom
Pedro Gete, Georgetown University

 

Macroprudential Policies and Housing Prices—A New Database and Empirical Evidence for Central, Eastern and Southeastern Europe
Presentation
Enrica Detragiache, International Monetary Fund
Jérôme Vandenbussche*, International Monetary Fund
Ursula Vogel, Deutsche Bundesbank

 

Discussion of Macroprudential Policies and Housing Prices—A New Database and Empirical Evidence for CESEE
Discussant:
Stefan Gerlach, Central Bank of Ireland

12:45 p.m.

Luncheon and Keynote Address 1
Housing, Leverage and Stability in the Wider Economy
Presentation
David Miles, Bank of England

2 p.m.

Panel 1: Lessons Learned and Implications for Policy
Chair: John Duca, Federal Reserve Bank of Dallas

 

Panel:
Financial Stability and the Mortgage Market: Canada’s Policy Framework
Allan Crawford, Bank of Canada
Real Estate Markets and Macroprudential Policy in Europe
Philipp Hartmann, European Central Bank
An International Perspective for Mortgage Market Reform
Dwight Jaffee, University of California, Berkeley
Housing Stability, Systemic Risk and Securitization
Susan Wachter, University of Pennsylvania

4 p.m.

Paper Session 3
Chair: Prakash Loungani, International Monetary Fund

 

Capital Flows, Housing Prices and the Macroeconomy: Evidence from Advanced and Emerging Market Economies
Presentation
Ambrogio Cesa-Bianchi, Bank of England
Luis Céspedes, Adolfo Ibáñez University, Chile
Alessandro Rebucci*, Johns Hopkins University

 

Discussion of Capital Flows, House Prices and the Macroeconomy: Evidence from Advanced and Emerging Market Economies
Discussant:
Ken Kuttner, Williams College

 

Explaining House Price Dynamics: Isolating the Role of Non-Fundamentals
Presentation
Thao Le, National University of Singapore
David Ling*, University of Florida
Joseph Ooi, National University of Singapore

 

Discussion of Explaining House Price Dynamics: Isolating the Role of Non-Fundamentals
Discussant:
Kevin Lansing, Federal Reserve Bank of San Francisco

7 p.m.

Conference Reception and Dinner

Friday, November 15, 2013

8:15 a.m.

Paper Session 4
Chair: Rabah Arezki, International Monetary Fund

 

Supply Restrictions, Subprime Lending and Regional U.S. Housing Prices
Presentation
Andre Kallålk Anundsen, University of Oslo
Christian Heebøll*, University of Copenhagen

 

Discussion of Supply Restrictions, Subprime Lending and Regional US Housing Prices
Discussant:
Andra Ghent, Arizona State University

 

Rushing into American Dream? House Prices, Timing of Homeownership, and Adjustment of Consumer Credit
Presentation
Sumit Agarwal, National University of Singapore
Luojia Hu*, Federal Reserve Bank of Chicago
Xing Huang, Michigan State University

 

Discussion of Rushing into American Dream? House Prices, Timing of Homeownership, and Adjustment of Consumer Credit
Discussant: Daniel Fetter, Wellesley College

10 a.m.

Keynote 2
Understanding Housing Bubbles in Light of Recent Experience
Robert Shiller, Yale University

11:15 a.m.

Panel 2: Housing and Macroeconomics
Chair: Sony Kapoor, Re-Define and London School of Economics

 

Panelists:
Housing and Macroeconomics
Edward Leamer, University of California, Los Angeles
Housing and the Macro-Economy: Inflation and the Financial Accelerator
John Muellbauer, University of Oxford
Will Housing Save the U.S. Economy?
Amir Sufi, University of Chicago
Housing, Stability and the Macroeconomy: International Perspectives
Stijn Claessens, International Monetary Fund

12:30 p.m.

Lunch

1:45 p.m.

Paper Session 5
Chair: Robert DeYoung, University of Kansas and Journal of Money, Credit and Banking

 

Joint Dynamics of House Prices and Foreclosures
Presentation
Yavuz Arslan, Central Bank of the Republic of Turkey
Bulent Guler*, Indiana University
Temel Taskin, Central Bank of the Republic of Turkey

 

Discussion of Joint Dynamics of House Prices and Foreclosures
Discussant:
Paul Willen, Federal Reserve Bank of Boston

 

The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012
Presentation
Meta Brown*, Federal Reserve Bank of New York
Sarah Stein, Federal Reserve Bank of New York
Basit Zafir, Federal Reserve Bank of New York

 

Discussion of The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012
Discussant:
Karen Pence, Federal Reserve Board

3:15 p.m.

Closing Comments

*Presenter