Housing, Stability and the Macroeconomy: International Perspectives

November 14, 2014 Dallas Fed

Sponsored by
Federal Reserve Bank of Dallas, IMF Research Department and Journal of Money, Credit and Banking

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