Research Events

Workshop on Global Housing Markets and the Macroeconomy

March 27, 2026

Alicante, Spain

Hosted by the University of Alicante and the Global Institute at the Federal Reserve Bank of Dallas

This workshop brings together leading researchers to examine how housing markets shape—and are shaped by—macroeconomic dynamics, financial conditions and policy design across countries. As housing has become central to household balance sheets, financial stability and monetary transmission, understanding the interaction between expectations, credit cycles, macroprudential tools and institutional differences is more important than ever.

Taken together, the papers provide a comprehensive view of key issues at the intersection of housing and macroeconomics—from exuberance and bubble dynamics to credit expansion, refinancing waves, systemic risk, wealth distribution and cross-country differences in macroeconomic resilience. The workshop aims to foster dialogue on how policy frameworks—monetary, macroprudential and regulatory—can better account for housing’s increasingly pivotal role in the modern macro-financial system.

When

Friday, March 27, 2026
9:30 a.m.–4:00 p.m.

Where

Universidad de Alicante
Salón de Grados
Facultad de Ciencias Económicas y Empresariales

Agenda

Friday, March 27
9:30 a.m.	Registration
9:50 a.m.	Welcome Carmen Beviá, University of Alicante
9:55 a.m.	Opening remarks Enrique Martínez García, Federal Reserve Bank of Dallas
10:10 a.m.	Session 1: Credit supply and the mortgage channel in housing markets Chair: Efthymios Pavlidis, Lancaster University Monetary Policy, Refinancing Waves, and Credit Expansions Manu García, Federal Reserve Bank of St. Louis Co-author: Carlos Garriga, Federal Reserve Bank of St. Louis Datacenter Mortgages and Originate-to-Distribute Amparo Mercader, Georgetown University Co-author: Pedro Gete, IE Business School
11:15 a.m.	Break
11:45 a.m.	Session 2: Distributional effects of macroeconomic policies in housing markets Chair: Enrique Martínez García Housing Markets and the Heterogeneous Effects of Monetary Policy Across the Euro Area Stefano Pica, Banca d'Italia The Aggregate and Distributional Implications of Credit Shocks on Housing and Rental Markets Gonzalo Paz-Pardo, European Central Bank Co-authors: Juan Castellanos, Bank of England, and Andrew Hannon, European Central Bank Macroprudential Policy and Housing Wealth Inequality: Evidence from the Euro Area Alberto Pérez-Bernabeu, University of Alicante Co-author: Álvaro Fernández-Gallardo, Bank of Spain
1:30 p.m.	Lunch
3:00 p.m.	Session 3: Expectations, bubbles and housing networks Chair: Iván Payá, University of Alicante Bubbling Up? What Consumer Expectations Reveal About U.S. Housing Market Exuberance Enrique Martínez García Co-author: Efthymios Pavlidis Housing Bubble Scars André Anundsen, Housing Lab, Oslo Metropolitan University Co-authors: Knut Are Aastveit, Norges Bank, Bjørnar K. Kivedal, Housing Lab, Oslo Metropolitan University, and Erling Røed Larsen, Housing Lab, Oslo Metropolitan University Networked Housing Markets: Implications for Systemic Risk and Macroprudential Design Iván Payá Co-author: Alberto Pérez-Bernabeu

Organizers

Enrique Martínez García, Federal Reserve Bank of Dallas
Efthymios Pavlidis, Lancaster University
Iván Payá, University of Alicante

For More Information

Please contact Enrique Martínez García at enrique.martinez-garcia@dal.frb.org.