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Thursday, November 14, 2013

Have Blog, Will Travel: Dallas Fed Housing, Stability, and the Macroeconomy Conference

I am here today and tomorrow:

Housing, Stability and the Macroeconomy: International Perspectives

November 14–15, 2013 · Federal Reserve Bank of Dallas
(By invitation only)

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

The Great Recession interrupted a long boom in real house prices in many countries. In the U.S., the collapse in house prices and residential construction, the surge in mortgage delinquencies and foreclosures, as well as the dramatic tightening in mortgage standards and fall in household leverage played a major role in the recent financial crisis. Similar factors have affected a number of other countries. These developments have prompted a great deal of new research on housing and mortgage markets, macroeconomic models with housing credit channels, and macro-prudential regulation and macroeconomic stability.

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.


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
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
Alessandro Notarpietro*, Bank of Italy
Stefano Siviero, Bank of Italy


Zheng Liu, Federal Reserve Bank of San Francisco


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


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
Filipa Sá*, King’s College, London
Tomasz Wieladek, Bank of England


Pedro Gete, Georgetown University


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


Stefan Gerlach, Central Bank of Ireland

12:45 p.m.

Luncheon and Keynote Address 1
  David Miles, Bank of England

2 p.m.

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


Allan Crawford, Bank of Canada
Philipp Hartmann, European Central Bank
Dwight Jaffee, University of California, Berkeley
Susan Wachter, University of Pennsylvania

4 p.m.

Paper Session 3
Chair: Prakash Loungani, International Monetary Fund


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


Ken Kuttner, Williams College


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


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
Andre Kallålk Anundsen, University of Oslo
Christian Heebøll*, University of Copenhagen


Andra Ghent, Arizona State University


Timing of Homeownership, Credit Constraint and House Price Expectation
Sumit Agarwal, National University of Singapore
Luojia Hu*, Federal Reserve Bank of Chicago
Xing Huang, Michigan State University
  Discussant: Daniel Fetter, Wellesley College

10 a.m.

Keynote 2


Robert Shiller, Yale University

11:15 a.m.

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


Edward Leamer, University of California, Los Angeles
John Muellbauer, University of Oxford
Amir Sufi, University of Chicago
Stijn Claessens, International Monetary Fund

12:30 p.m.


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
Yavuz Arslan, Central Bank of the Republic of Turkey
Bulent Guler*, Indiana University
Temel Taskin, Central Bank of the Republic of Turkey


Paul Willen, Federal Reserve Bank of Boston


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


Karen Pence, Federal Reserve Board

3:15 p.m.

Closing Comments


    Posted by on Thursday, November 14, 2013 at 06:10 AM in Conferences, Economics | Permalink  Comments (5)


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