Conference on Housing, Financial Markets and Monetary Policy

Conference on Housing, Financial Markets and Monetary Policy

 

Thursday & Friday, May 11-12, 2023
UCLA Anderson School of Management
University of California, Los Angeles

(Attendance is by invitation only)

Presented by Federal Reserve Bank of San Francisco, UCLA Ziman Center for Real Estate's Rosalinde and Arthur Gilbert Program in Real Estate, Finance and Urban Economics, and Board of Governors of the Federal Reserve System

Agenda
 
Time Program
8:30 a.m. Registration and Continental Breakfast - Grand Salon
9:00 a.m.

Welcoming Remarks

Stuart Gabriel (UCLA Anderson School of Management and UCLA Ziman Center for Real Estate)

Barney Hartman-Glaser (UCLA Anderson School of Management and UCLA Ziman Center for Real Estate)

Session I: Redistribution in the Mortgage Market

Chair: Gregor Schubert (UCLA Anderson School of Management and UCLA Ziman Center for Real Estate)

9:10 a.m.

Closing Costs, Refinancing, and Inefficiencies in the Mortgage Market

Author: David Zhang (Rice University)

Discussant: Daniel Greenwald (New York University)

10:00 a.m. Break (10 mins)
10:10 a.m.

Refinancing Frictions, Mortgage Pricing and Redistribution

Authors: David Berger (Duke University and NBER), Konstantin Milbradt (Northwestern University and NBER), Fabrice Tourre (Copenhagen Business School), and Joseph Vavra (University of Chicago and NBER)

Discussant: Kristopher Gerardi (Federal Reserve Bank of Atlanta)

11:00 a.m. Session Break (15 mins)

Session II: Risk and the GSEs                     

Chair: Stuart Gabriel (UCLA Anderson School of Management and UCLA Ziman Center for Real Estate)

11:15 a.m.

The Government-Sponsored Enterprises as Stabilization Tools

Authors: Pedro Gete (IE University), Athena Tsouderou (University of Miami), and Susan Wachter (The Wharton School, University of Pennsylvania)

Discussant: Nancy Wallace (University of California, Berkeley)

12:05 p.m. Lunch - North Terrace

Session III: Wealth Effects in the Housing Market

Chair: Andrea Eisfeldt (UCLA Anderson School of Management)

1:30 p.m.

Housing Wealth and Overpayment: When Money Moves In

Authors: Darren Aiello (Brigham Young University), Jason Kotter (Brigham Young University), and Gregor Schubert (University of California, Los Angeles)

Discussant: Marco Giacoletti (University of Southern California)

2:20 p.m. Break (10 mins)
2:30 p.m.

The Housing Channel of Inter-Generational Wealth Persistence

Authors: Knut Aastveit (Norges Bank and BI Norwegian Business School), Eirik Brandsaas (Board of Governors of the Federal Reserve System), Ragnar Juelsrud (Norges Bank), Gisle Natvik (Norges Bank and BI Norwegian Business School) and Ella Getz Wold (BI Norwegian Business School)

Discussant: Lars Lochstoer (University of California, Los Angeles)

3:20 p.m. Session Break (15 mins)

Session IV: Mortgage Financing
Chair: Barney Hartman-Glaser (UCLA Anderson School of Management and UCLA Ziman Center for Real Estate)

3:35 p.m.

Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility

Authors: Carlos Garriga (Federal Reserve Bank of St. Louis) and Aaron Hedlund (University of Missouri, Federal Reserve Bank of St. Louis, and Center for Growth and Opportunity)

Discussant: Tim Landvoigt (University of Pennsylvania)
4:25 p.m. Break (10 mins)
4:35 p.m.

The Demand for Long-Term Mortgage Contracts and the Role of Collateral

Author: Lu Liu (University of Pennsylvania)

Discussant: Rodney Ramcharan (University of Southern California)

5:25 p.m. End of Day 1

Time Program
8:30 a.m. Registration and Continental Breakfast
Session V: Monetary Policy and the Housing Market
Chair: Diana Hancock (Board of Governors of the Federal Reserve System)
9:00 a.m.

Monetary Policy and Home Buying Inequality

Author: Daniel Ringo (Board of Governors of the Federal Reserve System)

Discussant: Nitzan Tzur-Ilan (Federal Reserve Bank of Dallas)

9:50 a.m. Break (10 mins)
10:00 a.m.

House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data

Authors: Denis Gorea (European Investment Bank), Oleksiy Kryvtsov (Bank of Canada), and Marianna Kudlyak (Federal Reserve Bank of San Francisco, Hoover Institution, CEPR, IZA)

Discussant: Jack Liebersohn (University of California, Irvine)

10:50 a.m. Break (10 mins)
11:00 a.m.

GSEs, G-SIBs, and Systemic Risk Capital Surcharges

Authors: Shane Sherlund (Board of Governors of the Federal Reserve System) and Wayne Passmore (Board of Governors of the Federal Reserve System)

Discussant: Xudong An (Federal Reserve Bank of Philadelphia)
11:50 a.m. Closing Remarks
12:00 p.m. Adjourn - Boxed Lunch (seating available in North Terrace)

Organizing Comittee

 
  • Andrea Eisfeldt, UCLA Anderson School of Management
  • Stuart Gabriel, UCLA Anderson School of Management and Ziman Center for Real Estate
  • Mark Garmaise, UCLA Anderson School of Management
  • Diana Hancock, Board of Governors of the Federal Reserve System
  • Barney Hartman-Glaser, UCLA Anderson School of Management and Ziman Center for Real Estate
  • John Krainer, Board of Governors of the Federal Reserve System
  • Simon Kwan, Federal Reserve Bank of San Francisco
  • John Mondragon, Board of Governors of the Federal Reserve System
  • Wayne Passmore, Board of Governors of the Federal Reserve System
  • Gregor Schubert, UCLA Anderson School of Management and Ziman Center for Real Estate

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