Conference on Housing, Financial Markets & Monetary Policy

Conference on Housing, Financial Markets and Monetary Policy

Thursday & Friday, September 5-6, 2019

UCLA Anderson School of Management
University of California, Los Angeles

(Attendance is by invitation only)

Presented by Federal Reserve Bank of San Francisco, UCLA, and Board of Governors of the Federal Reserve System

Agenda

Thursday, September 5, 2019

8:30 a.m. Registration and Continental Breakfast
9:00 a.m. Welcoming Remarks

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

9:15 a.m. SESSION ONE: Mortgages and Banking

CHAIR: Stuart Gabriel (University of California, Los Angeles)

Informational Efficiency in Securitization After Dodd-Frank
Sean J. Flynn Jr. (Colorado State University)
Andra Ghent (University of Wisconsin-Madison)
Alexei Tchistyi* (University of Illinois-Urbana-Champaign)
DISCUSSANT: Mark Garmaise (University of California, Los Angeles)

10:00 a.m.  

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath
Antonio Falato* (Federal Reserve Board)
Giovanni Favara (Federal Reserve Board)
David Scharfstein (Harvard University)
DISCUSSANT: Barney Hartman-Glaser (University of California, Los Angeles)

10:45 a.m. BREAK (15 minutes)
11:00 a.m. SESSION TWO: Macroprudential Policy

CHAIR: Diana Hancock (Federal Reserve Board)

The Effect of LTV-Based Risk Weights on House Prices: Evidence from an Israeli Macroprudential Policy
Steven Laufer (Federal Reserve Board)
Nitzan Tzur Ilan* (Bank of Israel)
DISCUSSANT: John Krainer (Federal Reserve Board)

11:45 a.m.  

The Anatomy of the Transmission of Macroprudential Policies
Viral V. Acharya (Reserve Bank of India)
Katharina Bergant (Trinity College Dublin)
Matteo Crosignani* (University of Michigan)
Tim Eisert (Erasmus Rotterdam)
Fergal McCann (Central Bank of Ireland)
DISCUSSANT: Tess Scharlemann (Federal Reserve Board)

12:30 p.m. LUNCH
2:00 p.m. SESSION THREE: Monetary Policy and Consumer Credit Markets

CHAIR: N. Edward Coulson (University of California, Irvine)

Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets
Sasha Indarte* (Duke University)
DISCUSSANT: Simon Kwan (Federal Reserve Bank of San Francisco)

2:45 p.m.  

Mortgage Pricing and Monetary Policy
Matteo Benetton* (University of California, Berkeley)
Alessandro Gavazza (London School of Economics)
Paolo Surico (London Business School)
DISCUSSANT: Greg Buchak (Stanford University)

3:30 p.m. BREAK (30 minutes)
4:00 p.m. PANEL DISCUSSION: Considerations when Ending GSE Conservatorships

SPEAKERS:
Andrew Davidson (Andrew Davidson & Co., Inc.)
Wayne Passmore (Federal Reserve Board)
Nancy Wallace (University of California, Berkeley)
MODERATOR: Stuart Gabriel (University of California, Los Angeles)

5:15 p.m. BREAK (45 minutes)
6:00 p.m. DINNER

*Presenting Author

Friday, September 6, 2019

8:00 a.m. Registration and Continental Breakfast
8:30 a.m. SESSION FOUR: Mortgage and Real Estate Markets

CHAIR: Barney Hartman-Glaser (University of California, Los Angeles)


Helping the Middle-Class: How Interest Rates Affect the Distribution of Housing Wealth

Isaac Hacamo* (Indiana University)
DISCUSSANT: Ed Kung (University of California, Los Angeles)

9:15 a.m.  

Monetary Policy & Commercial Real Estate Price Dynamics
David Leather* (University of North Carolina-Chapel Hill)
Jacob S. Sagi (University of North Carolina-Chapel Hill)

DISCUSSANT: Thomas Davidoff (University of British Columbia)

10:00 a.m.  

Do Vacant Property Registrations Ameliorate Foreclosure Externalities?
Arnab Biswas (University of Wisconsin-Stout)
Chris Cunningham* (Federal Reserve Bank of Atlanta)
Kristopher Gerardi (Federal Reserve Bank of Atlanta)
Daniel Sexton (Federal Reserve Bank of Atlanta)

DISCUSSANT: Darren Aiello (Brigham Young University)

10:45 a.m. BREAK (15 minutes)
11:00 a.m. SESSION FIVE: Monetary Policy and Mortgage Markets

CHAIR: Mark Spiegel (Federal Reserve Bank of San Francisco)


Mortgage Prepayment and Path-Dependent Effects of Monetary Policy

David Berger (Northwestern University and NBER)
Konstantin Milbradt* (Northwestern University and NBER)
Fabrice Tourre (Copenhagen Business School)
Joseph Vavra (University of Chicago and NBER)
DISCUSSANT: Rodney Ramcharan (University of Southern California)

11:45 a.m.  

Quantitative Easing and Financial Institution Risk
W. Scott Frame (Federal Reserve Bank of Dallas)
Eva Steiner* (Cornell University)
DISCUSSANT: Amir Kermani (University of California, Berkeley)

12:30 p.m. CONFERENCE ADJOURNMENT & LUNCH

*Presenting Author

Organizing Committee

 

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
Oscar Jorda, Federal Reserve Bank of San Francisco
John Krainer, Board of Governors of the Federal Reserve System
Simon Kwan, Federal Reserve Bank of San Francisco
Pascal Paul, Federal Reserve Bank of San Francisco
Wayne Passmore, Board of Governors of the Federal Reserve System
Mark Spiegel, Federal Reserve Bank of San Francisco