March 31, 2009

BERKELEY -- With the mortgage market and subprime loans taking the blame for much of the global financial crisis, the publication of a joint Berkeley-UCLA symposium held October 2008, "The Mortgage Meltdown, the Economy and Public Policy," is timely indeed. The far-reaching economic and social consequences of the ongoing housing crisis require nothing less than the wholesale evaluation and redesign of housing policy, regulation, and finance systems.

The symposium, published in The B.E. Journal of Economic Analysis & Policy includes articles and discussion by leading financial scholars from academia and government, such as Ben Bernanke, Janet Yellen, and Robert Shiller. Topics include the future of the housing finance system, policy responses necessary to alleviate current financial damage, the demography of foreclosures, and financial market dysfunction.

"The goal of the symposium was to identify the lessons of the current crisis with the hope that improved understanding of outcomes will lead to regulatory and policy decisions that prevent similar crises in the future," said Stuart Gabriel, director of the Richard S. Ziman Center for Real Estate at UCLA. "And indeed, the papers presented brought forward important ideas, some of which have been adopted by the Obama Administration in confronting the housing and mortgage crisis."

"We have tried to mix two kinds of expertise for this published volume: senior people with real experience inside government and financial institutions; and the best academic thinking on the magnitude of the crisis, the alternatives available for action, and the lessons to be learned," said John Quigley, a UC Berkeley economist and director of its Program on Housing and Urban Policy. 

  • Federal Reserve Bank Chair Ben Bernanke on "The Future of Mortgage Finance in the United States"
  • San Francisco Federal Reserve President (and UC Berkeley emeritus professor of economics) Janet Yellen on "The Mortgage Meltdown, Financial Markets, and the Economy"
  • Robert Shiller, a Yale University economist and author of The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It (2008), on "Policies to Deal with the Implosion in the Mortgage Market"
  • Edward Leamer, a UCLA economist who heads the Anderson Forecast, on "Homes and Cars: Why are the Cycles in Homes and Consumer Durables so Similar?"
  • Dwight Jaffee, a Berkeley economist who chairs its Fisher Center for Real Estate and Urban Economics, on "Monoline Regulations to Control the Systemic Risk Created by Investment Banks and GSEs"

Please visit the symposium page for these pieces, and others by Brad DeLong, Glenn Hubbard, Diana Hancock, and others.

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About The Berkeley Electronic Press
Among the top-caliber journals in microeconomics and policy, with distinguished editors from Boston University, London School of Economics, Michigan State, Paris School of Economics, Stanford, UC Berkeley, University of Illinois, University of Michigan, and Yale, The B.E. Journal of Economic Analysis & Policy is an established alternative to overpriced economics journals, and fills the need for quick publication of cutting-edge research. Articles use microeconomics to analyze issues in business, consumer behavior, and public policy, with practical implications for areas such as pollution, education, and population growth.

About UCLA Ziman Center for Real Estate
The Richard S. Ziman Center for Real Estate, a joint center of the UCLA Anderson School of Management and the UCLA School of Law, was formed with a mandate to create and administer UCLA's activities surrounding the topic of real estate. The mission of the Center is to advance thought leadership in the field of real estate by generating influential research, educating the next generation of leaders, and providing meaningful forums for industry professionals and policymakers. Through its various programs and activities, the Center employs a multidisciplinary and global approach to addressing the most critical real estate challenges facing our society today and in the future.

About UCLA Anderson School of Management
UCLA Anderson School of Management, established in 1935, is regarded among the leading business schools in the world. UCLA Anderson faculty members are renowned for their teaching excellence and research in advancing management thinking. Each year, UCLA Anderson provides management education to more than 1,700 students enrolled in MBA, Executive MBA, Fully-Employed MBA and doctoral programs, and to more than 2,000 professional managers through executive education programs. Combining highly selective admissions, varied and innovative learning programs, and a world-wide network of 36,000 alumni, UCLA Anderson develops and prepares global leaders.

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