Federal Reserve Bank
of San Francisco Federal Reserve Bank
of San Francisco

Agenda

Date

Thursday, September 4, 2014 – Friday, September 5, 2014

Agenda download (pdf, 890 kb)

Thursday, September 4

8:00 a.m. Continental Breakfast
 

Yellen Conference Center
8:50 a.m. Welcoming Remarks
 

John C. Williams, President of the Federal Reserve Bank of San Francisco
9:00 a.m. Session One: Land Value and Economic Cycles
 

Chair: Steve Oliner (UCLA Ziman Center for Real Estate and American Enterprise Institute)

Land Prices and Unemployment
Zheng Liu (Federal Reserve Bank of San Francisco)
Jianjun Miao (Boston University)
Tao Zha (Federal Reserve Bank of Atlanta)
Discussant: Carlos Garriga (Federal Reserve Bank of St. Louis)

Download paper (pdf, 691 kb)
Download author presentation (pdf, 467 kb)
Download discussion presentation (pdf, 232 kb)

Collateral Constraints and Macroeconomic Asymmetries
Luca Guerrieri (Board of Governors of the Federal Reserve System)
Matteo Iacoviello (Board of Governors of the Federal Reserve System)
Discussant: Morris Davis (Rutgers University)

Download paper (pdf, 431 kb)
Download discussion presentation (pdf, 173 kb)
11:00 a.m. Break
 

 
11:20 a.m. Session Two: Mortgage Debt and Default
 

Chair: John Krainer (Federal Reserve Bank of San Francisco)

Unemployment, Negative Equity, and Strategic Default
Kris Gerardi (Federal Reserve Bank of Atlanta)
Kyle Herkenhoff (University of Minnesota)
Lee Ohanian (University of California, Los Angeles)
Paul Willen (Federal Reserve Bank of Boston)
Discussant: Gene Amromin (Federal Reserve Bank of Chicago)

Download paper (pdf, 437 kb)
Download author presentation (pdf, 807 kb)
12:20 p.m. Lunch
 

Market Street Dining Room, Fourth Floor
2:00 p.m. Session Two: Mortgage Debt and Default (continued)
 

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
Hui Chen (Massachusetts Institute of Technology)
Michael Michaux (University of Southern California)
Nikolai Roussanov (University of Pennsylvania)
Discussant: Hanno Lustig (University of California, Los Angeles)

Download paper (pdf, 577 kb)
Download author presentation (pdf, 859 kb)
Download discussion presentation (pdf, 476 kb)
3:00 p.m. Break
 
3:20 p.m Session Three: Housing and Monetary Policy
 

Chair: Wayne Passmore (Board of Governors of the Federal Reserve System)

Household Balance Sheets and Monetary Policy
Aditya Aladangady (Board of Governors of the Federal Reserve System)
Discussant: Yuriy Gorodnichenko (University of California, Berkeley)

Download paper (pdf, (1.2 mb)
Download author presentation (pdf, 2.8 mb)
Download discussion presentation (pdf, 100 kb)
4:20 p.m Break
 
4:40 p.m The Impact of Unconventional Monetary Policy on Housing and Real Estate Markets
 

Stuart Gabriel (UCLA Anderson School of Management and UCLA Ziman Center for Real Estate)
Chandler Lutz (University of Copenhagen)

Discussant: Paul Willen (Federal Reserve Bank of Boston)

Download paper (pdf, 1.5 mb)
Download author presentation (pdf, 1.2 mb)
5:45 p.m Reception
 

West Market Street Lounge, Fourth Floor
6:30 p.m Dinner
 

Market Street Dining Room, Fourth Floor

Introduction: John C. Williams, President, Federal Reserve Bank of San Francisco

Keynote Speaker: Lars E.O. Svensson, The Institute for Financial Research, Swedish House of Finance, Stockholm School of Economics

Download author presentation (pptx, 5.7 mb)

Friday, September 5

8:30 a.m. Continental Breakfast
 

Yellen Conference Center
9:00 a.m. Session Four: Collateral, Credit and Economic Cycles
 

Chair: Diana Hancock (Board of Governors of the Federal Reserve System)

Betting the House
Oscar Jorda (Federal Reserve Bank of San Francisco and University of California, Davis)
Moritz Schularick (University of Bonn)
Alan Taylor (University of California, Davis)
Discussant: Jim Wilcox (University of California, Berkeley)

Download paper (pdf, 1.0 mb)
Download author presentation (pdf, 2.3 mb)
Download discussion presentation (pptx, 149 kb)

Credit-Induced Boom and Bust
Marco Di Maggio (Columbia University)
Amir Kermani (University of California, Berkeley)
Discussant: Ben Keyes (University of Chicago)

Download paper (pdf, 573 kb)
Download author presentation (pptx, 4.8 mb)
11:00 a.m. Break
 

 
11:20 a.m. Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market
 

Charles Nathanson (Northwestern University)
Eric Zwick (University of Chicago)
Discussant: Tom Davidoff (University of British Columbia)

Download paper (pdf, 1.0 mb)
Download author presentation (pdf, 2.2 mb)
Download discussion presentation (pdf, 3.8 mb)

12:20 p.m. Lunch
 

Market Street Dining Room, Fourth Floor
Conference Adjourn
 

The Organizing Committee

Fred Furlong, Federal Reserve Bank of San Francisco
Stuart Gabriel, UCLA Anderson School of Management and UCLA Ziman Center for Real Estate
Diana Hancock, Board of Governors of the Federal Reserve System
John Krainer, Federal Reserve Bank of San Francisco
Simon Kwan, Federal Reserve Bank of San Francisco
Steve Oliner, UCLA Ziman Center for Real Estate and American Enterprise Institute
Wayne Passmore, Board of Governors of the Federal Reserve System