5th Biennial Real Estate Conference - December 12–13, 2019
Federal Reserve Bank of Atlanta
1000 Peachtree St. NE
Atlanta, GA 30309
The Atlanta Fed's Center for Housing & Policy will host its fifth biennial real estate conference on December 12 and 13, 2019, in conjunction with Georgia State University's Department of Real Estate at the Federal Reserve Bank of Atlanta. Registration for this conference is closed.
Economists will present and discuss papers on the RMBS market, housing booms and busts, access to housing for marginalized populations, housing supply, house price indices, government interventions, and liquidity in the housing market.
Thursday, December 12 8:30 a.m. Registration and continental breakfast 9:00 Welcoming remarks
Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta
Dean Richard Phillips, J. Mack Robinson College of Business, Georgia State University
9:15 Session 1: MBS Market
Chair: Jim Conklin, University of Georgia
"Informational Efficiency in Securitization After Dodd-Frank"
Presenter: Sean J. Flynn Jr., Colorado State University
Andra Ghent, University of North Carolina
Alexei Tchistyi, University of Illinois-Urbana-Champaign
Discussant: Sam Kruger, University of Texas
"Neglected Risks in the Communication of the Mortgage-Backed Securities Offering Process"
Presenter: Feng Zhao, University of Texas
Harold H. Zhang, University of Texas
Xiaofei Zhao, University of Texas
Discussant: Darren Aiello, Brigham Young University
10:45 Break 11:00 Session 2: Liquidity in the Housing Market: Markups and Financial Intermediaries
Chair: Kristopher Gerardi, Federal Reserve Bank of Atlanta
"House Price Markups and Mortgage Defaults"
Presenter: William D. Larson, Federal Housing Finance Agency
Paul E. Carrillo, George Washington University
William M. Doerner, Federal Housing Finance Agency
Discussant: Neil Bhutta, Board of Governors of the Federal Reserve System
"Tracing the Source of Liquidity for Distressed Housing Markets"
Presenter: Rohan Ganduri, Emory University
Steven Chong Xiao, University of Texas at Dallas
Serena Wenjing Xiao, University of Texas at Dallas
Discussant: Raven Molloy, Board of Governors of the Federal Reserve System
12:30 p.m. Lunch 1:30 Session 3: Access to Housing for Marginalized Populations
Chair: Ann Carpenter, Federal Reserve Bank of Atlanta
"The Economic Impacts of Help to Buy"
Presenter: Felipe Carozzi, London School of Economics & Centre for Economic Performance
Christian Hilber, London School of Economics & Centre for Economic Performance
Xiaolun Yu, London School of Economics
Discussant: Ruchi Singh, University of Georgia
"Landlords and Access to Opportunity"
Presenter: Hal Martin, Federal Reserve Bank of Cleveland
Dionissi Aliprantis, Federal Reserve Bank of Cleveland
David Phillips, University of Notre Dame
Discussant: Jane Dokko, Federal Reserve Bank of Chicago
"Long Shadow of Racial Discrimination: Evidence from Housing Covenants in Minneapolis"
Presenter: Aradhya Sood, University of Minnesota
William Speagle, University of Minnesota
Kevin Erhman-Solberg, University of Minnesota
Discussant: Jorge de la Roca, University of Southern California
3:45 Break 4:00 Session 4: Housing Supply
Chair: Chris Cunningham, Federal Reserve Bank of Atlanta
"The Microgeography of Housing Supply"
Presenter: Lu Han, University of Toronto
Nathaniel Baum-Snow, University of Toronto
Discussant: Chris Foote, Federal Reserve Bank of Boston
"Housing Supply and Affordability"
Presenter: Andrew Paciorek, Federal Reserve Board
Raven Molloy, Federal Reserve Board
Charles G. Nathanson, Northwestern University
Discussant: William Mann, Emory University
5:30 Reception 7:00 Off-site Conference Dinner
Sponsored by the Center for the Economic Analysis of Risk (CEAR) at Georgia State University
For conference organizers, paper presenters, discussants, and session chairs only
Friday, December 13 8:00 a.m. Continental breakfast 8:30 Session 5: House Price Indices: Measurement and Implications
Chair: Jon Wiley, Georgia State University
"Quality-Adjusted House Price Indexes"
Presenter: Patrick Smith, San Diego State University
Adam Nowak, West Virginia University
Discussant: Doug McManus, Freddie Mac
"A Price Index for Residential Real Estate from 1866–1953 in Baltimore"
Presenter: Jonathan Rose, Federal Reserve Bank of Chicago
Discussant: Brent Ambrose, Pennsylvania State University
10:00 Break 10:15 Session 6: Government Intervention in the Housing Market
Chair: W. Scott Frame, Federal Reserve Bank of Dallas
"The Effect of LTV-based Risk Weights on Housing Prices: Evidence from an Israeli Macroprudential Policy"
Presenter: Nitzan Tzur-Ilan, Northwestern University
Steven Laufer, Board of Governors of the Federal Reserve System
Discussant: James Vickery, Federal Reserve Bank of Philadelphia
"The Propagation of Demand Shocks through Housing Markets"
Presenter: Elliot Anenberg, Board of Governors of the Federal Reserve System
Dan Ringo, Board of Governors of the Federal Reserve System
Discussant: Stephanie Johnson, Rice University
11:45 Lunch 1:00 p.m. Session 7: Housing Booms and Busts
Chair: Steven Shore, Georgia State University
"The Price-Rent Ratio During the Boom and Bust: Measurement and Implications"
Presenter: Paul S. Willen, Federal Reserve Bank of Boston
Jaclene Begley, Fannie Mae
Lara Loewenstein, Federal Reserve Bank of Cleveland
Discussant: Jonathan Halket, Texas A&M University
"Dream Chasers: House Price Booms and the Misallocation of Human Capital"
Presenter: Peter Haslag, Vanderbilt University
Taylor A. Begley, Washington University in St. Louis
Daniel Weagley, Georgia Institute of Technology
Discussant: Joe Tracy, Federal Reserve Bank of Dallas
2:30 Closing remarks
Paula Tkac, Senior Vice President and Associate Director of Research, Federal Reserve Bank of Atlanta
- Neil Bhutta, Federal Reserve Board
- James Conklin, University of Georgia
- Chris Cunningham, Federal Reserve Bank of Atlanta
- W. Scott Frame, Federal Reserve Bank of Dallas
- Kristopher Gerardi, Federal Reserve Bank of Atlanta
- Paul Goldsmith-Pinkham, Yale University
- Gonzalo Maturana, Emory University
- Paul Willen, Federal Reserve Bank of Boston
- Vincent Yao, Georgia State University