Housing, Financial Markets and Monetary Policy

The Federal Reserve Bank of San Francisco in collaboration with the UCLA Ziman Center for Real Estate organized a conference on housing, financial markets and monetary policy. The conference focused on the connections between housing and financial markets, financial stability and monetary policy.

Welcoming Remarks

Sylvain Leduc, Director of Research & EVP, Federal Reserve Bank of San Francisco

Session 1

Chair: John Mondragon, Federal Reserve Bank of San Francisco

Pricing Mortgage Stress. Lessons from Hurricanes and the Credit Risk Transfers

Pedro Gete, IE Business School

Athena Tsouderou, IE Business School

Susan Wachter, University of Pennsylvania

Discussant: Fabrice Tourre, Copenhagen Business School

Download paper (Tsouderou) (pdf, 6.38 mb)

Download slides (Tsouderou) (pdf, 2.62 mb)

Download discussion slides (Tourre) (pdf, 531 kb)

How Resilient Is Mortgage Credit Supply? Evidence from the Covid-19 Pandemic

Andreas Fuster, Swiss National Bank

Aurel Hizmo, Board of Governors of the Federal Reserve System

Lauren Lambie-Hanson, Federal Reserve Bank of Philadelphia

James Vickery, Federal Reserve Bank of Philadelphia

Paul Willen, Federal Reserve Bank of Boston

Discussant: Paolina Medina, Texas A&M University

Download paper (Vickery) (pdf, 3.64 mb)

Download slides (Vickery) (pdf, 1.02 mb)

Download discussion slides (Medina) (pdf, 947 kb)

Session 2

Chair: Simon Kwan, Federal Reserve Bank of San Francisco

House Price Contagion and U.S. City Migration Networks

Gregor Schubert, University of California at Los Angeles

Discussant: Cecile Gaubert, University of California at Berkeley

Download paper (Schubert) (pdf, 18.28 mb)

A Theory of Housing Demand Shocks

Zheng Liu, Federal Reserve Bank of San Francisco

Pengfei Wang, Peking University

Tao Zha, Federal Reserve Bank Atlanta

Discussant: Ivan Jaccard, European Central Bank

Download paper (Liu) (pdf, 2.79 mb)

Download slides (Liu) (pdf, 493 kb)

Session 3

Chair: Barney Hartman-Glaser, University of California at Los Angeles

Borrowing and Spending in the Money: the (un)Importance of the Cash-out Refinance Channel of Monetary Policy

Elliot Anenberg, Board of Governors of the Federal Reserve System

Tess Scharlemann, Board of Governors of the Federal Reserve System

Eileen van Straelen, Board of Governors of the Federal Reserve System

Discussant: Joseph Vavra, University of Chicago

Mortgage Prepayment, Race, and Monetary Policy

Kristopher Gerardi, Federal Reserve Bank of Atlanta

Paul Willen, Federal Reserve Bank of Boston

David Hao Zhang, Harvard Business School

Discussant: Karen Pence, Board of Governors of the Federal Reserve System

Download paper (Willen) (pdf, 522 kb)

Download slides (Willen) (pdf, 2.60 mb)

Download discussion slides (Pence) (pdf 243 kb)

Closing Remarks

Stuart Gabriel, University of California at Los Angeles

Conference Organizers:

Andrea Eisfeldt, UCLA Anderson School of Management and Ziman Center for Real Estate

Stuart A. Gabriel, UCLA Anderson School of Management and Ziman Center for Real Estate

Mark J. Garmaise, UCLA Anderson School of Management and Ziman Center for Real Estate

Diana Hancock, Board of Governors of the Federal Reserve System

Wayne Passmore, 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, Federal Reserve Bank of San Francisco