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