5th Biennial Real Estate Conference - December 12-13, 2019

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5th Biennial Real Estate Conference - December 12–13, 2019
    
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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.
If you have any questions, contact Hazel Taylor or Jessica Dill.

                        Agenda
Program Committee

                        Agenda
    
            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
            
Program CommitteeNeil 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

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