Thursday, May 19
Welcoming remarks
Jack Guynn, President, Federal Reserve Bank of Atlanta
Government-sponsored enterprises (links off-site)
Alan Greenspan, Chairman, Board of Governors
 
General Equilibrium Models with Housing: Part I

1. “First Time Home Buyers” (paper not available)
Jonas Fisher, Federal Reserve Bank of Chicago
Martin Gervais, University of Western Ontario

Discussant: Pedro Silos, University of Iowa

2. “Mortgage Contracts and Housing Tenure-Duration Decision” 
Matthew Chambers, Towson University
Carlos Garriga, Florida State University
Donald Schlagenhauf, Florida State University

Discussant: Suparna Chakraborty, University of Minnesota

 

Equilibrium House Prices

1. “The Long-Run Relationship Between House Prices and Rents” 
Joshua Gallin, Board of Governors

Discussant: Nancy Wallace, University of California Berkeley

2.“Did Changing Rents Explain Changing House Prices During the 1990s?” 
Amy Crews-Cutts, Freddie Mac
Richard Green, George Washington University
Yan Chang, Freddie Mac

Discussant: Andreas Lehnert, Board of Governors

 

3. “House Prices, Interest Rates, and Macroeconomic Fluctuations: International Evidence” 
Christopher Otrok, University of Virginia
Marco Terrones, International Monetary Fund

Discussant: Michael Fratantoni, Mortgage Bankers Association

Housing as a Financial Asset

1.“Asset Price Persistence and Real Estate Illiquidity: Evidence from Japanese Land Values” 

John Krainer, Federal Reserve Bank of San Francisco
Mark Spiegel, Federal Reserve Bank of San Francisco
Nobuyoshi Yamori, Nagoya University

Discussant: Morris Davis, Board of Governors

 

2. “Inflation and the Price of Real Assets” (paper not available)
Monika Piazzesi, University of Chicago
Martin Schneider, New York University

Discussant: Cesare Robotti, Federal Reserve Bank of Atlanta

3. “Housing, House Prices, and the Equity Premium Puzzle” 
Morris A. Davis, Board of Governors
Robert F. Martin, Board of Governors

Discussant: Martin Schneider, New York University

 
Friday, May 20

Mortgage Finance

1.“An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization” 
Diana Hancock, Board of Governors
Andreas Lehnert, Board of Governors
Wayne Passmore, Board of Governors
Shane Sherlund, Board of Governors

Discussant: Anne Gron, Northwestern University

2.“Selection and Moral Hazard in the Reverse Mortgage Market” 
Thomas Davidoff, University of California Berkeley
Gerd Welke, University of California Berkeley

Discussant: John Krainer, Federal Reserve Bank of San Francisco

 

General Equilibrium Models with Housing: Part II

1.“The Life-Cycle Effects of House Price Changes” 
Wenli Li, Federal Reserve Bank of Philadelphia
Rui Yao, Baruch College

Discussant: Carlos Garriga, Florida State University

2.“Consumption Along the Life Cycle: How Different is Housing?” 
Fang Yang, University of Minnesota

Discussant: Joseph Nichols, University of Maryland

 

Government Policy and Housing

1.“Housing and the Macroeconomy: The Role of Implicit Guarantees for Government-Sponsored Enterprises” 
Karsten Jeske, Federal Reserve Bank of Atlanta
Dirk Krueger, University of Frankfurt

Discussant: Cesaire Meh, Bank of Canada

2.“The Transmission of Monetary Policy Through Housing and Mortgage Markets” (paper not available)
Michael Fratantoni, Mortgage Bankers Association
Scott Schuh, Federal Reserve Bank of Boston

Discussant: William D. Lastrapes, University of Georgia