Mortgage Contract: Implications for Households, Monetary Policy and Financial Stability Design
May 20-21, 2015

Day 1: Academic Day – Wednesday, May 20, 2015
Location: 1st Floor, Liberty Room

8:30 a.m. Registration and coffee
9:00 a.m. Welcome remarks
9:15 a.m.

The Supply Side of Housing Finance pdf
Paolo Emilio Mistrulli, Banca d’Italia
Gabriele Foa, Yale University
Luigi Guiso, Einaudi Institute for Economics and Finance (presentation) pdf
Leonardo Gambacorta, Bank for International Settlements

Discussant: Manuel Adelino, Duke University (presentation) pdf

10:15 a.m.

Mortgage Market Institutions and Housing Market Outcomes pdf
Edward Kung, University of California, Los Angeles (presentation) pdf

Discussant: Stijn Van Nieuwerburgh, NYU Stern School of Business (presentation) pdf

11:15 a.m.

Break

11:30 a.m.

Efficient Credit Policies in a Housing Debt Crisis pdf
Janice Eberly, Kellogg School of Management, Northwestern University (presentation) pdf
Arvind Krishnamurthy, Stanford Graduate School of Business

Discussant: Deborah Lucas, MIT Sloan School of Management (presentation) pdf

12:30 p.m.

Lunch

1:30 p.m.

Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging pdf
Marco Di Maggio, Columbia University
Amir Kermani, Haas School of Business, UC Berkeley (presentation) pdf
Rodney Ramcharan, Federal Reserve Board

Mortgage Rates, Household Balance Sheets, and the Real Economy pdf
Benjamin Keys, Harris School of Public Policy, University of Chicago (presentation) pdf
Tomasz Piskorski, Columbia Business School
Amit Seru, Chicago Booth School of Business
Vincent Yao, Fannie Mae

Discussant (for both papers): Christopher Carroll, CFPB, Johns Hopkins University (presentation) pdf

2:50 p.m.

Monetary Policy and the Redistribution Channel pdf
Adrien Auclert, MIT (presentation) pdf

Discussant: Gauti Eggertson, Brown University (presentation) pdf

3:50 p.m.

Break

4:00 p.m.

Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market pdf
Steffen Andersen, Copenhagen Business School
John Campbell, Harvard University (presentation) pdf
Kasper Meisner-Nielsen, Hong Kong University of Science and Technology
Tarun Ramadorai, Saïd Business School, University of Oxford

Discussant: Susan Woodward, Sand Hill Econometrics (presentation) pdf

5:00-6:30p.m. Informal gathering at Pound & Pence pub, 55 Liberty Street, New York

Day 2: Policy Day – Thursday, May 21, 2015
Location: 10th Floor, Benjamin Strong Room

8:30 a.m. Registration and coffee
9:00 a.m. Welcome remarks by Jamie McAndrews Executive Vice President and Director of Research, Federal Reserve Bank of New York
9:15 a.m.

Panel A: Borrower perspective
Panelists will discuss the importance of mortgage design from the perspective of household finance and household risk management.

Panelists:
Joao Cocco, Professor of Finance, London Business School (slides) pdf
Susan Wachter, Professor of Finance, Wharton School (slides) pdf
Paul Willen, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston (slides) pdf
Mitria Wilson, Vice President, Center for Responsible Lending

ModeratorJoseph Tracy, Executive Vice President and Senior Advisor to the President, Federal Reserve Bank of New York

10:30 a.m.

Break

11:00 a.m.

Panel B: Mortgage funding
Panelists will discuss factors affecting the supply of different types of mortgages, including risk management and funding issues from the lender’s perspective, and the availability of securitization and other secondary market funding in capital markets.

Panelists:
Timothy Andrew, Vice President, Wells Fargo Home Mortgage
Jesper Berg, Senior Vice President, Nykredit (slides) pdf
Matt Jozoff, Managing Director, JP Morgan (slides) pdf
Nancy Wallace, Professor of Real Estate, Haas School of Business, UC Berkeley (slides)pdf

Moderator: Patricia Mosser, Deputy Director for Research and Analysis, Office of Financial Research

12:15 p.m. Lunch and Keynote Speech by Atif Mian, Professor of Economics, Princeton University (1st Floor, Liberty Room) (slides) pdf
1:30 p.m.

Panel C: Implications for monetary policy and financial stability
Panelists will share views on how mortgage contract design affects the implementation and transmission of monetary policy, as well as its effects on financial stability, both in the U.S. and internationally.

Panelists:
Karen Dynan, Assistant Secretary for Economic Policy and Chief Economist, U.S. Treasury Department
William English, Senior Special Adviser to the Board, Federal Reserve Board (slides) pdf
David Miles, Member of the Monetary Policy Committee, Bank of England (slides) pdf
Lars Svensson, Visiting Professor, Stockholm School of Economics (slides)  pdf

Moderator:  John Campbell, Professor of Economics, Harvard University (slides) pdf

2:45 p.m.

Break

3:15 p.m.

Panel D: Financial innovation
Panelists will present alternative designs for mortgage contracts, and discuss potential frictions in their implementation.

Panelists:
Andrew Caplin, Professor of Economics, New York University (slides) pdf
Howell Jackson, Professor of Law, Harvard Law School (slides) pdf
Andrew Kalotay, President, Andrew Kalotay Associates (slides) pdf
Edward Pinto, Resident Fellow, American Enterprise Institute (slides) pdf

Moderator: Andreas Fuster, Senior Economist, Federal Reserve Bank of New York

4:30 p.m.

Reception (1st Floor, East Wing)

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