Conference Announcement

Mortgage Contract Design: Implications for Households, Monetary Policy, and Financial Stability

May 20-21, 2015

The design of mortgage contracts varies strikingly across countries and through time, in terms of interest rate sensitivity, callability, maturity and other dimensions. For example, long‐term prepayable fixed‐rate mortgages predominate in the US and Denmark, while variable‐rate contracts tied to short‐term interest rates are popular in the UK, Canada, Australia and a number of other countries. These differences reflect a variety of factors ranging from household preferences to housing finance regulation, and have important implications for monetary policy transmission, financial stability, household finance and portfolio choice.

This two-day conference aims to stimulate discussion among academics, policy makers, and practitioners about the causes and consequences of mortgage contract design. The first day will focus on academic research. The second will focus on policy presentations and panel discussions.


The conference is sponsored by the Federal Reserve Bank of New York, in association with the NYU Stern School of Business Center for Real Estate Finance Research and the Journal of Financial Economics.


The conference aims at bringing together financial economists, macroeconomists, practitioners and policy makers. The conference is by invitation only.

Agenda: Day 1>> / Day 2>>

This event is open to the media. Chatham House Rule will be in effect for all but the welcoming and keynote remarks; media may report on comments made during the event, but may not attribute remarks to individuals or organizations. To register, please contact Andrea Priest at the New York Fed, or (212) 720-6139.


Federal Reserve Bank of New York
33 Liberty Street
New York, NY

Conference Organizers

John Campbell, Harvard University
Andreas Fuster, Federal Reserve Bank of New York
David Lucca, Federal Reserve Bank of New York
Stijn Van Nieuwerburgh, New York University
James Vickery, Federal Reserve Bank of New York

Academic Program Committee

Arvind Krishnamurthy, Northwestern University
Tomasz Piskorski, Columbia University
Tarun Ramadorai, Oxford University
David Scharfstein, Harvard University
Amit Seru, University of Chicago
Nancy Wallace, UC Berkeley


Please address any questions to:

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