Housing, Housing Finance, and Monetary Policy



Foreword
THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City

The Contributors

Symposium Introduction
Brent Bundick, Research Associate and
Gordon H. Sellon Jr., Senior Vice President and Director of Research, Federal Reserve Bank of Kansas City

Opening
Remarks
BEN S. BERNANKE
Chairman, Board of Governors of the Federal Reserve System

The Housing Finance Revolution
Authors:Richard K. Green
Professor, George Washington University Susan M. Wachter
Professor, University of Pennsylvania
  
Paper:The Housing Finance Revolution 
  
Discussant:William R. White 
Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements
  
General Discussion

Understanding Recent Trends in House Prices and Home Ownership
  
Author:Robert J. Shiller
Professor, Yale University
  
Paper:Understanding Recent Trends in House Prices and Home Ownership
  
Discussant:Christopher J. Mayer
Professor, Columbia University
  
General Discussion

Housing and the Business Cycle
  
Author:Edward E. Leamer
Professor, University of California, Los Angeles
  
Paper:Housing is the Business Cycle
  
Discussant:Frank Smets 
Deputy Director General, European Central Bank
  
General Discussion

  
Introductory
Remarks:
DAVID W. WILCOX
Deputy Director, Division of Research and Statistics
Board of Governors of the Federal Reserve System
  
Luncheon
Address:
Edward M. Gramlich 
Senior Fellow, Urban Institute
  

Housing and Consumer Behavior 
  
Author:John N. Muellbauer
Professor, Oxford University
  
Paper:Housing, Credit and Consumer Expenditure
  
Discussant:Sydney C. Ludvigson 
Professor, New York University
  
General Discussion

Housing and the Monetary Policy Transmission Mechanism
  
Author:Frederic S. Mishkin
Governor, Board of Governors of the Federal Reserve System
  
Paper:Housing and the Monetary Transmission Mechanism
  
Discussant:James D. Hamilton 
Professor, University of California, San Diego
  
General Discussion

Housing and Monetary Policy
  
Panelists:Stefan Ingves
Governor, Sveriges Riksbank
  
 Kazumasa Iwata
Deputy Governor, Bank of Japan
  
 John B. Taylor 
Professor, Stanford University and Senior Fellow, Hoover Institution
  
General Discussion

Overview and Concluding Remarks
  
 Martin Feldstein
President and Chief Executive Officer, National Bureau of Economic Research

Participants