High house prices and modest income growth create significant tensions and distributional issues across generations. Elevated household debt and high house prices, combined with subdued inflation outcomes, also pose a challenge for both monetary and macroprudential policy.
We invited submissions of theoretical and empirical papers that explored:
Questions of interest might have included:
Keynote speakers
Christopher Carroll (Johns Hopkins University)
Greg Kaplan (University of Chicago)
Dirk Krueger (University of Pennsylvania)
Session chair: Christie Smith (Reserve Bank of New Zealand)
The normal science of heterogeneous agents macroeconomics
Presented by: Christopher Carroll (Johns Hopkins University)
Session chair: Anella Munro (Reserve Bank of New Zealand)
Housing finance, boom-bust episodes and the macroeconomy
Presented by: Carlos Garriga (Federal Reserve Bank of St Louis)
Discussant: Andrew Coleman (University of Chicago)
Consumption responses to house price heterogeneity
Presented by: James Graham (New York University)
Discussant: Karsten Chipeniuk (Reserve Bank of New Zealand)
Session chair: Karsten Chipeniuk (Reserve Bank of New Zealand)
Household leverage and the housing wealth effect
Presented by: Fang Yao (Reserve Bank of New Zealand)
Discussant: Carlos Garriga (Federal Reserve Bank of St Louis)
The effect of rising household debt on spending in Australia
Presented by: Fiona Price (Reserve Bank of Australia)
Discussant: Selva Baziki (Central Bank of the Republic of Turkey)
Session chair: Fang Yao (Reserve Bank of New Zealand)
Intergenerational redistribution in the great recession
Presented by: Dirk Krueger (University of Pennsylvania)
Session chair: Robert Kirkby (Victoria University of Wellington)
What would you do with $500? Spending responses to gains, losses, news and loans
Presented by: Greg Kaplan (University of Chicago), joint with Andreas Fuster and Basit Zafar
Session Chair: Punnoose Jacob (Reserve Bank of New Zealand)
Monetary policy, heterogeneity and the housing channel
Presented by: Aaron Hedlund (University of Missouri)
Discussant: Robert Kirkby (Victoria University of Wellington)
Tax, credit constraints and the big costs of small inflation
Presented by: Andrew Coleman (University of Otago)
Discussant: Aaron Hedlund (University of Missouri)
Session chair: Ashley Dunstan (Reserve Bank of New Zealand)
Temptation, commitment and hand-to-mouth consumers
Presented by: Patrick Moran (University of Oxford)
Discussant: Fang Yao (Reserve Bank of New Zealand)
Negative gearing tax and welfare: A quantitative study for the Australian housing market
Presented by: Yunho Cho (University of Melbourne)
Discussant: Fiona Price (Reserve Bank of Australia)
Session chair: John McDermott (Reserve Bank of New Zealand)
What drives metropolitan house prices in California
Presented by: Lasse Bork (Aalborg University)
Discussant: Kirdan Lees (Sense Partners)
Do loan-to-value caps generate additional general-purpose loans?
Presented by: Selva Baziki (Central Bank of the Republic of Turkey)
Discussant: Ashley Dunstan (Reserve Bank of New Zealand)