Mortgage Contract Design - FEDERAL RESERVE BANK of NEW YORK

Museum & Visits Regional Economy Data & Statistics Careers Blog Press Center

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 Paolo Emilio Mistrulli, Banca d’Italia Gabriele Foa, Yale University Luigi Guiso, Einaudi Institute for Economics and Finance (presentation) Leonardo Gambacorta, Bank for International Settlements *Discussant: Manuel Adelino, Duke University (presentation)*
10:15 a.m.	Mortgage Market Institutions and Housing Market Outcomes Edward Kung, University of California, Los Angeles (presentation) *Discussant: Stijn Van Nieuwerburgh, NYU Stern School of Business (presentation)*


11:15 a.m.	Break


11:30 a.m.	Efficient Credit Policies in a Housing Debt Crisis Janice Eberly, Kellogg School of Management, Northwestern University (presentation) Arvind Krishnamurthy, Stanford Graduate School of Business *Discussant: Deborah Lucas, MIT Sloan School of Management (presentation)*


12:30 p.m.	Lunch

1:30 p.m.	Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging Marco Di Maggio, Columbia University Amir Kermani, Haas School of Business, UC Berkeley (presentation) Rodney Ramcharan, Federal Reserve Board Mortgage Rates, Household Balance Sheets, and the Real Economy Benjamin Keys, Harris School of Public Policy, University of Chicago (presentation) 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)
2:50 p.m.	Monetary Policy and the Redistribution Channel Adrien Auclert, MIT (presentation) *Discussant: Gauti Eggertson, Brown University (presentation)*

3:50 p.m.	Break

4:00 p.m.	Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market Steffen Andersen, Copenhagen Business School John Campbell, Harvard University (presentation) 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)*


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)* Susan Wachter, Professor of Finance, Wharton School (slides) Paul Willen, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston (slides) Mitria Wilson, Vice President, Center for Responsible Lending *Moderator*: Joseph 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)* Matt Jozoff, Managing Director, JP Morgan (slides) Nancy Wallace, Professor of Real Estate, Haas School of Business, UC Berkeley (slides) *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)

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)* David Miles, Member of the Monetary Policy Committee, Bank of England (slides) Lars Svensson, Visiting Professor, Stockholm School of Economics (slides) *Moderator: John Campbell, Professor of Economics, Harvard University (slides)*


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)* Howell Jackson, Professor of Law, Harvard Law School (slides) Andrew Kalotay, President, Andrew Kalotay Associates (slides) Edward Pinto, Resident Fellow, American Enterprise Institute (slides) *Moderator*: Andreas Fuster, Senior Economist, Federal Reserve Bank of New York
4:30 p.m.	Reception (1st Floor, East Wing)