"The Macroeconomics of Housing markets" Presentations by Speakers and Discussants

Hosted by Banque de France
Venue: Cercle Républicain, 5 avenue de l’Opéra 75001 Paris
Paris, 3-4 December 2009


Thursday, 3 December


Keynote Speaker: M. Iacoviello (Boston College) 
Session I A: Housing and Business Cycles – Domestic Features

Housing and the Macroeconomy: The Italian Case 
G. Bulligan

Evidence of Relationships Between Macroeconomics and Housing Market in France 
L. Ferrara, O. Vigna

Does Housing Really Lead the Business Cycle? 
L. Álvarez, A. Cabrero

Discussion: Ralph Brüggemann (Konstanz University) and Gilles Dufrénot (Aix-Marseille University and Banque de France) 


Session I B: Housing and Business Cycles – Cross-Country Analysis

Housing Cycles in the Major Euro Area Countries 
L. Álvarez, G. Bulligan, A. Cabrero, L. Ferrara, H. Stahl

Common Business and Housing Market Cycles in the Euro Area from a Multivariate Decomposition 
L. Ferrara, S. J. Koopman

The International Transmission of House Price Shocks 
O. de Bandt, K. Barhoumi, C. Bruneau

Discussion: C. André (OECD)  and G. Perez Quiros (Banco de España) 

Session 2: Macroeconomic Models of Housing

The “Housing Bubble” and Financial Factors: Insights from a Structural Model of the French and Spanish Residential Markets 
R. Lecat, P. Antipa

Asymmetric Collateral Requirements and Output Composition 
O. Arce, J. M. Campa, Á. Gavilán

Causes and Welfare Consequences of Real Estate Price Appreciation 
F. Scoccianti

Trend and Cycle Features in German Residential Investment Before and After Unification 
T. Knetsch

Impact of Fiscal Policy on Residential Investment in France 
C. Schalck, P. Antipa

Discussion: A. Benito (Bank of England), A. F. Pozzolo (University of Campobasso) 

Thursday, 3 December


Keynote Speaker: J. Muellbauer (Oxford University) 

Session 3: Wealth Effects

Wealth Effects: The French Case 
V. Chauvin, O. Damette

The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households 
A. Bassanetti, F. Zollino

Consumption-Wealth Ratio and Housing Returns 
S. Dubecq, I. Ghattassi

Stockholding: Does Housing Wealth Matter? 
L. Arrondel, F. Savignac

Discussion: S. Gregoir (Edhec Business School)  and A. Diaz (University Carlos III) 

Session 4: Housing, Credit and Monetary Policy

Chair: P. Moutot, European Cental Bank

Asset Boom-Bust Cycles and Credit: What is the Scope of Macro Prudential Supervision? 
V. Borgy, L. Clerc, J.-P. Renne

User Costs of Housing When Households Face a Credit Constraint – Evidence for Germany 
T. Duemmler, S. Kienle

The Housing Price Boom of the Late ‘90s: Did Inflation Targeting Matter? 
S. Frappa, J.-S. Mésonnier

Discussion: T. Wollmershäuser (Ifo Institute), G. Ferri (University of Bari) 

Mis à jour le : 07/01/2019 09:20