Housing and Credit Dynamics: Causes and Consequences



Thursday, 15 October 2009   
Opening by Lex Hoogduin, Executive Director, De Nederlandsche Bank (DNB)

Session I: Housing and credit dynamics

Chair: Lex Hoogduin,  Executive Director, DNB

Speaker : Wouter den Haan and Vincent Sterk* (DNB),
'The The Myth of Financial Innovation and the Great Moderation'
Discussants: Raoul Minetti (Michigan State University) - Damjan Pfajfar (Tilburg University)

Speaker: Sandra Eickmeier (Bundesbank) and Boris Hofmann,
'Monetary Policy, Housing Booms and Financial (Im)Balances in the US'
Discussants: Timo Wollmershäuser (Ifo Institute for Economic Research) - Gabriele Galati (DNB)

Session II: Models for policy analysis

Chair: Job Swank, Director Economics & Research Division, DNB

Speaker: Andrea Gerali, Stefano Neri, Luca Sessa and Federico M. Signoretti (Banca d’Italia),
'Credit and Banking in a DSGE Model of  the Euro Area'
Discussants: Grégory de Walque (National Bank of Belgium) - Joris de Wind (DNB)

Speaker: John Muellbauer* (University of Oxford),
'Household decisions, credit markets and the macro-economy: implications for the design of central bank models'
Discussants: Frank Smets (ECB) - Itai Agur (DNB)

Friday, 16 October 2009 

Session III: Housing in  life cycle models

Chair: John Muellbauer (University of Oxford)

Speaker: Matteo Iacoviello* (Boston College) and Marina Pavan,
'Housing and Debt over the Life Cycle and over the Business Cycle'
Discussants: Stefano Corradin (ECB) - Maria Demertzis (DNB)

Speaker: Nobuhiro Kiyotaki, Alexander Michaelides* (LSE)and Kalin Nikolov,
'Winners and Losers in Housing Markets'
Discussants: Daria Finocchiaro (Sveriges Riksbank) and Marco Hoeberichts - Marco Hoeberichts (DNB)

Session IV: Origins of the financial crisis

Chair: Jakob de Haan, Rijksuniversiteit Groningen

Speaker: John Krainer* (Federal Reserve Bank of San Francisco) and Elizabeth Laderman,
'Mortgage Loan Securization and Relative Loan Performance'
Discussants: Michael Koetter (Rijksuniversiteit Groningen) and Jan Kakes (DNB)

Speaker: Deniz Igan* (IMF), Prachi Mishra and Thierry Tressel,
'A Fistfull of Dollars: Lobbying and the Financial Crisis'
Discussants: Mauro Mastrogiacomo (CPB Netherlands Bureau for Economic Policy Analysis) - Iman van Lelyveld (DNB)    

* indicates speaker