NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2008

Economics of Real Estate & Local Public Finance

Christopher Mayer, Todd Sinai, and Joseph Gyourko, Organizers

Royal Sonesta Hotel, Skyline Suite, West Tower

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

July 22-23, 2008

PROGRAM

Tuesday, July 22
10:00 am	LU HAN, University of Toronto
	SEUNG HYUN HONG, University of Illinois
	Entry and Inefficiency in the Real Estate Brokerage Industry: Empirical Evidence and Policy Implications
	Discussant: FRANCOIS ORTALO-MAGNE, University of Wisconsin-Madison
11:00 am	DeFOREST McDUFF, Princeton University
	Home Price Risk, Local Market Shocks, and Index Hedging
	Discussant: JOHN QUIGLEY, UC, Berkeley
12:00 n	Lunch
1:00 pm	PATRICK KLINE, Yale University
	MATIAS BUSSO, University of Michigan
	Do Local Economic Development Programs Work? Evidence from the Federal Empowerment Zone Program
	Discussant: MONICA SINGHAL, Harvard University and NBER
2:00 pm	TODD SINAI, University of Pennsylvania and NBER
	NICHOLAS SOULELES, University of Pennsylvania and NBER
	Can Owning a Home Hedge the Risk of Moving?
	Discussant: ERIK HURST, University of Chicago
3:00 pm	Break
3:30 pm	DAVID RIDLEY, Duke University
	FRANK SLOAN, Duke University and NBER
	YAN SONG, University of North Carolina
	Retail Zoning and Competition
	Discussant: WILLIAM STRANGE, University of Toronto
4:30 pm	Adjourn
6:00 pm	Group Dinner
	Legal Seafoods, Kendall Sq., 5 Cambridge Center, Cambridge, MA
Wednesday, July 23
8:00 am	Coffee and Pastries
8:30 am	SUMIT AGARWAL, Federal Reserve Bank of Chicago
	BRENT AMBROSE, Pennsylvania State University
	Does It Pay to Read Junk Mail? Evidence of the Effect of Advertising on Home Equity Credit Choices
	Discussant: DEVIN POPE, University of Pennsylvania
9:00 am	Break
10:00 am	THOMAS DAVIDOFF, UC, Berkeley
	Illiquid Housing as Self-Insurance: The Case of Long-Term Care
	Discussant: AMY FINKELSTEIN, MIT and NBER
11:00 am	ALBERT SAIZ, University of Pennsylvania
	On Local Housing Supply Elasticity
	Discussant: EDWARD GLAESER, Harvard University and NBER
12:00 n	Lunch
1:00 pm	CHRISTOPHER MAYER, Columbia University and NBER
	TOMASZ PISKORSKI, Columbia University
	ALEXEI TCHISTYI, New York University
	The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
	Discussant: JEREMY STEIN, Harvard University and NBER
2:00 pm	AMIT SERU, University of Chicago
	BENJAMIN KEYS, University of Michigan
	TANMOY MUKHERJEE, Sorin Capital Management
	VIKRANT VIG, London Business School
	Did Securitization Lead to Lax Screening? Evidence From Subprime Loans
	Discussant: KAREN PENCE, Federal Reserve Board
3:00 pm	Break
3:30 pm	PAUL WILLEN, Federal Reserve Bank of Boston and NBER
	KRISTOPHER GERARDI, Federal Reserve Bank of Boston
	ADAM HALE SHAPIRO, Federal Reserve Bank of Boston
	Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
	Discussant: ANDREW HAUGHWOUT, Federal Reserve Bank of New York
4:30 pm	Adjourn
6/10/08