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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Behavioral Economics Working Group

Behavioral Finance/Housing Bubbles Program for Spring, 2012

Christopher Mayer, Jose Scheinkman and Robert Shiller, Organizers

April 14, 2012

University of Chicago
Gleacher Center, Booth School of Business (Downtown Chicago)
Room 100
450 North Cityfront Plaza Drive
Chicago, IL

PROGRAM

Friday, April 13, 2012

6:00 pm

Joint Dinner
University of Chicago
Gleacher Center, Room 621
450 North Cityfront Plaza Drive,
Chicago, IL

Saturday, April 14, 2012

8:00 am

Continental Breakfast



8:30 am

 

 



9:30 am

FACTS ABOUT THE BUBBLE AND THE ROLE OF SPECULATION


Fernando Ferreira and Joseph Gyourko, University of Pennsylvania and NBER
Anatomy of the Beginning of Housing Boom:
U.S. Neighborhoods and Metropolitan Areas, 1993-2009

Discussant: Amir Sufi, University of Chicago and NBER

Alexander Chinco, New York University
Christopher Mayer, Columbia University and NBER
Distant Speculators and Asset Bubbles in the Housing Market



Discussant: David Sraer, Princeton University

10:30 am

Break

 

 

11:00 am

DID BAD INCENTIVES AND LENDING CAUSE THE BUBBLE? (PARTT I)


Ing-Haw Cheng and Sahil Raina, University of Michigan

Wei Xiong, Princeton University and NBER

Wall Street and the Housing Bubble: Bad Incentives, Bad Models, or Bad Luck

Discussant: Amit Seru, University of Chicago and NBER

12:00 pm

 

Lunch and Panel

Panelists:   

John Campbell and Edward Glaeser(TBC),Harvard University and NBER
Erik Hurst, University of Chicago and NBER

Jose Scheinkman, Princeton University and NBER
Robert Shiller, Yale University and NBER

1:30 pm

Break

 

 

2:00 pm

 

 

 

 

3:00 pm

DID BAD INCENTIVES AND LENDING CAUSE THE BUBBLE? (PARTT II)

 

Sumit Agarwal, Federal Reserve Bank of Chicago

Itzhak Ben-David, Ohio State University

Did Loan Officers’ Incentives Lead to Lax Lending Standards

 

Discussant: Harrison Hong, Princeton University and NBER

 

Elena Loutskina, University of Virginia

Philip Strahan, Boston College and NBER

Financial Integration, Housing and Economic Volatility

 

Discussant: Antoinette Schoar, Massachusetts Institute of Technology and NBER 

4:00 pm

Adjourn

4/11/12