NBER-SAIF Research Conference on Real Estate Markets and Housing Finance in China

James M. Poterba and Hong Yan, Organizers

May 20-21, 2021

Conference Code of Conduct

Thursday, May 20
Format: Authors will have twenty minutes to present their papers, discussants will have eight minutes for remarks, and there will be seven minutes for general discussion.
8:00 pm
Opening Remarks:
Chun Chang, Professor of Finance and Executive Dean, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

James Poterba, President of NBER and Mitsui Professor of Economics at Massachusetts Institute of Technology
Session I
Chair: Hong Yan, Professor of Finance and Deputy Dean, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University
8:15 pm
Joseph Gyourko, University of Pennsylvania and NBER
Xiaodan Wang, Tsinghua University
Jing Wu, Tsinghua University
Rongjie Zhang, Tsinghua University

Hukou and Homeownership Premiums: A Study of Chinese Price-to-Rent Ratios
Discussant: Edward L. Glaeser, Harvard University and NBER
8:50 pm
Kaiji Chen, Emory University
Qing Wang, Southwest University of Finance and Economics
Tong Xu, Southwestern University of Finance and Economics
Tao Zha, Emory University and NBER

Aggregate and Distributional Impacts of LTV Policy: Evidence from China
Discussant: Nancy Qian, Northwestern University and NBER
9:25 pm
Hanming Fang, University of Pennsylvania and NBER
Jing Wu, Tsinghua University
Vincent Yao, Georgia State University

Property Right Uncertainty, Prices, and Speculation: Evidence from China's Housing Market
Discussant: Yongxiang Wang, Shanghai Advanced Institute of Finance
10:00 pm
Break
Session II
Chair: James Poterba, President of NBER and Mitsui Professor of Economics at Massachusetts Institute of Technology
10:10 pm
Yinglu Deng, Tsinghua University
Li Liao, Tsinghua University
Jiaheng Yu, MIT Sloan School of Management
Yu Zhang, Peking University

Capital Leakage, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restriction Spillovers (slides)
Discussant: Jack Favilukis, University of British Columbia
10:45 pm
Keynote Address:
Hui Shan, Chief China Economist, Goldman Sachs Research
slides
11:30 pm
Adjourn
Friday, May 21
Session III
Chair: Hanming Fang, University of Pennsylvania and NBER
8:00 am
Wenlan Qian, National University of Singapore
Hong Tu, Nankai University
Jing Wu, Tsinghua University
Weibiao Xu, Nankai University

Unintended Consequences of Demand-side Housing Policies: Evidence from Household Reallocation of Capital
Discussants: Laura Liu, Peking University
Maisy Wong, University of Pennsylvania and NBER
8:35 am
Shenzhe Jiang, Beijing University
Jianjun Miao, Boston University
Yuzhe Zhang, Texas A&M University

China's Housing Bubble, Infrastructure Investment, and Economic Growth
Discussant: Zheng Michael Song, Chinese University of Hong Kong
9:10 am
Mark Rosenzweig, Yale University and NBER
Junsen Zhang, Chinese University of Hong Kong

Housing Prices, Inter-Generational Co-Residence, and “Excess” Savings by the Young: Evidence using Chinese Data
Discussant: Shang-Jin Wei, Columbia University and NBER
9:45 am
Break
Session IV
Chair: Shang-Jin Wei, Columbia University and NBER
10:00 am
Sheridan Titman, University of Texas at Austin and NBER
Guozhong Zhu, University of Alberta

City Characteristics, Land Prices and Volatility
Discussant: Timothy J. Riddiough, University of Wisconsin
10:35 am
Yongheng Deng, Wisconsin School of Business
Yang Tang, Nanyang Technological University, Singapore
Ping Wang, Washington University in St. Louis and NBER
Jing Wu, Tsinghua University

Spatial Misallocation in Housing and Land Markets: Evidence from China
Discussant: Cecile Gaubert, University of California, Berkeley and NBER
11:10 am
Closing Remarks:
Jiang Wang, MIT and NBER and SAIF (Chair, Academic Advisory Council)

James Poterba, MIT and NBER
11:30 am
Adjourn