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

Hukou and Homeownership Premiums: A Study of Chinese Price-to-Rent Ratios
Discussant: Edward L. Glaeser, Harvard University and NBER
8:50 pm

Aggregate and Distributional Impacts of LTV Policy: Evidence from China
Discussant: Nancy Qian, Northwestern University and NBER
9:25 pm

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

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

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

China's Housing Bubble, Infrastructure Investment, and Economic Growth
Discussant: Zheng Michael Song, The Chinese University of Hong Kong (CUHK)
9:10 am

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

City Characteristics, Land Prices and Volatility
Discussant: Timothy J. Riddiough, University of Wisconsin - Madison
10:35 am

Spatial Misallocation in Housing and Land Markets: Evidence from China
Discussant: Cécile 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