NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2001

Asset Marketing/Real Estate

Andrew Caplin and William Goetzmann, Organizers

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

July 18, 2001

PRELIMINARY PROGRAM



WEDNESDAY, JULY 18:



8:30 AM Coffee and Doughnuts



9:00 AM JOHN CAMPBELL, Harvard University and NBER

JOAO COCCO, London Business School

Household Risk Management and Optimal Mortgage Choice



Discussant: DEBORAH LUCAS, Northwestern University and NBER



10:00 AM Break



10:15 AM CHRIS DOWNING, Federal Reserve Board

RICHARD STANTON and NANCY WALLACE, UC, Berkeley

An Empirical Test of a Two Factor Mortgage Pre-payment and Valuation Model: How Much Do House Prices Matter?



Discussant: JOSEPH TRACY, Columbia University and NBER



11:15 AM Break



11:30 AM MARK GARMAISE and TOBY MOSKOWITZ, University of Chicago

Informal Financial Networks:

Brokerage and the Financing of Commercial Properties



12:30 PM Lunch



1:30 PM KARL CASE, Wellesley College

JOHN QUIGLEY, UC, Berkeley

ROBERT SHILLER, Yale University and NBER

Stock Market Wealth , Housing Market Wealth, Spending and Consumption



Discussant: SYDNEY LUDVIGSON, Federal Reserve Bank



SI01 AMRE Program

page two



2:30 PM Break



2:45 PM XIAOQING HU, Northwestern University

Portfolio Choice for Home Owners



Discussant: CHRISTOPHER MAYER, University of Pennsylvania



3:45 PM Break



4:00 PM JOHN P. CONLEY, Northwestern University

ANTONIO RANGEL, Stanford University and NBER

Intergenerational Fiscal Constitutions: How to Protect Future Generations Using Land Taxes and Federalism



Discussant: EDWARD GLAESER, Harvard University and NBER

5:00 PM Adjourn



7/03/01