Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

Real Estate Booms and Misallocation of Capital in China

Laura Xiaolei LIU, Ting CHEN, Wei XIONG, Li-An ZHOU
This paper analyzes how real estate shocks affect corporate investment in China. In addition to the widely documented collateral channel, we also uncover two other channels: the speculation channel—rapidly rising commercial land prices induce manufacturing and service firms to buy more commercial ...
Keywords: Land prices, Collateral Channel, Speculation Channel, Crowding Out Channel, Misallocation of Capital
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Real Effects of the ECB's Quantitative Easing: A Housing Portfolio Channel

Alessandro REBUCCI, Daniel Marcel TE KAAT, Chang MA
We propose a new housing portfolio channel of quantitative easing (QE) transmission. QE induces regional households to rebalance portfolios from bonds to houses, lowering bond and housing expected future returns, possibly stimulating consumption and output. We study this channel in a panel of all Ge...
Keywords: unconventional monetary policy, EONIA, Quantitative Easing, regional business cycles, Germany, Real estate
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Annual Conference

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Economic Transformation of Asia

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May 2017

Rationed Fertility: Theory and Evidence

Rufei GUO, Junjian YI, Junsen ZHANG
We analyze the effect of exogenous changes in fertility on child quality both at and off the unrestricted optimal fertility level in a general model with rationed fertility. Besides the price and substitution effects analyzed in the literature, we show that a desired fertility change, representing a...
Keywords: Rationed Fertility, quantity-quality trade-off, intrahousehold resource allocation
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Annual Conference

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Investment Finance

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May 2019

Rating on a Curve

Utpal BHATTACHARYA, Ariel Yu ZHANG, Janghoon SHON
We document that if an analyst is covering a strong pool, the best firm is rated less highly than it would be otherwise, and if the analyst is covering a weak pool, the worst firm is rated less badly than it would be otherwise. These relative ratings affect dispersion in recommendations. Blindly fol...
Keywords: analyst, recommendation, target price
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Quantitative or Qualitative Forward Guidance: Does it matter?

Richhild MOESSNER, Ozer KARAGEDIKLI, Gunda-Alexandra DETMERS
Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences of q...
Keywords: monetary policy, forward guidance, interest rate forecasts
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