Conference

Conference on Frictions in Real Estate and Infrastructure Investment

November 2-3, 2023

Federal Reserve Board, Washington, DC

The Federal Reserve Board and the Borrelli Institute for Real Estate Studies at Penn State Smeal College of Business are organizing the Conference on Frictions in Real Estate and Infrastructure Investment to be held in person on November 2-3, 2023.

The objective of this conference is to bring together scholars at the cutting edge of research related to changes in the optimal location and quality of structures, the frictions impeding adjustment to these changes, and the effects of these frictions. In doing so, we also hope to showcase the use of new data and innovative analytical methods, as well as research that provides practical insights for policymakers and practitioners.

The committee welcomes studies that provide insights into topics broadly related to the conference theme. Specific topics may include—but are not limited to—residential and commercial real estate, infrastructure investment and financing, housing affordability, residential and commercial mortgage markets, the effects of climate change on real estate markets, intermediation in real estate markets, urban economics, construction economics, and housing policy. The committee is especially interested in research that addresses these topics using novel data sets and/or innovative methods. Find more information here.

Agenda
Thursday, November 2, 2023

Breakfast

Opening Remarks: Brent Ambrose (Penn State University)

Session 1: Moderator — Brent Ambrose (Penn State University)

  • “The Skyscraper Revolution: Global Economic Development and Land Savings,” Gabriel Ahlfeldt (London School of Economics), Nathaniel Baum-Snow (University of Toronto), and Remi Jedwab (George Washington University and NYU Marron Institute of Urban Management)
  •  
  • “Option Value and Storefront Vacancy in New York City,” Erica Moszkowski (Federal Reserve Board) and Daniel Stackman (NYU Stern)

Break

Session 2: Moderator — Jiro Yoshida (Penn State University)

  • “New Residential Investment and Gentrification,” Divya Singh (Amazon) and Luis Baldomero-Quintana (William & Mary)
  •  
  • “The Emergence of Exclusionary Zoning Across American Cities,” Tianfang Cui (NYU Furman Center)

Lunch Panel on Zoning: Moderator – Vicki Been (NYU)

  • Sara Bronin (National Atlas/Cornell)
  • Allison Shertzer (Federal Reserve Bank of Philadelphia)
  • Joakim Weill (Federal Reserve Board)

Session 3: Moderator — Raven Molloy (Federal Reserve Board)

  • “Spatial Implications of Telecommuting,” Matthew Delventhal (Corelogic) and Andrii Parkhomenko (University of Southern California)

Break

Keynote Session: Moderator – Jenny Schuetz (Brookings Institution)

Keynote Address – Anthony Williams (Federal City Council)

Session 4: Moderator — Liang Peng (Penn State University)

  • “The Impact of Climate Risk Disclosure on Housing Search and Buying Dynamics: Evidence from a Nationwide Field Experiment with Redfin,” Daryl Fairweather (Redfin), Matthew Kahn (University of Southern California and NBER), Robert Metcalfe (University of Southern California and NBER), Sebastian Sandoval-Olascoaga (Massachusetts Institute of Technology)
  •  
  • “Urban Policy and Spatial Exposure to Environmental Risk,” Augusto Ospital (Toulouse School of Economics)

Dinner

Friday, November 3, 2023

Breakfast

Session 5: Moderator — Eva Steiner (Penn State University)

  • “Why Delay? Understanding the Construction Lag. AKA the Build Out Rate,” Michael Ball (University of Reading), Paul Cheshire (London School of Economics and Centre for Economic Performance), Christian Hilber (London School of Economics and Centre for Economic Performance), and Xiaolun Yu (University of Reading)
  •  
  • “How Do Labor Shortages Affect Residential Construction and Housing Affordability?” Troup Howard (University of Utah), Mengqi Wang (University of Wisconsin-Madison), and Dayin Zhang (University of Wisconsin-Madison)

Break

Session 6: Moderator — Jacob Sagi (University of North Carolina)

  • “Is the Rent Too High? Land Ownership and Monopoly Power,” C. Luke Watson (Federal Deposit Insurance Corporation) and Oren Ziv (Michigan State University)
  •  
  • “Costly Entry and Competition: Evidence from Occupational Licensing in the Real Estate Industry,” Jeanna Kenney (University of Pennsylvania)

Lunch Session on Infrastructure

Moderator — Joe Nichols (Federal Reserve Board)

  • “Does the US Have an Infrastructure Cost Problem? Evidence from the Interstate Highway System,” Neil Mehrotra (Federal Reserve Board)
  •  
  • “Can Fairness Flow In Philly? Real Estate Assessment Equity for Green Stormwater Infrastructure Finance,” Jeffrey Cohen (University of Connecticut), Yuchen Huang (Paris School of Economics), Daniel McMillen (University of Illinois, Chicago)
  •  
  • “Agglomeration Over the Long Run: Evidence from County Seat Wars,” Cory Smith (University of Maryland / AREC)
  •  

Conference Concluding Remarks (Brent Ambrose and Joe Nichols)

Back to Top
Last Update: October 30, 2023