Conference Materials

“Tipping Points” Executive Summary — Ray Boshara

Introduction

• William R. Emmons, Assistant Vice President, Federal Reserve Bank of St. Louis
  Ana H. Kent, Policy Analyst, Federal Reserve Bank of St. Louis
  Lowell R. Ricketts, Lead Analyst, Federal Reserve Bank of St. Louis
  Paper: “Mortgaging Household and Global Financial Stability: To What End?” (PDF)
  Presentation Slides: “Mortgaging Household and Global Financial Stability: To What End?” (PDF)

Session 1 — Homeownership and the Household Balance Sheet

• Andra C. Ghent, Associate Professor, University of Wisconsin-Madison
  Paper: “Do Changes in Mortgage Credit Constraints Explain the Housing Boom and Bust?” (PDF)
  Presentation Slides: “Do Changes in Mortgage Credit Constraints Explain the Housing Boom and Bust?” (PDF)
• Moritz Schularick, Professor of Economics, University of Bonn
  Paper: “Modigliani Meets Minsky: American Household Debt, 1949-2016” (PDF)
• Presentation Slides: “Modigliani Meets Minsky: American Household Debt, 1949-2016” (PDF)

Session 2 — From the American Dream of Mortgage-Financed Homeownership to Risky Debt Accumulation

• Thomas Herndon, Assistant Professor of Economics, Loyola Marymount University
  Paper: “The Distribution of Risk and the Great Recession: Old Problems, New Crises” (PDF)
  Presentation Slides: “The Distribution of Risk and the Great Recession: Old Problems, New Crises” (PDF)
• Alanna McCargo, Vice President of Housing Finance Policy, Urban Institute
  Presentation Slides: “The Case for Homeownership” (PDF)

Keynote Conversation – Debt-Financed Homeownership: Is it Worth the Risks? What is its Future?

• Sarah Rosen Wartell, President, Urban Institute
  Paul Willen, Senior Economist, Federal Reserve Bank of Boston
  Michael Stegman, Senior Research Fellow, Federal Reserve Bank of St. Louis
  Video: Debt-Financed Homeownership: Is It Worth the Risks? What Is Its Future?

Session 3 — Restoring or Rethinking the American Dream

• Jane Dokko, Economist and Assistant Vice President, Federal Reserve Bank of Chicago
  Karen Dynan, Professor of the Practice of Economics, Harvard University
  Paper: “Ten Years Since the Financial Crisis: Some Lessons for Reducing Risks to Households” (PDF)
  Presentation Slides: “Ten Years Since the Financial Crisis: Some Lessons for Reducing Risks to Households” (PDF)
• Robert Hockett, Professor of Law, Cornell University
  Paper: “Republican Home-­Owning” (PDF)