Curriculum Vitae

June 2009

MORRIS A. DAVIS

5261 Grainger Hall 975 University Avenue Madison, WI 53706

Email: mdavis “at” bus dot wisc dot edu Phone: (608) 262-8775 Web: http://morris.marginalq.com

EDUCATION

University of Pennsylvania: Ph. D. in Economics, 1993-1998

Honors:

Alfred P. Sloan Dissertation Fellowship, 1997-1998 Dissertation fellowship, Department of Economics

University of Pennsylvania: B.A. in Economics, 1989-1993

Honors:

Phi Beta Kappa Shanbaum Award (Outstanding Undergraduate Economics Major)

PROFESSIONAL EXPERIENCE

University of Wisconsin-Madison, School of Business

Department of Real Estate and Urban Land Economics

Assistant Professor, 9/2006-Current

Federal Reserve Board

Economist, Flow of Funds Section, 7/2002-8/2006

Economist, Macroeconomic and Quantitative Studies Section, 8/1998-10/2001

ReturnBuy, Inc.

Director of Yield Optimization, 10/2001-7/2002

TEACHING EXPERIENCE

University of Wisconsin-Madison, School of Business

Macroeconomics (MBA) , Fall 2006 – Spring 2009

Real Estate Finance (MBA), Fall 2008

Urban Economics (undergraduate), Fall 2006 – Fall 2008

Georgetown University

Statistics for Economists (undergraduate), Fall 2000

PROFESSIONAL AFFILIATIONS

Lincoln Institute of Land Policy

Fellow, 7/2009-Current

American Capital Agency Corporation (ticker: AGNC)

Board of Directors, 5/2008-Current

Federal Reserve Bank of Chicago

Academic Advisory Council, 3/2008-Current

Federal Reserve Bank of Cleveland

Research Associate, 4/2007-12/2007

REFEREED PUBLICATIONS

“What Moves Housing Markets: A Variance Decomposition of the Rent-Price Ratio”

with Sean Campbell, Joshua Gallin, and Robert F. Martin, Federal Reserve Board

Journal of Urban Economics, accepted

“Housing, Home Production, and the Equity and Value Premium Puzzles”

with Robert F. Martin, Federal Reserve Board

Journal of Housing Economics, 2009, vol. 18 (2), p. 81-91

“The Price and Quantity of Land by Legal Form of Organization in the United States”
Regional Science and Urban Economics, 2009, vol. 39 (3), p. 350-359

“The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing”

with Andreas Lehnert and Robert F. Martin, Federal Reserve Board

Review of Income and Wealth, 2008, vol. 54 (2), p. 279-284

“The Price of Residential Land in Large U.S. Cities”

with Michael G. Palumbo, Federal Reserve Board

Journal of Urban Economics 2008, vol. 63 (1), p. 352-384

“The Price and Quantity of Residential Land in the United States”

with Jonathan Heathcote, Federal Reserve Board and Georgetown University

Journal of Monetary Economics 2007, vol. 54 (8), p. 2595-2620

“Housing and the Business Cycle”

with Jonathan Heathcote, Georgetown University

International Economic Review 2005, vol. 46 (3), p. 751-784

“A Stochastic Dynamic Model of the Mental Health of Children”

with E. Michael Foster, Penn State

International Economic Review 2005, vol. 46 (3), p. 837-866

BOOKS / OTHER PUBLICATIONS

“Macroeconomics for MBAs and Masters of Finance”

Cambridge University Press, in press

“What’s Really Happening in Housing Markets?”

with Francois Ortalo-Magne, University of Wisconsin-Madison, and Peter C. Rupert, Federal Reserve Bank of Cleveland

Economic Commentary, Federal Reserve Bank of Cleveland 2007-07

“House Prices and the Macroeconomy”

Testimony to the U.S. Senate Finance Committee 2007-12-13

WORKING PAPERS

“Agglomeration and Productivity: New Estimates and Macroeconomic Implications”

with Jonas D.M. Fisher, Federal Reserve Bank of Chicago, and Toni M. Whited, University of Wisconsin-Madison and University of Rochester.

“Household Expenditures, Wages, Rents”

with Francois Ortalo-Magne, University of Wisconsin-Madison

“The Insurance, Health, and Savings Decisions of Elderly Women Living Alone”

“A Primer on the Economics and Time Series Econometrics of Wealth Effects”

With Michael Palumbo, Federal Reserve Board

PROFESSIONAL ACTIVITIES

Seminar presentations:

2009: Federal Reserve Bank of Minneapolis; Federal Reserve Bank of Kansas City; University of British Columbia-Sauder School of Business, Vancouver, Canada; City University of New York Baruch Campus, New York

2008: Federal Reserve Bank of New York; Lincoln Institute of Land Policy, Boston; University of Texas-Austin; Federal Reserve Bank of San Francisco; University of Connecticut

2007: Federal Reserve Bank of Philadelphia; Toulouse School of Economics; Indiana University; Federal Reserve Bank of Chicago; Federal Reserve Bank of Cleveland; University of California-Berkeley, Haas School of Business

2006: University of Wisconsin-Madison, School of Business; Federal Reserve Bank of Cleveland

2005: University of Western Ontario; New York University; Bank of Mexico; ITAM; Rice University, Jesse H. Jones Graduate School of Management

2004: Georgetown University

2003: New York University, Stern School of Business

2000: Duke University; University of North Carolina

1999: Georgia State University

1998: Brown University; University of Chicago, Harris School of Public Policy; Binghamton University; RAND

Conference presentations and discussions:

2009: Economics and Music Conference, Essex England; Housing, Financial Markets and the Macroeconomy, Conference at LSE in London, England; Micro and Macro Perspectives on the Aggregate Labor Market, NBER Conference at the Federal Reserve Bank of Atlanta, Atlanta

2008: Federal Reserve System Conference on Housing and Mortgage Markets, Washington DC; NARSC meetings, New York; Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna Austria; Midwest Macro Conference, Philadelphia; Sixth Philadelphia Workshop on Monetary and Macro Economics, Philadelphia; Lincoln Institute of Land Policy, Boston

2007: NARSC meetings, Savannah; Vienna Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna Austria; NBER (Capital Markets and Economy), Boston; WFA Conference, Big Sky; Economics and Music Conference, Essex England; Midwest Macro Conference, Cleveland; AREUEA meetings, Chicago

2006: NARSC meetings, Toronto Canada; LAEF Conference on Macroeconomics and Housing, Santa Barbara; Society of Economic Dynamics, Vancouver Canada; Baltimore System Committee Macroeconomics Workshop

2005: Atlanta Fed conference on Housing and the Macroeconomy

2004: Economics and Music Conference, Essex England; Bank of Canada Conference on Housing, Ottawa; Society of Economic Dynamics, Florence; AREUEA Mid-Year Meetings, Washington, DC;

2003: Society of Economic Dynamics, Paris France

2002: Economics and Music Conference, Essex England

2000: Economics and Music Conference, Essex England; Bank of Canada Conference on the Macroeconomy, Ottawa Canada; Society of Economic Dynamics, San Jose Costa Rica; Midwest Macro Conference, Iowa City

1999: Society of Economic Dynamics, Sardinia Italy; North American Econometric Society Meetings, Madison

1998: Stanley Cohn Conference on Health and Aging, Binghamton; Society of Economic Dynamics, Philadelphia; Economics and Music Conference, Essex England

Professional presentations:

2009: Bascom Hill Society Luncheon, Madison; “Office Hours” TV Show, Big Ten Network; LAEF, Santa Barbara; 2008: Wisconsin Real Estate Biennial Conference, Madison; Federal Reserve Bank of Chicago, Academic Advisory Council Meeting, Chicago; Pennsylvania Builders Association Developers Council, Harrisburg; Wisconsin Real Estate Alumni Association, Madison

2007: U.S. Senate Finance Committee Hearing on “The Housing Decline: The Extent of the Problem and Potential Remedies,” Washington, DC; University of Wisconsin-Madison, Real Estate Board Meeting, Madison; National Association of Credit Unions, Milwaukee; NAREIM, Long Beach

2006: University of Wisconsin-Madison, Real Estate Board Meeting, Madison; Young Presidents Organization, Chicago

Conference organization:

The UW-Atlanta Fed Housing Conference, September 2009

Housing and Real-Estate, University of Wisconsin-Madison, April 2007

Aging and the Economy, Federal Reserve Board, April 2005

Referee for journals:

American Economic Review; Berkeley Electronic Press; Economic Journal; Economic Modeling; European Economic Review; Finance Research Letters; International Economic Review; Journal of Empirical Finance; Journal of Housing Economics; Journal of Human Resources; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Regional Science; Journal of Urban Economics; Public Administration Review; Real Estate Economics; Regional Science and Urban Economics; Review of Economic Dynamics; Review of Economics Studies

Ph.D. Dissertation Committees:

Yongqiang Chu, Hiroaki Miyamoto