Curriculum Vitae (click here for PDF)

February 2013

 

MORRIS A. DAVIS, Ph. D.

James A. Graaskamp Chair in Real Estate

Academic Director, James A. Graaskamp Center for Real Estate

Department of Real Estate and Urban Land Economics

Wisconsin School of Business, University of Wisconsin-Madison

 

5261 Grainger Hall

975 University Avenue

Madison, WI  53706

Email:  mdavis@bus.wisc.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

 

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

Honors:  Phi Beta Kappa, Shanbaum Award (Top Undergraduate Economics Major)

 

 

PROFESSIONAL EXPERIENCE

 

University of Wisconsin-Madison, School of Business

Department of Real Estate and Urban Land Economics

Academic Director, Graaskamp Center for Real Estate, 7/2011 – current

Director of the MBA Program, Graaskamp Center for Real Estate, 8/2010 – 7/2011

Associate Professor, 4/2010 - current

Assistant Professor, 9/2006 - 4/2010

 

The Center for Financial Security, University of Wisconsin-Madison

            Faculty Affiliate, 05/2012 - current

 

The Robert M. LaFollette School of Public Affairs, University of Wisconsin-Madison

            Faculty Affiliate, 11/2011 - 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 2012

Real Estate Finance (MBA), Fall 2008 – Fall 2009

Urban Economics (undergraduate), Fall 2006 – Fall 2008, Spring 2011

Urban Economics (graduate), Spring 2011 – Spring 2012

 

Georgetown University

Statistics for Economists (undergraduate), Fall 2000

 

 

PROFESSIONAL AFFILIATIONS

 

American Capital Agency Corporation (ticker:  AGNC)

Board of Directors, 5/2008-Current

 

American Capital Mortgage Investment Corporation (ticker:  MTGE)

Board of Directors, 7/2011-Current

 

American Enterprise Institute

            Visiting Scholar, 11/2012-Current

 

Federal Reserve Bank of Chicago

Academic Advisory Council, 3/2008-Current

 

Federal Reserve Bank of Cleveland

Research Associate, 4/2007-12/2007

 

Journal of Housing Economics

Associate Editor, 3/2012-Current

 

Lincoln Institute of Land Policy

Fellow, 7/2009-Current

 

 

REFEREED PUBLICATIONS

 

“Household Expenditures, Wages, Rents”

with François Ortalo-Magné, University of Wisconsin-Madison
Review of Economic Dynamics, 2011, vol. 14 (2), pages 248-261.

 

“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, 2009, vol. 66 (2), p. 90-102

 

 

“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

 

“Questioning Homeownership as a Public Policy Goal”

            Cato Institute Policy Analysis No. 696, Cato Institute 2012-05-15

 

“Reflections on the Foreclosure Crisis”

            Land Lines, Lincoln Institute of Land Policy 2010-07

 

“Housing and the Business Cycle”

            New Palgrave Dictionary of Economics Online, 2010.

edited by S. Durlauf and L. Blume

 

“Macroeconomics for MBAs and Masters of Finance”

Cambridge University Press 2009, Cambridge, England

ISBN-10: 0521762472.  ISBN-13: 978-0521762472

 

 “What’s Really Happening in Housing Markets?”

with François Ortalo-Magné, 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

 

“Macroeconomic Implications of Agglomeration”

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

 

“The Role of Housing in Labor Reallocation”

            with Jonas D.M. Fisher and Marcelo Veracierto, Federal Reserve Bank of Chicago

FRB of Chicago Working Paper No. 2010-18

 

“Homework in Monetary Economics:  Inflation, Home Production, and the Production of
            Homes”

            with S. Borağan Aruoba and Randall Wright
            University of Maryland and 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:

2012: Columbia University

2011: University of Southern California; University of Toronto; Federal Reserve Bank of Richmond

2010: University of Iowa; University of Essex, Essex, England

2009: University of Wisconsin-Madison (Macroeconomics seminar); Federal Reserve Bank of Minneapolis; Federal Reserve Bank of Kansas City; University of British Columbia-Sauder School of Business; City University of New York Baruch Campus

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:

2013:  Homer Hoyt, West Palm Beach; AEA/AREUEA Annual Meeting, San Diego

2012: NARSC meetings, Ottawa, Canada; Society of Economic Dynamics, Limassol Cyprus; IRE / BS 2012 Conference on Real Estate Economics and Finance, Regensburg, Germany; AEA/AREUEA Annual Meeting, Chicago

2011: AEA/AREUEA Annual Meeting, Denver; Economics and Music Conference, Essex England; Housing and Real Estate Dynamics Conference, The John Deutsch Institute (Queen’s University), Kingston Canada; Society of Economic Dynamics, Ghent Belgium; The UW-Federal Reserve Housing-Labor-Urban Conference, Federal Reserve Bank of Chicago

2010: AEA/AREUEA Annual Meeting, Atlanta; Midwest Macro Conference, Lansing; Annual Real Estate Symposium, Victoria Canada; Society of Economic Dynamics, Montreal Canada

2009: Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna Austria; European Summer Symposium in Economic Theory, Gerzensee Switzerland; 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; AEA/AREUEA Annual Meeting, San Francisco

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; AEA/AREUEA Annual Meeting, Chicago

2006: NARSC meetings, Toronto Canada; LAEF Conference on Macroeconomics and Housing, Santa Barbara; Society of Economic Dynamics, Vancouver Canada; Annual Real Estate Symposium, Aspen Colorado; 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; AEA/AREUEA Annual Meeting

 

Professional presentations:

2012:  Wisconsin Realtor Management Conference, Pewaukee; In Business Magazine Expo, Madison; Wisconsin Real Estate and Economic Outlook Conference, Madison; BNP Paribas Eye on Washington Conference, Washington, DC; WEDC Governor’s Conference on Economic Development, Madison

2011:  KPMG’s Third Annual Real Estate Symposium, Chicago
2010
:  Family Business Council, Madison; Rays of Research, Madison

2009:  European Summer Symposium in Economic Theory, Gerzensee Switzerland; Bascom Hill Society Luncheon, Madison; 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:

2010:  The UW-Federal Reserve Housing-Labor-Urban Conference, Federal Reserve Bank of Chicago, The UW-Federal Reserve Housing-Labor-Urban Conference, Federal Reserve Bank of St. Louis

2009:  The UW-Federal Reserve Housing-Labor-Urban Conference, Federal Reserve Bank of Atlanta

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

2005:  Aging and the Economy, Federal Reserve Board

 

Referee for journals:

American Economic Review; Berkeley Electronic Press; Econometrica; 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 Monetary Economics; 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:

2011:  Jun Zhu (Real Estate)

2009:  Hiroaki Miyamoto (Econ), Francesca Rondina (Econ)

2008:  Yongqiang Chu (Real Estate)