Morris A. Davis

 


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Professor of Finance and
Paul V. Profeta Chair of Real Estate


Department of Finance and Economics
Rutgers Business School
Rutgers University
1 Washington Park
Newark, NJ 07102
email: modavis99 at yahoo dot com

Other Affiliations

- Fellow, Lincoln Institute of Land Policy
(click here to see my land and housing data)

- Adjunct Scholar, American Enterprise Institute

- Independent Member of the Board of Directors of
American Capital Agency Corporation (AGNC)
American Capital Mortgage Investment Corporation

 

   
     

CV (click here for pdf)

   

last updated August, 2014


MORRIS A. DAVIS, Ph. D.
Professor, Department of Finance and Economics

Paul V. Profeta Chair in Real Estate
Academic Director, Center for Real Estate Studies
Rutgers Business School, Rutgers University

1 Washington Park
Newark, NJ 07102
Email:  modavis99@yahoo.com
Web:  http://www.morrisadavis.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

Rutgers University, Rutgers Busines School

Department of Finance and Economics
Academic Director, Center for Real Estate Studies, 9/2014 - Current
Professor, 9/2014 - Current


University of Wisconsin-Madison, School of Business

Department of Real Estate and Urban Land Economics
Academic Director, Graaskamp Center for Real Estate, 7/2011 - 6/2014
Director of the MBA Program, Graaskamp Center for Real Estate, 8/2010 - 6/2011
Associate Professor, 4/2010 - 8/2014
Assistant Professor, 9/2006 - 4/2010

The Center for Financial Security, University of Wisconsin-Madison
Faculty Affiliate, 05/2012 - 8/2014

The Robert M. LaFollette School of Public Affairs, University of Wisconsin-Madison
Faculty Affiliate, 11/2011 - 8/2014


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)
Real Estate Finance (MBA)
Urban Economics (undergraduate)
Urban Economics (graduate)

Georgetown University
Statistics for Economists (undergraduate)

 

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
Adjunct 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

“Homework in Monetary Economics:  Inflation, Home Production, and the Production of Homes” with S. Borağan Aruoba, University of Maryland, and Randall Wright, University of Wisconsin-Madison
Review of Economic Dynamics, accepted pending minor revisions

“Housing and the Macroeconomy” with Stijn van Nieuwerburgh, New York University
Handbook of Urban and Regional Economics, forthcoming

“Macroeconomic Implications of Agglomeration” with Jonas D.M. Fisher, Federal Reserve Bank of Chicago, and Toni M. Whited, University of Rochester
Econometrica 2014, vol. 82 (2), pages 731-764.

“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” edited by S. Durlauf and L. Blume
New
Palgrave Dictionary of Economics Online, 2010.

“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 and WORK IN PROGRESS

“House Prices and Land Prices under the Microscope: A Property-Level Analysis for the Washington, DC Area” with Stephen Oliner and Ed Pinto, American Enterprise Institute.
Latest draft dated 5/2014.

“Gross Migration, Housing and Urban Population Dynamics” with Jonas D.M. Fisher and Marcelo Veracierto, Federal Reserve Bank of Chicago.
Latest draft dated 12/2013

“Self-Assessed House Prices and Mortgage Defaults” with Erwan Quintin, University of Wisconsin-Madison
First draft in progress.

 

PROFESSIONAL ACTIVITIES

Seminar presentations
2014: Marquette University (scheduled); Rutgers University, University of Southern California
2013:
Arizona State University
2012: Columbia University
2011: SUNY Binghamton; 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
2014: Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna Austria (scheduled); FRBSF/UCLA Conference on Housing and Monetary Policy, San Francisco (scheduled); Society of Economic Dynamics, Toronto; Real Estate Summer Symposium, Moneterey; AEA/AREUEA Annual Meeting, Philadelphia
2013: NARSC meetings, Atlanta; CURE Conference, London, England; Borsa Istanbul Conference on Finance and Real Estate, Istanbul, Turkey; Midwest Macro Conference, Urbana-Champagne; 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
2014: WEDC Governor’s Conference on Economic Development, Madison; Realtors Association of South Central Wisconsin, Madison
2013: Urban Land Institute Blue Council Meeting, Chicago; Big 10 Conference on Higher Education, Madison; Wisconsin Real Estate and Economic Outlook Conference, Madison; American Enterprise Institute Conference on Risk and Appraisals, Washington, DC; James A. Graaskamp Board Meeting, Sheboygan;
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
2013: The UW-Santa Barbara Housing/Urban/Labor/Macro (HULM) Conference, University of California-Santa Barbara
2010:  The UW-Federal Reserve HULM Conference, Federal Reserve Bank of Chicago, The UW-Federal Reserve HULM Conference, Federal Reserve Bank of St. Louis
2009:  The UW-Federal Reserve HULM 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 and Statistics; Review of Economics Studies


Ph.D. Dissertation Committees
2014: Erik Hembre (expected, Econ), Suphanit Piyapromdee (Econ)
2011
:  Jun Zhu (Real Estate)
2009:  Hiroaki Miyamoto (Econ), Francesca Rondina (Econ)
2008:  Yongqiang Chu (Real Estate)