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)