CV - Morris A. Davis

Morris A. Davis
click here for home page		Professor of Finance and Paul V. Profeta Chair of Real Estate Department of Finance and Economics Rutgers Business School Rutgers University 1 Washington Park, Room 1120 Newark, NJ 07102 email: mdavis@business.rutgers.edu Other Affiliations - Independent Member of the Board of Directors of AGNC Investment Corp. - Visiting Scholar of the Opportunity and Inclusive Growth Institute of the Federal Reserve Bank of Minneapolis - See my land and housing data at the American Enterprise Institute Federal Housing Finance Authority


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last updated December, 2024 MORRIS A. DAVIS, Ph. D. Paul V. Profeta Chair in Real Estate Professor, Department of Finance and Economics Academic Director, Center for Real Estate Studies Rutgers Business School, Rutgers University 1 Washington Park, Room 1120 Newark, NJ 07102 Email: mdavis@business.rutgers.edu 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, 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 - Current 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 Rutgers University, Rutgers Business School (Newark and New Brunswick) Real Estate Finance (undergraduate, MBA) University of Wisconsin-Madison, School of Business Macroeconomics (MBA) Real Estate Finance (MBA) Urban Economics (undergraduate, MBA, Ph. D.) Georgetown University Statistics for Economists (undergraduate) CURRENT PROFESSIONAL AFFILIATIONS AGNC Investment Corp. (ticker: AGNC) Board of Directors, 5/2008 - Current Federal Reserve Bank of Chicago Visiting Scholar, 7/2022 - Current Federal Reserve Bank of Minneapolis Visiting Scholar, Opportunity and Inclusive Growth Institute, 8/2019 - Current Journal of Housing Economics Associate Editor, 3/2012 - Current FORMER PROFESSIONAL AFFILIATIONS American Capital Mortgage Investment Corporation (ticker: MTGE) Board of Directors, 7/2011 - 5/2016 American Enterprise Institute Adjunct Scholar, 11/2012 - 8/2023 American Real Estate and Urban Economics Association Board Member, 1/2017 - 1/2019 Federal Reserve Bank of Chicago Academic Advisory Council, 3/2008 - 9/2015 Federal Reserve Bank of Cleveland Research Associate, 4/2007 - 12/2007 Lincoln Institute of Land Policy Fellow, 7/2009 - 6/2016 SkyBridge Opportunity Zone Real Estate Investment Trust, Inc. Board of Directors, 11/2018 – 9/2019 REFEREED PUBLICATIONS "The Effect of Capital Gains Taxes on Business Creation and Employment: The Case of Opportunity Zones" with Alina Arefeva, University of Wisconsin-Madison, Andra C. Ghent, University of Utah, and Minseon Park, University of Wisconsin-Madison. Management Science, accepted (2024). "The Work-from-Home Technology Boon and its Consequences" with Andra C. Ghent, University of Utah, and Jesse Gregory, University of Wisconsin-Madison. Review of Economic Studies, 2024, vol. 91, issue 6 (November), pages 3362-3401. Avaialable online at https://doi.org/10.1093/restud/rdad114. "A Quarter Century of Mortgage Risk" with William D. Larson, FHFA, Stephen D. Oliner, American Enterprise Institute and UCLA, and Benjamin R. Smith, University of Pennsylvania. Review of Finance, 2023, vol. 27, issue 2 (March), pages 581-618. Available online at https://doi.org/10.1093/rof/rfac034. Winner of the Pagano and Zechner Runner-up Award for the best non-investment paper "Migration and Urban Economic Dynamics" with Jonas D.M. Fisher and Marcelo Veracierto, Federal Reserve Bank of Chicago. Journal of Economic Dynamics and Control, 2021, vol. 133 (December), pages 1-20. "Neighborhood Effects and Housing Vouchers," with Jesse Gregory, University of Wisconsin-Madison, Daniel A. Hartley, Federal Reserve Bank of Chicago, and Kegon T. K. Tan, University of Wisconsin-Madison. Quantitative Economics, 2021, vol. 12, issue 4 (November), pages 1307-1346. "The Price of Residential Land for Counties, ZIP codes, and Census Tracts in the United States" with William D. Larson, Federal Housing Finance Agency, Stephen D. Oliner, American Enterprise Institute and UCLA, and Jessica Shui, Federal Housing Finance Agency. Journal of Monetary Economics, 2021, vol. 118 (March), pages 413-431. "The Impact of Federal Housing Policy on Housing Demand and Homeownership: Evidence from a Quasi-Experiment" with Stephen D. Oliner, American Enterprise Institute and UCLA, Tobias J. Peter, American Enterprise Institute and Edward J. Pinto, American Enterprise Institute Journal of Housing Economics 2020, vol. 48 (June), pages 1-24. "Residential Land Values in the Washington, DC Metro Area: New Insights from Big Data" with Stephen D. Oliner, American Enterprise Institute and UCLA, Edward J. Pinto, American Enterprise Institute, and Sankar Bokka, FNC, Inc. Regional Science and Urban Economics 2017, vol. 66 (September), pages 224-246. "On the Nature of Self-Assessed House Prices" with Erwan Quintin, University of Wisconsin-Madison. Real Estate Economics 2017, vol. 45 (3), pages 628-649. "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 2016, vol. 21 (July), pages 105-124. "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 AND OTHER PUBLICATIONS "How Much is Enough? Parking Usage in New Jersey Rental Units: Results from a Survey of Developers, Owners, and Managers," with Ronald S. Ladell, Avalon Bay, Facundo Luna, Rutgers University, andDebra Tantleff, Tantum Real Estate. Rutgers Center for Real Estate White Paper, September 2023 "School-Age Children in Rental Unites in New Jersey: Results from a Survey of Developers and Property Managers," with David Frame, Rutgers University, Ronald S. Ladell, Avalon Bay and Debra Tantleff, Tantum Real Estate. Rutgers Center for Real Estate White Paper, July 2018 Winner of the 2018 James W. Hughes Award for Applied Research by the New Jersey Chapter of the American Planning Association. "Housing and the Macroeconomy" with Stijn van Nieuwerburgh, New York University Handbook of Urban and Regional Economics, Edited by Gilles Duranton, J. Vernon Henderson and William C. Strange, 2015, Volume 5, p. 753-811 "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 "Preferences over the Racial Composition of Neighborhoods: Estimates and Implications" with Jesse Gregory, University of Wisconsin-Madison and Daniel A. Hartley, Federal Reserve Bank of Chicago. Latest draft dated 12/2024 "Winners and Losers from the Work-from-Home Technology Boon" with Andra C. Ghent, University of Utah, and Jesse Gregory, University of Wisconsin-Madison. Latest draft dated 12/2024 "Place-Based Redistribution in Location Choice Models" with Jesse Gregory, University of Wisconsin-Madison. Latest draft dated 5/2022 PROFESSIONAL ACTIVITIES Keynote and other featured presentations 2022: Commercial Real Estate Development Association (NAIOP NJ). Berkeley Heights NJ 2021: The Institute for Private Capital at University of North Carolina – Chapel Hill 2021 Real Estate Research Symposium, Chapel Hill NC 2021: Featured on Episode 464 of Freakonomics 2017: Aix Marseille School of Economics - Banque de France 6th Conference on the Labor Market, Paris France 2016: Plan Smart NJ Annual Summit, Trenton New Jersey 2014: Realtors Association of South Central Wisconsin, Madison Wisconsin; WEDC Governor’s Conference on Economic Development, Madison Wisconsin 2013: Big 10 Conference on Higher Education, Madison Wisconsin 2012: WEDC Governor’s Conference on Economic Development, Madison Wisconsin 2011: KPMG’s Third Annual Real Estate Symposium, Chicago Illinois 2009: Bascom Hill Society Luncheon, Madison Wisconsin; Laboratory for Aggregate Economic Fluctuations (LAEF), Santa Barbara California 2008: Pennsylvania Builders Association Developers Council, Harrisburg Pennsylvania; Wisconsin Real Estate Alumni Association, Madison Wisconsin 2007: National Association of Credit Unions, Milwaukee Wisconsin; National Association of Real Estate Investment Managers (NAREIM), Long Beach California 2006: University of Wisconsin-Madison, Real Estate Board Meeting, Madison Wisconsin; Young Presidents Organization, Chicago Illinois Seminar presentations 2024: University of Illinois, Urbana-Champaign, Illinois; Federal Reserve Bank of Cleveland; University of Texas, Austin, Texas 2022: University of Georgia, Athens, Georgia 2021: Peking University Institute of New Structural Economics (virtual) 2020: Rutgers University (virtual); University of California - Irvine (virtual); London School of Economics (virtual) 2019: University College London, London, England; Queen Mary University of London, London, England; Federal Reserve Bank of Minneapolis; Bureau of Economic Analysis 2018: City University of New York - Baruch; University of Toronto; 2017: New York University; Simon Frasier University; Vanderbilt University; University of Virginia - McIntire School of Commerce; Brown University 2016: State University of New York - Albany; University of California - Los Angeles; Federal Reserve Bank of New York; Bank of Canada; Rutgers University Economics (New Brunswick); University of Connecticut; University of Hawaii 2015: Williams College; Rutgers University Economics (Newark); Rutgers University Finance; Federal Reserve Bank of St. Louis; Federal Reserve Bank of Cleveland; George Washington University; New York University 2014: University of Essex; Universitat Pompeu Fabra; Universidad Carlos III de Madrid; Instituto de Análisis Económico; Marquette University; Rutgers University; University of Southern California 2013: Arizona State 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 2024: Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna, Austria 2023: UEA meetings, Toronto, Canada; New Perspectives on Consumer Behavior in Credit and Payments Markets, Federal Reserve Bank of Philadelphia, Philadelphia; NBER (Real Estate), Boston; NBER (Urban Economics) Boston; NYC Real Estate Conference, New York City; AEA/AREUEA Annual Meeting, New Orleans 2022: Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna, Austria; Conference on Low-Income Housing Supply and Housing University at Tel Aviv University 2021: AEA/AREUEA Annual Meeting (virtual) 2020: UEA Meetings (virtual) 2019: The Future of Cities Conference at Northwestern University, Chicago; Society of Economic Dynamics, St. Louis; AREUEA Midyear Meeting, Washington, DC; NYC Real Estate Conference at Columbia, New York City; Notre Dame Real Estate Roundtable, Chicago; Conference on Housing Affordability, Madrid, Spain 2018: UEA Meetings, New York City; AREUEA Midyear Meeting, Washington, DC; Midwest Macro Conference, Madison; USC Dornsife Conference on Housing; AEA/AREUEA Annual Meeting, Philadelphia 2017: NARSC meetings, Vancouver; NBER (Real Estate), Boston; AREUEA Midyear Meeting, Washington, DC; AEA/AREUEA Annual Meeting, Chicago 2016: CHUM Conference, Federal Reserve Bank of Atlanta; CURE Conference, Federal Reserve Bank of Philadelphia; Rutgers "Triple Threat" Conference, Newark; Conference on Housing Affordability, Tel-Aviv, Israel; Midwest Macro Conference, Lafayette; Bank of England conference on Housing: Microdata, Macro Problems, London England; AEA/AREUEA Annual Meeting, San Francisco 2015: CMSG, Montreal, Canada; AEA/AREUEA Annual Meeting, Boston 2014: Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy, Vienna Austria; FRBSF/UCLA Conference on Housing and Monetary Policy, San Francisco; 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 2023: CREDA Real Estate Research Symposium, Chapel Hill NC 2021: Alrov Institute for Real Estate Research at Tel Aviv University, the New Jersey-Israel Commission and Rutgers Center for Real Estate conference on Housing Affordability (virtual) 2017: Governor’s Conference on Housing and Economic Development, Atlantic City NJ 2015: New Urbanism Real Estate Conference, Short Hills NJ 2013: Urban Land Institute Blue Council Meeting, Chicago; 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 2010: Family Business Council, Madison; Rays of Research, Madison 2009: European Summer Symposium in Economic Theory, Gerzensee Switzerland 2008: Wisconsin Real Estate Biennial Conference, Madison; Federal Reserve Bank of Chicago, Academic Advisory Council Meeting, Chicago 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 Conference organization 2024: SFS Cavalcade NA 2024 program committee member 2023: Urban Economics Association 2023 student prize committee chair; SFS Cavalcade NA 2023 program committee member 2021: SFS Cavalcade NA 2021 program committee member 2020: The Rutgers-Federal Reserve-Columbia HULM Conference, Columbia University (fall); SFS Cavalcade NA 2020 program committee member 2019: The Rutgers-Federal Reserve HULM Conference, University of California - Santa Barbara (spring) 2018: The Rutgers-Federal Reserve HULM Conference, Federal Reserve Bank of St. Louis (spring) 2017: The Rutgers-Federal Reserve HULM Conference, Federal Reserve Bank of Philadelphia (fall) and St. Louis (spring) 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 Ph.D. Dissertation Committees 2014: Erik Hembre (Econ), Suphanit Piyapromdee (Econ) 2011: Jun Zhu (Real Estate) 2009: Hiroaki Miyamoto (Econ), Francesca Rondina (Econ) 2008: Yongqiang Chu (Real Estate)