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
494 Broad Street, 3rd Floor, Suite 300
Newark, NJ 07102

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






Rutgers Center for Real Estate




Working Papers

Neighborhood Choices, 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 Rochester. 
Last updated July, 2017.

Gross Migration, Housing and Urban Population Dynamics” with Jonas D.M. Fisher and Marcelo Veracierto, Federal Reserve Bank of Chicago.
Last updated March, 2016. Technical appendix here.

Published Articles, Book Chapters, Notes, etc.

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, accepted.

On the Nature of Self-Assessed House Prices” with Erwan Quintin, University of Wisconsin-Madison.
Real Estate Economics, forthcoming.

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.  Data here.

Housing, Finance and the Macroeconomy” (handbook chapter) 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

Macroeconomic Implications of Agglomeration” with Jonas D.M. Fisher, Federal Reserve Bank of Chicago, and Toni M. Whited, University of Rochester.
2014, vol. 82 (2), pages 731-764. Programs and data here, model solution here, appendix here.

Questioning Homeownership as a Public Policy Goal
Cato Institute Policy Analysis No. 696, Cato Institute
. May, 2012.

Household Expenditures, Wages, Rents” with François Ortalo-Magné, University of Wisconsin-Madison
Review of Economic Dynamics
2011, vol. 14 (2), pages 248-261. Data here.

Housing and the Business Cycle” edited by S. Durlauf and L. Blume
Palgrave Dictionary of Economics Online, 2010.  Online version here.

Reflections on the Foreclosure Crisis
Land Lines, Lincoln Institute of Land Policy 2010-07.  Online version here.

Discussion of Endogenous Gentrification and Housing Price Dynamics, by Guerrieri, Hartley and Hurst. Prepared for the 2010-02 EFG Meetings in San Francisco. Last updated February, 2010.

What Moves Housing Markets: A Variance Decomposition of the Rent-Price Ratio” with Sean Campbell, Joshua Gallin, and Robert F. Martin, Federal Reserve Board. Appendix here. Data here.
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. Data here.

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. Data here.

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. Data here.

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. Appendix here. Data here.

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

Housing and the Business Cycle” with Jonathan Heathcote, Georgetown University
International Economic Review 2005, vol. 46 (3), p. 751-784. Appendix (out of date) here. Data (10/2002) here.

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

A Primer on the Economics and Time Series Econometrics of Wealth Effects” with Michael G. Palumbo, Federal Reserve Board.
Last updated September, 2001.