一、报告题目
　　Unconventional Monetary Policy and U.S. Housing Markets Dynamics
　　二、报告人
　　姜尧民，台湾大学金融系教授，于美国爱荷华大学获得金融学博士学位，曾任台湾政治大学金融系教授。长期从事资本市场、IPO问题的研究 。在Review of Financial Studies 等金融学顶尖杂志发表论文几十篇。
　　三、报告时间
　　2016年10月27日上午10：00
　　四、报告地点
　　中心校区知新楼B321
　　五、报告摘要
　　This study investigates whether the unprecedented liquidity injected in the economy by the U.S Fed through unconventional monetary policy measure, popularly known as quantitative easing (QE), is a systematic factor that can explain the abnormally low U.S. investments in new single family housing (housing starts) of recent years. We specify and estimate a model of new housing investments supply that incorporates constructed aggregate liquidity factors that capture QE liquidity injections. The results suggest that new housing investments liquidity betas, their sensitivities to liquidity shocks from QE transmitted through the constructed aggregate liquidity factors significantly influence the level of U.S. investments in new single family housing over the study period. Further, there is evidence of heterogeneity in the responsiveness of new housing investments to shocks from the aggregate liquidity factors in that housing markets constrained by excessive land use controls exhibit relatively muted sensitivities to fluctuations in the aggregate liquidity factors induced by QE. Remarkably, we also find that in the absence of GSE and FHA capital market activities induced by QE that channel credit into housing market, the contraction in new housing investments would have been worse. Additionally, the build-up in the inventory of single family homes-for-rent, a structural factor that emerged in housing markets during the recession, exerts a down-ward pressure on the supply of new single family housing investments.
　　六、主办单位
　　山东大学经济学院