Dan Miller Presents Research at Conference on Household Finance Oct 28, 2010
Assistant Professor of Economics Dan Miller was an invited participant at a conference co-sponsored by the Deutsche Bundesbank and the Federal Reserve Bank of Cleveland in September on Household Heterogeneity and Household Finance. Dan presented his paper, A Dynamic Model of Housing Demand: Estimation and Policy Implications, which is co-authored with Patrick Bajari of the University of Minnesota, Phoebe Chan of Wheaton College, and Dirk Krueger of the University of Pennsylvania. The model incorporates frictions in the housing market including transactions costs, credit constraints, and uncertainty about the evolution of incomes and home prices. One implication of the model is that adjustments to negative shocks of the sort being experienced in the "Great Recession" can take many periods to run their course. A copy of the paper can be obtained from the conference web page or Dan's web page at Clemson.