Talk Title:  Urban Growth, Land Scarcity, and Heterogeneous Monetary Policy Effects 

Guest speaker: Haopeng Shen, Assistant Professor at School of Business at Nanjing University

Time: 11:00AM – 12:00PM, Friday, Feb 17, 2023

Venue: IB 1051

Meeting ID: 945 2235 3065 ; Passcode: DKUECON

Abstract: Housing markets vary across growing cities and declining cities, which creates heterogeneous responses of housing prices to monetary policy. We classify urban growth and urban decline based on the population growth rates at the MSA level. Using the local projections method, we find that housing prices in growing cities are more sensitive to monetary policy. The land scarcity channel contributes to explain this regional heterogeneity.

Bio: Haopeng Shen is an Assistant Professor at Nanjing University, School of Business. He received a Ph.D. in economics at the University of California, Davis in 2021. His research interests lie mainly in Macroeconomics and Monetary Economics. Specifically, he is interested in investigating monetary policy under information frictions, responses of the term structure of interest rates to monetary policy, and heterogeneous effects of monetary policy.