Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:45:10am WEST
External resources will be made available 30 min before a session starts. You may have to reload the page to access the resources.
|
Daily Overview |
| Session | |
|
Population and Migration Location: D-105 Session Chair: Christoph Albert, University of Turin | |
    | |
Flooding the Market? A Method for Examining Housing Market Outcomes After Discrete Shocks 1: Federal Reserve Bank of San Francisco, United States of America; 2: Federal Reserve Board Shocks can not only affect home market values but also lock in homeowners and shift the composition of homes that transact. We lay out a new method for examining these outcomes that is motivated by a puzzling divergence in empirical findings on price effects of natural disasters and by a simple theoretical framework we present that illustrates how lock-in and composition shifts can skew price effect estimates. Our method leverages listings started shortly before an exogenous shock, when the decision to list and the choice of a list price, which captures unobservables that the homeowner considers, are not influenced by the shock. We apply this to highly granular and broad data on hurricanes and find that they cause widespread lock-in, meaningful composition shifts, and negative price effects for flooded, nearby, and regional homes. Using the same setting and granular data, we show how traditional approaches like repeat sales and hedonic pricing methods can yield positive price effect estimates, which we believe likely reflects the shift in composition of homes that sell after hurricanes. | |