The Laboratory for Aggregate Economics and Finance (LAEF) will host a public lecture by Dr. Morris A. Davis on the current state of the U.S. housing market on January 28, 2008, from 4:30-6:00 p.m. at The Corwin Pavilion at The University Center. The lecture is free and open to the public.

Morris A. Davis is an Assistant Professor in the Department of Real Estate and Urban Land Economics at the University of Wisconsin-Madison, School of Business. Widely regarded as an expert on U.S. housing markets and land price issues, he is frequently quoted on NPR Marketplace, and often cited in the Wall Street Journal, the Economist, and other major news venues. He testified last December before the U.S. Senate Finance Committee on the future of house prices and the macroeconomy.

Dr. Davis holds a Ph.D. in Economics from the University of Pennsylvania, and is currently on the Academic Advisory Council of the Federal Reserve Bank of Chicago. In 2007 he was a Research Associate at the Federal Reserve Bank of Cleveland. From August 2002 through August 2006, he served as an Economist, at the Federal Reserve Board working in Macroeconomics and Quantitative Studies, and Flow of Funds Groups. In this capacity, he frequently briefed Fed Chairman Greenspan on the state of housing markets.

Davis’s presentation will begin with an overview of housing prices in the U. S. and an examination of evidence available as of 2005 that housing was “overvalued.” He will then discuss the decline in housing prices and how this led to the collapse of almost all of our largest financial intermediaries. The presentation will conclude with a discussion of the impact of declining housing prices and subsequent collapse of financial intermediaries on GDP. Time permitting, he will address questions at the end of the presentation.