“Noon Sunshine-Young Scholars Seminar” is a regular academic exchange platform held by School of Finance. It aims to offer valuable occasions of communications among scholars in our college, between teachers and students, the domestic and the oversea. In this semester, we keep our original intention, set off for a new voyage. We will devote ourselves to fostering the academic atmosphere in the college, and promoting the academic level for both teachers and students.

The fifth session of “Noon Sunshine-Young Scholars Seminar” for the Spring Semester in 2024 is arranged as follows:

Lecture topic：Urban Growth,Land Scarcity and Heterogeneous Monetary Policy Effects on Regional House Prices

Keynote Speaker: Li Ninghui

Commentator: He Jia

Date：Thursday, April 11th, 2024

Time：12:00-13:00

Lecture Venue：Room 116, School of Finance

Abstract

This paper investigates the heterogeneous impacts of monetary policy on house prices across 375 US metropolitan areas. We find that house prices in growing areas are more responsive to monetary policy shocks than in declining ones. Based on a simple two-period model, we demonstrate that land scarcity contributes to this heterogeneity. When undeveloped land is scarce, population growth further intensifies future land shortage. Therefore, the interaction of population growth and land scarcity amplifies the responses of house prices to monetary shocks. Empirically, we construct a novel dataset for land scarcity based on historical land-use high-resolution satellite data, highlighting its important role in shaping housing supply and the regional heterogeneity in monetary policy effects.