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UID:event-13120@www.amse-aixmarseille.fr
DTSTAMP:20260507T121553Z
CREATED:20260507T121553Z
LAST-MODIFIED:20260507T121553Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:phd seminar - Matéo Moglia*\, Henri Wöhleke**
DTSTART:20260512T090000Z
DTEND:20260512T101500Z
DESCRIPTION:*What are the housing supply costs in dense areas? Levering a u
 nique dataset\, linking development costs\, building permits\, and precise 
 land occupation\, I provide precise estimates of the housing construction c
 osts by project type. I embed those cost estimates in an optionvalue forwar
 d-looking model of land (re)development\, calibrated on the Paris area. Tha
 nks to model estimation\, I am able to precisely separate regulation\, cons
 truction\, and land costs in the local housing supply elasticity computatio
 ns. Counterfactual exercises highlight the importance of targeted subsidies
  and loans to address the current housing supply crisis.**Under a post-2008
  floor system\, central banks set the policy rate by paying interest on abu
 ndant reserves rather than by rationing their supply\, raising the question
  of how monetary policy still reaches the real economy. I extend the floor-
 banking model of Piazzesi\, Rogers and Schneider (2022) by closing the loop
  between the policy rate and bank balance sheets: bank holdings of non-rese
 rve securities A_t are tied to a stock price index q_t via A_t = P_t \, q_t
 \, with q_t responding endogenously to the policy rate through the househol
 d stochastic discount factor. The resulting New Keynesian DSGE model embeds
  three transmission channels: the standard NK channel through the household
  Euler equation\, a reserve-side bank channel operating through the central
  bank's reserve-supply rule\, and an endogenous bank collateral channel ari
 sing from the closure. Calibrating to U.S. quarterly data\, a four-way deco
 mposition of the deposit response to a contractionary monetary shock shows 
 that endogenous collateral amplifies the deposit response 3.5-fold relative
  to a model in which it is shut off\, while output amplification is only 2.
 9 percent: the channel changes how monetary policy reaches the economy more
  than how much. The reserve channel provides modest dampening (3.4 percent 
 of the total banking effect on deposits) that is structural to the floor re
 gime and vanishes when the reserve-supply rule is muted. A robustness test 
 in which households are made near-indifferent to deposit liquidity confirms
  the result is structural to the bank balance sheet\, not driven by househo
 ld preferences.\\n\\nContact: Xavier Chatron-Colliet : xavier.chatron-colli
 et[at]univ-amu.frArmand Rigotti : armand.rigotti[at]univ-amu.fr\n\nPlus d'i
 nformations: https://www.amse-aixmarseille.fr/fr/evenements/mateo-moglia-he
 nri-wohleke
LOCATION:Îlot Bernard du Bois - Amphithéâtre\, AMU - AMSE\, 5-9 boulevar
 d Maurice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/mateo-moglia-henri-wohleke
CONTACT:Xavier Chatron-Colliet : xavier.chatron-colliet[at]univ-amu.frArman
 d Rigotti : armand.rigotti[at]univ-amu.fr
TRANSP:OPAQUE
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