Nationalekonomiska institutionen

Ekonomihögskolan vid Lunds universitet

Seminar in Financial Economics: Alessandro Rebucci


Alessandro Rebucci, Johns Hopkins University

Alessandro Rebucci will present his paper “Real Effects of the ECB’s Quantitative Easing: A Housing Portfolio Channel” (joint with Daniel Marcel te Kaat and Cheng Ma) at the finance seminar. This will be a hybrid seminar and you can join either in the Alfa seminar room or online

Alessandro Rebucci is an Associate Professor at the Carey Business School and at the Economics Department of the Johns Hopkins University. He is a NBER Faculty Research Fellow, a CEPR Research Fellow and a Research Fellow at the Center for Urban & Real Estate Management, Globalization of Real Estate Network (University of Zurich) and the Centre for Applied Financial Economics (University of Southern California). Alessandro is also Associate Editor for the Journal of Money, Credit and Banking, the Journal of Banking of Finance and the Journal of International Money and Finance.

Abstract: We propose a new housing portfolio channel through which QE affects output. In response to QE, intermediaries rebalance portfolios from bonds to houses, lowering the return to saving and stimulating consumption and output. We study this channel empirically in a German housing boom without credit boom. Identification exploits regional variation in land scarcity to measure exposure. Our channel accounts for 60- 80% of the total QE impact, with the term spread, the credit, collateral and wealth channels accounting for the remainder. To illustrate our channel, we also set up a simple portfolio model with preferred habitat investing in local housing markets.


2 november 2021


Ideon Alfa1:4013
Scheelevägen 15B
223 63 Lund


Thomas Fischer