Addressing Housing Market Imbalances

The European Commission is organising a one-day workshop on “Addressing housing market imbalances”.

The global financial crisis underlined the importance of housing developments for macroecononomic stability. EU countries have strengthened policy framework to address boom-bust dynamics in the housing sector. However, questions remain on the effectiveness, timeliness and implementation difficulties of some of these policy measures, including the fiscal, macro-prudential or regulatory field. Moreover, housing affordability has become a pressing policy issue in many EU countries in recent years. The workshop aims at gathering researchers and policy makers to shed light on these questions.

The first session focuses on general issues associated with housing market imbalances, while the second session on macro-prudential measures, notably questions related to effectiveness and implementation difficulties. The workshop concludes with a policy panel discussing the experience of selected countries in addressing housing bubbles.

Practical information

Friday 6 December 2019, 8.30 - 17.15 (CET)
Robert Schuman room, Berlaymont building
Rue de la Loi 200
1000 Brussels


  • 08.30 - 09.00 (Europe/Brussels)


  • 09.00 - 09.15

    Welcome address (TBC)

  • 09.15 - 12.00

    Session 1  Addressing risks originating from the housing market (chair: Mary Veronica Tovšak Pleterski, DG ECFIN)

  • 09.15 - 10.00

    Keynote speech: Dubravko Mihaljek (BIS)

  • 10.00 - 10.30

    The relation between supply constraints and house price dynamics in the Netherlands, Bahar Öztürk, Dorinth van Dijk, Frank van Hoenselaar and Sander Burgers (DNB)

  • 10.30 - 11.00

    Coffee break

  • 11.00 - 11.30

    Housing Taxes and Subsidies, Supply Constraints, and Housing Affordability: The Case of Help to Buy, Christian Hilber (LSE)

  • 11.30 - 12.00

    Assessing house prices in the EU countries: dataset of price level estimates for countries and regions, Jean-Charles Bricongne (BdF)

  • 12.00 - 13.15


  • 13.15 - 15.45

    Session 2 Effectiveness of macroprudential measures and implementation issues (chair: Stan Maes, DG FISMA)

  • 13.15 - 14.00

    Keynote speech: Lars Svensson (Stockholm School of Economics)

  • 14.00 - 14.30

    Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database, Zohair Alam (University of Toronto), Adrian Alter (IMF), Jesse Eiseman (IMF), R. G Gelos (IMF), Heedon Kang (IMF), Machiko Narita (IMF), Erlend Nier (IMF), Naixi Wang (Oxford University)

  • 14.30 - 15.00

    The Anatomy of the Transmission of Macroprudential Policies. Viral Acharya (NYU Stern School of Business), Katharina Bergant (Trinity College), Matteo Crosignani (University of Michigan at Ann Arbor), Tim Eisert (Erasmus University) and Fergal McCann (CBI)

  • 15.00 - 15.30

    Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level Data, Marc Gabarro (University of Mannheim), Rustom M. Irani (University of Illinois at Urbana-Champaign), Jose-Luis Peydro (UPF) and Sjoerd van Bekkum (Erasmus University)

  • 15.30 - 16.00

    Coffee break

  • 16.00 - 17.15

    Addressing housing market imbalances: country experiences: Panel discussion (moderator: Declan Costello, DG ECFIN)

    • Tuomas Peltonen (ESRB secretariat)
    • Marek Ličák (Národná banka Slovenska)
    • Martin O’Brien (Central Bank of Ireland)
    • Inês Drumond (Banco de Portugal)