Columbia Business School Professor Chris Mayer discusses why his plan with Dean Glenn Hubbard to lower mortgage rates will not only provide a sizable economic stimulus, but also stem the decline in house prices, protecting the government - and taxpayers - from future losses.
"Fundamentally, our proposal is about restoring normally functioning credit markets," says Mayer.
Professor Mayer is Senior Vice Dean and Paul Milstein Professor of Real Estate at Columbia Business School. He is also Research Director of the Paul Milstein Center for Real Estate, Visiting Scholar at the Federal Reserve Bank of New York, and Research Associate at the National Bureau of Economic Research.
Professor Mayer serves on the Board of Editors of Real Estate Economics and Journal of Urban Economics and is a Fellow of the Homer Hoyt Institute. He also works as part-time research director and member of the Board of Directors of Oak Hill REIT Management, a REIT hedge fund.
Dr. Mayer previously held positions at The Wharton School, the University of Michigan, and the Federal Reserve Bank of Boston. He holds a BA in Math and Economics from the University of Rochester and a PhD in Economics from MIT.
Jane Trombley is Director of Public Relations at Columbia Business School.