Wisconsin School of Business

Jaime Luque

Assistant Professor - Real Estate & Urban Land Economics

Jaime Luque joined the University of Wisconsin-Madison as assistant professor in the Department of Real Estate and Urban Land Economics at the Wisconsin School of Business in September 2012. Jaime has previously taught at the Department of Economics at the Carlos III University of Madrid.

Jaime’s main academic research focuses on mortgages and securities lending. He also has some work on international finance and urban economics. Jaime’s research has been published in journals such as Journal of Economic Theory, Journal of Public Economics, and Regional Science and Urban Economics. He has also written opinion pieces for the Financial Times, Expansion, La Repubblica, and the Huffington Post, as well as for the Vox.eu, Eurointelligence and The Conversation economics op-ed sites.

Jaime's teaching specializations at the Wisconsin School of Business include real estate finance and urban economics.
 

Selected Published Journal Articles


Luque, J. & Taamouti, A. (2014). Did the Euro Change the Effect of Fundamentals on Growth and Uncertainty?. B. E. Journal of Macroeconomics (14), 625-660.
Luque, J. (2014). Wages, Local Amenities, and the Rise of the Multi-skilled City. Annals of Regional Science (52), 457-467. doi: 10.1007/s00168-014-0594-4.
Luque, J. & Morelli, M. & Tavares, J. (2014). A Volatility-based Theory of Fiscal Union Desirability. Journal of Public Economics (112), 1-11.
Luque, J. (2013). Heterogeneous Tiebout Communities with Private Production and Anonymous Crowding. Regional Science and Urban Economics (43), 117-123. doi: 10.1016/j.regsciurbeco.2012.05.007.
Bottazzi, J. & Luque, J. & Pascoa, M. (2012). Securities Market Theory: Possession, Repo and Re-hypothecation. Journal of Economic Theory (147), 477-500. doi: 10.1016/j.jet.2010.11.004.

Presentations


ASSA-AREUEA ( 2016 ) Subprime mortgage lending

Seminar at IE School of Business ( 2015 ) Subprime mortgage lending

Financial Market Liquidity Conference ( 2015 ) Dollar squeeze

Internal seminar at Wisconsin School of Business, Real Estate Department ( 2015 ) Hospital location and catchment areas

Housing Urban Labor Macro conference ( 2015 ) Subprime mortgage lending

Internal seminar at Wisconsin School of Business, Real Estate Department ( 2015 ) The Sovereign Crisis: Credit Crunch, Flight-to-Quality and Flight-Home by Loan Types and Geographies

EI-BoI-BGFRS-TAU-UCLA Conference on Housing Affordability ( 2015 ) Subprime mortgage lending

SAET Conference ( 2015 ) Subprime mortgage lending

Finance Forum ( 2015 ) Subprime mortgage lending

European Workshop on General Equilibrium Theory ( 2015 ) Subprime mortgage lending

DePaul University Economics/Finance Conference ( 2015 ) Subprime mortgage lending

Internal seminar at Wisconsin School of Business, Real Estate Department ( 2015 ) Subprime mortgage lending

Internal seminar at Wisconsin School of Business, Real Estate Department ( 2015 ) Subprime mortgage lending

Rays of Research Blitz ( 2015 ) Subprime mortgage lending

Rays of Research Blitz, Wisconsin Shcool of Business ( 2015 ) Subprime mortgage lending

Economics & Finance junior faculty seminar ( 2015 ) Subprime mortgage lending

Economics and Business junior faculty lunch seminar ( 2015 ) Subprime mortgage lending

X Housing-Urban-Land-Macroeconomics Conference ( 2013 ) Dollar Shortage, Central Bank Actions, and the Cross Currency Basis

European Meeting of the Econometric Society ( 2013 ) Dollar Shortage, Central Bank Actions, and the Cross Currency Basis

Conference of the Society for the Advancement in Economic Theory (SAET) ( 2013 ) Endogenous Bourse Structures

Seminar at University of Miami, Economics Department ( 2013 ) Endogenous bourse structures

Seminar at Purdue University, Economics Department ( 2013 ) Endogenous bourse structures

Seminar at University of Indiana, Economics Department ( 2013 ) Endogenous bourse structures

Internal seminar at the Economics deparment, University of Wisconsin – Madison ( 2012 ) Endogenous bourse structures

Seminar at Spanish Securities and Exchange Commission (CNMV) ( 2012 ) The Dollar Squeeze of the Financial Crisis

Seminar at the Federal Reserve of Atlanta ( 2012 ) The Dollar Squeeze of the Financial Crisis

Seminar at Wisconsin School of Business ( 2012 ) The Dollar Squeeze of the Financial Crisis

Seminar at the European Central Bank (Frankfurt, Germany) ( 2012 ) A Volatility-based Theory of Fiscal Union Formation

Spanish Symposium of Economic Analysis ( 2011 ) Endogenous Bourse Structures

Carlos II Macro-Workshop ( 2011 ) The 2008 dollar squeeze

Internal Seminar at Carlos III University of Madrid, Department of Economics ( 2011 ) A Volatility-based Theory of Fiscal Union Formation

The financial crisis: lessons for internation macroeconomics ( 2011 ) Fiscal Union Consensus Design Under the Risk of Autarky

Lisbon Meeting on Institutions and Political economy ( 2011 ) Fiscal Union Consensus Design Under the Risk of Autarky

Society of economic dynamics (SED) ( 2011 ) Securities Market Theory: Possession, Repo and Rehypothecation

Society for the advancement in economic theory ( 2011 ) Endogenous bourse structres

Association for Public Economic Theory (PET) ( 2011 ) Endogenous bourse structres

European workshop in general equilibrium theory ( 2011 ) Endogenous Bourse Structures

Association for Public Economic Theory (PET) ( 2010 ) The Battle of the Bourses

European workshop in general equilibrium theory ( 2010 ) Where to Live? Wages, community composition and public goods

Society for the advancement in economic theory ( 2009 ) Will you lend me to short? The role of the box in leverage and repo fails

Association for Public Economic Theory ( 2009 ) Where to live? Wages, community composition and public goods

European Workshop in General Equilibrium and its Applications ( 2009 ) Will you lend me to short? The role of the box in leverage and repo fails

European workshop in general equilibrium theory ( 2009 ) Will you lend me to short? The role of the box in leverage and repo fails

CARESS-Cowles Conference in General Equilibrium and its Applications ( 2009 ) Will you lend me to short? The role of the box in leverage and repo fails

Winter Meeting of the Econometric Society ( 2008 ) Migration Choice and Jurisdiction Size in a Local Public Good Economy: The Role of Exclusion

ASSET ( 2008 ) Tastes, Enhancing Skills and the Provision of Local Public Goods: A General Equilibrium Approach

Workshop of Public Goods, Public Projects and Externalities ( 2008 ) Tastes, Enhancing Skills and the Provision of Local Public Goods: A General Equilibrium Approach

Financial Management Association ( 2008 ) Collateral Manipulability in the Mortgage Market

Society for the Advancement in Economic Theory ( 2007 ) On the Formation of Jurisdictions with Heterogeneous Agents’ Characteristics

Third Summer School on Economic Analysis of Heterogeneity in Social Organizations ( 2007 ) On the Formation of Jurisdictions with Heterogeneous Agents’ Characteristics

Workshop in Game Theory and Applications to International Economics ( 2006 ) On the Formation of Jurisdictions with Heterogeneous Agents’ Characteristics


Undergraduate Courses


Urban and Regional Economics
Course Description Urban economics is the study of cities, of the economic activities therein, and of the determinants of those activities. To an economist, urban economics is characterized by the introduction of space and location to microeconomics. To a real estate practitioner, urban economics is to real estate as physics is to engineering. Like businessmen and women, urban economists find their boundaries of inquiry and activity expanding. In this course students will: • Learn stylized facts about cities, their sizes and types, and their contributions to economic and social development • Understand why space and location matter and why cities exist in the first place with an emphasis on the role of trade, economies of scale, and agglomeration effects • Understand the determinants of land prices • Understand the “limits-to-growth” • Understand the impact of regulations on urban development • Learn about the role infrastructure plays in the modern city and in real estate markets with an emphasis on transportation • Understand local and national drivers of housing and real estate activity
(RES 420), Fall .

Real Estate Finance
Course Description Real estate financial markets are rapidly changing, with new instruments and ideas introduced every day. The course provides a broad coverage of real estate investment, finance, and valuation. In this course students will: • Practice the valuation of revenue generating properties by applying sound asset pricing methods and using Excel to perform pro-forma analysis • Learn how to design mortgages that meet the needs of different investors • Practice the pricing of mortgages when default and prepayment are possibilities • Make optimal refinancing decisions • Understand the implications of different capital structures in real estate assets • Understand the implications of leverage in real estate
(RES 410), Fall .



Learning/Teaching Oriented Publications


Luque, J. (2016). Subprime gets bad rap in 'Big Short' but is key to easing affordability crisis. The Huffington Post
Luque, J. (2016). The housing affordability crisis and the role of subprime lending. U.K. Economic Affairs Committee
Luque, J. (2015). Sector inmobiliario y debilidad estructural de la zona euro. Expansion
Luque, J. (2015). Urban Land Economics. Springer
Luque, J. (2015). A Path Toward European Fiscal Integration. Forward Thinking
Luque, J. (2014). A tax on property speculation would have more scope. Financial Times
Luque, J. (2012). The Euro and economic uncertainty in debt crisis. VoxEU
Luque, J. (2011). L’unione fiscal svolta per l’Europa. La Repubblica
Luque, J. (2011). Without fiscal integration, volatility can kill a monetary union. Eurointelligence

Professional Organizations


CHUM conference (program committee member)

American Economic Association

American Real Estate and Urban Economics Association

Econometric Society

Society for the Advancement of Economic Theory


Editorial and Reviewing Activities


Journal of Banking and Finance - Since January 2016
Invited Manuscript Reviewer

Journal of Financial Market Infrastructures - Since May 2015
Invited Manuscript Reviewer

Real Estate Economics - Since May 2015
Invited Manuscript Reviewer

B.E. Journal of Theoretical Economics - Since January 0001
Invited Manuscript Reviewer

Economic Theory - Since January 0001
Invited Manuscript Reviewer

Economics Bulletin - Since January 0001
Invited Manuscript Reviewer

Journal of Economic Theory - Since January 0001
Invited Manuscript Reviewer

Journal of Public Economic Theory - Since January 0001
Invited Manuscript Reviewer

Journal of Urban Economics - Since January 0001
Invited Manuscript Reviewer

Journal of Public Economics - Since January 0001
Invited Manuscript Reviewer


Photograph of Jaime Luque

Jaime Luque

 
Assistant Professor | Real Estate & Urban Land Economics
(608) 265-5322
5259 Grainger Hall