Research areas
Macroeconomics and financial stability, housing and commercial real estate markets, banking regulation and deregulation, credit constraints and asset pricing, shadow banking and securitization. Research economist at the Federal Reserve Bank of Dallas with a focus on how regulatory capital requirements and credit availability affect real estate prices and financial stability.
Key papers
- other-commercial-real-estate-boom-bust (2015, Fed Dallas WP) — co-authored with David Ling. Decomposes CRE cap rate boom-bust into risk premia, regulatory capital, and real interest rate components.
Recent work
(to be populated by future ingests)
Collaborators
- david-ling — co-author on the CRE boom-bust paper.
My notes
Duca brings the macro/banking/regulatory perspective to the CRE asset pricing literature. His work on credit constraints and house prices (Duca-Muellbauer-Murphy 2010, 2011) established the credit-augmented approach to real estate valuation that the Duca-Ling (2015) paper applies to commercial real estate.