Morris Davis:  Professor, Researcher & Rock 'n' Roller

Real estate education, like real estate itself, is a people profession.  The Wisconsin Real Estate Program continues to attract outstanding faculty, most recently assistant professor of Real Estate and Urban Land Economics Morris Davis, who joined the program in the fall of 2006.   By the age of 26, Davis had graduated from University of Pennsylvania with his PhD in economics and began advising former Federal Reserve Bank Chairman Alan Greenspan on land price issues.  For next six years, Davis continued to work as an economist and advisor to Alan Greenspan at the Fed in Washington, D.C.

Now embarking on his second year at the Wisconsin School of Business, Davis is proud to be a part of the Wisconsin Real Estate Program. He cites the Wisconsin tradition as key to the program’s strong foundation, saying it is the philosophy that “If we teach the best classes and have the best research, we will be the best department and have the best alumni in the world.”

Davis says his primary reason for leaving the East Coast for the Midwest was “because of Steve [Malpezzi], Tim [Riddiough], and Francois [Ortalo-Magne],” his faculty colleagues in the Department of Real Estate.  But, he jokes that he “stayed because of the beer and brats.”  In addition to his new-found affinity for Midwest culture, Davis emphasizes that UW-Madison’s greatest asset is the student body.  He explains, “As far as students go, the students who try are as good as any I’ve seen. They are more modest about their capabilities here, which was an unanticipated and pleasant surprise.”  Davis has also never witnessed such a strong alumni network: “The alumni here are world-class. I am proud to be part of an organization that can produce alumni of such mettle.”

In addition to teaching an undergraduate course in urban and regional economics, Davis is quickly becoming a nationally renowned researcher in housing economics.   Over the past year, Davis has been quoted and his research cited in top business websites and publications, such as Dow Jones, Reuters News, Investor’s Business Daily, and most recently in the Wall Street Journal.  In December, Davis testified before the U.S. Senate Finance Committee (link to YouTube to view testimony) on home prices and the broader economy.  Based on the most recent research, he explained to the Committee how much of a slowdown in residential investment and the gross domestic product would likely follow the ongoing decline in house prices.  He noted that residential investment is already below trends, and is expected to fall further as house prices fall. 

Davis has also been busy traversing the globe to share his research with other experts at conferences and other universities. In between classes, over the past year he has presented his research at meetings and conferences in Georgia, Massachusetts, France, Austria, and England. Although the travel can be tiring and time-consuming, he explains that it is an essential part of the research process: in order to garner success in the research world, one must not only have an original idea, but also see the idea through to fruition, and then market the idea to other people. Davis is a firm believer in the pursuit of knowledge and the fact that “We only leave our ideas behind.”

Davis is currently collaborating with Wisconsin Finance Professor Toni Whited and a colleague at the Chicago Federal Reserve to study exactly why wages are so much higher in big cities.  How much of it is a cost difference, how much is higher productivity, how much is related to the amenities a city provides?  Davis is also collaborating on a broadly related study with colleague Francois Ortalo-Magne, to answer the question “How expensive should high-wage cities be in terms of the price of housing?”

Although both his job at the Federal Reserve Bank and UW-Madison  required deep understanding of practical economics, there are many differences between the two working environments.  At the Fed, he supplied policy makers with the economic background behind specific and often narrowly defined (if important) policy issues, so they could make informed decisions. At UW, he explains, his job is much broader, and well defined by the university’s mission statement:  “To create, integrate, transfer and apply knowledge.” Davis is enthusiastic about the free intellectual discourse, the “Sifting and Winnowing” that is encouraged within its academic environment.

“All work and no play…”  He’s serious about academics, but Davis is also part of a fun-loving band called “The Contractions.” The group formed 10 years ago at the University of Pennsylvania, when Professor Randy Wright and four of his graduate students decided to have a jam session. Soon the number crunchers were building a loyal fan base and jamming on classic charts such as “Blister in the Sun,” “Sweet Jane,” “Frankenstein,” and (you guessed it) the Pink Floyd classic “Money.” All of the band members have branched out into successful careers in academia. 

The band continues to occasionally reunite and perform gigs at economic conferences around the globe.  The Contractions gave a rousing performance at Madison’s King Club in April where they were the closing act at a special two-day renaming event at the Graaskamp Center for Real Estate where leading alumni from around the country gathered in Madison to pay tribute to the late Wisconsin professor and real estate pioneer James Graaskamp.

What does Department Chair Steve Malpezzi think of Professor Davis?

"A few months ago, I had occasion to ask Morris to write a brief summary of his goals within the program. His response was short, and sweet: 'Make an impact. Train the best students. Push the frontier of knowledge. Make Wisconsin preeminent in the field of Real Estate.' It's hard to think of a better summary of what we're about.

"Morris is a natural fit within the Wisconsin Tradition; no one has done more in the past few years to bring land back to the center of modern research in real estate economics. And it's great to have someone on our faculty with his deep and practical knowledge of the macroeconomy, and who can share these insights, inside the classroom and out. Plus, it's just a lot of fun to work with somebody with Morris' energy and enthusiasm."