Report
Asset market hangovers and economic growth: U.S. housing markets
Abstract: This paper presents evidence that speculative bubbles can have sizeable effects on house prices, and on housing investment. We infer that deviations of asset prices from fundamental values may have serious consequences for real activity, and explore some policy implications. The analysis relies on a panel of U.S. state-level data covering 1973-1996.
Keywords: Housing; Saving and investment; Economic development; Prices;
Access Documents
File(s): https://www.newyorkfed.org/medialibrary/media/research/staff_reports/research_papers/9801.pdf
File(s): File format is text/html https://www.newyorkfed.org/medialibrary/media/research/staff_reports/research_papers/9801.html
Authors
Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Research Paper
Publication Date: 1998
Number: 9801