منابع مشابه
Housing and Monetary Policy
When you look back over the past half-century in the United States you see a remarkable secular change in the housing cycle. Most importantly, the volatility or average size of the fluctuations in residential construction declined. The change occurred in the early 1980s. For example, compare two periods, the first before the early 1980s and the second since the 1980s. In the earlier period the ...
متن کاملHousing Bubbles and Policy Analysis∗
This paper provides a theory of credit-driven housing bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment tax distortions and credit constraints. Housing is an illiquid asset and also serves as collateral for borrowing. A housing bubble can form because houses command a liquidity premium. The housing bubble can provide liquidity and relax credit constr...
متن کاملMonetary Policy and Housing Booms
A multitude of factors contributed to the housing booms and crashes experienced in many countries and the ensuing global financial crisis. Much of the existing research on these issues assumes that agents have complete information about the economic environment and form rational expectations. This commentary argues that models with imperfect knowledge and learning provide a potentially rich ave...
متن کاملUnited States Housing Policy
Governments throughout the world intervene heavily in housing markets, and most have multiple policies to pursue multiple goals. This chapter deals with two of the largest types of housing policies in the United States, namely, low-income rental assistance and policies to promote homeownership through interventions in mortgage markets. We describe the rationales for the policies, the nature of ...
متن کاملHousing Policy Debate
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ژورنال
عنوان ژورنال: Finnish Yearbook of Population Research
سال: 1978
ISSN: 1796-6191,1796-6183
DOI: 10.23979/fypr.44722