The housing-market impacts of shale-gas development

Lucija Muehlenbachs, Beia Spiller, Christopher Timmins, 9 February 2014

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Technological improvements in the extraction of natural gas from shale rock have transformed the industry.

Topics: Energy, Environment
Tags: externalities, fracking, house prices, housing, pollution, property prices, shale gas

Does homeownership influence stockholding?

Denis Fougère, Mathilde Poulhès, 1 December 2012

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The influence of homeownership on portfolio choice is a complex issue because housing is both an investment good and a consumption good. That said, a deeper analysis of the influence of homeownership is crucial, at least if we consider the recent high fluctuations in the housing market and the substantial increase in mortgage debt both in the US and some European countries.

Topics: Global economy
Tags: home equity, house prices, mortgages

Why is housing such a popular investment? A new psychological explanation

Thomas Alexander Stephens, Jean-Robert Tyran, 23 November 2012

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In the wake of the economic crisis that began in 2007, homeowners in many countries have faced substantial losses. Prices have fallen in both nominal and real terms. In the US, for example, house prices in the first quarter of 2012 were down more than 40% in real terms from their peak (Shiller 2012). Nevertheless, housing remains a popular investment1.

Topics: Global economy
Tags: house prices, housing, inflation

On the Chinese house-price bubble

Christian Dreger, Yanqun Zhang, 15 July 2011

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For many observers, the Chinese economy has been spurred by a bubble in the real-estate market, probably driven by the fiscal stimulus package and massive credit expansion (Nicolas 2009). For example, the stock of loans increased by more than 50% since the end of 2008.

Topics: Macroeconomic policy
Tags: China, house prices, Property market

Low interest rates and housing booms: The role of capital inflows, monetary policy, and financial innovation

Filipa Sá, Pascal Towbin, Tomasz Wieladek, 10 March 2011

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The run-up to the recent global financial crisis was characterised by an environment of low interest rates and a rapid increase in housing market activity across OECD countries.

Topics: International finance, Macroeconomic policy, Monetary policy
Tags: Capital inflows, house prices, interest rates, real estate

Foreclosures, house prices, and the real economy

Atif Mian, Francesco Trebbi, Amir Sufi, 10 February 2011

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How does a negative shock to the economy get amplified into a severe and long-lasting economic slump? The answer may be found in your house. An extensive body of theoretical research shows that the forced sale of durable goods – in many cases a house – can have two undesirable consequences. First, the price of these goods is driven down.

Topics: Global crisis, Macroeconomic policy
Tags: foreclosures, global crisis, house prices, subprime crisis, US

Household debt and macroeconomic fluctuations

Amir Sufi, Atif Mian, 29 April 2010

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There once was a decade in US history in which financial innovation led to a sharp rise in the flow of credit to households. Durable goods consumption increased dramatically as household debt climbed to over 100% of GDP.

Topics: Global crisis
Tags: global crisis, house prices, Subprime

How well do individuals predict the selling prices of their homes?

Sergi Jiménez-Martín, Hugo Benítez-Silva, Selcuk Eren, Frank Heiland , 30 June 2009

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Housing wealth is one of the pillars of the well-being of Americans families, especially because it represents more than 60% of the average net wealth of US households, according to the Federal Reserve's 2004 Survey of Consumer Finances (SCF).

Topics: Financial markets
Tags: house prices, mortgages, US

The changing housing cycle and its implications for monetary policy

Tommaso Monacelli, Roberto Cardarelli, Alessandro Rebucci, Luca Sala, 26 April 2008

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After several years of rapid price increases, house price growth has decelerated in many advanced economies, and in a few of them – the United Stated and Ireland – house prices have fallen during the past year (Figure 1).

Topics: Monetary policy
Tags: business cycles, house prices, monetary policy, spillovers

House price bubbles made in Europe

Daniel Gros, 25 October 2007

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That house prices can have a profound effect on the economy is by now widely known. In the US, Professor Rober Shiller has for some time already argued that US houses were overvalued. By contrast, the OECD (2005) came to the conclusion that there was no clear-cut evidence of a bubble, at least on the basis of the prices observed then (i.e. 2003/4). However, this discussion seems moot now.

Topics: EU policies
Tags: domestic demand, Euro-area, house prices

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