The impressive success of Thomas Piketty’s book (Piketty 2014) shows that inequality is a great concern in most countries. His claim that “capital is back”, because the ratio of capital over income is returning to the levels of the end of the 19th century, is probably one of the most striking conclusions of his 700 pages.
Capital is not back: A comment on Thomas Piketty’s ‘Capital in the 21st Century’
Odran Bonnet, Pierre-Henri Bono, Guillaume Camille Chapelle, Étienne Wasmer, 30 June 2014
The housing-market impacts of shale-gas development
Lucija Muehlenbachs, Beia Spiller, Christopher Timmins, 9 February 2014
Technological improvements in the extraction of natural gas from shale rock have transformed the industry.
Does homeownership influence stockholding?
Denis Fougère, Mathilde Poulhès, 1 December 2012
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.
Why is housing such a popular investment? A new psychological explanation
Thomas Alexander Stephens, Jean-Robert Tyran, 23 November 2012
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.
On the Chinese house-price bubble
Christian Dreger, Yanqun Zhang, 15 July 2011
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.
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
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.
Foreclosures, house prices, and the real economy
Atif Mian, Francesco Trebbi, Amir Sufi, 10 February 2011
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.
Household debt and macroeconomic fluctuations
Amir Sufi, Atif Mian, 29 April 2010
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.
How well do individuals predict the selling prices of their homes?
Sergi Jiménez-Martín, Hugo Benítez-Silva, Selcuk Eren, Frank Heiland , 30 June 2009
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).
The changing housing cycle and its implications for monetary policy
Tommaso Monacelli, Roberto Cardarelli, Alessandro Rebucci, Luca Sala, 26 April 2008
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).
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
Cadot, de Melo, 16 June 2014
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche