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The Us Housing Market And The Business Cycle
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Book Synopsis The U.S. Housing Market and the Business Cycle by : MeiChi Huang
Download or read book The U.S. Housing Market and the Business Cycle written by MeiChi Huang and published by . This book was released on 2009 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 3 aims to investigate the effect of a potential important driver of the recent housing price boom and bust people's expectations on the U.S. housing asset returns. Particularly, it extends the volatility feedback model proposed in Kim, Morley and Nelson (KMN 2004) to study the relationship between housing volatility and returns during 1963-2007. The analysis considers two alternative breakpoints --1984Q1 and 1999Q1-- to distinguish permanent structural breakpoints from Markov-switching. The results indicate that the relationship between the U.S. housing volatility and the expected returns is significantly positive. Thus, the important role of people's expectation is strongly supported. The current U.S. housing bubble can be explained by the relationship between housing volatility and realized returns, and that between housing volatility and expected returns. Corresponding to Chapter 2, this chapter also indicates a strong association between housing cycles and business cycles, and a remarkable uncertainty in the U.S. housing market during the post-1999.
Book Synopsis Housing and Mortgage Markets in Historical Perspective by : Eugene N. White
Download or read book Housing and Mortgage Markets in Historical Perspective written by Eugene N. White and published by University of Chicago Press. This book was released on 2014-10-17 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.
Download or read book Building Cycles written by Richard Barras and published by John Wiley & Sons. This book was released on 2009-08-13 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economic crisis of 2008 was precipitated by a housing market crash, thus highlighting the destabilizing influence of the property cycle upon the wider economy. This timely book by a world authority explores why cycles occur and how they affect the behaviour of real estate markets. The central argument put forward is that growth and instability are inextricably linked, and that building investment acts both as a key driver of growth and as the source of the most volatile cyclical fluctuations in an economy. The role of building cycles in both economic growth and urban development is explored through a theoretical review and a comparative historical analysis of UK and US national data stretching back to the start of the nineteenth century, together with a case study of the development of London since the start of the eighteenth century. A simulation model of the building cycle is presented and tested using data for the City of London office market. The analysis is then broadened to examine the operation of property cycles in global investment markets during the post-war period, focussing on their contribution to the diffusion of innovation, the accumulation of wealth and the propagation of market instability. Building Cycles: growth & instability concludes by synthesizing the main themes into a theoretical framework, which can guide our understanding of the operation and impact of building cycles on the modern economy. Postgraduate students on courses in property and in urban development as well as professional property researchers, urban economists and planners will find this a stimulating read – demanding but accessible.
Book Synopsis Housing market influence in the business cycle by : Irene Sanchez Collado
Download or read book Housing market influence in the business cycle written by Irene Sanchez Collado and published by . This book was released on 2010 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Book Synopsis A Primer on U.S. Housing Markets and Housing Policy by : Richard K. Green
Download or read book A Primer on U.S. Housing Markets and Housing Policy written by Richard K. Green and published by The Urban Insitute. This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book that explains the economics of housing policy for a general audience. Planners, government officials, and public policy students will find that the economic perspective is a very powerful and useful way to examine these issues. The authors provide a broad review of the market for housing services in the U.S., including a conceptual framework, an overview of housing demand and supply, methods for measuring prices and quantities, and sources of basic data on markets. They cover housing programs and polices, and offer answers to policy questions that are of current interest. The book has been field-tested in graduate and undergraduate courses in urban and housing economics at the University of Wisconsin, the University of California--Berkeley, The University of Pennsylvania, and others. This book is also sure to be useful to policymakers, advocates, economists, and anyone interested in a clear picture of how housing markets function. Published in cooperation with the American Real Estate and Urban Economics Association (AREUEA).
Book Synopsis The Modern Economics of Housing by : Randall Pozdena
Download or read book The Modern Economics of Housing written by Randall Pozdena and published by Bloomsbury Publishing USA. This book was released on 1988-06-03 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This practical handbook aims to show planners and managers throughout the financial services industry how to compete successfully by improving the quality, selection, and delivery of services. It presents step-by-step methods for designing and implementing financial service packages that will satisfy customers' needs. It offers practical advice on how to determine customers' wants and how to translate these into an individualized package tailored to their particular needs Business Information Alert In recent years, the U.S. housing market has been characterized by rapid changes in housing prices, quality, and availability. This handbook is a highly readable examination of the various theories that have been advanced to explain the economic behavior of today's housing market. Emphasis is put on developing an understanding of the sophisticated economics underlying the market, thus enabling the reader to carry this knowledge over into a rapidly changing marketplace. The book begins with a brief look at the historical development of U.S. housing markets and government intervention in these markets. The study goes on to develop a conceptual framework that can be used to evaluate the effects of the economic environment and government policy on the housing market. Throughout the book, real-world data is employed to verify and illustrate the major points of the presentation.
Book Synopsis Housing and the Business Cycle by : Sung Cho
Download or read book Housing and the Business Cycle written by Sung Cho and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the importance of housing price and quantity variables in the UK business cycle since the mid 1950s. We start with a baseline Markov-switching common factor model for the UK economy into which we incorporate a house price variable (nationwide house price index) and a quantity variable (new housing starts) into the baseline model. Then, we evaluate the importance of the two housing market variables in the fluctuations of the overall economic activities. When house variables are allowed to directly affect the evolution of key macro indicators, the results are similar to those for the US in the previous studies: although the year-on-year housing quantity changes have significant effects on the UK business cycle beyond the three macro indicators, the usual year-on-year house price changes do not. However, asymmetric decreases in house price significantly affect the UK business cycle more than the asymmetric decreases in house quantity. When house variables are accommodated to influence the probabilities of transitions between expansions and contractions, we find strong evidence that changes in both house price and quantity variables significantly affect the switching of the UK economy between the two phases, although house quantity variables predict the upcoming business cycle phases better than house price. Moreover, for both house price and quantity variables, most useful information is contained in their asymmetric decreases.
Book Synopsis U.S. Housing Policy, Politics, and Economics by : Lawrence A. Souza
Download or read book U.S. Housing Policy, Politics, and Economics written by Lawrence A. Souza and published by Routledge. This book was released on 2021-10-03 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stirrings of reform or more of the same? U.S. Housing Policy, Politics, and Economics shares a stark and urgent message. With a new president in the White House and the economy emerging from its peak pandemic lows, the time is right for transformative federal housing legislation—but only if Congress can transcend partisan divides. Drawing on nearly a century of legislative and policy data, this briefing for scholars and professionals quantifies the effects of Democratic or Republican control of the executive and legislative branches on housing prices and policies nationwide. It exposes the lasting consequences of Congress’ more than a decade of failure to pass meaningful housing laws and makes clear just how narrow the current window for action is. Equal parts analysis and call to arms, U.S. Housing Policy, Politics, and Economics is essential reading for everyone who cares about affordable, accessible housing.
Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Book Synopsis Rethinking Housing Bubbles by : Steven D. Gjerstad
Download or read book Rethinking Housing Bubbles written by Steven D. Gjerstad and published by Cambridge University Press. This book was released on 2014-05-12 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing as a key element of economic cycles. The authors combine data from both laboratory and real markets to provide insight into the bubble propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.
Book Synopsis What Fuels the Boom Drives the Bust by : Jihad Dagher
Download or read book What Fuels the Boom Drives the Bust written by Jihad Dagher and published by International Monetary Fund. This book was released on 2011-09-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank lenders increased in virtually all US counties during the boom. We then exploit the heterogeneity in the market share of independent lenders across counties as of 2005 and show that higher market participation by these lenders is associated with increased foreclosure filing rates at the onset of the housing downturn. We carefully control for counties' economic, demographic, and housing market characteristics using both parametric and semi-nonparametric methods. We show that this relation between the pre-crisis market share of independents and the rise in foreclosure is more pronounced in less regulated states. The macroeconomic consequences of our findings are significant: we show that the market share of these lenders as of 2005 is also a strong predictor of the severity of the housing downturn and subsequent rise in unemployment. Overall our findings lend support to the view that more stringent regulation could have averted some of the volatility on the housing market during the recent boom-bust episode.
Book Synopsis How the Housing Market Affects Economic Growth in the United States by : Herbert C. Castro
Download or read book How the Housing Market Affects Economic Growth in the United States written by Herbert C. Castro and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Housing Market has an influence on Economic Growth for the United States. During the housing bubble the housing market was flourishing and it showed with positive GDP growth rate. Unfortunately, the bubble burst and the Housing Market was at its lowest point from 2007-2009, since the great depression. As a result of the U.S Economy went into the great recession with negative GDP growth rate and high Unemployment Rate. This paper will discuss some of the Housing Market variables that could possibly help explain the great recession and help us prevent another market crash that could lead us to another recession. Quarterly data from 2005Q1-2019Q2 was used to support this hypothesis.
Book Synopsis The Ins and Arounds in the U.S. Housing Market by : Rüdiger Bachmann
Download or read book The Ins and Arounds in the U.S. Housing Market written by Rüdiger Bachmann and published by . This book was released on 2014 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the U.S., 15 percent of households move in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market -- renter-occupied properties and owner-occupied properties. The gross flows between these two segments are four times larger than the net flows. From a secular perspective, housing turnover exhibits a hump-shaped pattern between 1970 and 2000, which this paper attributes to changes in the age composition of the U.S. population. At higher frequencies, housing turnover is procyclical and tends to lead the business cycle and real house prices. By taking a two-segment view of the U.S. housing market and by documenting carefully the empirics of turnover within and between these segments, the paper provides important moments for and gives empirical guidance to the design, calibration, and evaluation of micro-founded, dynamic, and quantitative models of the U.S. housing market.
Book Synopsis Housing Markets in Europe by : Olivier de Bandt
Download or read book Housing Markets in Europe written by Olivier de Bandt and published by Springer Science & Business Media. This book was released on 2010-10-14 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.
Book Synopsis Housing Market Bubbles and Business Cycles in an Agent-based Credit Economy by : Einar Jón Erlingsson
Download or read book Housing Market Bubbles and Business Cycles in an Agent-based Credit Economy written by Einar Jón Erlingsson and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1589067193 Total Pages :302 pages Book Rating :4.5/5 (89 download)
Book Synopsis World Economic Outlook, April 2008 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, April 2008 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2008-04-09 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global expansion is losing speed in the face of a major financial crisis. The slowdown has been greatest in the advanced economies, particularly in the United States, where the housing market correction continues to exacerbate financial stress. The emerging and developing economies have so far been less affected by fi nancial market developments and have continued to grow at a rapid pace, led by China and India, although activity is beginning to slow in some countries. At the same time, headline infl ation has increased around the world, boosted by the continuing buoyancy of food and energy prices. Policymakers around the world are facing a diverse and fast-moving set of challenges, and although each country's circumstances differ, in an increasingly multipolar world it will be essential to meet these challenges broadly, taking full account of cross-border interactions. The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries. It focuses on major economic policy issues as well as on the analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF's global surveillance activities.
