Monetary Policy and Housing Booms
AbstractA 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 avenue of research on issues related to housing bubbles and monetary policy. Such models open up an avenue for the endogenous emergence of bubble-like behavior and also provide channels by which monetary and supervisory policies can influence the development of bubbles.
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Bibliographic InfoArticle provided by International Journal of Central Banking in its journal International Journal of Central Banking.
Volume (Year): 7 (2011)
Issue (Month): 1 (March)
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Pau Rabanal & Oriol Aspachs-Bracons, 2011.
"The Effects of Housing Prices and Monetary Policy in a Currency Union,"
IMF Working Papers
11/6, International Monetary Fund.
- Oriol Aspachs-Bracons & Pau Rabanal, 2011. "The Effects of Housing Prices and Monetary Policy in a Currency Union," International Journal of Central Banking, International Journal of Central Banking, vol. 7(1), pages 225-274, March.
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"Leaning against boom–bust cycles in credit and housing prices,"
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- Luisa Lambertini & Caterina Mendicino & Maria Tereza Punzi, 2011. "Leaning Against Boom-Bust Cycles in Credit and Housing Prices," Working Papers w201108, Banco de Portugal, Economics and Research Department.
- Luisa Lambertini & Caterina Mendicino & Maria Teresa Punzi, 2011. "Leaning Against Boom-Bust Cycles in Credit and Housing Prices," Working Papers 201101, Center for Fiscal Policy, Swiss Federal Institute of Technology Lausanne, revised Mar 2011.
- Jeroen Hessel & Jolanda Peeters, 2011. "Housing bubbles, the leverage cycle and the role of central banking," DNB Occasional Studies 905, Netherlands Central Bank, Research Department.
- John C. Williams, 2011. "Monetary policy in an era of crises," Speech 93, Federal Reserve Bank of San Francisco.
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