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House Prices and the Macroeconomy: Implications for Banking and Price Stability

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Author Info

  • Goodhart, Charles

    (London School of Economics)

  • Hofmann, Boris

    (Deutsche Bundesbank)

Abstract

House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.

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Bibliographic Info

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This book is provided by Oxford University Press in its series OUP Catalogue with number 9780199204595 and published in 2006.

ISBN: 9780199204595
Order: http://ukcatalogue.oup.com/product/9780199204595.do
Handle: RePEc:oxp:obooks:9780199204595

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Web page: http://www.oup.com/

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Cited by:
  1. Daniel Detzer, 2012. "New instruments for banking regulation and monetary policy after the crisis," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 9(2), pages 333-254.

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