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How Housing Booms Unwind: Income Effects, Wealth Effects, and Feedbacks Through Financial Markets

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Author Info

  • Case, Karl E.
  • Quigley, John M.

Abstract

The mobility of consumers and producers in response to fiscal incentives gives the study of local public finance its distinctive character. Households and firms are partitioned into spatial units on the basis of preferences, costs and the incentives provided by local tax and expenditure policies. These fiscal incentives are, in turn, chosen by the members of each of these jurisdictions or clubs. Externalities within and between these localities greatly affect the efficiency of taxation and the provision of public goods and services.

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Bibliographic Info

Paper provided by Berkeley Program on Housing and Urban Policy in its series Berkeley Program on Housing and Urban Policy, Working Paper Series with number qt1j05j7t5.

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Date of creation: 01 Jun 2008
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Handle: RePEc:cdl:bphupl:qt1j05j7t5

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Related research

Keywords: Housing cycles; residential investment; recession; Social and Behavioral Sciences;

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References

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  1. David Genesove & Christopher Mayer, 2001. "Loss Aversion and Seller Behavior: Evidence from the Housing Market," NBER Working Papers 8143, National Bureau of Economic Research, Inc.
  2. Robert J. Shiller, 2007. "Understanding Recent Trends in House Prices and Home Ownership," Cowles Foundation Discussion Papers 1630, Cowles Foundation for Research in Economics, Yale University, revised Oct 2007.
  3. Karl E. Case & John M. Quigley & Robert J. Shiller, 2001. "Comparing Wealth Effects: The Stock Market versus the Housing Market," Cowles Foundation Discussion Papers 1335, Cowles Foundation for Research in Economics, Yale University.
  4. Karl E. Case & Robert J. Shiller, 1988. "The Behavior of Home Buyers in Boom and Post-Boom Markets," NBER Working Papers 2748, National Bureau of Economic Research, Inc.
  5. Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
  6. Moses Abramovitz, 1964. "Evidences of Long Swings in Aggregate Construction Since the Civil War," NBER Books, National Bureau of Economic Research, Inc, number abra64-1, October.
  7. David L. Wickens & Ray R. Foster, 1937. "Non-Farm Residential Construction, 1920-1936," NBER Books, National Bureau of Economic Research, Inc, number wick37-1, October.
  8. Edward E. Leamer, 2007. "Housing is the business cycle," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 149-233.
  9. Jaffee, Dwight M. & Quigley, John M., 2010. "Housing Policy, Mortgage Policy, and the Federal Housing Administration," Berkeley Program on Housing and Urban Policy, Working Paper Series qt45b4w550, Berkeley Program on Housing and Urban Policy.
  10. Richard K. Green & Susan M. Wachter, 2007. "The housing finance revolution," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 21-67.
  11. David L. Wickens & Ray R. Foster, 1937. "Non-Farm Residential Construction, 1920-1936," NBER Chapters, in: Non-Farm Residential Construction, 1920-1936, pages 1-20 National Bureau of Economic Research, Inc.
  12. Zarnowitz, Victor, 1992. "Business Cycles," National Bureau of Economic Research Books, University of Chicago Press, number 9780226978901.
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