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The Housing Crash Recession and the Case for a Third Stimulus

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Author Info
Dean Baker

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Abstract

This paper makes the case for a third stimulus package to in the face of economic indicators signaling that the economy is in a deeper downturn than was expected based on previous projections. Specifically, the report calls for an employer tax-credit for extending health care coverage and another per worker employer tax credit for increasing paid time off from work. The author also makes the case for a housing policy centered on the stabilization of prices in non-bubble and deflated markets rather than applying the same efforts on markets that remain at bubble inflated levels. Finally, the paper argues that the dollar must be allowed to fall in order to adjust trade imbalances that are compounding the U.S. economic crisis caused by the collapse of the housing market.

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File URL: http://www.cepr.net/documents/publications/housing-crash-recession-2009-03.pdf
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Publisher Info
Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2009-10.

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Length: 21 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:epo:papers:2009-10

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Related research
Keywords: housing bubble; economic stimulus; fiscal stimulus; ARRA; recession; dollar policy;

Find related papers by JEL classification:
O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
R - Urban, Rural, and Regional Economics
R2 - Urban, Rural, and Regional Economics - - Household Analysis
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
E - Macroeconomics and Monetary Economics
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
E27 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E - Macroeconomics and Monetary Economics
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
H - Public Economics
H2 - Public Economics - - Taxation, Subsidies, and Revenue
H5 - Public Economics - - National Government Expenditures and Related Policies

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This page was last updated on 2009-11-14.

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