Asset market hangovers and economic growth: U.S. housing markets

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Asset market hangovers and economic growth: U.S. housing markets

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Matthew Higgins
Carol Osler

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Carol Osler

Abstract

This paper presents evidence that speculative bubbles can have sizeable effects on house prices, and on housing investment. We infer that deviations of asset prices from fundamental values may have serious consequences for real activity, and explore some policy implications. The analysis relies on a panel of U.S. state-level data covering 1973-1996.

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Paper provided by Federal Reserve Bank of New York in its series Research Paper with number 9801.

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Date of creation: 1998
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Handle: RePEc:fip:fednrp:9801

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References listed on IDEAS
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Other versions:
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Other versions:
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Other versions:
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Other versions:
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Lynn Elaine Browne, 2000. "National and regional housing patterns," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 31-57. [Downloadable!]

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