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Asset market hangovers and economic growth: U.S. housing markets Author info | Abstract | Publisher info | Download info | Related research | Statistics Matthew Higgins
Carol Osler
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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: 1998Date of revision:
Handle: RePEc:fip:fednrp:9801Contact details of provider: Postal: 33 Liberty Street, New York, NY 10045-0001 Email: Web page: http://www.newyorkfed.org/ More information through EDIRC
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Keywords: Housing Prices Saving and investment Economic development Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Gertler, Mark, 1988.
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"Unit Root Tests in Panel Data: New Results ,"
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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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