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The Effects of a Declining Housing Market on the U.S. Economy

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Author Info
Dimitri B. Papadimitriou
Greg Hannsgen
Gennaro Zezza

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Abstract

Longstanding speculation about the likelihood of a housing market collapse has given way in the past few months to consideration of just how far the housing market will fall and how much damage the debacle will inflict on the economy. In this paper, we discuss recent developments related to the housing market; econometrically assess the magnitude of the impact of housing price decreases on real private expenditure; assess the importance of new types of mortgages and mortgage-related securities; and briefly analyze possible policy responses.

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Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_506.

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Date of creation: Jul 2007
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Handle: RePEc:lev:wrkpap:wp_506

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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.:
  1. John Y. Campbell & Joao F. Cocco, 2005. "How Do House Prices Affect Consumption? Evidence From Micro Data," Harvard Institute of Economic Research Working Papers 2083, Harvard - Institute of Economic Research. [Downloadable!]
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  2. Dimitri B. Papadimitriou & Gennaro Zezza & Greg Hannsgen, 2006. "Can Global Imbalances Continue?: Policies for the U.S. Economy," Economics Strategic Analysis Archive sa_nov_06, Levy Economics Institute, The. [Downloadable!]
  3. Edward Chilcote, 2006. "Credit Derivatives and Financial Fragility," Economics Policy Note Archive 06-1, Levy Economics Institute, The. [Downloadable!]
  4. Wynne Godley & Dimitri B. Papadimitriou & Gennaro Zezza, 2007. "The U.S. Economy: What's Next?," Economics Strategic Analysis Archive sa_apr_07, Levy Economics Institute, The. [Downloadable!]
  5. Alan Greenspan & James Kennedy, 2007. "Sources and uses of equity extracted from homes," Finance and Economics Discussion Series 2007-20, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  6. Christopher D. Carroll & Misuzu Otsuka & Jirka Slacalek, 2006. "How Large Is the Housing Wealth Effect? A New Approach," NBER Working Papers 12746, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Kristopher Gerardi & Harvey S. Rosen & Paul Willen, 2007. "Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market," NBER Working Papers 12967, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Dimitri B. Papadimitriou & L. Randall Wray, . "Does Social Security Need Saving? Providing for Retirees throughout the Twenty-first Century," Economics Public Policy Brief Archive 55, Levy Economics Institute, The. [Downloadable!]
  9. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, EconWPA. [Downloadable!]
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