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

Author

Listed:
  • Matthew Higgins
  • 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.

Suggested Citation

  • Matthew Higgins & Carol Osler, 1998. "Asset market hangovers and economic growth: U.S. housing markets," Research Paper 9801, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednrp:9801
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    File URL: https://www.newyorkfed.org/medialibrary/media/research/staff_reports/research_papers/9801.html
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    File URL: https://www.newyorkfed.org/medialibrary/media/research/staff_reports/research_papers/9801.pdf
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    Cited by:

    1. Lynn Elaine Browne, 2000. "National and regional housing patterns," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 31-57.

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