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

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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 L. 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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    Cited by:

    1. Pami Dua, 2008. "Analysis of Consumers’ Perceptions of Buying Conditions for Houses," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 335-350, November.
    2. Thomas Bauer & Sven Feuerschütte & Michael Kiefer & Philipp an de Meulen & Martin Micheli & Torsten Schmidt & Lars-Holger Wilke, 2013. "Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten: 2007–2011," AStA Wirtschafts- und Sozialstatistisches Archiv, Springer;Deutsche Statistische Gesellschaft - German Statistical Society, vol. 7(1), pages 5-30, August.
    3. Christidou Maria & Fountas Stilianos, 2018. "Uncertainty in the housing market: evidence from US states," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 22(2), pages 1-17, April.
    4. Jonathan McCarthy & Richard Peach, 2004. "Are home prices the next \\"bubble\\"?," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 1-17.
    5. Lynn E. Browne, 2000. "National and regional housing patterns," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 31-57.
    6. Shahid Ebrahim, M. & Hussain, Sikandar, 2010. "Financial development and asset valuation: The special case of real estate," Journal of Banking & Finance, Elsevier, vol. 34(1), pages 150-162, January.

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