Housing, credit markets and the business cycle
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Author
Contributions
- National Bureau of Economic Research. - Contributor
Publication
2007 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
2,750 words, Guess
Page Count
11 pages
Identifiers
- Library of Congress Control Number2007616602
- OCLC Control Number174591881
- Open LibraryOL17635400M
Classifications
- LCCHB1
Description
The housing sector is now (September 2007) at the root of three distinct but related problems: (1) a sharp decline in house prices and the related fall in home building; (2) a subprime mortgage problem that has triggered a substantial widening of all credit spreads and the freezing of much of the credit markets; and (3) a decline in home equity loans and mortgage refinancing that could cause greater declines in consumer spending. Each of these could by itself be powerful enough to cause an economic downturn. The combination could cause a very serious recession unless there are other offsetting forces. In this paper, I discuss each of these and then comment on the implications for monetary policy.
Subjects
Topics
Places
Times
Series Statement
- NBER working paper series -- no. 13471.
- Working paper series (National Bureau of Economic Research) -- working paper no. 13471.
Links
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