The U.S. housing slump and the consumer

Journal of Post Keynesian Economics

Volumn 30, Issue 3, 2008, Pages 335-352

  Arestis, Philip ^a,b   Karakitsos, Elias ^a,c  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

^b UNIVERSITY OF UTAH   (United States)

^c Guildhall Asset Management PCC Ltd   (United Kingdom)

Author keywords

Consumer expenditure; Housing bubble; Housing slump

Indexed keywords

EID: 42449121322     PISSN: 01603477     EISSN: None     Source Type: Journal    
DOI: 10.2753/PKE0160-3477300302     Document Type: Article

References (25)

1. Arestis, P., and Karakitsos, E. The Post-Bubble U.S. Economy: Implications for Financial Markets and the Economy. Basingstoke, UK: Palgrave Macmillan, 2004.
2. _. "Solving Financial Market Puzzles." Challenge: The Magazine of Economic Affairs, 2005, 48 (6), 95-113.
3. _. "Modelling the U.S. Housing Market." Cambridge Centre for Economic and Public Policy, University of Cambridge, 2007.
4. Arestis, P.; Luintel, A.D.; and Luintel, K.B. "Financial Structure and Economic Growth: Accounting for Cross-Country Heterogeneity." Cambridge Centre for Economic and Public Policy, University of Cambridge, 2006.
5. Baker, D. "The Run-Up in Home Prices: A Bubble." Centre for Economic and Policy Research Challenge, 2002, 45 (6), 93-119.
6. Banks, J.; Blundell, R.; Smith, J.P.; and Smith, Z. Housing Wealth Over the Life-Cycle in the Presence of Housing Price Volatility. London: Institute of Fiscal Studies and University College, 2003.
7. Bayomi, T., and Edison, H. "Is Wealth Increasingly Driving Consumption?" De Nederlandsche Bank Staff Report no. 101, Amsterdam, 2003.
8. Bernanke, B.S. "The Economic Outlook." Remarks before the National Italian American Foundation, New York, November 28, 2006 (available at www.federalreserve.gov/newsevents/speech/Bernanke20061128a.htm).
9. _. "The Housing Market and Subprime Lending." Remarks delivered to the 2007 International Monetary Conference, Cape Town, South Africa, June 5, 2007 (available at www.federalreserve.gov/newsevents/speech/Bernanke20070605a. htm).
10. Case, K.E., and Shiller, R.J. "Is There a Bubble in the Housing Market? An Analysis." Brookings Papers on Economic Activity, September 2003, 2, 299-342.
11. Edison, H. "Is Wealth Increasingly Driving Consumption?" World Economic Outlook, Washington: International Monetary Fund, May 2002, pp. 77-85.
12. Faulkner-MacDonagh, C., and Mühleison, M. "Are U.S. Households Living Beyond Their Means?" Finance and Development, 2004, 41 (1), 36-39.
13. Federal Open Market Committee (FOMC). "Minutes of the Federal Open Market Committee." Federal Reserve Board, Washington, DC, December 12, 2006 (available at www.federalreserve.gov/monetarypolicy/fomc.htm#calendars).
14. Greenspan, A. "Mortgage Markets and Economic Activity." Remarks before a conference on Mortgage Markets and Economic Activity, America's Community Bankers, Washington, DC, November 2, 1999 (available at www.federalreserve.gov/newsevents/speech/1999speech.htm).
15. _. "Government-Sponsored Enterprises." Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 12, 2004 (available at www.federalreserve.gov/boarddocs/hh/2004/february/testimony.htm).
16. Himmelberg, C; Mayer, C; and Sinai, T. "Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions." Journal of Economic Perspectives, 2005,19 (4), 67-92.
17. Hulten, C.R. "Price Hedonics: A Critical Review." Federal Reserve Bank of New York Economic Policy Review, 2003, 9 (3), 5-15.
18. Kaufman, M., and Mühleison, M. "Are U.S. House Prices Overvalued?" IMF Staff Country Report no. 03/245, Washington, DC, 2003.
19. Kohn, D.L. "The Economic Outlook." Remarks at the Atlanta Rotary Club, Federal Reserve Board, Atlanta, GA, January 8, 2007 (available at www.federalreserve.gov/newsevents/speech/2007speech.htm).
20. Ludwig, A., and Sløk, T. "The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries." Working Paper Series no. 02/1, International Monetary Fund, Washington, DC, 2002.
21. McCarthy, J., and Peach, R.W. "Are Home Prices the Next 'Bubble'?" Federal Reserve Bank of New York Economic Policy Review, 2004, 10 (3), 1-17.
22. _. "Is There a 'Bubble' in the Housing Market Now?" Federal Reserve Bank of New York, 2005 (available at www.newyorkfed.org/research/ economists/mccarthy/athens_bubble_paper.pdf).
23. OECD. "Links Between Policy and Growth: Cross-Country Evidence." Economic Outlook, Organization for Economic Cooperation and Development, Paris, Decemberm 2000a.
24. _. "Monetary Policy in a Changing Financial Environment." Economic Outlook, Organization for Economic Cooperation and Development, Paris, June, 2000b.
25. Stiglitz, J. "Symposium on Bubbles." Journal of Economic Perspectives, 2003, 4 (2), 13-18.