The housing bubble: How much blame does the fed really deserve?

Journal of Real Estate Research

Volumn 36, Issue 1, 2014, Pages 41-58

  Miles, William ^a  

^a WICHITA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84899133047     PISSN: 08965803     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (42)

1. Adam, K., P. Kuang, and A. Marcet. House Price Booms and the Current Account. NBER Macroeconomics Annual, 2011, 26.
2. Alogoskoufis, G. and R. Smith. The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange Rate Regimes. American Economic Review, 1991, 81, 1254-75.
3. Andrews, D. Tests for Parameter Instability and Structural Change with Unknown Change Point. Econometrica, 1993, 61, 821-56.
4. Barth, J. The Rise and Fall of the U.S. Mortgage and Credit Market. Hoboken, NJ: Wiley, 2009.
5. Baxter, M. and R. King. Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series. Review of Economics and Statistics, 1999, 81, 575-93.
6. Bergin, P. Asset Booms and Current Account Deficits. Federal Reserve Bank of San Francisco Economic Letter, December 5, 2011.
7. Bradley, M., S. Gabriel, and M. Wohar. The Thrift Crisis, Mortgage Credit Intermediation and Housing Activity. Journal of Money, Credit and Banking, 1995, 33, 955-75.
8. Burdekin, R. and P. Siklos. Exchange Rate Regimes and Inflation Persistence: Does Nothing Else Matter? Journal of Money, Credit and Banking, 1999, 31, 235-47.
9. Cheung, Y. and K. Lai. Finite Sample Sizes of Johansen's Likelihood Ratio Tests for Cointegration. Oxford Bulletin of Economics and Statistics, 1993, 55, 313-28.
10. Christiano, L. and T. Fitzgerald. The Band-Pass Filter. International Economic Review, 2003, 44, 435-65.
11. Ding, L., R. Quercia, and J. Ratcliffe. Neighborhood Subprime Lending and the Performance of Community Reinvestment Mortgages. Journal of Real Estate Research, 2010, 32, 341-77.
12. Ding, L., R. Quercia, W. Li, and J. Ratcliffe. Risky Borrowers or Risky Mortgages Disaggregating Effects Using Propensity Score Models. Journal of Real Estate Research, 2011, 33, 245-78. Economist. When a Flow Becomes a Flood. January 29, 2009.
13. Friedman, B. and K. Kuttner. Money, Income, Prices and Interest Rates. American Economic Review, 1992, 28, 472-92.
14. Gauger, J. and T.C. Snyder. Residential Fixed Investment and the Macroeconomy: Has Deregulation Altered Key Relationships? Journal of Real Estate Finance and Economics, 2003, 27, 335-54.
15. Gete, P. Housing Markets and Current Account Dynamics. Unpublished manuscript, Georgetown University, 2010.
16. Greenspan, A. The Crisis. Brookings Papers on Economic Activity, Spring 2010, 201-62.
17. Hansen, B. Testing for Parameter Instability in Linear Models. Journal of Policy Modeling, 1992, 14, 517-33.
18. Hansen, B. Approximate Asymptotic p-values for Structural Change Tests. Journal of Business and Economic Statistics, 1997, 15, 60-7.
19. Hatzius, J. Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn. Brookings Papers on Economic Activity, 2008, 39, 195-227.
20. Hendershott, P., R. Hendershott, and J. Shilling. The Mortgage Finance Bubble: Causes and Corrections. Journal of Housing Research, 2010, 19, 1-16.
21. Igan, D. and M. Pinheiro. Exposure to Real Estate in Bank Portfolios. Journal of Real Estate Research, 2010, 32, 47-74.
22. Jarocinski, M. and F. Smets. Housing and the Stance of Monetary Policy. Federal Reserve Bank of Saint Louis Proceedings, 2008, 339-66.
23. Koopman, S. and J. Azevedo. Measuring Synchronization and Convergence of Business Cycles for the Euro Area. Oxford Bulletin of Economics and Statistics, 2008, 70, 23-51
24. LaCour-Little, M., E. Rosenblatt, and V. Yao. Home Equity Extraction by Homeowners: 2000-2006. Journal of Real Estate Research, 2010, 32, 23-46.
25. Laibson, D. and J. Mollerstrom. Capital Flows, Consumption Booms and Asset Bubbles: A Behavioral Alternative the Savings Glut Hypothesis. NBER Working Paper 15759, 2010.
26. Leamer, E. Housing IS the Business Cycle. NBER Working Paper 13428, 2007
27. McDonald, J. and H. Stokes. Monetary Policy and the Housing Bubble. Journal of Real Estate Finance and Economics, 2013, 46:3, 437-51.
28. Merrouche, O. and E. Nier. What Caused the Global Financial Crisis-Evidence on the Drivers of Financial Imbalances 1999-2007. International Monetary Fund Working Paper 10/265, 2010.
29. Miles, W. Housing Investment and the U.S. Economy: How Have the Relationships Changed? Journal of Real Estate Research, 2009, 31, 329-48.
30. Mink, M., J. Jacobs, and J. de Haan. Measuring Coherence of Output Gaps with an Application to the Euro Area. Oxford Economic Papers, 2012, 64:2, 217-36.
31. Obstfeld, M. and K. Rogoff. Global Imbalances and the Financial Crisis: Products of Common Causes. Federal Reserve Bank of San Francisco Proceedings, 2009, 131-72.
32. Pozdena, R. Do Interest Rates Still Affect Housing? Federal Reserve Bank of San Francisco Proceedings, 1990, 3-14.
33. Quandt, R. Tests of the Hypothesis that a Linear Regression Obeys Two Regimes. Journal of the American Statistical Association, 1960, 55, 324-30.
34. Rogers, W. and W. Winter. The Impact of Foreclosures on Neighboring Housing Sales. Journal of Real Estate Research, 2009, 31, 455-80.
35. Rogoff, K. Impact of Globalization on Monetary Policy. Federal Reserve Bank of Kansas City Proceedings, 2006, 265-305.
36. Roubini, N. and S. Mihm. Crisis Economics. New York: Penguin, 2010.
37. Schwartz, A. Origins of the Financial Market Crisis of 2008. Cato Journal, 2009, 29, 19- 23.
38. Shiller, R.J. The Subprime Solution. Princeton, NJ: Princeton University Press, 2009.
39. Taylor, J. Housing and Monetary Policy. NBER Working Paper 13682, 2007.
40. Wheaton, W. and G. Nechayev. The 1998-2005 Housing "Bubble" and the Current "Correction": What's Different This Time? Journal of Real Estate Research, 2008, 30, 1- 26.
41. Wu, T. Globalization's Effect on Interest Rates and the Yield Curve. Federal Reserve Bank of Dallas Economic Letter, 2006, 1, 1-8.
42. Zandi, M. Financial Shock. Upper Saddle River, NJ: FT Press, 2009.