Betting the house

Journal of International Economics

Volumn 96, Issue S1, 2015, Pages S2-S18

  Jordà, Òscar ^a,b   Schularick, Moritz ^c,d   Taylor, Alan M ^b,d,e,f  

^a FEDERAL RESERVE BANK OF SAN FRANCISCO   (United States)

^b UNIVERSITY OF CALIFORNIA   (United States)

^c UNIVERSITY OF BONN   (Germany)

^d CEPR   (United Kingdom)

^e UNIVERSITY OF CALIFORNIA   (United States)

^f NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

Credit; Financial crises; House prices; Leverage; Local projections; Monetary policy

Indexed keywords

CREDIT PROVISION; ECONOMIC CONDITIONS; FINANCIAL CRISIS; HOUSING MARKET; INTEREST RATE; LENDING BEHAVIOR; MACROECONOMICS; MONETARY POLICY;

EID: 84929710287     PISSN: 00221996     EISSN: 18730353     Source Type: Journal    
DOI: 10.1016/j.jinteco.2014.12.011     Document Type: Article

References (52)

1. Adam Klaus, Woodford Michael Housing Prices and Robustly Optimal Monetary Policy 2013, University of Mannheim, (Photocopy).
2. Ahamed Liaquat Lords of Finance: The Bankers Who Broke the World 2009, Penguin, New York.
3. Aizenman Joshua, Chinn Menzie D., Ito Hiro Assessing the emerging global financial architecture: measuring the trilemma's configurations over time. NBER Working Paper 14533 2008.
4. Allen Franklin, Rogoff Kenneth Asset prices, financial stability and monetary policy. The Wharton School of the University of Pennsylvania. Financial Institutions Center. Sveriges Riksbank, The Riksbank's Inquiry into the Risks in the Swedish Housing Market 2011, 189-217. Sveriges Riksbank, Stockholm.
5. Allen Franklin, Beck Thorsten, Carletti Elena, Lane Philip, Schoenmaker Dirk, Wagner Wolf Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies 2011, CEPR, London.
6. Bernanke Ben S. Monetary policy and the housing bubble. Speech at the Annual Meeting of the American Economic Association, Atlanta, Georgia 2010, (http://www.federalreserve.gov/newsevents/speech/bernanke20100103a).
7. Bonnet Odran, Bono Pierre-Henri, Chapelle Guillaume, Wasmer Etienne Does housing capital contribute to inequality?. SciencesPo Discussion Paper 2014-07 2014.
8. Bordo Michael D., Landon-Lane John What explains house price booms?. History and Empirical Evidence. NBER Working Papers 19584 2013.
9. Borio Claudio, White William R. Whither monetary and financial stability? The implications of evolving policy regimes. Monetary Policy and Uncertainty: Adapting to a Changing Economy. Proceedings of the 2003 Jackson Hole Economic Policy Symposium, Jackson Hole, Wyo., 28-30 August 2004, 131-211.
10. Brunnermeier, Markus K., Luis Garicano, Philip R. Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh and Dimitri Vayanos. 2011. European Safe Bonds (ESBies). Columbia University, mimeograph.
11. Buiter Willem H., Corsetti Giancarlo M., Pesenti Paolo A. Interpreting the ERM Crisis: Country-Specific and Systemic Issues 1998, 84. Princeton Studies in International Finance.
12. Büyükkarabacak Berrak, Valev Neven T. The role of household and business credit in banking crises. J. Bank. Financ. 2010, 34(6):1247-1256.
13. Del Negro Marco, Otrok Christopher 99 Luftballons: monetary policy and the house price boom across U.S. states. J. Monet. Econ. 2007, 54(7):1962-1985.
14. di Giovanni Julian, Shambaugh Jay C. The impact of foreign interest rates on the economy: the role of the exchange rate regime. J. Int. Econ. 2008, 74(2):341-361.
15. Eichengreen Barry Golden Fetters: The Gold Standard and the Great Depression 1992, Oxford University Press, New York.
16. Evans Charles L., Marshall David A. Monetary policy and the term structure of nominal interest rates: evidence and theory. Carnegie-Rochester Conference Series on Public Policy 1998, 49:53-111.
17. Gadea-Rivas Maria Dolores, Gómez-Loscos Ana, Pérez-Quirós Gabriel The two greatest. Great Recession vs. Great Moderation. CEPR Working Paper DP10092 2014.
18. Glaeser Edward, Gottlieb Joshua, Gyourko Joseph Can cheap credit explain the housing boom?. NBER Working Paper 16239 2010.
19. Goodhart Charles, Hofmann Boris House prices, money, credit, and the macroeconomy. Oxf. Rev. Econ. Policy 2008, 24(1):180-205.
20. Gourinchas Pierre-Olivier, Obstfeld Maurice Stories of the twentieth century for the twenty-first. Am. Econ. J. Macroecon. 2012, 4(1):226-265.
21. Ilzetzki, Ethan, Carmen Reinhart, and Kenneth Rogoff. 2008. Exchange Rate Arrangements Entering the 21st Century: Which Anchor Will Hold? University of Maryland and Harvard University. Unpublished.
22. Ilzetzki Ethan, Mendoza Enrique G., Végh Carlos A. How big (small?) are fiscal multipliers?. J. Monet. Econ. 2013, 60(2):239-254.
23. Irwin Douglas A. Did France cause the great depression?. NBER Working Paper 16350 2010.
24. Jarocinski Marek, Smets Frank House prices and the stance of monetary policy. Fed. Reserv. Bank St. Louis Rev. 2008, 90(4):339-365.
25. Jordà Òscar Estimation and inference of impulse responses by local projections. Am. Econ. Rev. 2005, 95(1):161-182.
26. Jordà Òscar, Taylor Alan M. Performance evaluation of zero net-investment strategies. NBER Working Paper 17150 2011.
27. Jordà Òscar, Schularick Moritz, Taylor Alan M. When credit bites back. J. Money Credit Bank. 2013, 45(S2):3-28.
28. Jordà Òscar, Schularick Moritz, Taylor Alan M. The Great Mortgaging. NBER Working Paper 2014, 20501.
29. Kenen Peter The theory of optimum currency areas: an eclectic view. Monetary Problems in the International Economy 1969, 41-60. University of Chicago Press, Chicago. R.A. Mundell, A.K. Swoboda (Eds.).
30. Kleibergen Frank, Paap Richard Generalized reduced rank tests using the singular value decomposition. J. Econ. 2006, 133(1):97-126.
31. Klein Michael, Shambaugh Jay Rounding the corners of the policy trilemma: sources of monetary policy autonomy. NBER Working Paper 19461 2013.
32. Knoll Katharina, Schularick Moritz, Steger Thomas No Price Like Home: Global House Prices, 1870-2012 2014, 10166. CEPR Discussion Paper.
33. Kuttner Kenneth Low interest rates and housing bubbles: still no smoking gun. Williams College, Department of Economics Working Papers 2012-01 2012.
34. Lane Philip R. The European sovereign debt crisis. J. Econ. Perspect. 2012, 26(3):49-68.
35. Leamer Eric E. Housing is the business cycle. National Bureau of Economic Research Working Paper 13428 2007.
36. Leduc Sylvain, Wilson Daniel Are state government roadblocks to federal stimulus? Evidence from highway grants in the 2009 Recovery Act. Federal Reserve Bank of San Francisco, Working Paper 2013-16 2013.
37. Malkin Israel, Nechio Fernanda U.S. and Euro-area monetary policy by regions. Federal Reserve Bank of San Francisco, FRBSF Economic Letter 2012, (February 27).
38. Mian Atif, Sufi Amir Household leverage and the Recession of 2007-09. IMF Econ. Rev. 2010, 58(1):74-117.
39. Mian Atif, Sufi Amir House of Debt 2014, University of Chicago Press, Chicago.
40. Mundell Robert A. A theory of optimum currency areas. Am. Econ. Rev. 1961, 51(4):657-665.
41. O'Rourke Kevin H., Taylor Alan M. Cross of euros. J. Econ. Perspect. 2013, 27(3):167-192.
42. Obstfeld Maurice, Taylor Alan M. Global Capital Markets: Integration, Crisis, and Growth 2004, Cambridge University Press, New York.
43. Obstfeld Maurice, Shambaugh Jay C., Taylor Alan M. Monetary sovereignty, exchange rates, and capital controls: the trilemma in the interwar period. IMF Staff. Pap. 2004, 51(S):75-108.
44. Obstfeld Maurice, Shambaugh Jay C., Taylor Alan M. The trilemma in history: tradeoffs among exchange rates, monetary policies, and capital mobility. Rev. Econ. Stat. 2005, 87:423-438. (August 2005).
45. Owyang Michael T., Ramey Valerie A., Zubairy Sarah Are government spending multipliers greater during periods of slack? Evidence from twentieth century historical data. Am. Econ. Rev. 2013, 103(3):129-134.
46. Pepe Margaret S. The Statistical Evaluation of Medical Tests for Classification and Prediction 2003, Oxford University Press, Oxford.
47. Quinn Dennis P., Schindler Martin, Toyoda A.Maria Assessing measures of financial openness and integration. IMF Econ. Rev. 2011, 59(3):488-522.
48. Reinhart Carmen M., Reinhart Vincent Pride goes before a fall: Federal Reserve policy and asset markets. NBER Working Paper 16815 2011.
49. Reinhart Carmen M., Rogoff Kenneth S. This Time is Different: Eight Centuries of Financial Folly 2009, Princeton University Press, Princeton, N.J.
50. Schularick Moritz, Taylor Alan M. Credit booms gone bust: monetary policy, leverage cycles, and financial crises, 1870-2008. Am. Econ. Rev. 2012, 102(2):1029-1061.
51. Taylor John B. Housing and monetary policy. NBER Working Paper 13682 2007.
52. Williams John C. Monetary policy and housing booms. Int. J. Cent. Bank. 2011, 7(1):345-355.