Abstract

  


 



Discussion of House Prices, Money, Credit, and the Macroeconomy by Charles Goodhart and Boris Hofmann


Simon Price


City University London - Department of Economics; Bank of England
spring 2008

Oxford Review of Economic Policy, Vol. 24, Issue 1, pp. 206-209, 2008

Abstract:     
Goodhart and Hoffman aim to examine causal and other links between house prices, liquidity, and activity, and this note comments on their results. One part of the mechanism is via wealth-but arguably house-price changes have little net impact on wealth, although there are collateral effects. The authors clearly establish strong empirical links between the variables examined. The main practical issues are to do with identification of the source of shocks and therefore on the interpretation of the results.

Keywords: house prices, vector autoregressions (VARs), identification

JEL Classification: E21, E22, E31, E32, E44, E47, E50, R21, R31

Accepted Paper Series


Date posted: July 2, 2008  

Suggested Citation

Price, Simon G., Discussion of House Prices, Money, Credit, and the Macroeconomy by Charles Goodhart and Boris Hofmann (spring 2008). Oxford Review of Economic Policy, Vol. 24, Issue 1, pp. 206-209, 2008. Available at SSRN: http://ssrn.com/abstract=1154420 or http://dx.doi.org/grn006

Contact Information

Simon G. Price (Contact Author)
City University London - Department of Economics ( email )
Northampton Square
London, EC1V 0HB
United Kingdom
Bank of England ( email )
Threadneedle Street
London, EC2R 8AH
United Kingdom
Feedback to SSRN (Beta)


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