Property Prices, Macroeconomic Policy and Finance in the United States
1994:11
Posted: 26 May 1998
Date Written: May 1994
Abstract
Property prices in the USA have varied widely during the postwar period. The main points that arise from our analysis of the 1980s are (i) fundamental determinants explain only parts of the price swings (ii), regulatory are legislative changes reinforced the price swings but we cannot exclude the possibility of additional inefficiencies causing bubbles, (iii) the financial stress caused by falling property price cannot be considered the main cause of the problems that necessitated a large-scale bail-out of the thrift industry. This paper was presented at International Land Policy Forum, Tokyo, April 1994.
JEL Classification: G12, R31, R32
Suggested Citation: Suggested Citation