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Title:Cracks in the foundations of growth: What will the housing debacle mean for the US economy? PDF Logo
Authors:Papadimitriou, Dimitri B.
Hannsgen, Greg
Zezza, Gennaro
Issue Date:2007
Series/Report no.:Public policy brief // Jerome Levy Economics Institute of Bard College 90
Abstract:With economic growth having cooled to less than 1 percent in the first quarter of 2007, the economy can ill afford a slump in consumption by the American household. But it now appears that the household sector could finally give in to the pressures of rising gasoline prices, a weakening home market, and a large debt burden. The signals are still mixed; for example, while April's retail sales numbers caused concern, May's were much improved, and so was the ISM manufacturing index for June. Consumption growth indicates a slowdown. This Public Policy Brief examines the American household and its economic fortunes, concentrating on how falling home prices might hamper economic growth, generate social dislocations, and possibly lead to a full-blown financial crisis.
ISBN:978-1-931493-66-6
Document Type:Research Report
Appears in Collections:Public Policy Briefs, Levy Economics Institute of Bard College

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