Papadimitriou, Dimitri B. Hannsgen, Greg Zezza, Gennaro
Year of Publication:
Working Paper 506
Longstanding speculation about the likelihood of a housing market collapse has given way in the past few months to consideration of just how far the housing market will fall, and how much damage the debacle will inflict on the economy. This paper assesses the magnitude of the impact of housing price decreases on real private expenditure, examines the role of new types of mortgages and mortgage-related securities, and analyzes possible policy responses.
Housing Bubble Housing Prices Housing and Growth Housing and Monetary Policy Stability and Housing Prices Housing Price Inflation Securitization Subprime Mortgages Consumption