Productivity swings and housing prices

James Kahn ()

Current Issues in Economics and Finance, 2009, vol. 15, issue Jul

Abstract: The housing boom and bust of the last decade, often attributed to \\"bubbles\\" and credit market irregularities, may owe much to shifts in economic fundamentals. A resurgence in productivity that began in the mid-1990s contributed to a sense of optimism about future income that likely encouraged many consumers to pay high prices for housing. The optimism continued until 2007, when accumulating evidence of a slowdown in productivity helped dash expectations of further income growth and stifle the boom in residential real estate.>

Keywords: Productivity; Housing - Prices; Consumer behavior (search for similar items in EconPapers)
Date: 2009
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