Low Interest Rates and Housing Bubbles: Still No Smoking Gun

Kenneth Kuttner

Chapter 8 in The Role of Central Banks in Financial Stability:How Has It Changed?, 2013, pp 159-185 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionWhy Interest Rates Affect House PricesThe user cost frameworkA dynamic user cost modelThe credit channelThe risk-taking channelEvidence on the Response of House Prices to Interest RatesExisting literatureResults from an error-correction modelInterest Rates and the Property Price Boom of the mid-2000sThe U.S. experienceA cross-country explorationConclusionsReferencesAppendix

Keywords: Financial Stability; Financial Regulation; Macroprudential Regulation; Systemic Risk; Dodd-Frank; Financial Crisis (search for similar items in EconPapers)
Date: 2013
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Working Paper: Low Interest Rates and Housing Bubbles: Still No Smoking Gun (2012)
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