Asset market hangovers and economic growth: U.S. housing markets

Matthew Higgins and Carol Osler

No 9801, Research Paper from Federal Reserve Bank of New York

Abstract: This paper presents evidence that speculative bubbles can have sizeable effects on house prices, and on housing investment. We infer that deviations of asset prices from fundamental values may have serious consequences for real activity, and explore some policy implications. The analysis relies on a panel of U.S. state-level data covering 1973-1996.

Keywords: Housing; Saving and investment; Economic development; Prices (search for similar items in EconPapers)
Date: 1998
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