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The Effects of a Declining Housing Market on the U.S. Economy

Dimitri Papadimitriou, Greg Hannsgen () and Gennaro Zezza

Economics Working Paper Archive from Levy Economics Institute

Abstract: 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. In this paper, we discuss recent developments related to the housing market; econometrically assess the magnitude of the impact of housing price decreases on real private expenditure; assess the importance of new types of mortgages and mortgage-related securities; and briefly analyze possible policy responses.

Date: 2007-07
New Economics Papers: this item is included in nep-pke and nep-ure
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