Benati, Luca (April 2016). Would a ‘Modest Policy Intervention’ Have Prevented the U.S. Housing Bubble? (Discussion Papers 16-09). Bern: Department of Economics
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A ‘modest policy intervention’ in which the Federal Funds rate had reacted, weakly but systematically, to the ratio between house prices and rents would have prevented the building up of the housing bubble which pre-dated the Great Recession, at a small cost in terms of real activity. Monetary policy shocks, which I identify by combining zero and sign restrictions, cause strongly statistically significant decreases in real house prices, housing starts, hours
worked in construction, and loans to the real estate sector, and a statistically significant temporary increase in the real rent.
Item Type: |
Working Paper |
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Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Economics |
UniBE Contributor: |
Benati, Luca |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
Series: |
Discussion Papers |
Publisher: |
Department of Economics |
Language: |
English |
Submitter: |
Lars Tschannen |
Date Deposited: |
28 Dec 2020 08:51 |
Last Modified: |
05 Dec 2022 15:40 |
BORIS DOI: |
10.48350/145834 |
URI: |
https://boris.unibe.ch/id/eprint/145834 |
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