Premium
Conference on Housing, Stability, and the Macroeconomy: International Perspectives
Author(s) -
AREZKI RABAH,
BECK THORSTEN,
DEYOUNG ROBERT,
DUCA JOHN V.,
LOUNGANI PRAKASH,
MURPHY ANTHONY
Publication year - 2015
Publication title -
journal of money, credit and banking
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.763
H-Index - 108
eISSN - 1538-4616
pISSN - 0022-2879
DOI - 10.1111/jmcb.12185
Subject(s) - boom , financial stability , financial crisis , economics , recession , monetary policy , great recession , relevance (law) , finance , economic policy , macroeconomics , financial system , keynesian economics , political science , environmental engineering , engineering , law
This article provides an introduction to the JMCB special issue on housing bubbles, the global financial crisis, and the ensuing recessions in countries that experienced housing busts. We focus on five themes that are important for policymakers and researchers alike: the domestic and international factors driving housing booms and busts, the relevance of the housing sector for the real economy, how monetary policy should react to housing booms and busts, how housing and mortgage finance reform could affect financial stability, and the broad lessons learned for macroeconomics and macroprudential policy.