House Prices and the Macroeconomy
Implications for Banking and Price Stability
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Product details:
- Publisher OUP Oxford
- Date of Publication 21 December 2006
- ISBN 9780199204595
- Binding Hardback
- No. of pages256 pages
- Size 250x180x30 mm
- Weight 602 g
- Language English
- Illustrations numerous graphs, line drawings and tables. 0
Categories
Short description:
The macroeconomic implications of asset price flucuations have received increasing attention in academic and policy circles recently, in large part due to the recent boom-bust bubbles in the equity and now housing markets. This book aims to investigate the role of asset prices for various aspects of the macroeconomy.
MoreLong description:
House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system.
Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.
Table of Contents:
Introduction
House Prices and the Macroeconomy: An Overview
House Prices and Economic Activity
House Prices as Predictors of Consumer Price Inflation
Financial Conditions Indices
The Phillips Curve, the IS Curve, and Monetary Transmission
Goods and Asset Price Deflations
House Prices and Financial Stability
House Prices and Bank Credit
Bank Regulation and Macroeconomic Fluctuations
Default, Credit, and Asset Prices
Implications of House Price Fluctuations for Public Policy
What Role for House Prices in the Measurement of Inflation?
A Second Central Bank Instrument?
House Price Fluctuations and Public Policy
