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    • 1. Refereed Publications
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    • 1. Refereed Publications
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    The housing bubble: how much blame does the fed really deserve?

    Date
    2014
    Author
    Miles, William
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    Citation
    Miles, William. 2014. The housing bubble: how much blame does the fed really deserve? Journal of Real Estate Research, vol. 36:no. 1:ppg. 41-58.
    Abstract
    Two recent empirical papers have blamed the Fed for the latest boom and bust in housing. Neither study includes long-term interest rates, which are more affected by global factors than the federal funds rate (FFR). In this paper, I include both the mortgage rate and the FFR as determinants of housing variables. The results indicate the long-term rate has independent and sometimes greater predictive power for housing than the FFR, especially in recent years. Finally, I demonstrate that the mortgage rate does not simply proxy for monetary policy-the impact of the FFR on long-term rates has also fallen over time.
    Description
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    URI
    http://ideas.repec.org/a/jre/issued/v36n12014p41-58.html
    http://hdl.handle.net/10057/10598
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    • ECO Faculty Research [23]
    • 1. Refereed Publications [42]

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