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dc.contributor.authorMiles, William
dc.identifier.citationWilliam Miles. 2014. The Housing Bubble: How Much Blame Does the Fed Really Deserve? Journal of Real Estate Research: 2014, Vol. 36, No. 1, pp. 41-58
dc.descriptionClick on the URL link to access the article (may not be free).
dc.description.abstractTwo 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.
dc.publisherAmerican Real Estate Society
dc.relation.ispartofseriesJournal of Real Estate Portfolio Management;v.36:no.1
dc.subjectHome prices - United States
dc.titleThe Housing bubble: how much blame does the Fed really deserve?
dc.rights.holderCopyright 2014 American Real Estate Society

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