This paper reviews trends in housing affordability in the US over the past four decades.
There is little evidence that owner-occupied housing has become less affordable. In …

This report reviews, analyses and applies alternative indicators and monitoring
methodologies to measure the evolution of capital market integration in the European Union …

This paper argues that financial imbalances can build up in a low inflation environment and
that in some circumstances it is appropriate for policy to respond to contain these …

This paper assesses the links between money, credit, house prices, and economic activity in
industrialized countries over the last three decades. The analysis is based on a fixed-effects …

We document three facts concerning how the structure of housing finance affects the
monetary transmission mechanism: first, the characteristics of residential mortgage markets …

The cost of enforcing contracts is a key determinant of market performance. We document
this point with reference to the credit market in a model of opportunistic debtors and …

We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector
Autoregression (B-SVAR) approach. We identify fiscal policy shocks via a partial …

An unsustainable weakening of credit standards induced a US mortgage lending and
housing bubble, whose consumption impact was amplified by innovations altering the …

I estimate an eight variable structural vector autoregression (SVAR) model of the UK
economy based upon that of Kim and Roubini [Kim, S., Roubini, N., 2000. Exchange rate …

Housing markets have multiple interactions with the rest of the economy and these are
surveyed in this paper. The drivers of house prices include income, the housing stock …