Discussion of Cesa‐Bianchi, Cespedes, and Rebucci

Kuttner, Kenneth

doi:10.1111/jmcb.12205

Cited by 3 publications

(1 citation statement)

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“…The authors find that the response of house prices in a representative emerging market economy to an innovation in global bank credit is five times the size it is in advanced economies. In his discussion, Kuttner () notes that the extensive data set put together by the authors could be used in future studies to explain disparities among countries in the response of house prices to global liquidity shocks. For example, why did Estonia experience a fourfold increase in house prices followed by a collapse when lending retrenched, whereas prices in Switzerland took off only after the global bust and prices in Canada remained largely untouched by the pullback in cross‐border lending?…”

Section: What Drives Housing Booms and Busts?mentioning

confidence: 99%

Conference on Housing, Stability, and the Macroeconomy: International Perspectives

Arezki¹,

Beck²,

DeYoung³

et al. 2015

J of Money Credit Banking

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This is the accepted version of the paper.This version of the publication may differ from the final published version. Permanent International PerspectivesThis 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.JEL codes: E30, E50, R30, R21, G10

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Section: What Drives Housing Booms and Busts?mentioning

confidence: 99%