Arestis, Philip; Karakitsos, Elias - In: Journal of Post Keynesian Economics 30 (2008) 3, pp. 335-352
This paper attempts to quantify the U.S. housing market slump and its likely impact on consumption. In doing so, it bypasses the traditional approach that suggests that there is no nationwide housing market but a compendium of segmented markets. The paper is not an exercise in forecasting but an...