The boom and subsequent bust in housing construction and prices over the 2000s is widely regarded as a principal contributor to the Financial Panic of 2007 and the subsequent Great Recession. As of this writing, housing market activity remains at depressed levels as the economy slowly resolves...

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Remarks at the Dutchess County Regional Chamber of Commerce, Fishkill, New York.

Remarks at the State University of New York at New Paltz, New Paltz, New York.

The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period--notably, expansion of the financial markets, homebuilding, and real estate--were overstated. If this is true, aggregate U.S....