Presentation to the Office of Federal Housing Enterprise Oversight Symposium, Ronald Reagan Building and International …

February 24, 2012. "Comments on 'Housing, Monetary Policy, and the Recovery' by Michael Feroli, Ethan Harris, Amir Sufi …

Past studies have argued that housing is an important driver of business cycles. Housing markets, however, are highly … localized, while business cycles are often measured at the national level. We model a national housing cycle using a panel of … cities that experience simultaneous idiosyncratic housing recessions. We estimate the clustered Markov-switching model …

After the collapse of housing markets during the Great Depression, the U.S. government played a large role in shaping … the future of housing finance and policy. Soon thereafter, housing markets witnessed the largest boom in recent history …. The objective in this paper is to quantify the contribution of government interventions in housing markets in the …

We analyze the relationship between housing and the business cycle in a set of 51 U.S. cities. Most surprisingly, we …

Presentation to the Office of Federal Housing Enterprise Oversight Symposium, Ronald Reagan Building and International …