The article examines recent developments in international housing markets and makes an assessment of the current situation. The first section demonstrates that the last upward movement in house prices in advanced economies, that started during the mid-1990s, differed from previous upward phases...

An argument that an interest rate peg is desirable because it mitigates the distortions that arise in a monetary economy, and that money growth should be procyclical in order to achieve the interest rate peg.