The Fed’s concern for housing is a relatively new phenomenon. Historically, house price bubbles have been localized and affected only areas with rapid growth. The latest housing bust, however, was a nationwide problem with important ramifications for employment and economic activity.

Home equity did not increase much for households younger than 35 years of age between 1998 and 2007 because the increase in house prices was offset by an equivalent increase in mortgage debt.

When broken down by price level - high-priced, mid-priced, and lower-priced homes - the housing boom and subsequent implosion affected each tier differently.

Credit and M2 may be driven simultaneously as part of a broader financial intermediation process; a common underlying factor may be the interest rate

"Although the current recession may.. be the longest in the postwar period, it is by no means certain that it will be the deepest, but it's increasingly looking that way."

Households are the sector that the financial accelerator appears to have hit hardest, according to the data.

The male labor force was hit harder during the recent recession because more jobs were lost in occupations and sectors that traditionally employ more men.

The relationship between unemployment and output growth changes during recoveries.

Politicians, market participants, and economists have argued about whether the increased trading induced by the growth of index funds over the past decade is a cause of high commodity prices.

U.S. gross domestic product (GDP) contracted significantly and persistently during the recent financial crisis and recession. Lessons can be learned from comparing the U.S. experience with that of other industrialized countries.