Most United States MSAs saw their house prices plummet during the recent Great Recession. While many are only beginning to pull away from their lowest house prices in recent history, other MSAs are already well on their way to house price recovery. We believe that one attribute which separates...

This paper employs a calibrated model of the US economy to analyze the boom and bust in house prices as well as the shifts in the distribution of wealth during the years around the Great Recession. We replicate the dynamics of the housing market using shocks to aggregate income, the distribution...

The paper investigates how the financial crisis impacts on Greek households. To do so, we compare the 2009 and 2014 waves of the Household Finance and Consumption Survey using Greek microdata. We show that median household net wealth declined by 40% during the crisis and this change is...

This paper studies the actions of the U.S. Federal Reserve Bank during the financial crisis from 2007-2012. Whereas the first two parts concentrate on asset bubble theory and the development of the housing bubble, the third part rates the performance of the Federal Reserve during the crisis. The...

The elephant in the living room -- How government created the housing bubble -- The great Wall Street bailout -- How government causes the boom-bust business cycle -- Great myths about the great depression -- Money -- What now?