Some observers say the 1998–2006 housing boom led to the global financial crisis and the 2007–2009 recession. The … causes of the housing boom however, are a matter of considerable debate. This study attempts to settle this debate by … identifying the major contributing factors to the housing boom and quantifying which factors were primary drivers and which merely …

comovements by means of 5 underlying structural shocks (oil price, productivity, aggregate demand, monetary policy, and housing … contribution of the housing demand shock is negligible, after the early eighties' liberalizations in housing finance, the housing …

comovements by means of five underlying structural shocks (oil price, productivity, aggregate demand, monetary policy, and housing … by economic theory and estimated in the empirical literature. We show that after the reforms to the housing finance … sector starting in the early 1980s, housing demand shocks account for a slightly higher portion of model variability, while …