This paper examines periods of pronounced rises and falls of real house prices since 1970 in eighteen major industrial countries, with particular focus on the lessons for monetary policy. We find that real house prices are pro-cyclical—co-moving with real GDP, consumption, investment, CPI...

Remarks at Fordham University's Gabelli School of Business, Bronx, New York.

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

Remarks at United States Military Academy at West Point, West Point, New York.

Remarks at the Swiss National Bank-International Monetary Fund Conference, Zurich, Switzerland.

One of the most striking features of the period before the Great Recession is the strong positive correlation between house price appreciation and current account deficits, not only in the United States but also in other countries that have subsequently experienced the highest degree of...

Presentation to the Fourth Annual Haas Gala, San Francisco, CA, October 21, 2005

Presentation to the Monetary Policy Forum, New York, New York, February 24, 2012

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.

Remarks at Cornell University, Ithaca, New York.