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Item Details
| Title:
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HOUSE PRICES AND THE MACROECONOMY
IMPLICATIONS FOR BANKING AND PRICE STABILITY |
| By: |
Charles Goodhart, Boris Hofmann |
| Format: |
Hardback |
| List price:
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£130.00 |
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We currently do not stock this item, please contact the publisher directly for
further information.
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| ISBN 10: |
0199204594 |
| ISBN 13: |
9780199204595 |
| Publisher: |
OXFORD UNIVERSITY PRESS |
| Pub. date: |
21 December, 2006 |
| Pages: |
256 |
| Description: |
The macroeconomic implications of asset price flucuations have received increasing attention in academic and policy circles recently, in large part due to the recent boom-bust bubbles in the equity and now housing markets. This book aims to investigate the role of asset prices for various aspects of the macroeconomy. |
| Synopsis: |
House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises.The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle. |
| Illustrations: |
numerous graphs, line drawings and tables. |
| Publication: |
UK |
| Imprint: |
Oxford University Press |
| Returns: |
Returnable |
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