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date: 26 May 2019

Abstract and Keywords

This chapter examines the interactions between real estate markets on the one side and, on the other, interest rates, credit, and financial variables. A simple model is set up to analyze the key ideas, which will yield long run equilibrium values for the housing stock and the price of dwellings. It also shows the path that these variables will take toward the long run equilibrium, provided there are no further shocks, from any initial position of the housing stock. Next, the model is extended to explore complications. The chapter then turns to the recent historical record of the links between real estate and financial crises and to relevant policy issues.

Keywords: financial crisis, business cycle, housing, construction, real estate, credit, monetary policy, macroprudential policy

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