Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by ob

We infer the role of price expectations in forming the U.S. housing boom in the early- 2000s from examining housing inventories. We use a reduced form model to

Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing o

This paper investigates how an important driver of the recent housing boom and bust, people's expectation, influences housing asset returns. Specifically, it ex

This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycle