1 option
Not all Housing Cycles are Created Equal : Macroeconomic Consequences of Housing Booms / Bruno Albuquerque, Eugenio Cerutti, Yosuke Kido, Richard Varghese.
- Format:
- Book
- Government document
- Author/Creator:
- Albuquerque, Bruno.
- Series:
- IMF Working Papers; Working Paper ; No. 2025/050
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (62 pages)
- Other Title:
- Not all Housing Cycles are Created Equal
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2025.
- Summary:
- This paper shows that not all housing price cycles are alike. The nature of the housing expansion phase—especially whether a housing price boom characterized by rapid and persistent house price growth is present—plays a key role in shaping the severity of the subsequent contraction, and the net macroeconomic impact over the full cycle. Analyzing 180 housing expansions across 68 countries, we classify 49 percent as housing booms, characterized by rapid and persistent real house price increases. We find that economic downturns are significantly deeper and longer when housing contractions are preceded by a housing boom. The housing contraction is more severe the more intensive the preceding housing boom, and when accompanied by a credit boom. Overall, while housing booms spur stronger economic growth during the expansion phase, their sharp reversals lead to severe housing contractions, resulting in significant net negative effects on the real economy.
- Notes:
- Description based on print version record.
- ISBN:
- 9798229002424
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.