文章基本信息

标题：Discussion
本地全文：下载
作者：Bruce Preston
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2013
出版社：IJCB Publications Fulfillment
摘要：The U.S. financial crisis of 2007–09 has engendered considerable research effort seeking to understand the interaction of the housing sector with the real economy. A primary obstacle to understanding this matter is the absence of a coherent model of the housing market. Justiniano, Primiceri, and Tambalotti (2012) make clear that standard dynamic stochastic general equilibrium models—of the kind proposed by Iacoviello (2005)—fail to account for basic macroeconomic facts central to the crisis. In the same model class, Iacoviello and Neri (2010) raise questions about the magnitude of possible spillover effects from housing markets to the real economy. Such failures obviously limit both positive and normative analyses relevant to the crisis.