Why Housing?

References

• Adelino , M. , Schoar , A. and Severino , F. 2012 . Credit supply and house prices: Evidence from mortgage market segmentation Working paper. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1787252
   Google Scholar
• Adrian, T., & Boyarchenko, N. (2012, August 1). Intermediary leverage cycles and financial stability (Federal Reserve Bank of New York Staff Report No. 567). Retrieved from http://www.istfin.eco.usi.ch/t-adrian-196914.pdf
   Google Scholar
• Agarwal , S. , Ambrose , B. W. , Chomsisengphet , S. and Sanders , A. B. 2012 . Thy neighbor's mortgage: Does living in a subprime neighborhood affect one's probability of default? . Real Estate Economics , 40 ( 1 ) : 1 – 22 .
   Web of Science ®Google Scholar
• Akerlof , G. A. and Shiller , R. J. 2009 . Animal spirits: How human psychology drives the economy, and why it matters for global capitalism , Princeton, NJ : Princeton University Press .
   Google Scholar
• Anundsen , A. K. and Jansen , E. S. in press . Self-reinforcing effects between housing prices and credit . Journal of Housing Economics ,
   Google Scholar
• Barakova, I., Calem, P., & Wachter, S. (2012). Financing constraints to homeownership in relation to the pre-2008 housing market boom. Unpublished paper, University of Pennsylvania
   Google Scholar
• Bar-Gill , O. and Warren , E. 2008 . Making credit safer . University of Pennsylvania Law Review , 157 : 1 – 101 .
   Web of Science ®Google Scholar
• Berlinghieri, L. (2012). Essays on house price fluctuations in the U.S. (Doctoral thesis), University of Washington, Seattle
   Google Scholar
• Bernanke , B. S. 1983 . Nonmonetary effects of the financial crisis in the propagation of the great depression . American Economic Review , 73 ( 3 ) : 257 – 276 .
   Web of Science ®Google Scholar
• Bernanke , B. S. , Bertaut , C. , Pounder DeMarco , L. and Kamin , S. 2011 . International capital flows and the returns to safe assets in the United States, 2003–2007 , International Finance Discussion Paper No. 1014 Board of Governors of the Federal Reserve System . . Retrieved from http://www.federalreserve.gov/pubs/ifdp/2011/1014/default.htm
   Google Scholar
• Bernanke , B. S. and Gertler , M. 1989 . Agency costs, net worth, and business fluctuations . American Economic Review , 79 ( 1 ) : 14 – 31 .
   Web of Science ®Google Scholar
• Bernanke , B.S. , Gerler , M. and Gilchrist , S. 1999 . “ The financial accelerator in a quantitative business cycle framework ” . In Handbook of Macroeconomics , Edited by: Taylor , J. B. and M. , Woodford . Vol. 1 , 1341 – 1393 . Amsterdam: Elsevier Science .
   Google Scholar
• Blankfein , L. 2009 . Do not destroy the essential catalyst of risk . Financial Times , Retrieved from http://www.ft.com/intl/cms/s/0/0a0f1132-f600-11dd-a9ed-0000779fd2ac.html#axzz1dRTrq3ev
   Google Scholar
• Bratton , W. W. and Wachter , M. L. 2010 . The case against shareholder empowerment . University of Pennsylvania Law Review , 198 : 653 – 719 .
   Google Scholar
• Brissimis , S. N. and Vlassopoulos , T. 2009 . The interaction between mortgage financing and house prices in Greece . Journal of Real Estate Economics , 39 : 149 – 164 .
   Google Scholar
• Carson , R. T. and Dastrup , S. R. 2011 . After the fall: An ex post characterization of housing price declines across metropolitan areas . Contemporary Economic Policy , DOI: 10.1111/j.1465-7287.2011.00290.x
   Web of Science ®Google Scholar
• Case , K. E. , Shiller , R. J. and Thompson , A. K. 2012 . What have they been thinking? Home buyer behavior in hot and cold markets Cowles Foundation Discussion Paper No. 1876. Retrieved from http://www.nber.org/papers/w18400
   Google Scholar
• Cochrane , J. H. 2011 . How did Paul Krugman get it so wrong? . Economic Affairs , 31 ( 2 ) : 36 – 40 .
   Google Scholar
• Coleman , M. IV , LaCour-Little , M. and Vandell , K. D. 2008 . Subprime lending and the housing bubble: Tail wags dog? Working paper. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1262365
   Google Scholar
• Cordell , L. , Huang , Y. and Williams , M. 2012 . Collateral damage: Sizing and assessing the subprime CDO crisis , Working Paper 11-30/R Federal Reserve Bank of Philadelphia . Retrieved from http://www.philadelphiafed.org/research-and-data/publications/working-papers/2011/wp11-30.pdf
   Google Scholar
• Dynan , K. 2012 . Is a household debt overhang holding back consumption , Brookings .
   Google Scholar
• Eggert , K. 2002 . Held up in due course: Predatory lending, securitization, and the holder in due course doctrine . Creighton Law Review , 35 : 503 – 640 .
   Google Scholar
• Eggert , K. 2009 . The great collapse: How securitization caused the subprime meltdown . Connecticut Law Review , 41 : 1257 – 1312 .
   Google Scholar
• Eisinger, J., & Bernstein, J. (2010). The Magnetar trade: How one hedge fund helped keep the bubble going. ProPublica. Retrieved from http://www.propublica.org/article/the-magnetar-trade-how-one-hedge-fund-helped-keep-the-housing-bubble-going
   Google Scholar
• Engel , K. C. and McCoy , P. A. 2007 . Turning a blind eye: Wall Street finance of predatory lending . Fordham Law Review , 75 : 101 – 165 .
   Google Scholar
• Engel , K. C. and McCoy , P. A. 2011 . The subprime virus: Reckless credit, regulatory failure, and next steps , New York, NY : Oxford University Press .
   Google Scholar
• Favilukis , J. , Ludvigson , S. and Van Nieuwerburgh , S. 2012 . The macroeconomic effects of housing wealth, housing finance, and limited risk-sharing in general equilibrium Retrieved from http://www.econ.nyu.edu/user/ludvigsons/hwc.pdf
   Google Scholar
• FCIC . 2011 . Final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States PublicAffairs, Jackson, TN. Retrieved from http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
   Google Scholar
• Fitzpatrick , T. and McQuinn , K. 2007 . House prices and mortgage credit: Empirical evidence for Ireland . The Manchester School , 75 : 82 – 103 .
   Web of Science ®Google Scholar
• Follain , J. R. and Giertz , S. H. 2011 . A look at U.S. house price bubbles from 1980–2010 and the role of local market conditions , [Working paper] Cambridge, MA : Lincoln Institute of Land Policy .
   Google Scholar
• Foote , C. L. , Gerardi , K. S. and Willen , P. S. 2012 . Why did so many people make so many ex post bad decisions? The causes of the foreclosure crisis Fed. Reserve Bank of Boston Public Policy Discussion Paper No. 12-2. Retrieved from http://www.bos.frb.org/economic/ppdp/2012/ppdp1202.htm
   Google Scholar
• Fostel , A. and Geanakoplos , J. 2011 . Tranching, CDS and asset prices: How financial innovation can cause bubbles and crashes Working Paper Archive No. 786969000000000192, David K. Levine. Retrieved from http://cowles.econ.yale.edu/P/cd/d18a/d1809.pdf
   Google Scholar
• Gabaix , X. and Laibson , D. 2006 . Shrouded attributes, consumer myopia, and information suppression in competitive markets . Quarterly Journal of Economics , 121 ( 2 ) : 505 – 540 .
   Web of Science ®Google Scholar
• Gelpern , A. and Levitin , A. J. 2009 . Rewriting Frankenstein contracts: Workout prohibitions in residential mortgage-backed securities . Southern California Law Review , 82 : 1077 – 1152 .
   Google Scholar
• Gerlach , S. and Peng , W. 2005 . Bank lending and property prices in Hong Kong . Journal of Banking and Finance , 29 : 461 – 481 .
   Web of Science ®Google Scholar
• Gimeno , R. and Martinez-Carrascal , C. 2010 . The relationship between house prices and house purchase loans: The Spanish case . Journal of Banking and Finance , 34 : 1849 – 1855 .
   Web of Science ®Google Scholar
• Glaeser , E. L. , Gyourko , J. and Saiz , A. 2008 . Housing supply and housing bubbles . Journal of Urban Economics , 64 ( 2 ) : 198 – 217 .
   Web of Science ®Google Scholar
• Gorton , G. B. 2009 . Slapped in the face by the invisible hand: Banking and the panic of 2007 Working paper. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1401882
   Google Scholar
• Green , R. , Mariano , R. S. , Pavlov , A. and Wachter , S. 2009 . “ Misaligned incentives and mortgage lending in Asia ” . In Financial sector development in the Pacific Rim, East Asia seminar or economics , Edited by: Ito , T. and Rose , A. K. Vol. 18 , 95 – 111 . NBER .
   Google Scholar
• Greenspan , A. 2004, October 19 . The mortgage market and consumer debt Remarks at America's Community Bankers Annual Convention, Washington, DC
   Google Scholar
• Herring , R. J. and Wachter , S. 1999 . Real estate booms and banking busts: An international perspective. , The Group of 30 occasional papers Washington, DC
   Google Scholar
• Hoffman , B. 2003 . Bank lending and property prices: Some international evidence , Working Paper No. 22/2003 The Hong Kong Institute for Monetary Research . http://repec.org/mmfc03/Hofmann.pdf
   Google Scholar
• Hoffman , B. 2004 . The determinants of private sector credit in industrialised countries: Do property prices matter? . International Finance , 7 : 203 – 234 .
   Google Scholar
• Inside Mortgage Finance. (2012). Mortgage market statistical annual. Washington, DC: Financial World Publications
   Google Scholar
• International Monetary Fund. (2011). Dealing with household debt. Washington, DC: World Economic Outlook
   Google Scholar
• Kiyotaki , N. and Moore , J. 1997 . Credit cycles . Journal of Political Economy , 105 : 211 – 248 .
   Web of Science ®Google Scholar
• Leamer, E. (2003). Bubble trouble? Your home has a P/E ratio too. UCLA Anderson Forecast Report
   Google Scholar
• Leamer , E. E. 2007 . “ Housing is the business cycle ” . In Proceedings , 149 – 233 . Federal Reserve Bank of Kansas City . http://iona.ghandchi.com/UCLA/Bubble.pdf
   Google Scholar
• Levitin , A. J. , Pavlov , A. D. and Wachter , S. M. 2012 . Will private risk-capital return? The Dodd-Frank Act and the housing market . Yale Journal on Regulations , 29 ( 1 ) : 155 – 180 .
   Google Scholar
• Levitin , A. J. and Wachter , S. M. 2012 . Explaining the housing bubble . Georgetown Law Journal , 100 ( 4 ) : 1177 – 1258 .
   Web of Science ®Google Scholar
• Levitin , A. J. and Wachter , S. M. 2013a . The commercial real estate bubble . Harvard Business Law Review , 2 Retrieved from http://ssrn.com/abstract=1978264
   Google Scholar
• Levitin , A. J. and Wachter , S. M. 2013b . The public option in housing finance . University of California Davis Law Review , 46 Retrieved from http://ssrn.com/abstract=1966550
   Google Scholar
• Linneman , P. and Wachter , S. 1989 . The impacts of borrowing constraints on homeownership . American Real Estate and Urban Economics Association Journal , 17 ( 4 ) : 389 – 402 .
   Web of Science ®Google Scholar
• Lucas , R. 1976 . Econometric policy evaluation: A critique . Carnegie-Rochester Conference Series on Public Policy , 1 ( 1 ) : 19 – 46 .
   Google Scholar
• McCoy , P. , Pavlov , A. and Wachter , S. 2009 . Systemic risk through securization: The result of deregulatory and regulatory failure . Connecticut Law Review , 41 : 1327 – 1375 .
   Google Scholar
• Mian, A., Rao, K., & Sufi, A. (2011). Household balance sheets, consumption, and the economic slump. Unpublished paper, University of Chicago, IL
   Google Scholar
• Mian, A., & Sufi, A. (2008). The consequences of mortgage credit expansion: Evidence from the 2007 mortgage default crisis. Unpublished paper, University of Chicago, IL
   Google Scholar
• Mian, A., & Sufi, A. (2011). What explains high unemployment? The aggregate demand channel. Unpublished paper, University of Chicago, IL
   Google Scholar
• Miller , N. , Sklarz , M. and Thibodeau , T. 2005 . The impact of interest rates and employment on nominal housing prices . International Real Estate Review , 8 ( 1 ) : 27 – 43 .
   Google Scholar
• Mui , Y. Q. 2012, June 11 . Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says . The Washington Post ,
   Google Scholar
• Neyfakh , L. 2012, August 3 . Housing bubble? What housing bubble? . Boston Globe ,
   Google Scholar
• Oikarinen , E. 2009a . Household borrowing and metropolitan housing price dynamics: Empirical evidence from Helsinki . Journal of Housing Economics , 18 ( 2 ) : 126 – 139 .
   Web of Science ®Google Scholar
• Oikarinen , E. 2009b . Interaction between housing prices and household borrowing: The Finnish case . Journal of Banking and Finance , 33 : 747 – 756 .
   Web of Science ®Google Scholar
• Pavlov , A. D. and Wachter , S. M. 2004 . Robbing the bank: Non-recourse lending and asset prices . Journal of Real Estate Finance and Economics , 28 ( 3 ) : 147 – 160 .
   Web of Science ®Google Scholar
• Pavlov , A. D. and Wachter , S. M. 2006a . The inevitability of marketwide underpricing of mortgage default risk . Real Estate Economics , 34 ( 4 ) : 479 – 496 .
   Web of Science ®Google Scholar
• Pavlov, A. D., & Wachter, S. M. (2006b). Underpriced lending and real estate markets. Unpublished paper. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=980298
   Google Scholar
• Pavlov , A. and Wachter , S. 2009a . Mortgage put options and real estate markets . Journal of Real Estate Finance and Economics , : 89 – 103 .
   Web of Science ®Google Scholar
• Pavlov , A. and Wachter , S. M. 2009b . Systemic risk and market institutions . Yale Journal on Regulation , 26 ( 1 ) : 445 – 455 .
   Google Scholar
• Pavlov , A. and Wachter , S. M. 2011 . Subprime lending and real estate prices . Real Estate Economics , 38 ( 1 ) : 1 – 17 .
   Web of Science ®Google Scholar
• Peterson , C. L. 2007 . Predatory structured finance . Cardozo Law Review , 28 : 2185 – 2284 .
   Google Scholar
• Rajan , R. G. 2010 . Fault lines: How hidden fractures still threaten the world economy , Princeton, NJ: Princeton University Press .
   Google Scholar
• Shiller , R. J. 2000 . Measuring bubble expectations and investor confidence . Journal of Psychology and Financial Markets , 1 ( 1 ) : 49 – 60 .
   Google Scholar
• Shiller , R. J. 2008 . “ Understanding recent trends in house prices and homeownership ” . In Housing, housing finance and monetary policy, Jackson Hole Conference Series , 85 – 123 . Federal Reserve Bank of Kansas City .
   Google Scholar
• Stiglitz , J. E. and Weiss , A. 1981 . Credit rationing in markets with imperfect information . American Economic Review , 71 ( 3 ) : 393 – 410 .
   Web of Science ®Google Scholar
• Taylor , J. B. 2009 . Getting off track: How government actions and interventions caused, prolonged, and worsened the financial crisis , Stanford, CA : Hoover Press .
   Google Scholar
• Timiraos , N. and Tamman , M. 2011, June 25 . Tighter lending crimps housing . Wall Street Journal , Retrieved from http://online.wsj.com/article/SB10001424052702304569504576405660006330644.html
   Google Scholar
• Veblen , T. 1904 . A theory of business enterprise , New York, NY : Charles Scribner's Sons .
   Google Scholar
• Wachter , S. , Warren , E. and Bachieva , R. 2005 . “ Mortgage debt, bankruptcy, and the sustainability of homeownership ” . In Credit markets for the poor , Edited by: Rosenthal , H. New York, NY: Russell Sage Foundation .
   Google Scholar
• Wallison , P. J. 2011 . Dissent from the majority report of the Financial Crisis Inquiry Commission , American Enterprise Institute Paper .
   Google Scholar
• White , M. J. 2007 . Bankruptcy reform and credit cards . Journal of Economic Perspectives , 21 ( 4 ) : 175 – 199 .
   Web of Science ®Google Scholar
• Williams, J. (2012). Housing, monetary policy, and the recovery. Presentation to the Monetary Policy Forum, New York
   Google Scholar
• Wilmarth , A. E. Jr . 2004 . The OCC's preemption rules exceed the agency's authority and present a serious threat to the dual banking system and consumer protection . Annual Review of Banking and Financial Law , 23 : 225 – 364 .
   Google Scholar
• Wilmarth , A. E. Jr . 2009 . The dark side of universal banking: Financial conglomerates and the origins of the subprime financial crisis . Connecticut Law Review , 41 : 963 – 1050 .
   Google Scholar