House Prices and the Macroeconomy

Implications for Banking and Price Stability

Charles Goodhart and Boris Hofmann

246 pages | numerous graphs, line drawings and tables. | 246x171mm

978-0-19-920459-5 | Hardback | 21 December 2006

Price: £65.00

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Deals comprehensively with the effects of housing price bubbles and busts, a current key macro-economic concern
Provides the latest empirical research on this key topic in a form understandable to anyone interested in the causes and effects of housing price fluctuations on the macro-economy
Makes a number of public policy recomendations to reduce the harmful effects of bank lending and housing price fluctuations

House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system.

Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.

Readership: Academics and students with an interest in housing economics and those concerned with macro-economic cycles and the determinants of inflation. Bankers, mortgage lenders and policymakers.

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House Prices and the Macroeconomy

Implications for Banking and Price Stability

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