By analyzing 20 developed economies over 1920–2012, we find the following evidence of
overoptimism and neglect of crash risk by bank equity investors during credit expansions:(i) …

Credit rating agencies (CRAs) play a central role in the debt (bond) markets of many
countries. CRAs have also attracted a considerable amount of public and policy attention …

In advanced economies, a century-long, near-stable ratio of credit to GDP gave way to rapid
financialization and surging leverage in the last forty years. This “financial hockey stick” …

What is the role of the financial sector in explaining business cycles? This question is as old
as the field of macroeconomics, and an extensive body of research conducted since the …

It surprised investors, who dumped stocks and brought the market index down by 500 points
on Monday. It surprised policymakers, who rushed to rescue other financial institutions after …

We provide new time-varying estimates of the housing wealth effect back to the 1980s. We
use three identification strategies: ordinary least squares with a rich set of controls, the Saiz …

Home price expectations are believed to play an important role in housing dynamics, yet we
have limited understanding of how they are formed and how they affect behaviour. Using a …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

The fourth edition of Housing Policy in the United States refreshes its classic, foundational
coverage of the field with new data, analysis, and comparative focus. This landmark volume …

Questionnaire surveys undertaken in 1988 and annually from 2003 through 2014 of recent
homebuyers in each of four US metropolitan areas shed light on their expectations and …