Housing Really Is the Business Cycle: What Survives the Lessons of 2008–09?
2008-09年衰退证实住房是美国经济周期的关键部分，货币政策需考虑时点选择的影响，且干预住房周期的最佳时机是建设量高于正常且增长时。
The downturn of 2008–09 has confirmed that: (i) housing is the single most critical part of the U.S. business cycle, (ii) the proper conduct of monetary policy needs to be cognizant that choices made at one point in time affect the options later, and (iii) the best time to intervene in the housing cycle is when the volume of building is above normal and growing more so. What was different this time was the rapid and substantial decline in home prices.