Discussion of 'House prices, money, credit, and the macroeconomy' by Charles Goodhart and Boris Hofmann
评论了古德哈特和霍夫曼关于房价、流动性与经济活动之间因果关系的研究，指出房价变化对财富的净影响可能很小，但存在抵押品效应，并强调识别冲击来源对解释结果的重要性。
Goodhart and Hoffman aim to examine causal and other links between house prices, liquidity, and activity, and this note comments on their results. One part of the mechanism is via wealth—but arguably house-price changes have little net impact on wealth, although there are collateral effects. The authors clearly establish strong empirical links between the variables examined. The main practical issues are to do with identification of the source of shocks and therefore on the interpretation of the results.