Housing and the Macroeconomy: Inflation and the Financial Accelerator
讨论了住房与宏观经济的三个主题：住房市场对美国通胀的驱动作用、房价的国际差异原因、以及住房与信贷通过消费、投资和不良贷款渠道影响金融加速器的机制。
Three themes connecting housing and the macroeconomy are discussed. First, evidence is presented for the property market as one of the drivers of U.S. consumer price inflation. Second, key drivers of house prices are explained to account for the remarkable diversity of international experience. Finally, three potential links between housing, credit, and the financial accelerator are discussed. These are the consumption channel, the investment channel, and feedback between bad loans and risk‐spreads via the financial system—and how institutional differences between countries can explain the presence, absence and magnitudes of these linkages.