Property Prices, Macroeconomic Policy and Finance in the United States

1994:11

Posted: 26 May 1998

See all articles by Michael M. Hutchison

Michael M. Hutchison

University of California, Santa Cruz - Department of Economics

Clas Wihlborg

Chapman University; University West

Date Written: May 1994

Abstract

Property prices in the USA have varied widely during the postwar period. The main points that arise from our analysis of the 1980s are (i) fundamental determinants explain only parts of the price swings (ii), regulatory are legislative changes reinforced the price swings but we cannot exclude the possibility of additional inefficiencies causing bubbles, (iii) the financial stress caused by falling property price cannot be considered the main cause of the problems that necessitated a large-scale bail-out of the thrift industry. This paper was presented at International Land Policy Forum, Tokyo, April 1994.

JEL Classification: G12, R31, R32

Suggested Citation

Hutchison, Michael M. and Wihlborg, Clas, Property Prices, Macroeconomic Policy and Finance in the United States (May 1994). 1994:11, Available at SSRN: https://ssrn.com/abstract=7253

Michael M. Hutchison

University of California, Santa Cruz - Department of Economics ( email )

Social Sciences I
Santa Cruz, CA 95064
United States
831-459-2600 (Phone)
831-459-5900 (Fax)

Clas Wihlborg (Contact Author)

Chapman University ( email )

333 N. Glassell
Orange, CA 92866
United States
+17147447630 (Phone)

University West ( email )

Trollhättan, 46186
Sweden

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