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Housing and the Macroeconomy: Inflation and the Financial Accelerator
Authors:JOHN MUELLBAUER
Abstract: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.
Keywords:C51  C52  E02  E21  E21  E37  E51  G01  G18  G21  R21  R31.  housing and the macroeconomy  forecasting inflation  house price booms and busts  housing supply  housing credit  housing wealth  financial accelerator
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