Journal Article

Discussion of ‘House prices, money, credit, and the macroeconomy’ by Charles Goodhart and Boris Hofmann

Simon Price

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 24, issue 1, pages 206-209
Published in print January 2008 | ISSN: 0266-903X
Published online January 2008 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grn006
Discussion of ‘House prices, money, credit, and the macroeconomy’ by Charles Goodhart and Boris Hofmann

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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.

Keywords: house prices; vector autoregressions (VARs); identification; E21; E22; E31; E32; E44; E47; E50; R21; R31

Journal Article.  1714 words. 

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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