- Österreichische Nationalbank (OeNB 2014): Fundamentalpreisindikator für Wien und Österreich, Pressedienst, Wien, 20. Januar.
Paper not yet in RePEc: Add citation now
Agnello, L., Schuknecht, L., (2011): Booms and busts in housing markets: Determinants and implications. Journal of Housing Economics 20, 171–190. doi:10.1016/j.jhe.2011.04.001 Ahlswede, S. (2013): Bank funding of residential mortgages in the EU, Deutsche Bank Research, Financial Market Special EU-Monitor 86, August 12, 2011, Frankfurt am Main.
Aizenman, J., Jinjarak, Y. (2009): Current Account Patterns and National Real Estate Markets, Journal of Urban Economics, 66, 75-89.
Albacete, N. und K. Wagner (2009): Wie finanzieren private Haushalte in Österreich ihr Immobilienvermögen? In: Geldpolitik und Wirtschaft, Q3/09, Österreichische Nationalbank,pp. 68-102; English version: Housing Finance of Austrian Households, in: Monetary policy & the economy Q3/09, S. 62-92.
Allen, F., Gale, D., 2000. Bubbles and crises. The economic journal 110, 236–255.
Allen, F., Morris, S., Postlewaite, A., 1993. Finite bubbles with short sale constraints and asymmetric information. Journal of Economic Theory 61, 206–229.
Anundsen, A. K. and C. Heebøll (2013), Supply Restrictions, Subprime Lending and Regional US Housing Prices, University of Oslo Department of Economics Memorandum 04/2013, Oslo.
- Assenmacher-Wesche, K., Gerlach, S. (2010): Financial Structure and the Impact of Monetary Policy on Property Prices, Working Paper, University of Frankfurt.
Paper not yet in RePEc: Add citation now
Barlevy, G., 2012. Rethinking theoretical models of bubbles. Reflections inspired by the financial crisis and Allen and Gorton’s Paper “Churning Bubbles,†in: Evanoff, D.D., Kaufman, G.G., Malliaris, A.G. (Eds.), New Perspectives on Asset Price Bubbles: Theory, Evidence, and Policy. Oxford University Press, Oxford, pp. 41–61.
Basco, S. (2014): Globalization and financial development: A model of the Dot-Com and the Housing Bubbles. Journal of International Economics, 92(1), 78–94. doi:10.1016/j.jinteco.2013.10.008 Beck, N., 2001. Time-series-cross-section data, Statistica Neerlandica, Vol. 55, nr. 2, pp. 111-133.
- Bernanke, B., 2005. The global saving glut and the US current account deficit. Remarks at the Sandridge Lecture, Virginia Association of Economists. The Federal Reserve Board, Richmond, Virginia.
Paper not yet in RePEc: Add citation now
Bernanke, B., 2010. Monetary policy and the housing bubble. Speech at the Annual Meeting of the American Economic Association.
Blanchard, O.J., 1979. Speculative bubbles, crashes and rational expectations. Economics letters 3, 387–389.
Blanchard, O.J., Watson, M.W., 1982. Bubbles, Rational Expectations and Financial Markets, in: Wachtel, P. (Ed.), Crises in the Economic and Financial Structure. D.C. Heathand Company, Lexington, MA, pp. 295–316.
Bordo, M.D., Jeanne, O., 2002. Monetary Policy and Asset Prices: Does “Benign Neglect†Make Sense? International Finance 5, 139–164. doi:10.1111/1468-2362.00092 Bordo, M.D., Landon-Lane, J., 2013a. What Explains House Price Booms?: History and Empirical Evidence. NBER Working Papers Series. Working paper 19584.
Bordo, M.D., Landon-Lane, J., 2013b. Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence. NBER Working Paper Series. Working paper 19585.
Borio, C., Lowe, P., 2002. Assessing the risk of banking crises. BIS Quarterly Review, December, 43–54.
Borio, C., Lowe, P., 2004. Securing Sustainable Price Stability: Should Credit Come Back from the Wilderness? BIS Working Paper 157.
- Brunnermeier, M. K.(2008): Bubbles, The New Palgrave Dictionary of Economics 2.
Paper not yet in RePEc: Add citation now
Brunnermeier, M.K., Julliard, C., 2008. Money Illusion and Housing Frenzies. Review of Financial Studies 21, 135–180.
Caballero, R. J., Farhi, E., Gourinchas, P.-O., (2008): An Equilibrium Model of 'Global Imbalances' and Low Interest Rates, American Economic Review, 98, 358-393.
Calza, A., Monacelli, T., Stracca, L. (2013): Housing Finance and Monetary Policy, Journal of the European Economic Association, 11 (S1), 101-122.
Carstensen, K., Hülsewig, O., Wollmershäuser, T. (2009): Monetary Policy Transmission and House Prices: European Cross-Country Evidence, CESifo Working Paper No. 2750.
Case, K.E., Shiller, R.J., 2003. Is there a bubble in the housing market? Brookings Papers on Economic Activity 2003, 299–362.
Cocco, J.F., 2013. Evidence on the benefits of alternative mortgage products. The Journal of Finance 68, 1663–1690.
- Dawkins, C.J., Nelson, A.C., 2002. Urban containment policies and housing prices: an international comparison with implications for future research. Land Use Policy 19, 1–12.
Paper not yet in RePEc: Add citation now
De Long, J.B., Shleifer, A., Summers, L.H., Waldmann, R.J., 1990. Positive Feedback Investment Strategies and Destabilizing Rational Speculation. The Journal of Finance 45, 379–395.
Dell’Ariccia, G., D. Igan and L. Laeven (2012), Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market, Journal of Money, Credit and Banking, Vol. 44 (3), pp. 367-384.
- Deloitte (2013), U.S. Residential Mortgage Market Update Industry metrics and analysis, April 2013.
Paper not yet in RePEc: Add citation now
DeMarzo, P.M., Kaniel, R., Kremer, I., 2008. Relative wealth concerns and financial bubbles. Review of Financial Studies 21, 19–50.
- Department for Communities and Local Government, 2014. Tenure trends and cross tenure analysis - Statistical data sets [WWW Document]. GOV.UK. URL https://www.gov.uk/government/statistical-data-sets/tenure-trends-and-cross-tenureanalysis (accessed 7.29.14).
Paper not yet in RePEc: Add citation now
Dokko, J., Doyle, B.M., Kiley, M.T., Kim, J., Sherland, S., Sim, J., Van Den Heuvel, S., 2011. Monetary policy and the global housing bubble. Economic Policy 237–287.
Duca, J. V., J. Muellbauer and A. Murphy (2011), Shifting credit standards and the boom and bust in U.S. house prices, Federal Reserve Bank of Dallas Working Papers 1104.
- Erber, Georg (2011): Verbriefungen: Aus der Krise nichts gelernt? in: DIW Wochenbericht Nr. 35, S. 3-11.
Paper not yet in RePEc: Add citation now
- European Central Bank (ECB 2009): Housing Finance in the Euro Area, Structural Issues Report, March, http://www.ecb.europa.eu/pub/pdf/other/housingfinanceeuroarea0309en.pdf.
Paper not yet in RePEc: Add citation now
- Eurostat (2014a): Housing Statistics, released December 2014, http://ec.europa.eu/eurostat/statistics-explained/index.php/Main_Page.
Paper not yet in RePEc: Add citation now
- Eurostat (2014b): National accounts data, gross fixed capital formation by 6 asset types: dwellings, released December 2014, http://ec.europa.eu/eurostat/web/nationalaccounts /data/database.
Paper not yet in RePEc: Add citation now
Favilukis, J., Kohn, D., Ludvigson, S.C., Van Nieuwerburgh, S., 2013. International Capital Flows and House Prices: Theory and Evidence, in: Glaeser, E.L., Sinai, T. (Eds.), Housing and the Financial Crisis. University of Chicago Press, pp. 235–299.
Fratzscher, M., Straub, R. (2010): Asset Prices, News Shocks and the Current Account, CEPR Discussion Paper No. 8080.
Gerdesmeier, D., Reimers, H.-E., Roffia, B., 2010. Asset Price Misalignments and the Role of Money and Credit. International Finance 13, 377–407. doi:10.1111/j.14682362. 2010.01272.x Goodhart, C., Hofmann, B. (2008): House Prices, Money, Credit, and the Macroeconomy, Oxford Review of Economic Policy, 24, 180-205.
Gramlich, E. M. (2007), Subprime Mortgages: America’s Latest Boom and Bust, Washingtion, D.C. Green, R.K. and S. M. Wachter (2005), The American Mortgage in Historical and International Context, Journal of Economic Perspectives, 19 (4), pp. 93-114.
Green, R.K. and S. M. Wachter (2007), The Housing Finance Revolution, University of Pennsylvania, Institute for Law & Econ Research Paper No. 09-37.
Harding, D., Pagan, A., 2002. Dissecting the cycle: a methodological investigation. Journal of monetary economics 49, 365–381.
Hendershott, P.H., Pryce, G., White, M., 2003. Household Leverage and the Deductibility of Home Mortgage Interest: Evidence from UK House Purchasers. Journal of Housing Research 14, 49.
Hoffmann, M., Nitschka, T., 2009. Securitization of Mortgage Debt, Asset Prices and International Risk Sharing, CESifo Working Paper No. 2527.
Hong, H., Scheinkman, J., Xiong, W., 2006. Asset Float and Speculative Bubbles. The Journal of Finance 61, 1073–1117.
Hong, H., Stein, J.C., 1999. A unified theory of underreaction, momentum trading, and overreaction in asset markets. The Journal of Finance 54, 2143–2184.
Hume, M., Sentence, A., 2009. The Global Credit Boom: Challenges for Macroeconomics and Policy, Journal of International Money and Finance, 28, 1426-1461.
- International Monetary Fund (IMF 2011): Housing finance and financial stability, in: Global financial stability report 2011, ch.3, pp. 111-113, http://www.imf.org/external/pubs/ft/gfsr/2011/01/pdf/chap3.pdf.
Paper not yet in RePEc: Add citation now
- International Monetary Fund (IMF), 2008. The changing housing cycle and the implications for monetary policy, in: World Economic Outlook: Housing and the Business Cycle.
Paper not yet in RePEc: Add citation now
- International Monetary Fund (IMF), 2009. Lessons for monetary policy from asset price fluctuations, in: World Economic Outlook. Internatinal Monetary Fund, Washington, D.C., pp. 93–120.
Paper not yet in RePEc: Add citation now
Krainer, J. (2010), Mortgage Choice and the Pricing of Fixed-Rate and Adjustable-Rate Mortgages, FRBSF Economic Letter No. 2010-03, San Francisco.
- Krugman, P., 2002. Dubya’s Double Dip? The New York Times.
Paper not yet in RePEc: Add citation now
- Krugman, P., 2014. Inflation Targets Reconsidered. Draft paper for ECB SINTRA conference.
Paper not yet in RePEc: Add citation now
Kunnert, A., Baumgartner, J. (2012): Instrumente und Wirkungen der österreichischen Wohnungspolitik, Österreichisches Institut für Wirtschaftsforschung WIFO, Wien, November.
Kuttner, K., Shim, I., 2013. Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies (NBER Working Paper No. 19723).
Lieberman, Evan, S. (2005), Nested Analysis as a Mixed-Method Strategy for Comparative Research. American Political Science Review, Vol. 99 (3), 435-452.
- Markham, J. W. (2010), The Subprime Crisis--A Test Match For the Bankers: Glass-Steagall vs. Gramm-Leach-Bliley, University of Pennsylvania Journal of Business Law, 12 (4), 1081-1134.
Paper not yet in RePEc: Add citation now
Marqués, J.M., Maza, L.., Rubio, M., 2010. Una Comparación de los ciclos inmobiliarios recientes en España, Estados Unidos y Reino Unido. BoletÃn Económico 107–120.
Mayer, C., 2011. Housing Bubbles: A Survey. Annual Review of Economics 3, 559–577.
McCarthy, J., Peach, R.W., 2004. Are home prices the next bubble? FRBNY Economic Policy Review 10, 1–17.
- Minsky, H.P., 1986. Stabilizing an unstable economy. Yale University Press.
Paper not yet in RePEc: Add citation now
Nguyen, P., 2005. Market underreaction and predictability in the cross-section of Japanese stock returns. Journal of Multinational Financial Management 15, 193–210.
- Popken, B. (2008), Blame The Subprime Meltdown On The Repeal Of Glass-Steagall, The Consumerist, April 17, 2008, http://consumerist.com/2008/04/17/blame-the-subprimemeltdown -on-the-repeal-of-glass-steagall/, last accessed on September 22, 2014.
Paper not yet in RePEc: Add citation now
- Publisher: Hans-Böckler-Stiftung, Hans-Böckler-Str. 39, 40476 Düsseldorf, Germany Phone: +49-211-7778-331, IMK@boeckler.de, http://www.imk-boeckler.de IMK Study is an online publication series available at: http://www.boeckler.de/imk_5023.htm ISSN: 1861-2180 The views expressed in this paper do not necessarily reflect those of the IMK or the Hans-Böckler-Foundation. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.
Paper not yet in RePEc: Add citation now
- Roe, M. J. (2011): The Derivatives Market's Payment Priorities as Financial Crisis Accelerator, Stanford Law Review, 63, 539-90.
Paper not yet in RePEc: Add citation now
Sá, F., Towbin, P., Wieladek, T., 2014. Capital Inflows, Financial Structure and Housing Booms. Journal of the European Economic Association 12, 522–546.
- Scanlon, K., Whitehead, C., 2011. The UK mortgage market: responding to volatility. Journal of housing and the built environment 26, 277–293.
Paper not yet in RePEc: Add citation now
Scharfstein, D.S., Stein, J.C., 1990. Herd behavior and investment. The American Economic Review 80, 465–479.
Scheinkman, J.A., Xiong, W., 2003. Overconfidence and speculative bubbles. Journal of political Economy 111, 1183–1220.
Scherbina, A., 2013. Asset Price Bubbles: A Selective Survey. IMF Working Paper WP/13/45.
Schneider, M. (2013): Are Recent Increases of Residential Property Prices in Vienna and Austria Justified by Fundamentals? Monetary Policy and the Economy, Q4/13, Österreichische Nationalbank, 29-46 (deutsch: Ein Fundamentalpreisindikator für Wohnimmobilien für Wien und Gesamtösterreich, Österreichische Nationalbank).
Segoviano, M. A., Jones, B., Lindner, P., Blankenheim, J. (2013), Securitization: Lessons Learned and the Road Ahead, IMF Working Paper No. 13/255, Washington, DC.
- Shiller, R.J., 2008. The subprime solution: How today’s global financial crisis happened, and what to do about it. Princeton University Press, Princeton, NJ and Oxfordshire.
Paper not yet in RePEc: Add citation now
Shim, I., Bogdanova, B., Shek, J., Subelyte, A., 2013. Database for policy actions on housing markets. BIS Quarterly Review, (September), 83–95.
Shin, H. S., 2009. Reflections on Northern Rock: The Bank Run that Heralded the Global Financial Crisis, Journal of Economic Perspectives 23 (1), pp. 101–119.
Shleifer, A., Vishny, R. W. (1997): The Limits of Arbitrage, The Journal of Finance, 52, 35-55.
- Statistik Austria (2013): Wohnen 2012. Ergebnisse der Wohnungserhebung im Mikrozensus, Jahresdurchschnitt 2012, http://www.statistik.at/web_de/Redirect/index.htm?dDocName=071868 Stiglitz, J.E., 1990. Symposium on bubbles. The Journal of Economic Perspectives 4, 13–18.
Paper not yet in RePEc: Add citation now
- Stoclet, E. 2012. Where have all the specialist mortgage lenders gone?, Mortgage Strategy July 23, http://www.mortgagestrategy.co.uk/blogs/product-blogs/where-have-all-thespecialist -mortgage-lenders-gone/1054956.article (accessde June 5, 2015).
Paper not yet in RePEc: Add citation now
Stout, L. A. (2008). Derivatives and the Legal Origin of the 2008 Credit Crisis, Harvard Business Law Review, 1, 1-38 Taylor, J.B., 1993. Discretion versus policy rules in practice. Carnegie-Rochester Conference Series on Public Policy 39, 195–214.
Taylor, J.B., 2007. Housing and Monetary Policy, in: Proceedings - Economic Policy Symposium - Jackson Hole. Federal Reserve Bank of Kansas City, pp. 463–476.
- Taylor, J.B., 2008. The Financial Crisis and the Policy Response: An Empirical Analysis of What Went Wrong, keynote lecture at the Bank of Canada, Ottawa, November.
Paper not yet in RePEc: Add citation now
- U.S. Bureau of Census (2014), Housing Vacancies and Homeownership, Online at: http://www.census.gov/housing/hvs/, last accessed on September 22, 2014.
Paper not yet in RePEc: Add citation now
U.S. Department of Housing and Urban Development (2013), American Housing Survey for the United States: 2011 Wallison, P. J. (2011), Did the “Repeal†of Glass-Steagall Have Any Role in the Financial Crisis? Not Guilty. Not Even Close, in: J. A. Tatom (ed.), Financial Market Regulation, New York et al., pp. 19-29.
- Warnock, F. E., Warnock, V. (2009): International Capital Flows and U.S. Interest Rates, Journal of International Money and Finance, 28, 903-919.
Paper not yet in RePEc: Add citation now
White, W.R., 2006. Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework? BIS Working Paper 193, Basel.
- Whitehead, C. M. E. 2008. The Nature and Role of Building Societies in the UK, Swedish National Board of Housing, Building and Planing, Karlskrona.
Paper not yet in RePEc: Add citation now
- Wieser, R. (2009): Determinanten der Mietwohnhauspreise in Wien, ifip TU Wien Working Paper Nr. 4/2008, http://www.ifip.tuwien.ac.at/publ/wp/PDF/IFIP_WP_4_2008.pdf Yalçın, A., 2008. Gradual information diffusion and contrarian strategies. The Quarterly Review of Economics and Finance 48, 579–604.
Paper not yet in RePEc: Add citation now