Of the components of GDP, residential investment offers by far the best early warning sign of an oncoming recession. Since World War II we have had eight recess

The global economic crisis of 2008 was precipitated by a housing market crash, thus highlighting the destabilizing influence of the property cycle upon the wide

The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underly

In the United States, the percentage standard deviation of residential investment is more than twice that of non-residential investment. In addition, GDP, consu

In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing a