Financial systems in OECD countries during the past two decades have undergone
extensive structural change as a result of regulatory reform and technological innovation …

According to conventional wisdom, a fiscal consolidation is likely to contract real aggregate
demand. It has often been argued, however, that this conclusion is misleading as it neglects …

During the last ten years, macroeconomists have increasingly come to realise that there are
important interactions between housing and the wider economy. In some cases, this …

Using UK data the REPIH is rejected due to the predictive content of consumer confidence,
and not labour income or any other macroeconomic variable. We provide evidence …

The last decade has seen widespread domestic financial deregulation in the industrial
world, particularly in the United States, United Kingdom and the Nordic countries, resulting …

This paper analyses the implications of relaxing credit restrictions in housing finance
markets. A theoretical model of the interaction of financial and housing markets and forward …

The last decade has seen widespread deregulation of domestic financial markets in the
United Kingdom. This paper uses regional data to investigate the connection between …

We examine the implications of treating seasonality as an unobserved component which
changes slowly over time. This approach simplifies the specification of dynamic …

When the assumption of constant parameters fails, the in-sample fit of a model may be a
poor guide to ex-ante forecast performance. We expound a number of models, methods, and …

Traditional welfare cost estimates of tax subsidies for owner-occupied housing are less than
0.5% of GNP in the United States and Canada. This paper argues that these static measures …