We study the house price recovery in the U.S. single-family residential housing market since the outbreak of the mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using comprehensive property-level transaction data, we show...

Two years and more have passed since the outbreak of the East Asian Financial crisis in 1997. Although international economic and financial conditions deteriorated somewhat in the wake of the crisis, the world economy escaped a “global slump.” Using an intertemporal general equilibrium model...