Publication
Jun 2009
This paper provides evidence for the costs housing crises induce in terms of GDP growth and examines under what circumstances these crises are particularly costly. Housing crises, the authors argue, are often followed by recessions that are longer and deeper than other recessions, reducing the GDP growth rate, on average, by 2.5 percentage points.
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English (PDF, 11 pages, 202 KB) |
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Author | Christian Assmann, Jens Boysen-Hogrefe, Nils Jannsen |
Series | Kiel Institute Working Papers |
Issue | 1524 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2009 Kiel Institute for the World Economy |