- Title Pages
-
Part I Global Warming -
Chapter 1 Climate Change -
Chapter 2 Global Climate Change -
Chapter 3 A New Agenda for Global Warming -
Chapter 4 A Meaningful Second Commitment Period for the Kyoto Protocol -
Part II The International Economy -
Chapter 5 Divergent Views on the Coming Dollar Crisis -
Chapter 6 U.S. Offshoring -
Chapter 7 Advance Market Commitments -
Chapter 8 Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed? -
Part III Economics of the Iraq War -
Chapter 9 The Economic Cost of the Iraq War -
Chapter 10 The High Cost of the Iraq War -
Part IV Fiscal Policy -
Chapter 11 Sense and Nonsense About Federal Deficits and Debt -
Chapter 12 Government Deficits and the Deindustrialization of America -
Part V Social Security -
Chapter 13 Confusions About Social Security -
Chapter 14 The Many Definitions of Social Security Privatization -
Chapter 15 The Virtues of Personal Accounts for Social Security -
Chapter 16 Could Social Security Go Broke? -
Part VI Tax Reform -
Chapter 17 A Broader Perspective on the Tax Reform Debate -
Chapter 18 Tax Reform -
Chapter 19 Taxes on Investment Income Remain Too High and Lead to Multiple Distortions -
Chapter 20 Progressive Consumption Taxation as a Remedy for the U.S. Savings Shortfall -
Part VII Social Policy -
Chapter 21 Was Welfare Reform Successful? -
Chapter 22 Cutting the Safety Net One Strand at a Time -
Chapter 23 The Choose-Your-Charity Tax -
Chapter 24 Should the Government Rebuild New Orleans or Just Give Residents Checks? -
Chapter 25 Does College Still Pay? -
Chapter 26 How to Deal with Terrorism -
Part VIII The Death Penalty -
Chapter 27 The Economics of Capital Punishment -
Chapter 28 On the Economics of Capital Punishment -
Chapter 29 The Death Penalty -
Chapter 30 Reply to Donohue and Wolfers on the Death Penalty and Deterrence -
Chapter 31 Letter -
Chapter 32 Reply -
Part IX Real Estate -
Chapter 33 Long-Term Perspectives on the Current Boom in Home Prices -
Chapter 34 The Menace of an Unchecked Housing Bubble -
Chapter 35 What to Do About Fannie and Freddie? - Index
Long-Term Perspectives on the Current Boom in Home Prices
Long-Term Perspectives on the Current Boom in Home Prices
- Chapter:
- (p.269) Chapter 33 Long-Term Perspectives on the Current Boom in Home Prices
- Source:
- The Economists' Voice
- Author(s):
Robert J. Shiller
- Publisher:
- Columbia University Press
This chapter addresses some common questions from homeowners: Is the current boom in home prices temporary? Is a crash possible? And if prices do fall, will they come back up fairly soon, or will they stay down for many years? It considers very long-term data in home prices in various countries. It shows that there is no long-term upward trend in real (inflation-adjusted) home prices. The recent run-up in prices is a bubble, and the only question is whether it will end with a soft landing or, on the contrary, with a sharp correction. With such a large degree of irrational overpricing, a sharp fall in prices is more likely.
Keywords: U.S. housing market, real estate market, home prices, housing bubble
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- Title Pages
-
Part I Global Warming -
Chapter 1 Climate Change -
Chapter 2 Global Climate Change -
Chapter 3 A New Agenda for Global Warming -
Chapter 4 A Meaningful Second Commitment Period for the Kyoto Protocol -
Part II The International Economy -
Chapter 5 Divergent Views on the Coming Dollar Crisis -
Chapter 6 U.S. Offshoring -
Chapter 7 Advance Market Commitments -
Chapter 8 Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed? -
Part III Economics of the Iraq War -
Chapter 9 The Economic Cost of the Iraq War -
Chapter 10 The High Cost of the Iraq War -
Part IV Fiscal Policy -
Chapter 11 Sense and Nonsense About Federal Deficits and Debt -
Chapter 12 Government Deficits and the Deindustrialization of America -
Part V Social Security -
Chapter 13 Confusions About Social Security -
Chapter 14 The Many Definitions of Social Security Privatization -
Chapter 15 The Virtues of Personal Accounts for Social Security -
Chapter 16 Could Social Security Go Broke? -
Part VI Tax Reform -
Chapter 17 A Broader Perspective on the Tax Reform Debate -
Chapter 18 Tax Reform -
Chapter 19 Taxes on Investment Income Remain Too High and Lead to Multiple Distortions -
Chapter 20 Progressive Consumption Taxation as a Remedy for the U.S. Savings Shortfall -
Part VII Social Policy -
Chapter 21 Was Welfare Reform Successful? -
Chapter 22 Cutting the Safety Net One Strand at a Time -
Chapter 23 The Choose-Your-Charity Tax -
Chapter 24 Should the Government Rebuild New Orleans or Just Give Residents Checks? -
Chapter 25 Does College Still Pay? -
Chapter 26 How to Deal with Terrorism -
Part VIII The Death Penalty -
Chapter 27 The Economics of Capital Punishment -
Chapter 28 On the Economics of Capital Punishment -
Chapter 29 The Death Penalty -
Chapter 30 Reply to Donohue and Wolfers on the Death Penalty and Deterrence -
Chapter 31 Letter -
Chapter 32 Reply -
Part IX Real Estate -
Chapter 33 Long-Term Perspectives on the Current Boom in Home Prices -
Chapter 34 The Menace of an Unchecked Housing Bubble -
Chapter 35 What to Do About Fannie and Freddie? - Index
