NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Alexander Field

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

Working Papers and Chapters

September 2013The Interwar Housing Cycle in the Light of 2001–2012: A Comparative Historical Perspective
in Housing and Mortgage Markets in Historical Perspective, Eugene N. White, Kenneth Snowden, and Price Fishback, editors
This paper examines the interwar housing cycle in comparison to what transpired in the United States between 2001 and 2012. The 1920s experienced a boom in construction and prolonged retardation in building in the 1930s, with a swing in residential construction’s share of GDP and absolute volume, which was larger than occurred in the 2000s. In contrast, there was relatively little sustained movement in the real price of housing between 1919 and 1941. The upward and downward price movements were modest, certainly in comparison with more recent experience. The paper documents the higher degree of housing leverage in 2001-2012 and a rate of foreclosure on residential housing post-2006 that is likely higher than the rate endured during the 1930s. It concludes that balance sheet problems arisi...
February 2013The Interwar Housing Cycle in the Light of 2001-2011: A Comparative Historical Approach
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This paper examines the interwar housing cycle in comparison to what transpired in the United States between 2001 and 2011. The 1920s experienced a boom in construction and prolonged retardation in building in the 1930s, resulting in a swing in residential construction’s share of GDP, and its absolute volume, that was larger than what has taken place in the 2000s. In contrast, there was relatively little sustained movement in the real price of housing between 1919 and 1941, and the up and down price movements were remarkably modest, certainly in comparison with more recent experience. The paper documents the higher degree of housing leverage in 2001-2011. And it documents a rate of foreclosure on residential housing post 2006 that is likely higher than during the 1930s. It concludes tha...

Published: The Interwar Housing Cycle in the Light of 2001–2012: A Comparative Historical Perspective, Alexander J. Field. in Housing and Mortgage Markets in Historical Perspective, White, Snowden, and Fishback. 2014

April 2011The Adversity/Hysteresis Effect: Depression-Era Productivity Growth in the U.S. Railroad Sector
in The Rate and Direction of Inventive Activity Revisited, Josh Lerner and Scott Stern, editors

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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