Introduction to "Housing and Mortgage Markets in Historical Perspective"
The introduction provides an overview of the historical precedents to the most recent housing crisis, examining how in previous crises falling housing prices, disruptions to financial markets and institutions and declines in consumer spending affected economic downturns. There is a special focus on the American housing busts of the 1920s and 1930s, with attention given to the measurement of housing prices, the resolution of failed financial institutions, and the mid-century scholarship that helped to define current academic and policy paradigms. The causes behind the usually rapid rise in homeownership in post-War World II US that helped to define the current market are investigated. Other essays examine the creation and evolution of mortgage markets in Germany and the Netherlands, providing a striking contrast to American institutions.
Kenneth Snowden acknowledges the insights of participants of the Universities Research Conference on “Housing and Mortgage Markets in Historical Perspective” held in Cambridge, Massachusetts on September 23 and 24 in 2011. The National Bureau of Economic Research (NBER) sponsored and provided the funding for the conference. Financial support has been provided by National Science Foundation Grant SES-1061927.Price Fishback
The data collection for the project included support from the following sources:
The University of Arizona Economics Department and the Thomas R. Brown Professorship in Economics.
“Institutional Performance and Change During Boom and Bust: The Residential Mortgage Market, 1920-1940.” National Science Foundation Grant SES-1061927. $304,300 for three years. Collaborative with Kenneth Snowden at University of North Carolina, Greensboro for another $150,000.
”The Dramatic Rise in Agricultural Productivity in the U.S During the Twentieth Century: Disentangling the Roles of Technological Change, Government Policy, and Climate.” With Paul Rhode at Michigan as co-PI, and Michael Haines at Colgate as a contractor. National Science Foundation. SES- 0921732. $598,932.00, 2009-2012.
“Government, Housing, and the Changing Income Distribution During the Great Depression: A Dissaggregated and Microeconomic Approach.” National Science Foundation, SES 0617972 $410,087 with Alfonso Flores-Lagunes and Kei Hirano at University of Arizona. Collaborative with Shawn Kantor at UC Merced with another $150,000, 2006-2009.
Koch Scholars in Economic History at the University of Arizona. Koch Foundation, January 2012 – December 2012, $12,000.
Koch Scholars in Economic History at the University of Arizona. Koch Foundation, January 2011 – December 2011, $12,000.