Duca, John V.; Muellbauer, John; Murphy, Anthony - In: Journal of Financial Stability 6 (2010) 4, pp. 203-217
An unsustainable weakening of credit standards induced a US mortgage lending and housing bubble, whose consumption impact was amplified by innovations altering the collateral role of housing. In countries with more stable credit standards, any overshooting of construction and house prices owed...