This paper attempts to quantify the U.S. housing market slump and its likely impact on consumption. In doing so, it bypasses the traditional approach that suggests that there is no nationwide housing market but a compendium of segmented markets. The paper is not an exercise in forecasting but an...

This paper analyzes the contagion channels through which a Greek credit event would spread to the rest of the European Union and then to the United States. A credit crisis would be manifested as a shortage of liquidity, but the real cause would be bank credit risk, which would infect...