Purpose – This paper aims to examine the controversial issue of the extent to which Federal Reserve monetary policy may have contributed to the recent housing crisis and subsequent adverse macroeconomic developments. Design/methodology/approach – The authors develop a small model that...

Purpose – This paper aims to examine the controversial issue of the extent to which Federal Reserve monetary policy may have contributed to the recent housing crisis and subsequent adverse macroeconomic developments. Design/methodology/approach – The authors develop a small model that...

Purpose – This paper aims to examine the controversial issue of the extent to which Federal Reserve monetary policy may have contributed to the recent housing crisis and subsequent adverse macroeconomic developments. Design/methodology/approach – The authors develop a small model that...