Many commentators link the US house price boom and bust of the past decade to an unsustainable easing of mortgage credit standards. However, few existing empirical house price models take account of changes in credit standards, since they are hard to measure. As a consequence, most models...

Economic conditions exert a strong influence on regional migration. On the one hand, strong labour market conditions, as exemplified by low unemployment rates and high earnings, draw migrants into regions. On the other hand, strong housing market conditions can prevent movement since expensive...