5min chapter

The Joe Walker Podcast cover image

Housing Bubble Week: Can We Predict Housing Bubbles? - Dean Baker

The Joe Walker Podcast

CHAPTER

The Role of the Housing Bubble in the Recession

When the housing bubble burst in 2006, many economists didn't think it would lead to a recession. Paul Romer: The divergence in house prices from long-term trends was undeniable but there was almost no recognition of that. He says people were reluctant to accept the idea that house prices really would fall a lot.

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