House-price booms and busts are surprisingly common in industrial countries. In a new study of house prices that I wrote with several of my former colleagues at the US Federal Reserve, we identified no fewer than 44 episodes of house price booms and busts in industrial countries since 1970.
Given the eye-popping gains in house prices in Ireland over the past decade, the foreign experience is particularly relevant.
On balance, the lessons from the study are quite...
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