Research Discussion Paper – RDP 2016-04 Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States

Contents

• Introduction
• The Measurement of Housing Services
• Data
• Stylised Facts
• Statistical Evidence
• Conclusion
• Appendix A: Sources of Data
• Appendix B: Variable Correlations
• Appendix C: Banking Deregulation and Housing Capital Income
• References

The author is grateful to John Barrdear, Luci Ellis, Angus Foulis, Leonardo Gambacorta, Greg Kaplan, Jonathan Kearns, Michael Kumhof, Matthew Read, Hyun Song Shin, Silvana Tenreyro and Peter Tulip for helpful advice, comments and suggestions. The author completed this project while visiting the Bank for International Settlements under the Central Bank Research Fellowship program.