Decoupling, can Europe avoid a recession?

A recession in the US appears imminent by now. Will Europe follow or can it ‘decouple’?  So far the ‘sub prime’ crises has affected European financial markets at least as much as those of the US although there is general agreement that in Europe there has been very little sub prime lending.  It might thus […]

Bubbles in Real Estate?

A Longer-Term Comparative Analysis of Housing Prices in Europe and the U.S. The main point of my latest paper on housing in the US and Europe is to document a remarkably close correlation between US and average euro area housing prices over the long run. This has not been widely noted beforehand because most observers […]