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Re: Shiller on housing bubble

The aftershocks of the housing bubble could be more important than the bubble itself.  This
is not a prediction of a speculation.  The Maestro has claimed that the wealth effect of
the housing bubble is greater than that of the stock bubble.  If so, then the effect on
aggregate demand could be significant, especially because construction and the spending
that follows it, such as furniture and appliances, is a significant part of the economy.


--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
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