<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ebce5460-b8b3-4618-9249-148da03ab4cb/C6D8981F-42F1-40FD-ABD9-0490D3C5948E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/economics/2007/10/18/study-housing-boom-has-limited-effect-on-growth/" href="http://blogs.wsj.com/economics/2007/10/18/study-housing-boom-has-limited-effect-on-growth/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/10/18/study-housing-boom-has-limited-effect-on-growth/"><P>Frank Smets and Marek Jarocinski, economists at the European Central Bank, focus <A href="http://research.stlouisfed.org/conferences/policyconf/papers2007/Smets_Jarocinski.pdf">their new paper</A> on the run-up in house prices from 2000 to 2006 and note that it can’t be explained by GDP growth over that period.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/10/18/study-housing-boom-has-limited-effect-on-growth/"><P>Real housing prices grew at rates above 5% after the U.S. economy slowed in 2000 and 2001, and about 10% in 2004 and 2005, far above GDP growth during the period. “We find that both housing market and monetary policy shocks explain a significant fraction of the construction and house price boom, but their effects on overall GDP growth and inflation are relatively contained,” they write in the study presented at a conference hosted by the Federal Reserve Bank of St. Louis.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/10/18/study-housing-boom-has-limited-effect-on-growth/"></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C6D8981F-42F1-40FD-ABD9-0490D3C5948E/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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