Wall Street Journal, June 25th, 2009
Using research funded by the Initiative on Global Markets at the University of Chicago’s Booth School of Business, Professors Atif Mian and Amir Sufi argue that the “rise in house prices from 2002 to 2006 was a main driver of economic growth during this time period, and the subsequent collapse of house prices is likely a main contributor to the historic consumption decline over the past year.”
