Intensive analysis of california census tracts found

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intensive analysis of California census tracts found a positive association between GSE activity and housing market conditions, homeownership rates, and vacancies, but the association is generally not statistically meaningful. (Bostic, Raphael W., and Stuart A. Gabriel. 2006. “Do the GSEs Matter to Low-Income Housing Markets? An Assessment of the Effects of the GSE Loan Purchase Goals on California Housing Outcomes.” Journal of Urban Economics 59, no. 3: 458–75.) 77 Jack Favilukis, Sydney Ludvigson, and Stijn Van Nieuwerburgh (2010), “The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium,", Working Paper New York University, and Edward L. Glaeser, with Joshua Gottlieb and Joseph Gyourko (2010), “ Can Cheap Credit Explain the Housing Boom , Working Paper Harvard University. 78 The analogy of fighting oil fires with respect to the financial crisis derives from comments made by Nobel prize winning economist Myron Scholes at a NYU Stern School conference in March 2009 for the School’s launch of its first book on the crisis, Restoring Financial Stability: How to Repair a Failed System . The Red Adair/Fred Astaire comment is taken from an exchange between Myron and John Gapper, the Financial Time’s Chief Business Commentator, at that time.
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