Jerry Tempelman: Cause and effect


With the link between the fed funds rate and mortgage rates unproven, accommodative monetary policy from the Fed had less bearing on the housing bubble than many believe.

There is a growing belief that cheap monetary policy from the Federal Reserve caused, or at least was a major contributor to, the recent housing bubble. Those that support this view argue monetary policy was overly accommodative for too long following the 2001 economic recession, providing unduly cheap financing and spurring

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