House Price Moments in Boom-Bust Cycles

Todd M. Sinai

NBER Working Paper No. 18059
Issued in May 2012

---- Acknowledgments ----

This paper was prepared for the NBER's Housing and the Financial Crisis conference on November 17 and18, 2011. I am grateful to Karl Case, Ed Glaeser, Charles Himmelberg, and the conference participants for their helpful comments and to Gordon MacDonald for his excellent research assistance. The Research Sponsors' Program of the Zell-Lurie Real Estate Center at Wharton and the Smith- Richardson Foundation provided financial support. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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