Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I guess I wouldn’t necessarily associate it with, say, the development of the secondary market or the ease of equity extraction, and those sorts of things, but I’m not saying they’re irrelevant. For example, in this chart, Switzerland—which is a country that I think of as having made little progress in that regard—doesn’t have much of a price-rent ratio increase. And the U.K., which does have a more market-oriented approach, has a huge one.

But it’s also true that that’s where the price differences have been. I think we’d be hard- pressed to link too tightly the increased liquidity that we ascribe to U.S. home equity as now having taken on the role of the single driving factor anyway. It might be relevant, but I don’t know that it distinguishes these countries.

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