Labour productivity fosters booms
Swings in labour productivity played a significant role in the boom and bust of residential investment, new research from the New York Federal Reserve posits.
The research shows that as productivity growth accelerates, consumers begin to see stronger income growth and become more optimistic about future income, thereby strengthening the demand for housing. The analysis also finds that home buyers' optimism extends to lenders, who then regard mortgages as less risky.
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