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The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability?
This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets workedand how they sometimes...