Abstract
Just as the understanding of the macroeconomy has evolved, so too has the role played by housing in overall macroeconomic policy settings. Despite ostensibly moving away from activist policies that sought to manage aggregate demand in the economy, direct or indirect interventions in the housing market continue to be an important component of government policy responses to downturns in economic activity. Following the financial crisis that engulfed the major world economies in 2007 and 2008, macroeconomic policy settings took on traits similar to those that had characterised them after the Second World War. It remains to be seen whether housing continues to be used as a means to actively manage outcomes in the economy. Current debates and understanding of the relationship between housing and the macroeconomy identify a myriad of linkages between housing, the macroeconomy, and macroeconomic policy settings. The role and influence of housing on macroeconomic policy settings is likely to remain a subject of robust debate.
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