Go to the following website and open the pdf file: http://www.federalreserve.gov/pubs/feds/2009/200949/200949pap.pdf This is a working paper entitled

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Go to the following website and open the pdf file:

http://www.federalreserve.gov/pubs/feds/2009/200949/200949pap.pdf

This is a working paper entitled "Monetary Policy and the Housing Bubble" from Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board.

Present an essay based on the following questions:

What is the authors' position regarding the role of US monetary policy andthe housing market bubble during the early 2000's? Why?"

Describe the following elements:
(1) Low ratesaccompanied increase in demand for housing,
(2) Loose versus tight monetary policy,
(3) Taylor Rule, (
4) Policy assessment and outcomes,
(5) Rise of cheap and available credit stimulated housing demand,
(6) Evaluate monetary policy by how effective it is in attaining goals,
(7) Evidence that monetary policy played a role by the timing of housing boom,
(8) Evidence that monetary policy played a role by economic simulation models, and (
9) Evidence that monetary policy played a role by other research.
Discuss the following topics in discussing how we know that monetary policy played a role in housing market developments:
Timing of the housing boom
Economic simulation models
Other research