Goldman Sachs Economist on the Bubble

Peter Coy
September 23, 2005


Just got off the phone with Jan Hatzius, a Goldman Sachs economist who has written extensively on the housing market. He gave me permission to post a research note that he wrote today about the same academic study that I questioned in a post yesterday.

Hatzius says he's not sure I'm correct that the authors of the study assumed their conclusion. His criticisms are different. The biggest one is that the authors ended their analysis too soon--last year--missing the further inflation of housing prices since then. Here's what he wrote:

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