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This report examines how the Federal Reserve's prolonged expansionary monetary policy contributed to a runaway boom in home prices. It also looks at lessons the Fed could have drawn from the housing cycle that came before the global financial crisis. It matters for anyone trying to understand why housing has become so expensive.

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A research report on the link between the Federal Reserve's expansionary monetary policy and the surge in home prices, drawing comparisons to the housing cycle before the global financial crisis.