29  25  See, for example, A. Crawford and H. Faruqui “What Explains Trends in Household Debt in Canada?” Bank of Canada Review (Winter 2011–12): 3–15. 26  Extrapolative house price expectations may arise during periods of strong house price growth driven by shifts in demand and supply factors.
*  *  Welcome  Dear Dr Reckers Prof Hüttl Prof Binswanger Ladies and gentlemen I am delighted to be able to welcome you today to the Deutsche Bundesbank’s Regional Office in Hessen. The high number of participants shows that the Institute for Bank-Historical Research has found a very attractive topic for the colloquium.