Selling a house, or getting one’s house appraised and taking out a home equity loan, converts this illiquid home equity of uncertain value into liquid funds with known value. Recent experience and the response of monetary policy Let me now turn to the recent U.S. experience, including the macroeconomic consequences of movements in asset prices since the mid-1990s and the response of monetary policymakers.
48  44  Note that Blau and Kahn (2013) do not find that improvement in the provision of childcare in other advanced economies relative to the United States explain the divergence in participation since the 1990s; however, Thévenon (2013) finds that the greater provision of childcare has a positive effect on full-time employment. 45 Blau and Kahn (2013), p. 7.