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Rethinking Housing Bubbles

Rethinking Housing Bubbles
The Role of Household and Bank Balance Sheets in Modeling Economic Cycles

$57.00 (P)

  • Date Published: May 2014
  • availability: In stock
  • format: Hardback
  • isbn: 9780521198097

$ 57.00 (P)
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About the Authors
  • Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine events that led to and resulted from the recent U.S. housing bubble and collapse, as a case study in the formation and propagation of balance sheet crises. They then examine all previous downturns in the U.S. economy, including the Great Depression, and document substantive differences between the recurrent features of economic cycles and financial crises and the beliefs that public officials hold about them, especially within the Federal Reserve System. They conclude with an examination of similar events in other countries and assess alternative strategies to contain financial crises and to recover from them.

    • Utilizes data series on mortgages, house prices, mortgage defaults and delinquencies, international capital flows, and economic output by sector
    • Examines similar developments in other countries to understand which elements are common to financial crises and which features vary
    • Written by the two leading specialists in experimental economics
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    Reviews & endorsements

    "This book was a pleasure to read and is highly recommended to anyone interested in financial-economic crises. It offers many intuitive stories of potential causes of the crisis, particularly the pivotal role of the housing market with historical data from the Great Recession, the Great Depression, earlier US recessions and crises in other countries, all nicely illustrated by clear time series plots and graphs and backed up by tables. The book also offers stimulating ideas for behavioral agent-based modeling of the crisis supported by insights and data from laboratory experiments."
    Cars Hommes, Journal of Economic Psychology

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    Product details

    • Date Published: May 2014
    • format: Hardback
    • isbn: 9780521198097
    • length: 304 pages
    • dimensions: 235 x 157 x 22 mm
    • weight: 0.54kg
    • contains: 52 b/w illus. 10 tables
    • availability: In stock
  • Table of Contents

    1. Economic crises, economic policy, and economic analysis
    2. Goods and service markets vs. asset markets
    3. Asset performance: housing and the Great Recession
    4. The Great Depression
    5. The postwar recessions
    6. What may have triggered or sustained the housing bubble, 1997–2006?
    7. The bubble bursts: subprime mortgages, derivatives, and banking collapse
    8. Blindsided experts
    9. What might be done?
    10. Learning from foreign economic crises: consequences, responses, and policies
    11. Summarizing: what have we learned?

  • Authors

    Steven D. Gjerstad, Chapman University, California
    Steven D. Gjerstad is a presidential Fellow at Chapman University in Orange, California. After receiving his PhD in economics from the University of Minnesota, he worked for ten years on theoretical and computational models of market price adjustment processes and on experimental tests of those models. His work on price adjustment has appeared in Economic Theory, Games and Economic Behavior, and the Journal of Economic Dynamics and Control. In the past five years, the emphasis of his work has shifted toward an examination of adjustment processes in the aggregate economy, with an emphasis on financial crises and economic restructuring. That work has been published in the Wall Street Journal, the Critical Review, The American Interest magazine, and the Cato Journal, as well as by the National Bureau of Economic Research.

    Vernon L. Smith, Chapman University, California
    Vernon L. Smith was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. He has joint appointments in the Argyros School of Business and Economics and the School of Law at Chapman University, and he is part of a team that will create and run the new Economic Science Institute there. Dr Smith has authored or co-authored more than 250 articles and books on capital theory, finance, natural resource economics, and experimental economics. He serves or has served on the board of editors of the American Economic Review, the Cato Journal, the Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. He is a past president of the Public Choice Society, the Economic Science Association, the Western Economic Association, and the Association for Private Enterprise Education. He received his PhD from Harvard University.

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