Rethinking Housing Bubbles The Role of Household and Bank Balance Sheets in Modeling Economic Cycles 1st Edition by Vernon Smith, Steven Gjerstad ISBN 978-0521198097 0521198097

Rethinking Housing Bubbles The Role of Household and Bank Balance Sheets in Modeling Economic Cycles 1st Edition by Vernon L. Smith, Steven D. Gjerstad – Ebook PDF Instant Download/Delivery: 978-0521198097, 0521198097
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Product details: 

ISBN 10:  0521198097

ISBN 13: 978-0521198097

Author:  Vernon L. Smith, Steven D. Gjerstad

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.

Table of contents: 

1. Economic Crises, Economic Policy, and Economic Analysis

2. Goods and Services Markets versus 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. Summary: What Have We Learned?

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Tags: Vernon Smith, Steven Gjerstad, Rethinking Housing, Rethinking Housing, Bank Balance Sheets