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New Perspectives on Asset Price Bubbles (Paperback, New)
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New Perspectives on Asset Price Bubbles (Paperback, New)
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This volume critically re-examines the profession's understanding
of asset bubbles in light of the global financial crisis of
2007-09. It is well known that bubbles have occurred in the past,
with the October 1929 crash as the most demonstrative example.
However, the remarkably well-behaved performance of the US economy
from 1945 to 2006, and, in particular during the Great Moderation
period of 1984 to 2006, assured the economics profession and
monetary policymakers that asset bubbles could be effectively
managed with little or no real economic impact. The recent
financial crisis has now triggered a debate about the emergence of
a sequence of repeated bubbles in the Nasdaq market, housing
market, credit market, and commodity markets. The realities of the
crisis have intensified theoretical modeling, empirical
methodologies, and debate on policy issues surrounding asset price
bubbles and their potentially adverse economic impact if poorly
managed. Taking a novel approach, the editors of this book present
five classic papers that represent accepted thinking about asset
bubbles prior to the financial crisis. They also include original
papers challenging orthodox thinking and presenting new insights. A
summary essay highlights the lessons learned and experiences gained
since the crisis.
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