Asset price bubbles have been and continue to be an area of major
public policy concern in many countries. But while we know that the
bursting of such bubbles is exceedingly painful and destructive to
the economy, little is known of their causes. Indeed, there is
little agreement even on the definition of a bubble and whether,
whatever it is, is economically rational or irrational and reflect
temporary excessive exuberance. Can bubbles be identified ex-ante
before they burst? Often, one person's perceived bubble is
another's perceived equilibrium price path. How and when is a
bubble recognized? Should asset prices be a concern for monetary or
fiscal policy makers and, if so how and when should policy-makers
act? Should monetary policy attempt to target and stabilize asset
prices the same as product prices? Should monetary policy act
quickly at the beginning of the bubble or wait until the perceived
bubble has been underway for some time? For how long? Will bubble
restraining policies burst a bubble? Would it have burst on it's
own? How can the damage done after bubbles be minimized? Does the
experience of the U.S. in the 1920s and of Japan in the 1990s
provide any lessons and guidelines for these and other countries in
the 2000s?
The papers in this volume examine these and other aspects of
asset price bubbles from the perspective of different times and
different countries. The authors are experts who represent
different countries, different economic philosophies, and different
backgrounds - academic, government, bank regulatory agency and
private. As a result, the papers add greatly to our storehouse of
knowledge about asset price bubbles and hopefully will continue to
moresuccessful public and private policies for restraining both the
bubbles and their consequences and improving economic welfare.
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