This is a book about bubble prices, and their consequences, in the
timber industry of the Pacific Northwest from 1979-1984. Bubble
prices--unusual and rapid rises (and eventual drops) in the prices
of a commodity--have been of theoretical interest to economists for
many years. This study examines the unusual movements in the price
of federal timber and the subsequent recession in the Northwest
when timber buyers delayed harvests in order to postpone the
realization of their losses on the contracts. Mattey argues that it
was not so much the actions of the Federal Reserve, which had been
widely blamed for the crisis, but rather the actions of the buyers
themselves that caused the recession.
General
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