In this highly original piece of work, Steven D. Gjerstad and Nobel
Laureate Vernon L. Smith analyze the role of housing and its
associated mortgage financing as a key element of economic cycles.
The authors combine data from both laboratory and real markets to
provide insight into the bubble propensity of real-world economic
actors and use novel historical analysis on the Great Recession,
the Great Depression, and all of the post-World War II recessions
to establish the critical roles of housing, private-capital
investment, and household and private institutional balance sheets
in economic cycles. They develop a model that incorporates
household balance sheets and bank balance sheets and offers
insights based on this analysis concerning policy going forward,
effectively changing the way economists think about economic
cycles.
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