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Rethinking Housing Bubbles

Rethinking Housing Bubbles : The Role of Household and Bank Balance Sheets in Modeling Economic Cycles. V.L.スミス他著 住宅バブル再考

・ISBN 978-0-521-19809-7 hard GB£ 57.00

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電子版あり 大学・学術機関向け電子ブック(eBook)ISBN 978-0-511-97919-4

著者・編者Gjerstad, Steven D. / Smith, Vernon L.,
出版社(Cambridge U. Pr., US)
出版年月2014
ページ数293 pp.
言語ENG
ニュース番号<613-2598 613-568>

解説

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.