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Rethinking Housing Bubbles

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Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine eve Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine events that led to and resulted from the recent U.S. housing bubble and collapse, as a case study in the formation and propagation of balance sheet crises. They then examine all previous downturns in the U.S. economy, including the Great Depression, and document substantive differences between the recurrent features of economic cycles and financial crises and the beliefs that public officials hold about them, especially within the Federal Reserve System. They conclude with an examination of similar events in other countries and assess alternative strategies to contain financial crises and to recover from them.


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Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine eve Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine events that led to and resulted from the recent U.S. housing bubble and collapse, as a case study in the formation and propagation of balance sheet crises. They then examine all previous downturns in the U.S. economy, including the Great Depression, and document substantive differences between the recurrent features of economic cycles and financial crises and the beliefs that public officials hold about them, especially within the Federal Reserve System. They conclude with an examination of similar events in other countries and assess alternative strategies to contain financial crises and to recover from them.

34 review for Rethinking Housing Bubbles

  1. 5 out of 5

    Gordon

    The assertion that housing markets precede all economic downturns is not well supported. The evidence reveals no logical link, only observed correlations. This harms much of the book's message. However, later chapters involving policy prescriptions are interesting.

  2. 4 out of 5

    Nick Chanko

    A very good overview of asset price bubbles, the 2008 recession, and previous crashes. Very clear, a bit difficult for those that have no background in finance however. Only caveat: there is a lot of redundancy that simply wastes words and pages upon pages (it is dense enough already).

  3. 4 out of 5

    Aaron Terrazas

    Overall, I was a little disappointed in this book. After reading a review elsewhere comparing it to Mian and Sufi's House of Debt, I had high expectations. But the two books are very different. Most obviously, while Mian and Sufi focus on making one, novel point. This book makes many smaller points and so constructs are more sweeping narrative with stand-alone context, but with few (if any) original ideas. So while this book may be well suited for someone new to the field/topic -- such as curren Overall, I was a little disappointed in this book. After reading a review elsewhere comparing it to Mian and Sufi's House of Debt, I had high expectations. But the two books are very different. Most obviously, while Mian and Sufi focus on making one, novel point. This book makes many smaller points and so constructs are more sweeping narrative with stand-alone context, but with few (if any) original ideas. So while this book may be well suited for someone new to the field/topic -- such as current undergrads who were in middle school when the Financial Crisis occurred -- anyone who has read the FT/WSJ/Economist regularly over the past half decade is not going to find anything surprising or unexpected here. This is not to say that the arguments are not nicely presented. The language is also more technical than Mian and Sufi -- the authors are clearly writing for an audience of experts rather than a broader generalist readership. Overall, the book was technically solid but frequently unexciting.

  4. 4 out of 5

    Fellipe Raymundo

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    James Meanwell

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    Richard Strum

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    marciverse

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    Stijn Masschelein

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    Dries Glorieux

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    Alix

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    Andrew Figueiredo

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    Dave Meyers

  34. 5 out of 5

    Mihai Rosca

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