Rethinking Housing Bubbles

The Role of Household and Bank Balance Sheets in Modeling Economic Cycles

Business & Finance, Finance & Investing, Finance, Nonfiction, Science & Nature, Mathematics
Cover of the book Rethinking Housing Bubbles by Steven D. Gjerstad, Vernon L. Smith, Cambridge University Press
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Author: Steven D. Gjerstad, Vernon L. Smith ISBN: 9781139948876
Publisher: Cambridge University Press Publication: May 12, 2014
Imprint: Cambridge University Press Language: English
Author: Steven D. Gjerstad, Vernon L. Smith
ISBN: 9781139948876
Publisher: Cambridge University Press
Publication: May 12, 2014
Imprint: Cambridge University Press
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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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