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Cookie akzeptierenSteven D. Gjerstad / Vernon L. Smith
Rethinking Housing Bubbles
- Cambridge University Press
- 2017
- Gebunden
- 308 Seiten
- ISBN 9780521198097
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
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