Buch, Englisch, 464 Seiten, Format (B × H): 158 mm x 241 mm, Gewicht: 948 g
Buch, Englisch, 464 Seiten, Format (B × H): 158 mm x 241 mm, Gewicht: 948 g
ISBN: 978-0-19-984433-3
Verlag: OXFORD UNIV PR
bubbles could be effectively managed with little or no real economic impact. The recent financial crisis has now triggered a debate about the emergence of a sequence of repeated bubbles in the Nasdaq market, housing market, credit market and commodity markets. The Greenspan-Bernanke Federal Reserve has
followed an asymmetric approach to bubble management. This method advocates no monetary policy action during the bubble formation and growth, but a speedy response with a reduction in market rates when a bubble bursts to reduce the potential loss of output and employment. It was supported by academic research and seemed to work well until September 2008 when the financial system came close to a complete collapse.
The realities of the recent financial crisis have intensified theoretical modeling, empirical methodologies, and debate on policy issues surrounding asset price bubbles and their potentially considerable adverse economic impact if poorly managed. Choosing to take a novel approach, the editors of this book have selected five classic papers that represent accepted thinking about asset bubbles prior to the financial crisis. They also include original papers challenging orthodox thinking and
presenting new insights. A summary essay by the editors highlights the lessons learned and experiences gained since the crisis.
Zielgruppe
Academics, researchers, policymakers, and interested financial industry executives. It would be an ideal book for use in graduate level finance or economics course analyzing public policy or current issues. It could be used for an upper level undergraduate course.
Autoren/Hrsg.
Fachgebiete
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
- Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzkrisen
- Wirtschaftswissenschaften Volkswirtschaftslehre Finanzkrisen, Wirtschaftskrisen
Weitere Infos & Material
Introduction
1. New Perspectives on Asset Price Bubbles: An Overview
Douglas D. Evanoff, George G. Kaufman and A.G. Malliaris
Bubbles: Theory and Evidence
2. Churning Bubbles
Franklin Allen and Gary Gorton. Seminal research paper: The Review of Economic Studies, Volume 60 (1993).
3. Rethinking Theoretical Models of Bubbles: Reflections Inspired by the Financial Crisis and the Allen and Gorton's Paper on Churning Bubbles
Gadi Barlevy
Consequences of Bubbles Bursting
4. The Japanese Banking Crisis: Where Did it Come From and How Will it End? Takeo Hoshi and Anil K. Kashyap. Seminal research paper: NBER Macroeconomics Annual 1999, vol 14 (2000).
5. The Impact of the International Financial Crisis on Asia and the Pacific: Highlighting Monetary Policy Challenges from an Asset Price Bubble Perspective
Andrew Filardo
Bubbles and Monetary Policy
6. Monetary Policy and Asset Price Volatility
Ben Bernanke and Mark Gertler. Seminal research paper: Economic Review, Federal Reserve Bank of Kansas City (1999).
7. Monetary Policy and Asset price Volatility: Should We Refill the Bernanke-Gertler Prescription?
Kenneth N. Kuttner
Bubbles and Macroprudential Regulation
8. Towards a Macroprudential Framework for Financial Supervision and Regulation? http://www.bis.org/publ/work128.pdf
Claudio Borio. Seminal research paper: CESifo Economic Studies, Volume 49 (2003).
9. Bank Liquidity and Bubbles: Why Central Banks Should Lean Against Liquidity
Viral V. Acharya and Hassan Naqvi
Bubbles: Behavioral Explanations
10. Overconfidence and Speculative Bubbles
Jose A. Scheinkman and Wei Xiong. Seminal research paper: Journal of Political Economy, Volume 111 (2003).
11. Asset Bubbles: Insights from Behavioral Finance
Werner De Bondt
Bubbles: Keynote Presentations
12. An Old Perspective on Asset Price Bubbles Policy
William Poole
13. Struggling to Escape From 'Assumption 14'
Benjamin M. Friedman
New Ideas on Asset Price Bubbles
14. Monetary Policy and Stock Market Booms
Lawrence J. Christiano, Cosmin Ilut, Roberto Motto, and Massimo Rostagno
15. Leverage and Bubbles: The Need to Manage the Leverage Cycle
John Geanakoplos
Asset Bubbles, Central Banks and Investments
16. Asset Price Bubbles and Central Bank Policies: The Crash of the Jackson Hole Consensus
A. G. Malliaris
17. Do Bubbles Lead to Overinvestment? A Revealed Preference Approach
Robert Chirinko and Huntley Schaller