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New Perspectives on Asset Price Bubbles

Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Abstract

This book critically re-examines the profession's understanding of asset price bubbles in light of the global financial crisis of 2007–2009. It is well known that bubbles have occurred in the past, with the October 1929 crash as the most demonstrative example. However, the remarkably well-behaved performance of the U.S. economy from 1945–2006, and, in particular during the Great Moderation period of 1984–2006, assured the economics profession and monetary policymakers that asset bubbles could be effectively managed with little or no real economic impact. The recent financial crisis has now tri ... More

Keywords: asset price bubbles, economy, Great Moderation period, monetary policymakers, Nasdaq market, housing market, credit market, commodity markets, financial crisis

Bibliographic Information

Print publication date: 2012 Print ISBN-13: 9780199844333
Published to Oxford Scholarship Online: April 2015 DOI:10.1093/acprof:osobl/9780199844333.001.0001

Authors

Affiliations are at time of print publication.

Douglas D. Evanoff, editor
Vice President and Senior Research Advisor, Banking, Federal Reserve Bank of Chicago

George G. Kaufman, editor
John Smith Professor of Finance and Economics, Loyola University Chicago

A. G. Malliaris, editor
Walter F. Mullady, Sr. Professor of Economics and Finance, Loyola University Chicago

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Contents

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Part I Introduction

Chapter 1 New Perspectives on Asset Price Bubbles

Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Part II Bubbles: Theory and Evidence

Chapter 2 Churning Bubbles

Franklin Allen and Gary Gorton

Part III Consequences of Bubbles Bursting

Chapter 4 The Japanese Banking Crisis

Takeo Hoshi and Anil Kashyap

Part IV Bubbles and Monetary Policy

Part V Bubbles and Macroprudential Regulation

Chapter 9 Bank Liquidity and Bubbles

Viral V. Acharya and Hassan Naqvi

Part VI Bubbles: Behavioral Explanations

Chapter 10 Overconfidence and Speculative Bubbles

José A. Scheinkman and Wei Xiong

Chapter 11 Asset Bubbles

Werner de Bondt

Part VII Bubbles: Keynote Presentations

Part VIII New Ideas on Asset Price Bubbles

Chapter 14 Monetary Policy and Stock Market Booms

Lawrence J. Christiano, Cosmin Ilut, Roberto Motto and Massimo Rostagno

Part IX Asset Bubbles, Central Banks and Investments

End Matter