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Asset Price Bubbles and Central Bank Policies: The Crash of the “Jackson Hole Consensus”

A. G. Malliaris

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0016
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines whether or not monetary policy should respond to asset price bubbles. More specifically, it asks how central banks respond while an asset bubble is growing and how they respond ... More


Monetary Policy, Asset-price Bubbles, and the Zero Lower Bound

Tim Robinson and Andrew Stone (eds)

in Monetary Policy with Very Low Inflation in the Pacific Rim

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.003.0003
Subject:
Economics and Finance, South and East Asia

This chapter imposes a zero lower bound (ZLB) on nominal interest rates, as a constraint on the actions of policymakers attempting to deal with a developing asset-price bubble. It provides the ... More


The Impact of the International Financial Crisis on Asia and the Pacific: Highlighting Monetary Policy Challenges from a Negative Asset Price Bubble Perspective

Andrew Filardo

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0005
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines the impact of the international financial crisis of the late 2000s on Asia and the Pacific, with particular emphasis on monetary policy challenges arising from negative asset ... More


Rethinking Theoretical Models of Bubbles: Reflections Inspired by the Financial Crisis and Allen and Gorton’s Paper “Churning Bubbles”1

Gadi Barlevy

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0003
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter comments on the paper, “Churning Bubbles,” by Franklin Allen and Gary Gorton. In their paper, Allen and Gorton examine whether stock prices are determined by fundamentals or whether ... More


Monetary Policy and Asset Price Volatility

Ben Bernanke and Mark Gertler

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0006
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines the volatility of asset price bubbles and its implications for monetary policy. It first considers how asset prices interact with the real economy before expanding the financial ... More


Epilogue

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter concludes the book and discusses some hotly debated issues in crises prevention, with special emphasis on the role of assets prices movements and the optimal choice of an exchange rate ... More


Monetary Policy and Asset Price Volatility: Should We Refill the Bernanke-Gertler Prescription?

Kenneth N. Kuttner

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0007
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter comments on the paper “Monetary Policy and Asset Price Volatility,” by Ben Bernanke and Mark Gertler. In their paper, Bernanke and Gertler examine the volatility of asset price bubbles ... More


New Perspectives on Asset Price Bubbles

Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris (eds)

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.001.0001
Subject:
Business and Management, Finance, Accounting, and Banking

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, ... More


Overconfidence and Speculative Bubbles

José A. Scheinkman and Wei Xiong

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0010
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter presents a behavioral-based model for studying asset price bubbles and trading volume based on heterogeneous beliefs generated by agents' overconfidence. It describes the explicit links ... More


New Perspectives on Asset Price Bubbles: An Overview1

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

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0001
Subject:
Business and Management, Finance, Accounting, and Banking

This book reexamines the profession's understanding of asset price bubbles in the wake of the major financial crisis of 2007–2009. It is the result of the conference “New Perspectives on Asset Price ... More


Housing and Mortgage Market Excess

Andrew Farlow

in Crash and Beyond: Causes and Consequences of the Global Financial Crisis

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199578016
eISBN:
9780191808623
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199578016.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter examines how excesses in the global housing and mortgage markets contributed to the financial crisis of 2008. It begins by considering the enthusiasm for real estate worldwide in the ... More


The Interwar Housing Cycle in the Light of 2001–2012: A Comparative Historical Perspective

Alexander J. Field

in Housing and Mortgage Markets in Historical Perspective

Published in print:
2014
Published Online:
January 2015
ISBN:
9780226073842
eISBN:
9780226093284
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226093284.003.0003
Subject:
Economics and Finance, Economic History

This paper examines the interwar housing cycle in comparison to what transpired in the United States between 2001 and 2012. The 1920s experienced a boom in construction and prolonged retardation in ... More


An Old Perspective on Asset Price Bubbles Policy

William Poole

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0012
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter suggests that the large literature on asset price bubbles has not incorporated the results from control theory from the 1960s and the rational expectations literature from the 1970s, and ... More


Bank Liquidity and Bubbles: Why Central Banks Should Lean against Liquidity

Viral V. Acharya and Hassan Naqvi

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0009
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter considers how the banking industry may contribute to the formation of asset price bubbles when there is access to abundant liquidity. It shows that liquidity encourages lenders to be ... More


Asset Bubbles: Insights From Behavioral Finance

Werner de Bondt

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0011
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter comments on the paper Overconfidence and Speculative Bubbles, by José A. Scheinkman and Wei Xiong. In their paper, Scheinkman and Xiong propose a behavioral-based model for studying ... More


Leverage and Bubbles: The Need to Manage the Leverage Cycle

John Geanakoplos

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0015
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines leverage as a major cause of asset price bubbles. It outlines four reasons why the most recent leverage cycle was worse than previous cycles. First, leverage reached levels ... More


Do Bubbles Lead to Overinvestment? A Revealed Preference Approach

Robert S. Chirinko and Huntley Schaller

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0017
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines whether the stock market occasionally overvalues firms and these asset price bubbles lead to overinvestment, paying particular attention to the distortive impact of bubbles on ... More


Monetary Policy and Stock Market Booms

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

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0014
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines some of the traditional views on appropriate monetary policy and its relationship with stock market booms. Using historical data and model simulations for eighteen boom periods ... More


Towards a Macroprudential Framework for Financial Supervision and Regulation?

Claudio Borio

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0008
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter focuses on the financial instability that results from the bursting of asset price bubbles. It first defines the micro- and macroprudential perspectives before suggesting that the ... More


Managing Flexibility: 1971–90

Shinji Takagi

in Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

Published in print:
2015
Published Online:
May 2015
ISBN:
9780198714651
eISBN:
9780191782893
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714651.003.0004
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

Chapter 4 reviews how Japanese authorities managed the flexible exchange rate for the yen in response to external and domestic developments. In particular, the chapter discusses policy actions taken ... More


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