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Positive Feedback Investment Strategies

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0006
Subject:
Economics and Finance, Financial Economics

Expands the idea that rational arbitrage not only may be limited in bringing about market efficiency but may actually generate price bubbles and make markets less efficient. It begins by presenting ... 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


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


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


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


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


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


America’s Financial Crisis: The End of an Era

Barry Bosworth and Aaron Flaaen

in The Global Financial Crisis and Asia: Implications and Challenges

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199660957
eISBN:
9780191748981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660957.003.0002
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter reviews research on the origins of the financial crisis of 2008–2009, highlights the key events that triggered a financial panic in September 2008, and summarizes the extraordinary ... 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


Has This Happened Before?

Matthew P. Drennan

in Income Inequality: Why It Matters and Why Most Economists Didn't Notice

Published in print:
2015
Published Online:
May 2016
ISBN:
9780300209587
eISBN:
9780300216349
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300209587.003.0007
Subject:
Political Science, Public Policy

Has rising income inequality or rising household debt or a housing price bubble played a role in serious economic decline in the past? Did a rising average propensity to consume, and thus a falling ... 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


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


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


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


Bubble Troubles? Rational Storage, Mean Reversion, and Runs in Commodity Prices

Eugenio S. A. Bobenrieth, Juan R. A. Bobenrieth, and Brian D. Wright

in The Economics of Food Price Volatility

Published in print:
2014
Published Online:
May 2015
ISBN:
9780226128924
eISBN:
9780226129082
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226129082.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

High and volatile prices of major commodities have generated a wide array of analyses and policy prescriptions, including influential studies identifying price bubbles in periods of high volatility. ... More


The globalisation of the mortgage market

Stuart Lowe

in The Housing Debate

Published in print:
2011
Published Online:
May 2012
ISBN:
9781847422736
eISBN:
9781447305514
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781847422736.003.0007
Subject:
Sociology, Urban and Rural Studies

A revolution in global finance following bank liberalisation in the 1980s and the invention of new methods of bundling debts into bonds — through the process of securitization — enabled banks to ... 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


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


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


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


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