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Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles
Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine ...more
Hardcover, 304 pages
Published May 12th 2014 by Cambridge University Press
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Overall, I was a little disappointed in this book. After reading a review elsewhere comparing it to Mian and Sufi's House of Debt, I had high expectations. But the two books are very different. Most obviously, while Mian and Sufi focus on making one, novel point. This book makes many smaller points and so constructs are more sweeping narrative with stand-alone context, but with few (if any) original ideas. So while this book may be well suited for someone new to the field/topic -- such as ...more