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New Perspectives on Asset Price Bubbles$
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Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Print publication date: 2012

Print ISBN-13: 9780199844333

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199844333.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 31 July 2021

New Perspectives on Asset Price Bubbles

New Perspectives on Asset Price Bubbles

An Overview1

Chapter:
(p.3) Chapter 1 New Perspectives on Asset Price Bubbles
Source:
New Perspectives on Asset Price Bubbles
Author(s):

Douglas D. Evanoff

George G. Kaufman

A. G. Malliaris

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199844333.003.0001

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 Bubbles: Theory, Evidence and Policy,” held at Loyola University Chicago on April 8, 2011. Five previously published classic papers that were thought to represent the orthodox thinking about asset bubbles prior to the 2007–2009 financial crisis were selected by the editors. As the basis for the conference, five distinguished economists were then invited to write original papers evaluating the accuracy of the analysis in the “classic” papers. This book includes both the five classic papers and the five papers presented at the conference evaluating the original contributions. By way of introduction, this chapter discusses the main strands of inquiry on asset bubbles in both the previously published classic papers and the responding new papers. Topics range from stock prices and asset prices to monetary policy, leverage as a major cause of bubbles, and the financial instability that results from an asset bubble bursting.

Keywords:   asset price bubbles, financial crisis, stock prices, asset prices, monetary policy, leverage

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