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OverviewIn the industrialized and developing world, a distinctive feature of the last two decades has been prolonged buildups and sharp collapses in asset markets such as stock, housing, and exchange markets. The volatility has sparked intense debate in academic and policy circles over the appropriate monetary and regulatory response to dramatic market shifts. This book examines asset price bubbles to further our understanding of the causes and implications of financial instability, focusing on the potential of central banks and regulatory agencies to prevent it. The book grew out of a conference jointly sponsored by the Federal Reserve Bank of Chicago and the World Bank Group in April 2002. Among the contributors are: Franklin Allen, Michael Bordo, Claudio Borio, Michael Bryan, Gerald Caprio, Jr., Jeffrey Carmichael, Stephen Cecchetti, John Cochrane, Charles Collyns, Werner De Bondt, Neil Esho, Hans Genberg, Marvin Goodfriend, Charles Goodhart, Philipp Hartmann, Patrick Honohan, Steven Kaplan, Randall S. Kroszner, Philip Lowe, Catherine Mann, Ellen McGrattan, Ellen E. Meade, Allan H. Meltzer, Frederic Mishkin, Antu Panini Murshid, Kunio Okina, Guillermo Perry, Michael Pomerleano, Edward C. Prescott, Jeremy Siegel, Robert J. Shiller, Jean-Claude Trichet, and Eugene N. White. Full Product DetailsAuthor: William C. Hunter , George G. Kaufman (Professor, Loyola University Chicago) , Michael PomerleanoPublisher: MIT Press Ltd Imprint: MIT Press Edition: New edition Dimensions: Width: 15.20cm , Height: 3.20cm , Length: 22.90cm Weight: 0.816kg ISBN: 9780262582537ISBN 10: 0262582538 Pages: 607 Publication Date: 14 January 2005 Recommended Age: From 18 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: No Longer Our Product Availability: Out of stock The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available. Table of ContentsReviews""How should policymakers react to asset price movements that cannot be explained by standard models? To answer this question, it is not enough to identify a bubble and understand its origins. One needs also to predict the impact of monetary policy on an event that is by its nature difficult to explain. While comprehensive answers are scarce, this wonderful and comprehensive collection of readings marks an important step forward, and will provide plenty of food for thought and debate."" Richard Brealey, London Business School How should policymakers react to asset price movements that cannot be explained by standard models? To answer this question, it is not enough to identify a bubble and understand its origins. One needs also to predict the impact of monetary policy on an event that is by its nature difficult to explain. While comprehensive answers are scarce, this wonderful and comprehensive collection of readings marks an important step forward, and will provide plenty of food for thought and debate. --Richard Brealey, London Business School It is dangerous to develop pricing theories without a knowledge of the history of asset prices and the role of institutions and policymakers in affecting them. This timely volume presents competing perspectives on the existence and consequences of bubbles in asset markets, and asks what, if anything, should be done about them. It will be of interest to financial economists as well as macroeconomists and policymakers. --Michael Brennan, Professor Emeritus, University of California, Los Angeles """How should policymakers react to asset price movements that cannot be explained by standard models? To answer this question, it is not enough to identify a bubble and understand its origins. One needs also to predict the impact of monetary policy on an event that is by its nature difficult to explain. While comprehensive answers are scarce, this wonderful and comprehensive collection of readings marks an important step forward, and will provide plenty of food for thought and debate."" Richard Brealey, London Business School" Author InformationWilliam Curt Hunter is Dean of the School of Business at the University of Connecticut and former Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago. George G. Kaufman is John F. Smith, Jr. Professor of Economics and Finance at Loyola University in Chicago and a consultant at the Federal Reserve Bank of Chicago. Michael Pomerleano is Lead Financial Specialist in the Financial Sector Development Department of the World Bank Group. Tab Content 6Author Website:Countries AvailableAll regions |