Asset Price Bubbles – The Implications for Monetary, Regulatory & International Policies: The Implications for Monetary, Regulatory and International Policies - Hardcover

Hunter, William C

Hardcover

ISBN 10: 0262083140 ISBN 13: 9780262083140

Publisher: MIT Press, 2003

Synopsis

In both the industrialized and developing worlds, 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.

About this title

Review:

"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

About the Author:

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.

About this edition

• Publisher: MIT Press
• Publication date: 2003
• ISBN 10: 0262083140
• ISBN 13: 9780262083140
• Binding: Hardcover
• Number of pages: 464