John Taylor’s rule for setting interest rates provides a framework for studying the global monetary policy generated by individual countries pursing their own policy goals. The study reflects the global nature of monetary policy by modeling an aggregate short-term interest rate as a function...

Purpose – The purpose of this paper is to develop a single variable indicative of the state of market speculation; to determine whether the Federal Reserve has attempted to quell speculation when it has been most rampant and whether such attempts were successful. Design/methodology/approach...

Purpose – This paper aims to examine the controversial issue of the extent to which Federal Reserve monetary policy may have contributed to the recent housing crisis and subsequent adverse macroeconomic developments. Design/methodology/approach – The authors develop a small model that...

The field of behavioural finance is well established. Studies of housing bubbles are less common than studies of equity overvaluation and studies of the behavioural aspects of real-estate pricing are rare. This article examines the housing market from 1987 to the present with particular...