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Leverage and Asset Bubbles : Averting Armageddon with Chapter 11?
Miller, Marcus - 2010
An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to 'overshoot' equilibrium when an asset bubble bursts--threatening widespread insolvency and what Richard Koo calls a 'balance sheet recession'
Persistent link: https://www.econbiz.de/10012462797
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Financial markets and financial crises : [presented at the NBER Conference ... held in Key Biscayne, Florida, March 23-24, 1990]
Hubbard, R. Glenn (ed.) - 1991 - 1. print
Persistent link: https://www.econbiz.de/10000329134
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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms
Bordo, Michael D. - 2004
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10012467986
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Bubbles, Rational Expectations and Financial Markets
Blanchard, Olivier J. - 1982
This paper investigates the nature and the presence of bubbles in financial markets. Are bubbles consistent with … are some of the questions asked in the first three sections. The general conclusion is that bubbles, in many markets, are … consistent with rationality, that phenomena such as runaway asset prices and market crashes are consistent with rational bubbles …
Persistent link: https://www.econbiz.de/10012478162
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The Chinese Warrants Bubble
Xiong, Wei - 2009
supporting the resale option theory of bubbles: investors overpay for a warrant hoping to resell it at an even higher price to a …
Persistent link: https://www.econbiz.de/10012463168
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Theoretical Notes on Bubbles and the Current Crisis
Martin, Alberto - 2010
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10012462257
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Monetary Exchange in Over-the-Counter Markets : A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
Lagos, Ricardo - 2015
We develop a model of monetary exchange in over-the-counter markets to study the effects of monetary policy on asset prices and standard measures of financial liquidity, such as bid-ask spreads, trade volume, and the incentives of dealers to supply immediacy, both by participating in the...
Persistent link: https://www.econbiz.de/10012457141
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Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets
Reinhart, Carmen M. - 2011
Considerable debate rages about whether Federal Reserve policy was too lax in the early part of the 2000s, thereby fueling the home-price bubble that was the proximate cause of the global financial crisis. We present evidence that the view that modest alterations to monetary policy have vast...
Persistent link: https://www.econbiz.de/10012461842
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Asset Price Bubbles and Systemic Risk
Brunnermeier, Markus K. - 2019
We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty …
Persistent link: https://www.econbiz.de/10012479725
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Was there a bubble in the 1929 Stock Market?
Rappoport, Peter - 1991
Standard tests find that no bubbles are present in the stock price data for the last one hundred years. In contrast …
Persistent link: https://www.econbiz.de/10012475403