bubbles – through the better exercise of monetary policy and/or financial regulatory policy. This essay focuses on financial …

This article focuses on financial regulation and argues that the use of financial regulation to try to prevent bubbles … is a mistake — a fool's errand. Bubbles are easy to identify after the fact but much harder (or impossible) to identify … beforehand. In the absence of (the near impossible) success in correctly identifying bubbles beforehand, efforts to address …