{"product_id":"rethinking-housing-bubbles","title":"Rethinking Housing Bubbles","description":"\u003cp\u003eIn this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing as a key element of economic cycles. The authors combine data from both laboratory and real markets to provide insight into the bubble propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.\u003c\/p\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46647142252782,"sku":"9780521198097","price":93.37,"currency_code":"AUD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/9612\/7726\/files\/9780521198097.jpg?v=1750165905","url":"https:\/\/bookland.com.au\/products\/rethinking-housing-bubbles","provider":"Book Land AU","version":"1.0","type":"link"}