Asset price bubbles : implications for monetary, regulatory, and international policies / edited by William C. Hunter, George G. Kaufman, Michael Pomerleano.

Revised papers of a conference sponsored by the Federal Reserve Bank of Chicago and the World Bank.

Includes bibliographical references and index.

Print version record.

1. Asset Price Bubbles, Information, and Public Policy / Randall S. Kroszner -- 2. Asset Price Bubbles and Their Implications for Monetary Policy and Financial Stability / Jean-Claude Trichet -- 3. Rational and Nonrational Bubbles / Allan H. Meltzer -- 4. Diverse Views on Asset Bubbles / Robert J. Shiller -- 5. Asset Prices and Monetary Policy / Michael Mussa -- 6. U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy / Frederic S. Mishkin and Eugene N. White -- 7. Japan's Experience with Asset Price Bubbles: Is It a Case for Inflation Targeting? / Kunio Okina and Shigenori Shiratsuka -- 8. Lending Booms, Real Estate Bubbles, and the Asian Crisis / Charles Collyns and Abdelhak Senhadji -- 9. Tropical Bubbles: Asset Prices in Latin America, 1980-2001 / Santiago Herrera and Guillermo E. Perry -- 10. Different Countries, Similar Experience / Takeo Hoshi -- 11. Comments on Recent Experiences with Asset Price Bubbles / Ignazio Visco -- 12. Stocks as Money: Convenience Yield and the Tech-Stock Bubble / John H. Cochrane -- 13. Bubble Psychology / Werner De Bondt -- 14. Bubbles in Real Estate Markets / Richard Herring and Susan Wachter -- 15. Comments on: "Stocks as Money ..." and "Bubble Psychology" / Robert S. Chirinko -- 16. Comments on Theory and History of Asset Price Bubbles / Bertrand Renaud -- 17. Imbalances or "Bubbles?" Implications for Monetary and Financial Stability / Claudio Borio and Philip Lowe -- 18. Testing for Stock Market Overvaluation/Undervaluation / Ellen R. McGrattan and Edward C. Prescott -- 19. Stochastic Index of the Cost of Life: An Application to Recent and Historical Asset Price Fluctuations / Michael F. Bryan, Stephen G. Cecchetti and Roisin O'Sullivan -- 20. Comments on Empirical Dimensions of Asset Price Bubbles / Andrew J. Filardo.

21. Bubbles, Inflation, and the Big One: Comments on "A Stochastic Index of the Cost of Life ..." and "Testing for Stock Market Overvaluation/Undervaluation" / Bruce Lehmann -- 22. Globalization and Changing Patterns in Crisis Transmission / Michael D. Bordo and Antu Panini Murshid -- 23. Asset Price Bubbles and Stock Market Interlinkages / Franklin Allen and Douglas Gale -- 24. Banking Policy and Macroeconomic Stability: An Exploration / Gerard Caprio, Jr. and Patrick Honohan -- 25. Global Perspective on Extreme Currency Linkages / Philipp Hartmann, Stefan Straetmans and Casper de Vries -- 26. Comments: Shifting the Risk after Shifting the Focus / Anna J. Schwartz -- 27. Valuation and New Economy Firms / Steven N. Kaplan -- 28. Home Bias, Transactions Costs, and Prospects for the Euro / Catherine L. Mann and Ellen E. Meade -- 29. Comments on "Valuation and New Economy Firms" / Lawrence Slifman -- 30. Asset Prices in a Flexible Inflation Targeting Framework / Stephen G. Cecchetti, Hans Genberg and Sushil Wadhwani -- 31. Interest Rate Policy Should Not React Directly to Asset Prices / Marvin Goodfriend -- 32. Comments on Implications of Bubbles for Monetary Policy / Benjamin M. Friedman -- 33. Historical Pattern of Economic Cycles and Their Interaction with Asset Prices and Financial Regulation / Charles A.E. Goodhart -- 34. Asset Price Bubbles and Prudential Regulation / Jeffrey Carmichael and Neil Esho -- 35. Morning After: Restructuring in the Aftermath of an Asset Bubble / Michael Pomerleano -- 36. Comments on "The Historical Pattern of Economic Cycles and Their Interaction with Asset Prices and Financial Regulation" / Joaquim Vieira Levy -- 37. Comments on "Asset Price Bubbles and Prudential Regulation" / Ramon Moreno -- 38. Comments on "The Morning after ..." / Eric Rosengren.

39. Banking Provisions and Asset Price Bubbles / Jaime Caruana -- 40. Looking Forward on Monetary and Supervision Policies to Protect against Bubbles / Takatoshi Ito -- 41. Planning to Protect against Asset Bubbles / Vincent R. Reinhart.

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.

English.

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