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- W2142377964 abstract "Both monetary policy and real factors played crucial causal roles in the housing boom and bust. Monetary policy distorted relative prices, particularly intertemporal prices. Prices play a critical role in allocating resources by signaling the relative scarcity of resources. Prices convey information, but when distorted they may mislead.Nonprice factors also play important roles in guiding investors. These include accounting statements and credit ratings. Institutional change degraded the accuracy of these nonprice factors. Distorted prices, misleading accounting statements, and inflated credit ratings produced what I described elsewhere as an “economy of liars” (O’Driscoll 2010).Housing policy and regulation of financial services also played important roles in the housing boom and bust. They interacted with monetary and other real factors to produce the financial crisis, which Reinhart and Rogoff (2009: 248) have labeled the “Second Great Contraction.” In the sections that follow I examine each of the causal factors in turn." @default.
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- W2142377964 date "2011-10-15" @default.
- W2142377964 modified "2023-09-25" @default.
- W2142377964 title "Money, Prices, and Bubbles" @default.
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