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Asset Bubble Theory and the Recent U.S. Housing Experience

Permanent Link: http://ncf.sobek.ufl.edu/NCFE004280/00001

Material Information

Title: Asset Bubble Theory and the Recent U.S. Housing Experience
Physical Description: Book
Language: English
Creator: Kreick, Michael J.F.
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2010
Publication Date: 2010

Subjects

Subjects / Keywords: Housing Bubble
Asset Bubble
Minsky
Shiller
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: The purpose of this thesis is to provide a narrative evaluation of major determinants of the recent U.S. housing price bubble in the context of established theories on the formation of asset bubbles. Chapter one reviews popular theories on the formation of asset bubbles, and reexamines them in the context of the creation of the housing bubble, where appropriate. I look first at Shiller�s work on the decision-making processes of the individual investor. Next, Minsky�s Financial Instability Hypothesis is outlined. As a final consideration, literature on the role of asset prices in determining monetary policy is discussed. Chapter two outlines three commonly cited causes of the housing bubble: the subprime mortgage market, banking sector deregulation and the rise of the �shadow bank� industry, and monetary policy. The causal linkages supposed to have allowed each determinant to grow the housing bubble are followed. The third chapter provides data in support of these causal linkages. The final section provides a conclusion to the thesis summarizing its contents and providing analysis of its strengths and weaknesses.
Statement of Responsibility: by Michael J.F. Kreick
Thesis: Thesis (B.A.) -- New College of Florida, 2010
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Khemraj, Tarron

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2010 K9
System ID: NCFE004280:00001

Permanent Link: http://ncf.sobek.ufl.edu/NCFE004280/00001

Material Information

Title: Asset Bubble Theory and the Recent U.S. Housing Experience
Physical Description: Book
Language: English
Creator: Kreick, Michael J.F.
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2010
Publication Date: 2010

Subjects

Subjects / Keywords: Housing Bubble
Asset Bubble
Minsky
Shiller
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: The purpose of this thesis is to provide a narrative evaluation of major determinants of the recent U.S. housing price bubble in the context of established theories on the formation of asset bubbles. Chapter one reviews popular theories on the formation of asset bubbles, and reexamines them in the context of the creation of the housing bubble, where appropriate. I look first at Shiller�s work on the decision-making processes of the individual investor. Next, Minsky�s Financial Instability Hypothesis is outlined. As a final consideration, literature on the role of asset prices in determining monetary policy is discussed. Chapter two outlines three commonly cited causes of the housing bubble: the subprime mortgage market, banking sector deregulation and the rise of the �shadow bank� industry, and monetary policy. The causal linkages supposed to have allowed each determinant to grow the housing bubble are followed. The third chapter provides data in support of these causal linkages. The final section provides a conclusion to the thesis summarizing its contents and providing analysis of its strengths and weaknesses.
Statement of Responsibility: by Michael J.F. Kreick
Thesis: Thesis (B.A.) -- New College of Florida, 2010
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Khemraj, Tarron

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2010 K9
System ID: NCFE004280:00001


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83 !+#' #'+!*$! +'$%++4%+",'+ $" )(($* "' ")" '+" $!/,+#' ,'+ $*" "$"%"C&'((!5n#+ "$ +6 HnI!+#' #)&' "'&&",( *"'( +'+#+'( 0,"%n!+#' #/ &""$/'$! $&!$ '((0/ "$&"$&+$!" ) *+") "% "$*( 5)',6 $'5)',6$ / 0,"%!+#' #+,+$ '$'*+$ )$ )",'+ "L&'$* +'"%,'0$ !+#' # *' +40'((")$* '$$ 0$&"%"+ '() $&+ '$ 0$#"(# !) +&#$*' +'"% ,'0$ &"$ $*$ "$"#$ "+&+& '$& +'! %"+',+C! +$!%L! +'"%,'0$ $!+ +(('"%)',!+ #' #/ +'+ ((%+ + !%%+$ "$ "'!$*(C" +," $(%"+&+' $* +&$ +$ "$*,+&")#+/)' 5&+! !%'( )' ,6 &+! !%'( )',HI'+/'&&"+!$* "'+4 +$$++/5&"$ +'& $+$*'*'$ !%'( "%','+ &('+"$!" + +'$&0+"% &"$ +'& ,'0',+"!&%L!%$L&'$*%"+'&"$ $* $ ,'0$ $ #$ "%&+! !%'( 6;B$!!/' +(' "$*(/ !+#' #&'$ "* '%(0'' 0,"%$+'$&,"(&0,+&'!0 $# "+"+<'*'$ #$ "% !%'( "$ ("'$&",+$* "+ *'*'&4! &+ $)& 0'! $# !'("#1)#1/"&01$&'4-*'&3*)*(&(*'7("#16 -*'711. ,+"& +"*)&'!")'$4'$! + $ +$ %'&( "$*""'"+ '$! +'* C%"+)'+!"$ '$!$*' *$$$*"% &'$ ;B'+4+$$++/5&,+$* -! 0'$!+! +$&122;Q122D/6 8n /,r 1@/$"3H122=I>;=

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81 "%#$ "$0'+4 $# "+$ + !$'4$*''*+,+"% "$"+ C +&+ +"$0$ "'$!" + "$0'+4 $ +$ '+4 0<$ "$ $! "$ ",+&'("$*+C +/((-! %+"&'"+ *'*'&4!&+ 0(!$**+$ + +' '$ )' 0)+,'0$* +$# "+$"+!+ +$',+"% &+' !'!'$!"$ "+ *'*"+*$' $*'$4 ",+"!&"+("'$ "(! "<"+$!#!'( $# "++ +L'&+' $* !'$!%"+'$! + +'$&)' +! %'( )',$ )'4"% !" C&"( /*("'($# "+)+$*+0 $# +5'#$**( 6$" $*&",'+' # (0'%7' !," "+0 $ "$"+ +)+'( ""%%+ !%""(,+""%'$0$# "+"% "+ *'*'&4!&+ ""4&"%"+ $ %'& 0,"%&+ 0( (0 !+# #'(%+"'+'('$! '$*(' H '"I$ #$ "%$"$C ,'0$ / "(!+HI"% &+ + 0 )((%%& #(0"(!($+* '*'$ ,+",+ 0' /"(! ,+",+ 0 *"$ "%"+&("+/&+ 0"(!+&'$ + '+! 0)(( ((,'!/,+"#!! '$4"(!$* "+ *'*%$'$&'((0 "(#$ '$!'( "!""&''$0"% ("' $$*'+4 !0'$4"+ + )+'!"$,+"+ *'*)&'#'$ $+$ (0*+!%'( +4 '$!" +'! "$'(("'$H& "$13I/")# +/"<'$!" +$# "+ $!! "+'+!"% +'% 0''$$# $ $!/ 0,+&'! +! %'( )','*'$ &+ + $$++*""$ "&"$%+ 5F'G$0"$)",+&'!'C+' +'$&"%'&" ((' +'(M!! "(*' "$F!+$* *+") "% "$*(G/&"$!) &+! !%'( )',/'!+'"$

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8@ (# $# $ '!(")+4/&' ,+"'( 0"% &"$ +,'+ 0 !%'( $*)'&"$!+! "'((6;8' / ,+&'"%/'("$*) L&, "$'(+' $*$*! $ +$ 0&+! +' $*'*$&/ $&"+'*!$# $ $ &+ +)+/' +$" /( '$,+* #' "$$#"(#!$'++#$*' ""% %'#"+'(&+! +' $*"+,"+' +! $**$&'+,+#' $ &/ 0'+"+#'(0,+"$ "$ %($&%+" "+*'$M' "$)& '+&"$ +'& $* "'4'$'$ '$ '4+"% $ +%"+&"$"&'$! "(&0'+&/,"$ ( 0(" $ "&", "+/"$!+' $* '*$&'!5 +"$*$&$ # "*+' $* '$4A&+ 6;:"% '& "$"% '!")'$4'$! %%& "% +$ +$ &'!'$$,+&!$ !+*$ !'$!%"+"+ *'*'&4!&+ &&"+!$* "4+'$&/'$$# $ &"$( '$ "+*'$ '$(0/ !'$!)'!%%&( 4,,) 5 )'$(#'('$/)'( &"(!$? ,+"!&$"* F&+ G "4,"+$# "+',,0"+," ,()'$ !"$! '$)&"(! '& '((0,+"!&' )'"+!%%&( '4/)' +0$* ",+"!&$"*6;;$"+!+ 4,,) +( $*!'$!/"+ *'*C"+*$' $*'$4 $ ""4'!#'$ '*"% ('L$!+)+ $* '$!'+!)&'!&" "'# +'*"#+ ,+#"380'+ "'+4 ("'$ "')!++'$*"%$!#!'( *+'#'('( 0"%%$'$&$* ,+"" !"")$+,/)&, ,)'+!,++ "$"$*,+& ;8!;:'$'4+/5"$*('$! $'$&' (+/6 :!3/:r B:H122DI> ;; ;;+'/('/(L(+*/'$!!''#!"$1 22=+" ',"!@=2,"!&' +'!",+"*+' &'*">&'*"(&'!"/, +18 Z ,>99))) '+&'$(%"+*9'!"N,"!',L K,"![@=2SH'&&!n& "+31/122=I

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