Rethinking housing bubbles : the role of household and bank balance sheets in modeling economic cycles / Steven D. Gjerstad, Chapman University, California, Vernon L. Smith, Chapman University, California.

In 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 propen...

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