VoxEU.org - 6/30/2009
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Guillermo Calvo , Rudy Loo-Kung , 27 June 2009 The financial sector is prone to crises, which are typically associated with serious effects on output and employment. This column weighs the costs and benefits of financial deregulation that spurs temporarily high growth that then collapse and ...
economistsview.typepad.com - 6/30/2009
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economistsview.typepad.com —
This may help Brad DeLong settle his inner
conflict over whether Greenspan made an error by not
moving interest rates to limit the housing boom. Guillermo Calvo and Rudy Loo-Kung argue that the benefits of bubbles almost always outweigh ...
(more)
Should We Pop Bubbles?
Comments
Blog Reactions
Should We Pop Bubbles?
Economist's View —
This may help Brad DeLong settle his
inner conflict over whether Greenspan made an error by not moving interest
rates to limit the housing boom. Guillermo Calvo and Rudy Loo-Kung argue that
the benefits of bubbles almost always outweigh their costs (and thus there's no
need for regulation to prevent them). I think the authors are correct to point
out that distributional issues are omitted from the analysis. Also, the assumption that social welfare depends only upon consumption is important as it rules out any utility costs associated with losing a home, a job, changing schools, etc. over and above the loss ...
Assorted links
Marginal Revolution —
1. Transcapitalist blog, by Melody Hildenbrandt and Anita Gardeva.
2. The impunity game: rejecting free money out of anger.
3. Polemic against Sweden.
4. Are bubbles welfare-improving?
5. Is the traditional theory of consumer behavior sometimes *correct*?
links for 2009-07-01
J. Bradford DeLong's Grasping Reality with All Eight Tentacles —
CIA-Contra-Crack Cocaine Controversy
Mark Thoma: Should We Pop Bubbles?
Matthew Yglesias: Richard Posner Proposes Link Ban
Todd S. ...
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