CORDIS Project
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This project explores the nature of asset bubbles in financial markets, arguing that they arise from pre-existing inefficiencies rather than individual irrationality. It aims to develop a framework to understand the relationship between bubbles, economic growth, and optimal policy responses.
Advanced capitalist economies experience large and persistent movements in asset prices that are difficult to justify with economic fundamentals.
The internet bubble of the 1990s and the real state market bubble of the 2000s are two recent examples.
The predominant view is that these bubbles are a market failure, and are caused by some form of individual irrationality on the part of market participants.
This project is based instead on the view that market participants are individually rational,…
Centre de Recerca en Economia Internacional (CREI)
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