{"product_id":"9781139948876","title":"Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles","description":"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 propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":47080145092848,"sku":"9781139948876","price":33.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9781139948876_p0.jpg?v=1763701029","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9781139948876","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}