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- Title
MONEY, PRICES, AND BUBBLES.
- Authors
O'Driscoll Jr., Gerald P.
- Abstract
The article discusses monetary policy and the role it played in the U.S. housing market in the early 21st century. The author argues that monetary policies disturbed relative prices and that those prices conveyed misleading information to consumers and investors. The article also examines so-called nonprice factors including accounting statements and credit ratings that led to what the author calls an economy of liars. The author explores deflation in U.S. history, particularly the so-called Greenback period following the U.S. Civil War and the resumption of gold payments in 1879.
- Subjects
UNITED States; MONETARY policy; HOUSING market; HOUSING finance; GOVERNMENT price policy; INVESTORS; TWENTY-first century; GREENBACKS (Money); CENTRAL banking industry; UNITED States economy; UNITED States history, 1865-1921; LAW
- Publication
CATO Journal, 2011, Vol 31, Issue 3, p441
- ISSN
0273-3072
- Publication type
Article