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- Title
THREE NARRATIVES ABOUT THE FINANCIAL CRISIS.
- Authors
Wallison, Peter J.
- Abstract
The article examines the Elliott-Baily theory on the causes of the U.S. financial crisis in 2008-2009. According to the author, economists Douglas J. Elliott and Martin Neil Baily released a study in 2009 entitled "Telling the Narrative of the Financial Crisis: Not Just a Housing Bubble." The author states that Elliott and Baily argued that the relatively continuous growth and moderate level of inflation between 1982 and 2007 in the U.S. created an atmosphere of risk-taking in the financial markets. The author compares the analysis to the housing policies of the U.S. government and their impact on the cause of the financial crisis. The article also discusses the Dodd-Frank Wall Street Reform & Consumer Protection Act (DFA) of 2010.
- Subjects
UNITED States; ELLIOTT, Douglas J.; BAILY, Martin Neil; MONETARY policy; PRICE inflation; ANTI-inflationary policies; PRICE regulation; FINANCIAL market reaction; HOUSING finance laws; DODD-Frank Wall Street Reform &; Consumer Protection Act; UNITED States politics &; government, 1989-
- Publication
CATO Journal, 2011, Vol 31, Issue 3, p535
- ISSN
0273-3072
- Publication type
Article