Hall of Shame

 

While it is important to study the work of economists who got it right by correctly identifying housing bubbles and recognizing the “Great Moderation” was a fraud, the faulty analysis of those who got it wrong serves as a lesson in what not to do. Here is a collection of their work.


Bernanke, Ben S. (2005). “The Economic Outlook,” Testimony before the Joint Economic Committee, 20th October.
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Gallin, Joshua. (2004). “The Long-Run Relationship between House Prices and Rents,” Finance and Economics Discussion Series, Federal Reserve.
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Gerardi, Kristopher S., Christopher L. Foote and Paul S. Willen. (2010). “Reasonable People Did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash,” Public Policy Discussion Paper No. 10-5, Federal Reserve Bank of Boston.
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Greenspan, Alan. (2005). “The Economic Outlook,” Testimony before the Joint Economic Committee, 9th June.
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Himmelberg, Charles, Christopher Mayer and Todd Sinai. (2005). “Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions,” Staff Report no. 218, Federal Reserve Bank of New York.
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Lucas, Robert. (2003). “Macroeconomic Priorities,” The American Economic Review, 93(1): 1-14.
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McCarthy, Jonathan and Richard W. Peach. (2004). “Are Home Prices the Next “Bubble”?,” FRBNY Economic Policy Review, 10(3): 1-17.
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Smith, Margaret Hwang and Gary Smith. (2006). “Bubble, Bubble, Where’s the Housing Bubble?,” Brookings Papers on Economic Activity, Brookings Institute.
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