| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18082 |
| 来源ID | Working Paper 18082 |
| Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis | |
| Christopher L. Foote; Kristopher S. Gerardi; Paul S. Willen | |
| 发表日期 | 2012-05-17 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We present 12 facts about the mortgage crisis. We argue that the facts refute the popular story that the crisis resulted from finance industry insiders deceiving uninformed mortgage borrowers and investors. Instead, we argue that borrowers and investors made decisions that were rational and logical given their ex post overly optimistic beliefs about house prices. We then show that neither institutional features of the mortgage market nor financial innovations are any more likely to explain those distorted beliefs than they are to explain the Dutch tulip bubble 400 years ago. Economists should acknowledge the limits of our understanding of asset price bubbles and design policies accordingly. |
| 主题 | Microeconomics ; Households and Firms ; General Equilibrium ; Economics of Information ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w18082 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575758 |
| 推荐引用方式 GB/T 7714 | Christopher L. Foote,Kristopher S. Gerardi,Paul S. Willen. Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18082.pdf（807KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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