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1

THE REAL ESTATE BUBBLES AND MONETARY POLICY - THE US CASE

100%
Belke A., Wiedmann M.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 9
898-917
EN
This paper attempts to provide an answer on the question - whether the recent surge in the US real estate prices is fundamentally driven, or whether the current situation reflects the 'bubble' symptoms. Implicitly, also monetary policy in the euro area in these days is addressed as well with France and Spain experiencing exorbitant price increases of the real estate during at least the last four years. Our aim is to divide the valuation of the US housing market into a 'bubble' component and into a fundamentally justified component. For this purpose, the US real estate market and its peculiarities are described and the empirical indications of a bubble are identified. We contrast the empirical results with the ongoing question whether the asset prices and the asset price bubbles are and should be a matter of attention of the central bank authorities in the process of the monetary policy making.
2

MACROECONOMIC POLICY CONTEXT OF SIMILARITIES AND DIFFERENCES OF THE GREAT DEPRESSION AND THE CURRENT GLOBAL ECONOMIC CRISIS

63%
Czesany S.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 7
700 – 718
EN
The objective of the article is to identify similarities and differences between the Great Depression and global financial and economic crises in period 2007 – 2010. The analysis examines a hypothesis that the main causes of financial and economic crises include unbalanced developments of the macroeconomic sphere as well as existing weaknesses of banking systems, which often do not evolve in line with the development of economy fundamentals. The article is going to inspect three areas: (i) What economic policies and trends were registered in the pre-crisis period in order to identify the main causes of economic fluctuations; (ii) How economic policies responded to the course of the financial and economic crisis; (iii) What was the effect of financial crisis on the real economy development. The main task for after-crisis periods is to improve stabilization of macroeconomic policy, bank risk management system and also system for monitoring and analysing the business cycle.
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