Vernon L. Smith
Economic Science Institute
One University Dr.
Orange, CA 92866
NBER Working Papers and Publications
|July 2014||Consumption and Investment Booms in the 1920s and Their Collapse in 1930|
with Steven Gjerstad
in Housing and Mortgage Markets in Historical Perspective, Eugene N. White, Kenneth Snowden, and Price Fishback, editors
Similarities between the financial crisis in September 2008 and the collapse of the financial system during the depression have been widely noted. Yet the comparability of the origins and transmission of the crises have been neglected. The recent downturn, which originated with a pronounced housing boom and collapse, led to severe household balance sheet problems that were transmitted to lenders and mortgage security investors. Damage to household balance sheets weakened household demand - especially for housing and durable goods - which adversely affected employment, production, and non-residential fixed investment. This pattern, however, is not recognized in the dominant view as a possible cause of the depression. Contrary to prevailing views of the origins of the Great Depression, thi...
|1980||Relevance of Laboratory Experiments to Testing Resource Allocation Theory|
in Evaluation of Econometric Models, Jan Kmenta and James B. Ramsey, editors
|1964||Appendix I-H: The Measurement of Capital|
in Measuring the Nation's Wealth, Wealth Inventory Planning Study