期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2015
出版社：Federal Reserve Bank of St. Louis
摘要：fter the financial storm that spread from the United States in the summer of 2007 to many advanced economies by the fall of 2008, the economics profession was criticized for not being able to predict the crisis and for the profession's limited understanding of the mecha- nisms that generated the upheaval and allowed it to spread. Today, there is an abundance of new research that places the crisis in a historical context and links it to the develop- ment and bursting of asset bubbles—those periods of explo- sive behavior of prices. Hopefully, this and future research will help ward off the "this-time-is-different" syndrome (popularized by economists Carmen Reinhart and Kenneth Rogoff), that is, the mistaken idea that old rules about taking risks no longer apply once financial innovation and "reforms" occur in financial markets and the economy
