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Video: The Great Recession and Housing Bubbles

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Here, Nobel Laureate in Economics Vernon Smith introduces his colleague Steve Gjerstad on why the Fed’s early-​in-​the-​millennium policy to induce a housing bubble “went awry”:

Smith and Gjerstad are working on a book on the Great Recession, and Gjerstad provides, here, a data-​heavy discussion, and uses that data to show why Keynesian policy doesn’t work. Gjerstad makes an especially interesting comparisons between Japan and Finland. Well worth sitting through the whole lecture. 

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