Boom, bust, action! How communities can cope with <scp>boom‐bust</scp> cycles in unconventional oil and gas development
نویسندگان
چکیده
منابع مشابه
Can Learning Explain Boom-Bust Cycles in Asset Prices? An Application to the US Housing Boom
Explaining asset price booms poses a di cult question for researchers in macroeconomics: how can large and persistent price growth be explained in the absence large and persistent variation in fundamentals? This paper argues that boom-bust behavior in asset prices can be explained by a model in which boundedly rational agents learn the process for prices. The key feature of the model is that le...
متن کاملExcessive Optimism, Leverage, and Boom and Bust Cycles
This paper develops a model that allows asset price and debt booms to develop endogenously and affect the real economy. A key aspect of the model is the assumption that agents do not have perfect information about economic fundamentals, but instead learn through experience. According to this learning approach, agents make rational, optimal decisions based on available information, but the infor...
متن کاملInvestor Flows and the 2008 Boom/Bust in Oil Prices
This paper explores the impact of investor flows and financial market conditions on returns in crude-oil futures markets. I argue that informational frictions and the associated speculative activity may induce prices to drift away from “fundamental” values, and may result in booms and busts in prices. Particular attention is given to the interplay between imperfect information about real econom...
متن کاملBoom-Bust Cycles: Leveraging, Complex Securities, and Asset Prices
Recent history suggests that many boom-bust cycles are naturally driven by linkages between the credit market and asset prices. Additionally, new structured securities have been developed, e.g., MBS, CDOs, and CDS, which have acted as instruments of risk transfer. We show that there is a certain non-robustness in the pricing of these instruments and we create a model in which their role in the ...
متن کاملCan Adaptive Learning Explain Boom-Bust Cycles In Asset Prices? An Application to the US Housing Boom
Explaining asset price booms poses a di cult question for researchers in macroeconomics: how can large and persistent price growth be explained in the absence large and persistent variation in fundamentals? This paper argues that boom-bust behavior in asset prices can be explained by a model in which boundedly rational agents learn the process for prices. The key feature of the model is that le...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Review of Policy Research
سال: 2022
ISSN: ['1541-1338', '1541-132X']
DOI: https://doi.org/10.1111/ropr.12490