Charles Kindleberger: an impressionist in a minimalist world
Minimalist economists stubbornly resist Charles Kindleberger's characterization of investor expectations in a financial bubble as "irrational." This paper seeks to resolve the controversy by imbedding Kindleberger's well-researched, impressionistic theory of financial crises into...
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2004
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
10847 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | Minimalist economists stubbornly resist Charles Kindleberger's characterization of investor expectations in a financial bubble as "irrational." This paper seeks to resolve the controversy by imbedding Kindleberger's well-researched, impressionistic theory of financial crises into an expanded, but still-minimalist model of rational expectations. Introducing the concepts of malicious disinformation and rational overpromotion creates an informational environment in which it is time-consuming and costly to distinguish fact from fiction. Rationality still requires that expectations and market fundamentals move together over long periods of time, but dishonorable overpromoters can earn substantial profits in the interim. |
| Physical Description: | 12 S. |
Staff View
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 10847 | |
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| spelling | Kane, Edward J. 1935-2023 Verfasser (DE-588)129369861 aut Charles Kindleberger an impressionist in a minimalist world Edward J. Kane Cambridge, Mass. National Bureau of Economic Research 2004 12 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10847 Minimalist economists stubbornly resist Charles Kindleberger's characterization of investor expectations in a financial bubble as "irrational." This paper seeks to resolve the controversy by imbedding Kindleberger's well-researched, impressionistic theory of financial crises into an expanded, but still-minimalist model of rational expectations. Introducing the concepts of malicious disinformation and rational overpromotion creates an informational environment in which it is time-consuming and costly to distinguish fact from fiction. Rationality still requires that expectations and market fundamentals move together over long periods of time, but dishonorable overpromoters can earn substantial profits in the interim. Charles Poor@Kindleberger Rationale Erwartung Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10847 (DE-604)BV002801238 10847 http://papers.nber.org/papers/w10847.pdf kostenfrei Volltext |
| spellingShingle | Kane, Edward J. 1935-2023 Charles Kindleberger an impressionist in a minimalist world National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Charles Poor@Kindleberger Rationale Erwartung |
| title | Charles Kindleberger an impressionist in a minimalist world |
| title_auth | Charles Kindleberger an impressionist in a minimalist world |
| title_exact_search | Charles Kindleberger an impressionist in a minimalist world |
| title_exact_search_txtP | Charles Kindleberger an impressionist in a minimalist world |
| title_full | Charles Kindleberger an impressionist in a minimalist world Edward J. Kane |
| title_fullStr | Charles Kindleberger an impressionist in a minimalist world Edward J. Kane |
| title_full_unstemmed | Charles Kindleberger an impressionist in a minimalist world Edward J. Kane |
| title_short | Charles Kindleberger |
| title_sort | charles kindleberger an impressionist in a minimalist world |
| title_sub | an impressionist in a minimalist world |
| topic | Charles Poor@Kindleberger Rationale Erwartung |
| topic_facet | Charles Poor@Kindleberger Rationale Erwartung |
| url | http://papers.nber.org/papers/w10847.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT kaneedwardj charleskindlebergeranimpressionistinaminimalistworld |