Charles kindleberger
By: Edward J. Kane.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10847; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10847.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Kindleberger, Charles Poor, 1910-
Description: "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"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/5/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.