Comparing crises: The property bubble of 1922-1934 and that of 1997-2009

03/06/2010 - 18:30

introduced by Matteo Motterlini

The recent recession was triggered by the bursting of a major property bubble. The Great Depression of 1929 also originated in the housing market. A Nobel Prize winner examines the similarities and differences between the two episodes. What happens to prices in a market where a great deal of basic information is lacking?