BMO Public Lecture: Rethinking Housing Bubbles, Nov 13
The Bank of Montreal Lecture Series brings distinguished academics and speakers to Simon Fraser University to give public lectures on topics of interest to the community. This lecture is supported in partnership with BMO, SFU Department of Economics, and SFU Public Square.
Propositions on Housing, Instability and Recessions
Housing bubbles have foreshadowed 11 out of the 14 most recent US recessions. The last Great Recession (1997-2012) began with a housing bubble and collapse, with the effects still lingering today. Bubbles have occurred in economic history but severe episodes are rare. The recent collapse, like the Depression, was unexpected by economic and policy experts.
The Great Recession and the Depression were the result of a severe housing bubble that was triggered by households spiraling into negative net equity. Home values plummeted against fixed mortgages indebtedness, with banks and other lending institutions being pulled into this spiral. Our path to a recovery might be long. Dr. Smith will identify alternative recovery scenarios but none of them are painless.
Speaker: Vernon L. Smith, George L. Argyros Chair in Finance and Economics and President, International Foundation for Research in Experimental economics
Moderator: Alexander Karaivanov, Associate Chair of the Department of Economics, Simon Fraser University
When: Thursday, November 13, 2014
Time: 5:30pm with reception to follow at 7-8:30pm
Location: Goldcorp Centre for the Arts, 149 West Hastings Street, Djavad Mowafaghian Cinema
Cost: Free but registration is required. Register now
For more information on this event, please visit the SFU Public Square website