… , what it really means, claims Peter Garber, is that we have grasped a near-empty explanation
rather than expend the effort to understand the event. In this book Garber offers market-…

Before economists relegate a speculative event to the inexplicable or bubble category, we
must exhaust all reasonable economic explanations. Among the “reasonable” or “market …

Though it is always mentioned first among the list of obvious manias, no serious effort has
ever been expended to investigate the market fundamentals that might have driven the tulip …

We construct a pair of linear examples to study the collapse time of a fixed exchange-rate
regime. The first example is a perfect-foresight, continuous-time model which allows …

The economic emergence of a fixed exchange rate periphery in Asia has reestablished the
United States as the center country in the Bretton Woods international monetary system. We …

Gold and its price have emerged as frequent topics of both academic and government debate.
Public attention, focused on the gold market since gold’s price began fluctuating violently …

The collapse of the Bretton Woods system of fixed exchange rates was one of the most
accurately and generally predicted of major economic events.’Hindsight, of course, sharpens the …

When current market price depends partly on the expected rate of market price change, it is
possible that the market will launch itself onto a price bubble with price being driven by …

We generate an empirical method aimed at predicting the timing and magnitude of
devaluations forced by speculative attacks on fixed exchange rate systems. Using the Mexican …

Publisher Summary This chapter discusses the operation and collapse of fixed exchange rate
regimes. It reports recent research contributions to the understanding of the dynamics of a …