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2min chapter
Back To The Future - Tyler Cowen
The Joe Walker Podcast
The Negative Shock of the Pandemic
Tyler: Historically, housing bubbles tend to lead to nasty balance sheet recessions. He says the one time negative shock they could deliver to the long run growth rate is just so bad. Should we focus on innovation and productivity or worry about cleaning up after if it does turn sour? Tyler: It's hard for central banks to know when it's a housing bubble or when it's just a reevaluation. But I do think the general point that you want your banks and other financial institutions to be well capitalized, so crises are not crises of solvency would go a long way toward limiting cyclicality.
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