The Timber Bubble that Burst: Government Policy and the Bailout of 1984

Hardcover | April 30, 1999

byJoe P. Mattey

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This is a book about bubble prices, and their consequences, in the timber industry of the Pacific Northwest from 1979-1984. Bubble prices--unusual and rapid rises (and eventual drops) in the prices of a commodity--have been of theoretical interest to economists for many years. This studyexamines the unusual movements in the price of federal timber and the subsequent recession in the Northwest when timber buyers delayed harvests in order to postpone the realization of their losses on the contracts. Mattey argues that it was not so much the actions of the Federal Reserve, which hadbeen widely blamed for the crisis, but rather the actions of the buyers themselves that caused the recession.

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This is a book about bubble prices, and their consequences, in the timber industry of the Pacific Northwest from 1979-1984. Bubble prices--unusual and rapid rises (and eventual drops) in the prices of a commodity--have been of theoretical interest to economists for many years. This studyexamines the unusual movements in the price of fe...

Joe P. Mattey is an Economist on the Board of Governors, Federal Reserve System, USA.
Format:HardcoverDimensions:120 pages, 8.54 × 5.83 × 0.59 inPublished:April 30, 1999Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195062752

ISBN - 13:9780195062755

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"Mattey has chosen an important question for public timber policy. He frames his hypotheses carefully and tests them rigorously....His contribution is important."--Forest Science