Located at a large academic institution? I had not realized the weight of your authority. Please forgive my naive pedestrian musings ;) "What about bubbles tha

Located at a large academic institution? I had not realized the weight of your authority. Please forgive my naive pedestrian musings ;) "What about bubbles that took place before central banks existed or were powerful?" Quoting wikipedia: The term "bubble", in reference to financial crises, originated in the 1711–1720 British South Sea Bubble, and originally referred to the companies themselves, and their inflated stock, rather than to the crisis itself. This was one of the earliest modern financial crises; other episodes were referred to as "manias", as in the Dutch tulip mania. https://en.wikipedia.org/wiki/Economic_bubble https://en.wikipedia.org/wiki/Economic_bubble I am a bit rushed and cannot respond to all your questions immediately, but I will say that definitions are tricky things, and I admit there are many nuances we can spend years exploring.