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Author: Gary B. Gorton
Publisher: Princeton University Press
ISBN: 0691227012
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
"After the Great Depression John Maynard Keynes led the way in building a new macroeconomic framework to deal with that unprecedented economic reality. Ten years after our own crisis, however, macroeconomics has not come to terms with how to grapple with the idea of financial crises in its models. In the stylized world of macroeconomic theory, crises are not an inherent or structural element. Gary Gorton and Guillermo Ordonez, who were prominent experts to first authoritatively respond to the financial crisis of 2008 have since been working to understand what needs to change in macroeconomic models to incorporate and address financial crises. In this book Gorton and Ordonez provide an authoritative first step on how to rebuild macroeconomics in a way that can take into account financial crises, and they make a strong case that we need to rethink things at a fundamental level. In the book they bring together ten years of work on what needs to happen. Their two key ideas of what has missing are information and credit. More specifically, how information and credit interact, for example, when investors learn that certain types of debt aren't safe investments and we see bank runs. Gorton and Ordonez provide a way to model this interaction and a roadmap of how to incorporate it into a macroeconomic equilibrium"--
Author: Gary B. Gorton
Publisher: Princeton University Press
ISBN: 0691227012
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
"After the Great Depression John Maynard Keynes led the way in building a new macroeconomic framework to deal with that unprecedented economic reality. Ten years after our own crisis, however, macroeconomics has not come to terms with how to grapple with the idea of financial crises in its models. In the stylized world of macroeconomic theory, crises are not an inherent or structural element. Gary Gorton and Guillermo Ordonez, who were prominent experts to first authoritatively respond to the financial crisis of 2008 have since been working to understand what needs to change in macroeconomic models to incorporate and address financial crises. In this book Gorton and Ordonez provide an authoritative first step on how to rebuild macroeconomics in a way that can take into account financial crises, and they make a strong case that we need to rethink things at a fundamental level. In the book they bring together ten years of work on what needs to happen. Their two key ideas of what has missing are information and credit. More specifically, how information and credit interact, for example, when investors learn that certain types of debt aren't safe investments and we see bank runs. Gorton and Ordonez provide a way to model this interaction and a roadmap of how to incorporate it into a macroeconomic equilibrium"--
Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199986886
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.
Author: Laurent Ferrara
Publisher: Springer
ISBN: 3319790757
Category : Business & Economics
Languages : en
Pages : 298
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Book Description
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Author: R. Glenn Hubbard
Publisher: University of Chicago Press
ISBN: 9780226355887
Category : Business & Economics
Languages : en
Pages : 420
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Book Description
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Author: Todd A. Knoop
Publisher: Wiley-Blackwell
ISBN:
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
Modern Financial Macroeconomics takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy. Reviews historical and contemporary macroeconomic theory Examines governmental influence on moderating (or exacerbating) economic fluctuations Discusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes
Author: Markus K. Brunnermeier
Publisher: Princeton University Press
ISBN: 0691221103
Category : Business & Economics
Languages : en
Pages : 136
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Book Description
An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them. Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent. With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.
Author: Jones, Charles I
Publisher: W. W. Norton & Company
ISBN: 0393923916
Category : Business & Economics
Languages : en
Pages : 8
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Book Description
Macroeconomics is the first text to truly reflect today 's macroeconomy. In this teachable, coherent book, the author makes complex topics easily understandable for undergraduates and combines innovative treatment of both the short run and the long run with a strong emphasis on problem solving.
Author: Roy E. Allen
Publisher: Edward Elgar Publishing
ISBN: 1785361112
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. A learned but accessible book, it is perfect for a broad audience of academics and practitioners but has also been used as a supplementary textbook for courses in international economics, international finance, money and banking, and macroeconomics.
Author: A. Cencini
Publisher: Springer
ISBN: 113746190X
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
This book deals with the structural origins of economic and financial crises. It explains that both economic theories and policies need to be grounded on a monetary macroeconomic analysis of the working of domestic and international economies. The volume outlines reform proposals to make sure that banking activities respect the nature of money.
Author: Eckhard Hein
Publisher: Edward Elgar Publishing
ISBN: 1781009163
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
'The rise to dominance of finance in the past three decades has had many profound effects on economic performance. In this book Eckhard Hein provides us with detailed, well-grounded and highly insightful analyses of the macroeconomic impacts on investment, employment, global imbalances, income distribution and much more. This is "must read" for those wanting to comprehend the macroeconomics of the era of financialization, and for those seeking macro-economic policies to address the financial crisis and bring economic prosperity.' – Malcolm Sawyer, University of Leeds, UK 'Eckhard Hein examines the causes and consequences of financialisation. His book is economics as it should always be: it combines reflections, data gathering, empirical analysis, theoretical formalization, and policy recommendations. Hein goes beyond the exuberant behaviour of the banking industry to analyse the global financial crisis and the eurozone crisis, showing, through various variants of a Kaleckian growth model, the macroeconomic consequences of the rising dominance of finance over modern capitalism during the last three decades.' – Marc Lavoie, University of Ottawa, Canada In this timely and thought-provoking book, Eckhard Hein illustrates that the Great Recession, which hit the world economy in 2008/09, is rooted in the contradictions of finance-dominated capitalism. the author provides an in-depth exploration of the macroeconomics of finance-dominated capitalism, its problems and its crisis, and presents economic policy lessons and alternatives. In particular, he shows that since the early 1980s, finance-dominated capitalism has affected long-run economic developments via three distinct channels: • the re-distribution of income at the expense of low labour incomes, • the dampening of investment in real capital stock, • and an increasing potential for wealth-based and debt-financed consumption. the author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession. This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.
