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Macroeconomic Policy After The Crash

Author: Richard Barwell
Publisher: Springer
ISBN: 3319404636
Size: 39.47 MB
Format: PDF
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This book reviews the key policy debates during the post-crash era, describing the issues that policymakers grappled with, the decisions that they took and the details of the policy instruments that were created. It focuses specifically on the policy regimes at the epicentre of the crisis: micro- and macro-prudential policy with chapters exploring the revolution in the conduct of macroeconomic policy in the period since the financial crisis. The author shows that throughout this period policymakers have had to balance two conflicting objectives – to repair balance sheets in the banking and public sectors whilst simultaneously trying to catalyse an economic recovery – and that has required them to innovate new tools and even new policy regimes in response. This book goes behind the jargon and explains what exactly policymakers at the Bank of England, the Treasury and beyond did and why, from QE to austerity to Basel III.

Progressive Politics After The Crash

Author: Olaf Cramme
Publisher: I.B.Tauris
ISBN: 0857722719
Size: 52.64 MB
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Those who hoped the collapse of financial markets would usher in the end of neoliberalism and rehabilitate support for traditional social democratic policies programmes have been disappointed. It is not only the irrationality of markets which is the focus of public discontent, but the inefficiency of states and the inability of elected governments to humanise and control global market capitalism. Despite recent successes, social democratic parties in the EU have become locked in a cycle of electoral under-performance. The crisis remedies of the Right appear more simple and direct in their diagnosis, casting the state as restrictive, wasteful and inefficient. Abstract theoretical debates on the Left about a ‘paradigm shift’ in Western capitalism in the aftermath of the crisis have had little traction. So, in the aftermath of the 2008 crash prompted by the failure of US financial services conglomerate, Lehman Brothers, this book addresses a deceptively simple question: what is to be done? It makes the case for a new, post-crisis settlement harnessing the dynamic traditions of social liberalism and social democracy as the foundation for progressive reforms geared towards alleviating crisis aftershocks and addressing the deep-seated structural challenges afflicting western capitalist democracies.

Macroeconomic Policy

Author: Farrokh Langdana
Publisher: Springer Science & Business Media
ISBN: 0387776664
Size: 31.67 MB
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This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective – incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.

Macroeconomic Policy

Author: Farrokh K. Langdana
Publisher: Springer
ISBN: 3319328549
Size: 15.61 MB
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This book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated to provide an understanding of the post-financial crisis economy, the third edition covers the subprime crisis in detail, discussing monetary policies enacted in its wake, such as quantitative easing, tapering, carry trades, CMOs, and monetization. Even more globally oriented than previous editions, this volume links the Great Recession and US Monetary Policy to global hot capital flows and currency pegs. This edition also revisits the Eurozone in significant detail; discussing its history, its macroeconomic design challenges, and its present imperiled state, in the context of global macropolicy. Finally, this volume analyzes the "China syndrome" and explores the effects of slower trend growth in China on the rest of the world. India, with its different—almost supply-side—approach to macropolicy is also studied in detail. The third edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.​

Macroeconomic Policy And The Future Of Capitalism

Author: John Smithin
Publisher: Edward Elgar Publishing
Size: 69.65 MB
Format: PDF, ePub
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This book is stimulating and written in language easily accessible to a wide audience. It presents a useful survey of macroeconomic policies and ideas up to the present day. Smithin provides a welcome appraisal of modern macroeconomic theory and raises valid questions about the wisdom of contemporary policy makers. This is definitely a book worth reading and adding to your library. Donald Lee, Business and the Contemporary World E.M. Forster once gave two cheers for democracy . I wish to give three cheers for John Smithin and his wonderfully courageous and timely new book. Stripping away all the clever technical scaffolding which characterises so much modern economic theory (which Smithin himself understands well) he reveals the underlying political economy of the major developments in capitalist economies since the great depression. Basically, he makes a fundamental Marxist point: capitalism works tolerably well if finance and industrial capital advance in tandem not only because then the two great capitalist classes are content but also because the resulting prosperity may also be shared in by the wage-earners. But if they get out of tandem, as happened in the 1970s, for example, tacit harmonies turn to conflict so that, in the case of the last 20 years we have been witnessing the rentiers revenge. As both Marx and Kalecki told us and now John Smithin does too, hired prizefighters may be found to say that the situation has become basically unsound . But political economy was started by true scientists and scholars; and it is to that honourable tradition that John Smithin so naturally belongs. G.C. Harcourt, University of Cambridge, UK, Jesus College, Cambridge and University of Adelaide, Australia . . . a solid and well reasoned book. Smithin mixes incitefulness, an excellent command of the literature, together with common sense to come up with a superb discussion of macro policy. David C. Colander, Middlebury College, Vermont, US John Smithin examines critically the new orthodoxy in macroeconomic policy and reveals it as little more than a return to pre-war values and concepts with policy once again dominated almost entirely by financial interests. John Grieve Smith, Robinson College, Cambridge, UK Macroeconomic Policy and the Future of Capitalism addresses the revolution in macroeconomic policy of the last quarter of the twentieth century and the movement away from concerns with employment and growth in favour of financial variables such as inflation and exchange rates. John Smithin argues that this financial reaction in macroeconomic policy is the result of a distinct shift in political power in favour of financial or rentier interests, and away from both labour and manufacturing business. The outcome is a regime in which the real rate of return to financial capital is persistently higher than it was in the relatively prosperous years between the end of World War II and the mid-1970s, but economic performance is persistently worse. Professor Smithin recommends drastic changes in attitude, in particular in the conduct of monetary policy, if a more secure prosperity is to be restored in the 21st century. Macroeconomic Policy and the Future of Capitalism is an accessible, highly readable account of macroeconomic policy in the industrial nations which cuts through the complex mathematics and obscure jargon of most books on economics to deal with real issues.

Credit Money And Macroeconomic Policy

Author: Claude Gnos
Publisher: Edward Elgar Publishing
ISBN: 1849808724
Size: 46.56 MB
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While some of the chapters address the recent crisis as well as adjustments to the Basel Accord, others analyze the required changes to the conduct of monetary and fiscal policies. The distinguished authors offer an in-depth and comprehensive analysis of macroeconomics and providealternative policies to deal with a number of persistent modern-day problems.

Financial Crises And The Politics Of Macroeconomic Adjustments

Author: Stefanie Walter
Publisher: Cambridge University Press
ISBN: 1107292441
Size: 76.82 MB
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When are policy makers willing to make costly adjustments to their macroeconomic policies to mitigate balance-of-payments problems? Which types of adjustment strategies do they choose? Under what circumstances do they delay reform, and when are such delays likely to result in financial crises? To answer these questions, this book examines how macroeconomic policy adjustments affect individual voters in financially open economies and argues that the anticipation of these distributional effects influences policy makers' decisions about the timing and the type of reform. Empirically, the book combines analyses of cross-national survey data of voters' and firms' policy evaluations with comparative case studies of national policy responses to the Asian financial crisis of 1997/8 and the recent global financial crisis in Eastern Europe. The book shows that variation in policy makers' willingness to implement reform can be traced back to differences in the vulnerability profiles of their countries' electorates.

A Macroeconomic Regime For The 21st Century

Author: Christopher Taylor
Publisher: Routledge
ISBN: 1136823697
Size: 72.29 MB
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The book aims to give non-economists a detailed understanding of how macroeconomic policy works in modern economies, and the issues it faces. The world has recently been through a huge economic crisis and thinking people everywhere have reason to wonder whether something is not seriously wrong with the policy regimes underlying these dramatic events in the major economies, and whether changes should be made. The author reviews the history of the successive regimes tried and found wanting in the second half of the last century and proposes a set of reforms designed to convert the flawed neo-liberal consensus of the 1990s into a durable regime for the present century.