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Macroeconomics After The Financial Crisis

Author: Mogens Ove Madsen
Publisher: Routledge
ISBN: 1317300092
Size: 14.69 MB
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How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis? Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern economic mainstream has been challenged by these empirical facts. Today, several years after the outbreak of the international economic crisis, supply side effects do not seem to be increasing employment as the modern mainstream claimed they would. Aggregate demand has to play a more important role in macroeconomic analysis than hitherto. That is, there is a need for alternative explanations of how a modern macro economy is expected to function and how the macroeconomic outcome could be manipulated by the right economic policy proposals. As expressed by the contents of the present book, a Post Keynesian understanding proposes such an alternative theoretically, methodologically and in terms of policy measures. This book will present new materials and approaches, especially new evidence and new views on the potential problems of public debt, the European Union and the present crisis, Central Banking, hysteresis in an agent based framework, the foundations of macroeconomics and the problems of uncertainty.

Economics After The Crisis

Author: Adair Turner
Publisher: MIT Press
ISBN: 0262300990
Size: 22.98 MB
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The global economic crisis of 2008--2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008--2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory. Turner argues that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced.

A Crisis Of Beliefs

Author: Nicola Gennaioli
Publisher: Princeton University Press
ISBN: 0691184925
Size: 41.91 MB
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How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.

What Have We Learned

Author: George A. Akerlof
Publisher: MIT Press
ISBN: 0262027348
Size: 76.64 MB
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Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises.

From Crisis To Confidence

Author: Roger Koppl
Publisher: Do Sustainability
ISBN: 0255366620
Size: 67.17 MB
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From Crisis to Confidence not only describes the process which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics. As economics students and other commentators question post-war macroeconomics, Roger Koppl provides some of the answers needed to understand the long slump since 2008. A theory of confidence is needed in any economic framework that is to explain one of the most important periods in modern economic history.

Nber Macroeconomics Annual 2016

Author: Martin Eichenbaum
Publisher: University of Chicago Press
ISBN: 022649036X
Size: 78.66 MB
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The thirty-first edition of the NBER Macroeconomics Annual features theoretical and empirical research on central issues in contemporary macroeconomics. The first two papers are rigorous and data-driven analyses of the European financial crisis. The third paper introduces a new set of facts about economic growth and financial ratios as well as a new macrofinancial database for the study of historical financial booms and busts. The fourth paper studies the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate. The fifth paper explores the distinctions between models of price setting and associated nominal frictions using data on price setting behavior. The sixth paper considers the possibility that the economy displays nonlinear dynamics that lead to cycles rather than long-term convergence to a steady state. The volume also includes a short paper on the decline in the rate of global economic growth.

Macroeconomics

Author: Jones, Charles I
Publisher: W. W. Norton & Company
ISBN: 0393923916
Size: 56.41 MB
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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.

Macroeconomic Policy After The Crash

Author: Richard Barwell
Publisher: Springer
ISBN: 3319404636
Size: 13.15 MB
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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.

Economic And Financial Crises

Author: A. Cencini
Publisher: Springer
ISBN: 113746190X
Size: 13.73 MB
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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.

How Latin America Weathered The Global Financial Crisis

Author: José De Gregorio
Publisher: Columbia University Press
ISBN: 0881326798
Size: 43.11 MB
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Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor of the Central Bank of Chile from 2007 to 2011, tells the story of how Latin America has responded to the crisis with a perspective that only an insider can have. De Gregorio focuses on the seven largest economies of the region, Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela (90 percent of the region's output). He argues that Latin America was resilient because of good macroeconomic policies, strong financial systems, and "a bit of luck."