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The great recession : market failure or policy failure? /
"Since publication of Robert L. Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations, and the efficacy of...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Cambridge ; New York :
Cambridge University Press,
©2012.
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| Colección: | Studies in macroeconomic history.
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| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | "Since publication of Robert L. Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations, and the efficacy of the price system in assuring macroeconomic stability. The 2008-2009 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the 19th and first half of the 20th century. These "market-disorder" views emphasize excessive risk taking in financial markets and the need for government regulation. The present book argues for the alternative "monetary-disorder" view of recessions. A review of cyclical instability over the last two centuries places the 2008-2009 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in financial markets."--Publisher's website. |
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| Descripción Física: | 1 online resource (xiv, 384 pages) : illustrations |
| Bibliografía: | Includes bibliographical references and index. |
| ISBN: | 9781139336840 1139336843 9781139338585 1139338587 9781139337717 1139337718 9781139340168 1139340166 9780511997563 0511997566 9786613571519 6613571512 113934174X 9781139341745 |