Download or read book Essays on the Macroeconomic and Financial Causes of the Great Recession written by Juan Jose Ospina Tejeiro and published by . This book was released on 2017 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays that study the macroeconomic and financial causes of the Great Recession. The first chapter focuses on understanding some of the business cycle dynamics of different regions in the United States. In particular, I seek to understand what shocks and frictions are the drivers of consumption and employment differences across subnational economies, particularly states. I find that the shocks and frictions that drive the aggregate business cycle are not enough to understand regional business cycle dynamics. In this chapter I develop methodological contributions that can help researchers guide the construction of models whose goal is to understand regional business cycle dynamics and how it relates to aggregate business cycle dynamics. The second chapter focuses on understanding the link between regional and aggregate business cycles. We find that that the shocks that we can identify using cross-sectional variation are insufficient to understand the joint dynamics of prices, wages and employment at business cycle frequencies. In particular, demand shocks identified using cross-region variation are insufficient to explain the persistent decline in aggregate employment. This chapter develops methodological contributions to identify shocks in macroeconomic models and to construct regional indexes for prices and wages. The third chapter is an empirical analysis of the non-agency mortgage backed securities market, which has been at the core of the explanations of the causes of the Great Recession. By carefully studying the cash flows, returns, and how they relate to the credit ratings, we find that contrary to the conventional narrative of the crisis, AAA-rated subprime mortgage backed securities performed remarkably well. This calls into question some key aspects of the explanations that have been given as triggers of the crisis of 2008, and points at the need to better understand the forces behind this event in order to have a more accurate understanding and be able to prescribe appropriate policies.
Download or read book Hall of Mirrors written by Barry J. Eichengreen and published by Oxford University Press, USA. This book was released on 2015 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--
Download or read book The First Great Recession of the 21st Century written by Óscar Dejuán and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in the book utilise several alternative paradigms to provide a plausible explanation and a credible cure. This book provides this important analysis in great detail and from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices. Thirteen insightful chapters by eminent scholars investigate the background of the crisis and draw lessons for economic theory and policy. They largely illustrate that the roots of the recession lie in the financial sector which, over the past few decades, has expanded considerably in terms of both size and complexity. They show that financial innovation has decoupled the real and financial sectors - not always to the benefit of economic stability - and argue that financial markets should be regulated more astutely in order to reinforce transparency and accountability. The book concludes that economics as a science should give proper weight to financial variables and integrate them into its models.
Download or read book The Great Recession written by Anis Chowdhury and published by Nova Science Publishers. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters in this volume were written as commentaries between mid-2008 and early-2016 in the wake of the Great Recession of 2008-2009. The primary topics around which the various essays are compiled are: (a) crisis and response, (b) fiscal policy, (c) monetary and capital account policy, (d) employment, and (e) development. The chapters not only provide a critique of mainstream macroeconomics, but also suggest a way forward. This volume contains an extensive introduction to synthesise the debate on macroeconomic orthodoxy and to assess the attempts at its reconstruction in light of its dismal failure in predicting the crisis and responding to it. As a background, it briefly traces the retreat of post-Great Depression Keynesian macroeconomics (with it, full employment as the primary policy goal) and the rise of new orthodoxy (concerned with a single target, inflation) that came to dominate major international financial institutions, notably the International Monetary Fund and the World Bank. It also highlights contrasting analyses of the global macroeconomic issues by the Bretton Woods Institutions (BWIs) vis-á-vis the United Nations, and their contributions to macroeconomics-development discourse. Two main conclusions about the various attempts at reconstructing macroeconomics are that they: (1) suffer from an advanced country bias, and (2) do not pay sufficient attention to employment even in developed countries. The benign neglect of developing countries in reconstructing macroeconomics is not at all surprising, as both post-Great Depression macroeconomics and its orthodox replacement evolved without paying due regard to the particular circumstances and problems of developing countries. The neglect of employment in rethinking macroeconomics shows how deeply orthodoxy still remains embedded in the major institutions, as well as among professional economists and policymakers. There is no sign of any significant shift even when a good deal of research within the BWIs themselves report findings that are contrary to conventional wisdom. Thus, unfortunately, whatever is likely to emerge as post-Great Recession macroeconomics does not seem very encouraging for employment and development. The essays compiled in this volume suggest how macroeconomics can serve the dual objectives of short-term stabilisation and long-term inclusive sustainable development goals with decent and productive employment featuring prominently for both developed and developing countries.
Download or read book Recession Chronicles written by William L Pittenger and published by Bill Pittenger Real Estate Economics, LLC. This book was released on 2014-10-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: What started as overbuilding in a few American cities turned into the broadest, deepest and most severe economic downturn since the Great Depression of the 1930s. When the subprime lending market imploded in the latter months of 2007, the disastrous effects were felt in housing, then employment, then commercial real estate, then banking, then throughout the broader economy. The Great Recession, as it has come to be known, was unusual. Most recessions are triggered by monetary policy gone awry or by some sort of economic shock which eventually infects the housing sector. Not so this time. The recession began in housing and quickly expanded into other sectors and eventually to the broader economy in both the U.S. and abroad. Author and real estate economist, William "Bill" Pittenger tracked The Great Recession at virtually every step of the way. As he did, he wrote about what he was witnessing personally and through his comprehensive economic research and analysis. He recorded it all contemporaneously. That research is presented in a compilation of 150 contemporaneous essays written between 2007 and 2013. His essays record the prelude to recession in 2007; the depths of the recession in 2008 and 2009 and the agonizingly slow recovery we are still experiencing today - some five years after the recession technically ended.
Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2024-01-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.
Download or read book Financial Instability and Economic Security After the Great Recession written by Charles J. Whalen and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis book advances the re-unification of the Institutionalist and Keynesian traditions, now unstoppable, which when last combined eighty years ago proved the power of progressive and pragmatic thought. Let the spirit of Keynes and Commons inspire our new era Ð and perhaps this time a coherent, enduring and useful academic economics may also result.Õ Ð James K. Galbraith, President, Association for Evolutionary Economics (2012) ÔFinancial Instability and Economic Security after the Great Recession is a welcomed volume for a variety of reasons. The book does a good job of: 1) surveying the foundations of Post-Keynesian Institutionalism (PKI); 2) unfolding new ways of understanding and appreciating the economic and institutional insights of Hyman Minsky (which are many); and 3) providing new economic analysis into the recent financial crisis both in the United States and globally. . . How uncertainty affects institutions and individual behavior is something that needs more exploration, and this volume contributes to a much-needed discussion on how both institutionalists and Post-Keynesians can work together on this. . . a very interesting and stimulating book that provides some new insights in the development of both Institutionalist and Post-Keynesian thought.Õ Ð Heterodox Economics Newsletter ÔThis important and fascinating book confirms that policymakers would do well to brush up on their reading of Hyman Minsky as they wrestle with the ongoing effects of the global financial crisis. It makes a compelling case for understanding the current situation as a crisis of capitalism Ð a system that veers between stability and instability Ð and for managing and regulating economies on the basis of MinskyÕs insight that stability breeds instability. MinskyÕs insight was psychological, not merely economic, and this volume furthers the argument for including disciplines such as psychology and philosophy in understanding markets. It also helps us recognize the truth that, in the end, economies are human constructs and it will require strong doses of humanism to successfully manage our economic future.Õ Ð Michael E. Lewitt, Harch Capital Management and author of The Death of Capital: How Creative Policy Can Restore Stability ÔThe volume offers an intriguing economic frame that vastly broadens the possibilities for economic research and shifts the focus of economists from markets to people. . . This volume makes a coherent and articulate case for a new interpretation of existing economic theories with long traditions that could help inform both research and policy in the future.Õ Ð Christian Weller, Perspectives on Work ÔA failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.Õ Ð Dorene Isenberg, University of Redlands, US ÔA convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.Õ Ð Philip Arestis, University of Cambridge, UK ÔFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent Ð indeed, still ongoing Ð crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery.Õ Ð Timothy A. Canova, Chapman University School of Law, US ÔFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called Òmoney-manager capitalismÓ. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics.Õ Ð John Henry, University of Missouri-Kansas City, US ÔIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book.Õ Ð Ronnie J. Phillips, Colorado State University, US ÔCharles Whalen has been the torch-bearer for Post-Keynesian Institutionalism for many years. The fruit of his thought and time is reaped in the publication of this valuable work that should be of interest to all economists, particularly those concerned with the macroeconomic workings of the real economy. While there are multiple authors, Whalen wrote or co-authored half of the chapters, giving the book coherence not usually found in a collection of essays; a first-rate book.Õ Ð Charles K. Wilber, University of Notre Dame, US ÔThe end of the Great Moderation (a period characterized by modest business cycles) and the demise of its intellectual underpinnings, such as the efficient market hypothesis, opens the door to fresh thinking about the evolution of the US and world economies. This volume responds with a compendium of insights that grow out of Post-Keynesian Institutionalism. Central constructs in the analysis Ð essential to understanding the new Great Instability and to generating constructive policy responses Ð include money-manager capitalism, financial regulation, and economic evolution. The book provides a persuasive basis for reconstructing macroeconomics and for finding sets of policies that could lead to greater world prosperity. This is an important contribution, since much of the intellectual and policy response to the current crisis has challenged the status quo very little and has not inoculated the global economy from further instability.Õ Ð Kenneth P. Jameson, University of Utah, US ÔThis book makes a major contribution toward developing an economic framework to address the policy failures that precipitated the 2007Ð2009 financial crisis and slowed recovery from the Great Recession. It begins that process with wonderfully clear analyses of the influence of earlier non-classical economic thinkers on Keynes and Minsky and then uses their insights and hypotheses to critique the economic thinking that failed to anticipate the crisis. But, unlike many other excellent analyses of recent events, it also identifies policy options capable of preventing future crises and ensuring a more rapid recovery. The authors have laid a strong foundation for the theoretical perspective required to secure the broadly shared prosperity that many view as the overriding objective of an economic system.Õ Ð Jane DÕArista, University of Massachusetts at Amherst, US ÔInstitutionalists and Post Keynesians have a great deal in common, so much so that it is surprising how little cooperation there has been between them. This innovative and engaging volume will help to put this right. Several of the contributors identify the ideas of Hyman Minsky as providing a bridge between the two traditions (in much the same way as Micha Kalecki connects Post Keynesian and Marxian thought), suggesting important ways these camps can profit from each otherÕs insights. Across the volume, the crucial concepts of ÔfuturityÕ, expectations and fundamental uncertainty shape the authorsÕ approach to economic theory, while an insistence on the need for a Ômore wisely managed capitalismÕ unites their policy discussions. This book deserves to be widely read; it will have important consequences.Õ Ð John E. King, La Trobe University, Australia This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options Ð and challenges Ð than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policymakers and citizens interested in understanding economic booms and downturns.
Download or read book After the Great Recession written by Barry Z. Cynamon and published by Cambridge University Press. This book was released on 2013 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.
Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Download or read book America s Exhausted Paradigm written by Thomas I. Palley and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper traces the roots of the current financial crisis to a faulty U.S. macroeconomic paradigm. One flaw in this paradigm was the neo-liberal growth model adopted after 1980 that relied on debt and asset price inflation to drive demand in place of wage growth. A second flaw was the model of U.S. engagement with the global economy that created a triple economic hemorrhage of spending on imports, manufacturing job losses, and off-shoring of investment. Financial deregulation and financial excess are important parts of the story, but they are not the ultimate cause of the crisis. These developments contributed significantly to the housing bubble but they were a necessary part of the neoliberal model, their function being to fuel demand growth by making ever larger amounts of credit easily available. As the neoliberal model slowly cannibalized itself by undermining income distribution and accumulating debt, the economy needed larger speculative bubbles to grow. The flawed model of global engagement accelerated the cannibalization process, thereby creating need for a huge bubble that only housing could provide. However, when that bubble burst it pulled down the entire economy because of the bubble's massive dependence on debt. The old post-World War II growth model based on rising middle-class incomes has been dismantled, while the new neoliberal growth model has imploded. The United States needs a new economic paradigm and a new growth model, but as yet this challenge has received little attention from policymakers or economists.
Download or read book The Great Recession written by David B. Grusky and published by Russell Sage Foundation. This book was released on 2011-10-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
Download or read book Essays on Macroeconomic Volatility and the Great Moderation written by Michael W. Clark and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is a collection of two essays on the macroeconomic volatility and the Great Moderation. The first essay examines the causes of the Great Moderation in United States, while the second essay takes an international approach in examining if the Great Moderation was one or multiple events for the industrialized countries. The first essay analyzes the causes of the large decline in aggregate volatility for the United States, phenomenon known as the Great Moderation, one of the most widely recognized characteristics of the modern U.S. economy. However, the literature found no consensus on what caused it. In order to uncover the causes of the Great Moderation we use a new measure of volatility based on the first difference of quarterly growth rates, and a novel approach, exploiting a test for common features. We first test each series for structural change(s) in volatility, and then test for a common feature of a decrease in volatility between the volatility of output and volatility of potential causes of the Great Moderation for both the period prior to the Great Recession (2007:4) and the whole sample through 2010:4. When all the evidence is considered, structural changes in the economy, including increased globalization and improved inventory management, improved monetary policy, and good luck, all appear to have played a significant role, while financial market innovations are unlikely to be a cause of the Great Moderation. The second essay analyzes if the Great Moderation is one event internationally, common across countries, or multiple events. The Great Moderation has been identified in several advanced economies as a general decrease in the volatility of GDP growth, and it is still viewed as one time event. We use structural break test to date the onset of the Great Moderation in eleven developed countries and employ the test for common features in order to determine if the moderation in volatility is common across countries (one event), or if it is more than one event. While we establish that all of the countries studied display a break dating from the late 1970s to mid- 1980s and early 1990s, we discover the moderation of volatility evident in international data is neither concurrent, nor of similar magnitude. We can use this new information to enlighten our search for the cause(s) of the Great Moderation by both eliminating potential causes and increasing the ability to distinguish between causality and coincidence.
Download or read book The Rich and the Great Recession written by Mr.Bas B. Bakker and published by International Monetary Fund. This book was released on 2014-12-16 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argues that the saving rate of the rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the swings in saving by the rich must actually have played the most important role in the consumption boom-bust, since since the top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role in the Great Recession.
Download or read book Economic Development and Financial Instability written by Jan A. Kregel and published by Anthem Press. This book was released on 2014-10-15 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Download or read book Capitalism s Crisis Deepens written by Richard D. Wolff and published by Haymarket Books. This book was released on 2016-05-30 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The leading socialist economist in the country” explores the roots of the Great Recession and its immense impact on working people (Cornel West). While most mainstream commentators view the crisis that provoked the Great Recession as having passed, these essays from Richard Wolff paint a far less rosy picture. Drawing attention to the extreme downturn in most of capitalism’s old centers, the unequal growth in its new centers, and the resurgence of a global speculative bubble, Wolff—in his uniquely accessible style—makes the case that the crisis should be grasped not as a passing moment, but as an evolving stage in capitalism’s history. Praise for Richard Wolff and Democracy at Work “Probably America’s most prominent Marxist economist.” —The New York Times Magazine “Richard Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky “Wolff offers a rich and much-needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this with anything but an acute appreciation of what is needed to get us out of this mess.” —Stanley Aronowitz “Bold, thoughtful, transformative—a powerful and challenging vision that takes us beyond both corporate capitalism and state socialism. Richard Wolff at his best!” —Gar Alperovitz
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
