The Great Recession: Market Failure or Policy Failure? (BOK)

Robert L. Hetzel

489,00 48900
Sendes vanligvis innen 5-15 dager
Since publication of 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 nineteenth century and the first half of the twentieth 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.

Produktfakta

Språk Engelsk Engelsk Innbinding Innbundet
Utgitt 2012 Forfatter Robert L. Hetzel
Forlag
CAMBRIDGE UNIVERSITY PRESS
ISBN 9781107011885
Antall sider 400 Dimensjoner 15,2cm x 22,8cm x 2,5cm
Vekt 650 gram Leverandør Bertram Trading Ltd
Emner og form Economic history, Monetary economics