The Great Recession: Market Failure or Policy Failure?
- ISBN-10
- 1107378710
- ISBN-13
- 9781107378711
- Series
- The Great Recession
- Category
- Business & Economics
- Language
- English
- Published
- 2012-04-16
- Publisher
- Cambridge University Press
- Author
- Robert L. Hetzel
Description
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 2008–9 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 2008–9 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.
Get the book
Other editions
-
- 2014-10-30
- 400 pages
- Paperback
- Cambridge University Press
-
- 2018
- - pages
- Paperback
- Nova Science Publishers
Similar books
-
House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again
By Atif Mian, Amir SufiArmed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt ...
-
The Great Recession and the Contradictions of Contemporary Capitalism
By Riccardo Bellofiore, Giovanna VertovaThis book offers plural perspectives on the Great Recession,
-
The Great Recession: History, Ideology, Hubris and Nemesis
By Michael S. H. HengDeals with the 2008 financial crisis and the recession. This book takes the real economy as the starting point and situates the downturn within the societal context over the last several decades.
-
Children of the Great Recession
By Sara S. McLanahan, Christopher Wimer, Irwin GarfinkelThe research in this volume suggests that policies that boost college access and reinforce the safety net could help protect disadvantaged families in times of economic crisis.
-
Money in the Great Recession: Did a Crash in Money Growth Cause the Global Slump?
By Tim CongdonBut very few banks actually had losses in excess of their capital. The counter-argument presented in this stimulating new book is that the Great Recession was in fact caused by a collapse in the rate of change of the quantity of money.
-
Pinched: How the Great Recession Has Narrowed Our Futures and What We Can Do About It
By Don PeckDon Peck’s Pinched, a fascinating and harrowing exploration of our dramatic economic climate, keenly observes how the recession has changed the places we live, the work we do, and even who we are—and details the transformations that are ...
-
Evolution or Revolution?: Rethinking Macroeconomic Policy after the Great Recession
By Lawrence H. Summers, Olivier BlanchardWill it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics.
-
The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession
By Richard C. KooThe revised edition of this highly acclaimed work presents crucial lessons from Japan's recession that could aid the US and other economies as they struggle to recover from the current financial crisis.
-
Confronting Policy Challenges of the Great Recession: Lessons for Macroeconomic Policy
By Eskander AlviThis 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 ...
-
Wildfire: The Legislation That Ignited the Great Recession
By Robert A. SroteCarefully calculated consumer deceit at the hands of greedy executives. Startling misuse of taxpayer money. These are just some of the things that swept the nation after the housing bubble popped And The Great Recession gripped the country.