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ISBN: 9781107011885 9780511997563 9781107459601 Year: 2012 Publisher: Cambridge Cambridge University Press
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Business cycles --- United States --- Recessions --- Monetary policy --- Récessions --- Politique monétaire --- Cycles économiques --- History --- Histoire --- Etats-Unis --- Economic policy --- Economic conditions --- Politique économique --- Conditions économiques --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 331.01 --- 331.100 --- 331.30 --- 331.31 --- 333.846.0 --- Evolutie van de economische cycli. --- Economische geschiedenis: algemeenheden. --- Economische toestand. --- Economisch beleid. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- Récessions --- Politique monétaire --- Cycles économiques --- Politique économique --- Conditions économiques --- Evolutie van de economische cycli --- Economische geschiedenis: algemeenheden --- Economische toestand --- Economisch beleid --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- United States of America
Book
ISBN: 9781139336840 1139336843 9781139338585 1139338587 9781139337717 1139337718 9781139340168 1139340166 9780511997563 0511997566 9786613571519 6613571512 9781107011885 1107011884 113934174X 9781139341745 1139334298 1107228948 1280393599 1107459605 Year: 2012 Publisher: Cambridge : Cambridge University Press,
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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.
Recessions --- Monetary policy --- Business cycles --- United States --- Economic policy --- Economic conditions --- E-books --- Business, Economy and Management --- Economics
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