The great recession: market failure or policy failure?
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...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge
Cambridge University Press
2012
|
| Schriftenreihe: | Studies in macroeconomic history
|
| Schlagworte: | |
| Online-Zugang: | BSB01 UBG01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Beschreibung: | 1 online resource (xiv, 384 pages) |
| ISBN: | 9780511997563 |
| DOI: | 10.1017/CBO9780511997563 |
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| 520 | |a 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 | ||
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Datensatz im Suchindex
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| author | Hetzel, Robert L. |
| author_facet | Hetzel, Robert L. |
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| contents | The 2008-2009 recession : market or policy maker failure? -- Recessions: financial instability or monetary mismanagement? -- The great contraction: 1929-1933 -- Monetary policy and bank runs in the great depression -- Vigorous recovery and relapse: 1933-1939 -- Interwar international monetary experiments -- Identifying the shocks that cause recessions -- From stop-go to the great moderation -- Controlling bank risk taking: market or regulatory discipline? -- The housing crash : subsidizing housing and bank risk taking -- Bubble trouble: easy money in 2003 and 2004? -- What caused the great recession of 2008-2009? -- What caused the great leverage collapse? -- The distinctions between credit, monetary, and liquidity policy -- Fed market interventions : the experiment with credit policy -- Evaluating policy : what are the relevant counterfactuals -- The business cycle: market instability or monetary instability? -- Why is learning so hard? -- How should society regulate capitalism: rules versus discretion |
| ctrlnum | (ZDB-20-CBO)CR9780511997563 (OCoLC)852510434 (DE-599)BVBBV043919423 |
| dewey-full | 330.973 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330.973 |
| dewey-search | 330.973 |
| dewey-sort | 3330.973 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511997563 |
| era | Geschichte 1929-2009 gnd |
| era_facet | Geschichte 1929-2009 |
| format | Electronic eBook |
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| spelling | Hetzel, Robert L. Verfasser aut The great recession market failure or policy failure? Robert L. Hetzel Cambridge Cambridge University Press 2012 1 online resource (xiv, 384 pages) txt rdacontent c rdamedia cr rdacarrier Studies in macroeconomic history Title from publisher's bibliographic system (viewed on 05 Oct 2015) The 2008-2009 recession : market or policy maker failure? -- Recessions: financial instability or monetary mismanagement? -- The great contraction: 1929-1933 -- Monetary policy and bank runs in the great depression -- Vigorous recovery and relapse: 1933-1939 -- Interwar international monetary experiments -- Identifying the shocks that cause recessions -- From stop-go to the great moderation -- Controlling bank risk taking: market or regulatory discipline? -- The housing crash : subsidizing housing and bank risk taking -- Bubble trouble: easy money in 2003 and 2004? -- What caused the great recession of 2008-2009? -- What caused the great leverage collapse? -- The distinctions between credit, monetary, and liquidity policy -- Fed market interventions : the experiment with credit policy -- Evaluating policy : what are the relevant counterfactuals -- The business cycle: market instability or monetary instability? -- Why is learning so hard? -- How should society regulate capitalism: rules versus discretion 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 Geschichte 1929-2009 gnd rswk-swf Wirtschaft Wirtschaftspolitik Recessions / United States Monetary policy / United States Business cycles / United States Rezession (DE-588)4177966-6 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Stabilitätspolitik (DE-588)4077791-1 gnd rswk-swf Wirtschaftliche Lage (DE-588)4248362-1 gnd rswk-swf USA United States / Economic policy / 2009- United States / Economic conditions / 2009- USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Wirtschaftliche Lage (DE-588)4248362-1 s Rezession (DE-588)4177966-6 s Stabilitätspolitik (DE-588)4077791-1 s Geldpolitik (DE-588)4019902-2 s Geschichte 1929-2009 z 1\p DE-604 Erscheint auch als Druckausgabe 978-1-107-01188-5 Erscheint auch als Druckausgabe 978-1-107-45960-1 https://doi.org/10.1017/CBO9780511997563 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Hetzel, Robert L. The great recession market failure or policy failure? The 2008-2009 recession : market or policy maker failure? -- Recessions: financial instability or monetary mismanagement? -- The great contraction: 1929-1933 -- Monetary policy and bank runs in the great depression -- Vigorous recovery and relapse: 1933-1939 -- Interwar international monetary experiments -- Identifying the shocks that cause recessions -- From stop-go to the great moderation -- Controlling bank risk taking: market or regulatory discipline? -- The housing crash : subsidizing housing and bank risk taking -- Bubble trouble: easy money in 2003 and 2004? -- What caused the great recession of 2008-2009? -- What caused the great leverage collapse? -- The distinctions between credit, monetary, and liquidity policy -- Fed market interventions : the experiment with credit policy -- Evaluating policy : what are the relevant counterfactuals -- The business cycle: market instability or monetary instability? -- Why is learning so hard? -- How should society regulate capitalism: rules versus discretion Wirtschaft Wirtschaftspolitik Recessions / United States Monetary policy / United States Business cycles / United States Rezession (DE-588)4177966-6 gnd Geldpolitik (DE-588)4019902-2 gnd Stabilitätspolitik (DE-588)4077791-1 gnd Wirtschaftliche Lage (DE-588)4248362-1 gnd |
| subject_GND | (DE-588)4177966-6 (DE-588)4019902-2 (DE-588)4077791-1 (DE-588)4248362-1 (DE-588)4078704-7 |
| title | The great recession market failure or policy failure? |
| title_auth | The great recession market failure or policy failure? |
| title_exact_search | The great recession market failure or policy failure? |
| title_full | The great recession market failure or policy failure? Robert L. Hetzel |
| title_fullStr | The great recession market failure or policy failure? Robert L. Hetzel |
| title_full_unstemmed | The great recession market failure or policy failure? Robert L. Hetzel |
| title_short | The great recession |
| title_sort | the great recession market failure or policy failure |
| title_sub | market failure or policy failure? |
| topic | Wirtschaft Wirtschaftspolitik Recessions / United States Monetary policy / United States Business cycles / United States Rezession (DE-588)4177966-6 gnd Geldpolitik (DE-588)4019902-2 gnd Stabilitätspolitik (DE-588)4077791-1 gnd Wirtschaftliche Lage (DE-588)4248362-1 gnd |
| topic_facet | Wirtschaft Wirtschaftspolitik Recessions / United States Monetary policy / United States Business cycles / United States Rezession Geldpolitik Stabilitätspolitik Wirtschaftliche Lage USA United States / Economic policy / 2009- United States / Economic conditions / 2009- |
| url | https://doi.org/10.1017/CBO9780511997563 |
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