Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials 9780262035415

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Автор: Calvo Guillermo A.
Название: Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials
Перевод названия: Гильермо Кальво: Макроэкономика во времена кризиса ликвидности.
ISBN: 9780262035415
Издательство: MIT Press
Классификация:

Макроэкономика

Политэкономия

ISBN-10: 0262035413
Обложка/Формат: Hardback
Страницы: 192
Вес: 0.39 кг.
Дата издания: 21.10.2016
Серия: Ohlin lectures
Язык: English
Иллюстрации: 15 charts; 15 illustrations, unspecified
Размер: 146 x 212 x 2
Читательская аудитория: Professional & vocational
Подзаголовок: Searching for economic essentials
Ссылка на Издательство: Link
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Поставляется из: США
Описание:

An examination of Liquidity Crunch in triggering and characterizing financial crises.

Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of liquidity crunch in triggering crises. He also identifies a fundamental (but overlooked) idea in Keyness General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch.

Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquiditys centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.

Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials, Calvo Guillermo A.