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 Keynes's 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 liquidity's 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.
Автор: Carlin, Wendy; Soskice, David Название: Macroeconomics: Institutions, Instability and the Financial System ISBN: 0199655790 ISBN-13(EAN): 9780199655793 Издательство: Oxford Academ Рейтинг: Цена: 12354.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Carlin and Soskice integrate the financial system with a model of the macro-economy. In doing this, they take account of the gaps in the mainstream model exposed by the financial crisis and the Eurozone crisis. This equips the reader with a realistic modelling framework to analyse the economy both in crisis times and in periods of stability.
Автор: JONATHAN A. PARKER Название: NBER MACROECONOMICS ANNUAL 2013 ISBN: 022616540X ISBN-13(EAN): 9780226165400 Издательство: Wiley Рейтинг: Цена: 9979.00 р. Наличие на складе: Поставка под заказ.
Описание: Includes two papers that tackle fiscal and monetary policy, asking how interest rates and inflation can remain low despite fiscal policy behavior that appears inconsistent with a monetary policy regime focused only on inflation and output and not on fiscal balances.
Автор: Vegh Carlos A Название: Open Economy Macroeconomics in Developing Countries ISBN: 026201890X ISBN-13(EAN): 9780262018906 Издательство: MIT Press Рейтинг: Цена: 17775.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание:
A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets.
This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics.
After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of "real anchors." Finally, the book analyzes in detail specific topics such as inflation stabilization, "dollarization," balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
Автор: Hoover Название: Applied Intermediate Macroeconomics ISBN: 0521763886 ISBN-13(EAN): 9780521763882 Издательство: Cambridge Academ Рейтинг: Цена: 9979.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This textbook offers a complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy. The text is unique in developing a detailed toolkit of elementary statistics and graphical techniques for economic data.
Автор: Ohyama Название: Macroeconomics, Trade, and Social Welfare ISBN: 4431558055 ISBN-13(EAN): 9784431558057 Издательство: Springer Рейтинг: Цена: 16070.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This book develops new, original methods of welfare comparison and comparative dynamics between distinct and discretely positioned (rather than continuously related) socioeconomic situations. These methods are not only realistic but also extremely relevant to serious economic problems. Using them, the book sheds illuminating new light on the theoretical analysis of Keynesian economics and other important issues of political economy. For instance, it shows that the principle of effective demand applies exactly as Keynes put it to the unemployment equilibrium in the short run. It also shows that the equilibrium may change along the expansion path as the government chooses to vary its expenditure to maximize national welfare. The same methods are effectively employed theoretically to investigate modern trade policy issues such as gains from trade, the theory of tariffs, free trade agreements, and the role of the WTO. Those methods are also used to study the welfare and efficiency of various socioeconomic situations.
Автор: Frydman Roman, Phelps Edmund S. Название: Rethinking Expectations: The Way Forward for Macroeconomics ISBN: 0691155232 ISBN-13(EAN): 9780691155234 Издательство: Wiley Рейтинг: Цена: 9187.00 р. Наличие на складе: Поставка под заказ.
Описание: This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roma
Автор: De Vroey Название: A History of Macroeconomics from Keynes to Lucas and Beyond ISBN: 0521898439 ISBN-13(EAN): 9780521898430 Издательство: Cambridge Academ Рейтинг: Цена: 20117.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This book retraces the history of macroeconomics from Keynes`s General Theory to the present, especially the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era. It also examines a few selected works aimed at presenting alternatives to Lucasian macroeconomics.
Автор: Feenstra Robert C Название: International Macroeconomics ISBN: 1429278439 ISBN-13(EAN): 9781429278430 Издательство: Springer Рейтинг: Цена: 9781.00 р. Наличие на складе: Поставка под заказ.
Описание: Feenstra/Taylor offers the right amount of book for your course. International Macroeconomics is available as a separate volume for the international finance module. The text seamlessly integrates established core content with topic areas and ideas that have emerged from recent empirical studies.
Автор: Hoover Название: Applied Intermediate Macroeconomics ISBN: 1107436826 ISBN-13(EAN): 9781107436824 Издательство: Cambridge Academ Рейтинг: Цена: 7445.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This textbook offers a complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy. The text is unique in developing a detailed toolkit of elementary statistics and graphical techniques for economic data.
Автор: Goodwin, Neva Nelson, Julie A. Harris, Jonathan Название: Macroeconomics in context ISBN: 0765622971 ISBN-13(EAN): 9780765622976 Издательство: Mare Nostrum (Eurospan) Рейтинг: Цена: 6803.00 р. Наличие на складе: Нет в наличии.
Описание: Deals with the question of human well-being, and examines how economic activities can contribute to or detract from it. This book covers standard macroeconomic concepts and models, and shows how they apply to such critical issues as ecological sustainability, distributional equity, the quality of employment, and the adequacy of living standards.
Автор: Blanchard, Olivier Jean Fischer, Stanley Название: Lectures on macroeconomics ISBN: 0262022834 ISBN-13(EAN): 9780262022835 Издательство: MIT Press Рейтинг: Цена: 16929.00 р. Наличие на складе: Нет в наличии.
Описание:
The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices.
Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.
Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.
Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.
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