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Getting off track : how government actions and interventions caused, prolonged, and worsened the financial crisis

Author: John B Taylor; Hoover Institution Press.
Publisher: Stanford, Calif. : Hoover Institution Press, ©2009.
Series: Hoover Institution Press publication, 570.
Edition/Format:   Book : EnglishView all editions and formats
Database:WorldCat
Summary:
Throughout history, financial crises have always been caused by excesses--frequently monetary excesses--which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the United States and other countries. How did everything deteriorate so suddenly and dramatically? In Getting Off Track: How Government Actions and Interventions Caused,  Read more...
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Additional Physical Format: Online version:
Taylor, John B.
Getting off track.
Stanford, Calif. : Hoover Institution Press, c2009
(OCoLC)615130082
Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: John B Taylor; Hoover Institution Press.
ISBN: 9780817949716 0817949712
OCLC Number: 301798265
Description: xii, 92 p. : col. ill. ; 21 cm.
Contents: What caused the financial crisis --
What prolonged the crisis --
Why the crisis worsened dramatically a year after it began --
What went right in the two decades before the crisis --
Why a black swan landed in the money market in August 2007.
Series Title: Hoover Institution Press publication, 570.
Responsibility: by John B. Taylor.

Abstract:

Throughout history, financial crises have always been caused by excesses--frequently monetary excesses--which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the United States and other countries. How did everything deteriorate so suddenly and dramatically? In Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis, Hoover fellow and Stanford economist John B. Taylor offers empirical research to explain what caused the current financial crisis, what prolonged it, and what worsened it dramatically more than a year after it began. The author tells how unusually easy monetary policy helped set the crisis in motion, as interest rates at the Federal Reserve and several other central banks deviated from historical regularities. He explains monetary interaction with the subprime mortgage problem, showing how the use of these mortgages, especially the adjustable-rate variety, led to excessive risk taking. In the United States this was encouraged by government programs designed to promote home ownership, a worthwhile goal but overdone in retrospect. Looking ahead, the author suggests a set of principles to follow to prevent misguided actions and interventions in the future. -- Book Description.

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