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The great recession : market failure or policy failure?

Author: Robert L Hetzel
Publisher: Cambridge ; New York : Cambridge University Press, 2012.
Series: Studies in macroeconomic history.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"Since publication of Robert L. 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 2008-2009 recession not only destroyed the professional consensus about  Read more...
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Document Type: Book
All Authors / Contributors: Robert L Hetzel
ISBN: 9781107011885 1107011884 9781107459601 1107459605
OCLC Number: 753468534
Description: xiv, 384, [385] pages : illustrations ; 24 cm.
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.
Series Title: Studies in macroeconomic history.
Responsibility: Robert L. Hetzel.

Abstract:

Argues that the 2008-9 recession needs to be understood as deriving from mistakes of central banks and regulators, not financial markets.  Read more...

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'Hetzel's book is a detailed, authoritative account of the recent credit turmoil and recession told as part of a narrative monetary history of business cycles dating back to the nineteenth century. Read more...

 
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