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The Great recession : = market failu...

Hetzel, Robert L.

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The Great recession : = market failure or policy failure? /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The Great recession :/ Robert L. Hetzel.
Reminder of title:	market failure or policy failure? /
Author:	Hetzel, Robert L.
Published:	Cambridge ;Cambridge University Press, : c2012.,
Description:	xiv, 384 p. :ill ;23 cm.
Subject:	Recessions - United States. -
Subject:	United States - Economic policy - 1981-1993 -
Online resource:	http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=438562
Online resource:	http://ezproxy.library.arizona.edu/login?url=http://lib.myilibrary.com/detail.asp?ID=357151Connect to MyiLibrary resource
Online resource:	http://site.ebrary.com/lib/alltitles/Doc?id=10558225
Online resource:	http://dx.doi.org/10.1017/CBO9780511997563
ISBN:	9781139336840 (ebk.)

The Great recession : = market failure or policy failure? /
Hetzel, Robert L.

The Great recession :market failure or policy failure? /Robert L. Hetzel. - Cambridge ;Cambridge University Press,c2012. - xiv, 384 p. :ill ;23 cm. - Studies in macroeconomic history. - Studies in macroeconomic history..

Includes bibliographical references and index.

The 2008-2009 recession : market or policy maker failure? --

"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 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 19th and first half of the 20th 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 2008-2009 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."--Publisher's website.

ISBN: 9781139336840 (ebk.)

LCCN: 2011038742Subjects--Topical Terms:

769382
Recessions
--United States.Subjects--Geographical Terms:

554129
United States
--Economic policy--1981-1993

LC Class. No.: HB3743 / .H48 2011eb

Dewey Class. No.: 330.973

The Great recession : = market failure or policy failure? /
LDR:03758cam a2200409Ia 4500 001 1331271
003 OCoLC
005 20130219220540.0
008 130220s2012 enka ob 001 0 eng d
010 $a 2011038742
020 $a 9781139336840 (ebk.)
020 $a 1139336843 (ebk.)
020 $a 9781139338585 (ebk.)
020 $a 1139338587 (ebk.)
020 $a 9781139337717 (ebk.)
020 $a 1139337718 (ebk.)
020 $a 9781107011885 (hbk.) : $c US50.00
020 $z 1107011884 (hbk.)
020 $a 9781139340168 (pbk.)
020 $a 1139340166 (pbk.)
020 $a 9780511997563 (ebk.)
020 $a 0511997566 (ebk.)
035 $a FN-BW-101-01
040 $a N$T $c N$T $d CDX $d WAU $d YDXCP $d AZU $d E7B $d COD $d OCLCQ $d DEBSZ $d CAMBR $d OCLCQ
050 # 4 $a HB3743 $b .H48 2011eb
082 0 4 $a 330.973 $2 23
100 1 $a Hetzel, Robert L. $3 1622578
245 1 0 $a The Great recession : $b market failure or policy failure? / $c Robert L. Hetzel.
260 # $a Cambridge ; $a New York : $b Cambridge University Press, $c c2012.
300 $a xiv, 384 p. : $b ill ; $c 23 cm.
490 1 0 $a Studies in macroeconomic history
504 $a Includes bibliographical references and index.
505 0 # $t The 2008-2009 recession : market or policy maker failure? -- $t Recessions : financial instability or monetary mismanagement? -- $t The great contraction : 1929-1933 -- $t Monetary policy and bank runs in the great depression -- $t Vigorous recovery and relapse : 1933-1939 -- $t Interwar international monetary experiments -- $t Identifying the shocks that cause recessions -- $t From stop-go to the great moderation -- $t Controlling bank risk taking : market or regulatory discipline? -- $t The housing crash : subsidizing housing and bank risk taking -- $t Bubble trouble : easy money in 2003 and 2004? -- $t What caused the great recession of 2008-2009? -- $t What caused the great leverage collapse? -- $t The distinctions between credit, monetary , and liquidity policy -- $t Fed market interventions : the experiment with credit policy -- $t Evaluating policy : what are the relevant counterfactuals -- $t The business cycle : market instability or monetary instability? -- $t Why is learning so hard? -- $t How should society regulate capitalism? Rules versus discretion.
520 # $a "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 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 19th and first half of the 20th 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 2008-2009 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."--Publisher's website.
588 $a Description based on print version record.
650 # 0 $a Recessions $z United States. $3 769382
650 # 0 $a Monetary policy $z United States. $3 570766
650 # 0 $a Business cycles $z United States. $3 572805
650 # 7 $a Business & economics / Economic Conditions $2 bisacsh $3 1622583
650 # 7 $a Business & economics / Economic History $2 bisacsh $3 1622584
650 # 7 $a Business & economics / Economics / Comparative $2 bisacsh $3 1622585
650 # 7 $a Political science / Economic Conditions $2 bisacsh $3 1622586
651 0 $a United States $x Economic policy $y 1981-1993 $3 554129
830 0 $a Studies in macroeconomic history. $3 1622579
856 4 0 $3 EBSCOhost $u http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=438562
856 4 0 $u http://ezproxy.library.arizona.edu/login?url=http://lib.myilibrary.com/detail.asp?ID=357151 $z Connect to MyiLibrary resource
856 4 # $u http://site.ebrary.com/lib/alltitles/Doc?id=10558225 $x Aggregator
856 4 0 $3 Cambridge Books Online $u http://dx.doi.org/10.1017/CBO9780511997563