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Eden.co.uk

The Great Recession

[Hardback]

by Robert L. Hetzel

    • Author

      Robert L. Hetzel

    • Book Format

      Hardcover

    • Publisher

      Cambridge University Press

    • Published

      April 2012

    Read full description

    Today's Price

    £51.55

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    The Great Recession

    Today's Price £51.55

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    Product Description

    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.

    Specification

    • Author

      Robert L. Hetzel

    • Book Format

      Hardcover

    • Publisher

      Cambridge University Press

    • Published

      April 2012

    • Weight

      681g

    • Dimensions

      155 x 232 x 28 mm

    • ISBN

      9781107011885

    • ISBN-10

      1107011884

    • Eden Code

      4988785

    More Information

    • Author/Creator: Robert L. Hetzel

    • ISBN: 9781107011885

    • Publisher: Cambridge University Press

    • Release Date: April 2012

    • Weight: 681g

    • Dimensions: 155 x 232 x 28 mm

    • Eden Code: 4988785

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