Essays On Monetary Policy Credit And Housing

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What Caused the Financial Crisis

Author : Jeffrey Friedman
Publisher : University of Pennsylvania Press
ISBN 13 : 081220493X
Total Pages : 372 pages
Book Rating : 4.8/5 (122 download)

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Book Synopsis What Caused the Financial Crisis by : Jeffrey Friedman

Download or read book What Caused the Financial Crisis written by Jeffrey Friedman and published by University of Pennsylvania Press. This book was released on 2011-06-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deflation of the subprime mortgage bubble in 2006-7 is widely agreed to have been the immediate cause of the collapse of the financial sector in 2008. Consequently, one might think that uncovering the origins of subprime lending would make the root causes of the crisis obvious. That is essentially where public debate about the causes of the crisis began—and ended—in the month following the bankruptcy of Lehman Brothers and the 502-point fall in the Dow Jones Industrial Average in mid-September 2008. However, the subprime housing bubble is just one piece of the puzzle. Asset bubbles inflate and burst frequently, but severe worldwide recessions are rare. What was different this time? In What Caused the Financial Crisis leading economists and scholars delve into the major causes of the worst financial collapse since the Great Depression and, together, present a comprehensive picture of the factors that led to it. One essay examines the role of government regulation in expanding home ownership through mortgage subsidies for impoverished borrowers, encouraging the subprime housing bubble. Another explores how banks were able to securitize mortgages by manipulating criteria used for bond ratings. How this led to inaccurate risk assessments that could not be covered by sufficient capital reserves mandated under the Basel accords is made clear in a third essay. Other essays identify monetary policy in the United States and Europe, corporate pay structures, credit-default swaps, banks' leverage, and financial deregulation as possible causes of the crisis. With contributions from Richard A. Posner, Vernon L. Smith, Joseph E. Stiglitz, and John B. Taylor, among others, What Caused the Financial Crisis provides a cogent, comprehensive, and credible explanation of why the crisis happened. It will be an essential resource for scholars and students of finance, economics, history, law, political science, and sociology, as well as others interested in the financial crisis and the nature of modern capitalism and regulation.

Monetary Policy and the Housing Bubble

Author : Jane Dokko
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis Monetary Policy and the Housing Bubble by : Jane Dokko

Download or read book Monetary Policy and the Housing Bubble written by Jane Dokko and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on the Great Depression

Author : Ben S. Bernanke
Publisher : Princeton University Press
ISBN 13 : 1400820278
Total Pages : 321 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Essays on the Great Depression by : Ben S. Bernanke

Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2009-01-10 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. This influential work is collected in Essays on the Great Depression, an important account of the origins of the Depression and the economic lessons it teaches.

The Chicago Plan Revisited

Author : Mr.Jaromir Benes
Publisher : International Monetary Fund
ISBN 13 : 1475505523
Total Pages : 71 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Chicago Plan Revisited by : Mr.Jaromir Benes

Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Japanese Monetary Policy

Author : Kenneth J. Singleton
Publisher : University of Chicago Press
ISBN 13 : 0226760685
Total Pages : 208 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Japanese Monetary Policy by : Kenneth J. Singleton

Download or read book Japanese Monetary Policy written by Kenneth J. Singleton and published by University of Chicago Press. This book was released on 2007-12-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.

Coordination of Monetary and Fiscal Policies

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund

Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Why Can't You Afford a Home?

Author : Josh Ryan-Collins
Publisher : John Wiley & Sons
ISBN 13 : 1509523294
Total Pages : 140 pages
Book Rating : 4.5/5 (95 download)

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Book Synopsis Why Can't You Afford a Home? by : Josh Ryan-Collins

Download or read book Why Can't You Afford a Home? written by Josh Ryan-Collins and published by John Wiley & Sons. This book was released on 2018-11-26 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the Western world, a whole generation is being priced out of the housing market. For millions of people, particularly millennials, the basic goal of acquiring decent, affordable accommodation is a distant dream. Leading economist Josh Ryan-Collins argues that to understand this crisis, we must examine a crucial paradox at the heart of modern capitalism. The interaction of private home ownership and a lightly regulated commercial banking system leads to a feedback cycle. Unlimited credit and money flows into an inherently finite supply of property, which causes rising house prices, declining home ownership, rising inequality and debt, stagnant growth and financial instability. Radical reforms are needed to break the cycle. This engaging and topical book will be essential reading for anyone who wants to understand why they can’t find an affordable home, and what we can do about it.

The Federal Reserve System Purposes and Functions

Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Monetary Policy in an Uncertain World

Author : James A. Dorn
Publisher : Cato Institute
ISBN 13 : 194864715X
Total Pages : 334 pages
Book Rating : 4.9/5 (486 download)

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Book Synopsis Monetary Policy in an Uncertain World by : James A. Dorn

Download or read book Monetary Policy in an Uncertain World written by James A. Dorn and published by Cato Institute. This book was released on 2018-08-07 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. This book brings together leading scholars and former policymakers to draw lessons from the decade of unconventional monetary policies relied upon to stimulate the global economy in the aftermath of the financial crisis. The articles included in this book combine historical perspectives and forward-looking views of the Fed’s exit strategy and monetary normalization, along with the arguments for a rules-based monetary policy both at the domestic and international levels.

Staff Guidance Note on Macroprudential Policy

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498342620
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund

Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

Money, Bank Credit, and Economic Cycles

Author : Jesús Huerta de Soto
Publisher : Ludwig von Mises Institute
ISBN 13 : 1610163885
Total Pages : 938 pages
Book Rating : 4.6/5 (11 download)

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Book Synopsis Money, Bank Credit, and Economic Cycles by : Jesús Huerta de Soto

Download or read book Money, Bank Credit, and Economic Cycles written by Jesús Huerta de Soto and published by Ludwig von Mises Institute. This book was released on 2006 with total page 938 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Great Inflation

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

The Theory of Money and Financial Institutions

Author : Martin Shubik
Publisher : MIT Press
ISBN 13 : 9780262693110
Total Pages : 472 pages
Book Rating : 4.6/5 (931 download)

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Book Synopsis The Theory of Money and Financial Institutions by : Martin Shubik

Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

The European Central Bank

Author : Jakob De Haan
Publisher : MIT Press
ISBN 13 : 0262262452
Total Pages : 277 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis The European Central Bank by : Jakob De Haan

Download or read book The European Central Bank written by Jakob De Haan and published by MIT Press. This book was released on 2005-04-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of the debates on European Central Bank monetary policy, focusing on issues of transparency, credibility, and accountability and the effect of the ECB's decentralized structure. The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future. After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks.

Banking and Monetary Policy from the Perspective of Austrian Economics

Author : Annette Godart-van der Kroon
Publisher : Springer
ISBN 13 : 3319758179
Total Pages : 282 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis Banking and Monetary Policy from the Perspective of Austrian Economics by : Annette Godart-van der Kroon

Download or read book Banking and Monetary Policy from the Perspective of Austrian Economics written by Annette Godart-van der Kroon and published by Springer. This book was released on 2018-07-23 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe’s current financial crisis. The first part of the book discusses Ludwig von Mises’s and Friedrich August von Hayek’s ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises’s concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia.

In the Wake of the Crisis

Author : Olivier Blanchard
Publisher : MIT Press
ISBN 13 : 0262526824
Total Pages : 251 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis In the Wake of the Crisis by : Olivier Blanchard

Download or read book In the Wake of the Crisis written by Olivier Blanchard and published by MIT Press. This book was released on 2014-08-29 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner