An incisive overview of the macroeconomics of financial
crises—essential reading for students and policy experts alike
With alarming frequency, modern economies go through
macro-financial crashes that arise from the financial sector and
spread to the broader economy, inflicting deep and prolonged
recessions. A Crash Course on Crises brings together the latest
cutting-edge economic research to identify the seeds of these
crashes, reveal their triggers and consequences, and explain what
policymakers can do about them. Each of the book’s ten
self-contained chapters introduces readers to a key economic force
and provides case studies that illustrate how that force was
dominant. Markus Brunnermeier and Ricardo Reis show how the run-up
phase of a crisis often occurs in ways that are preventable but
that may go unnoticed and discuss how debt contracts, banks, and a
search for safety can act as triggers and amplifiers that drive the
economy to crash. Brunnermeier and Reis then explain how monetary,
fiscal, and exchange-rate policies can respond to crises and
prevent them from becoming persistent. With case studies ranging
from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on
Crises synthesizes a vast literature into ten simple, accessible
ideas and illuminates these concepts using novel diagrams and a
clear analytical framework.
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