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Books > Business & Economics > Economics > Econometrics
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Getting it Wrong - How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy (Paperback)
Loot Price: R1,439
Discovery Miles 14 390
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Getting it Wrong - How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy (Paperback)
Series: Getting it Wrong
Expected to ship within 10 - 15 working days
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A leading economist contends that the recent financial crisis was
caused not by the failure of mainstream economics but by corrupted
monetary data constructed without reference to economics. Blame for
the recent financial crisis and subsequent recession has commonly
been assigned to everyone from Wall Street firms to individual
homeowners. It has been widely argued that the crisis and recession
were caused by "greed" and the failure of mainstream economics. In
Getting It Wrong, leading economist William Barnett argues instead
that there was too little use of the relevant economics, especially
from the literature on economic measurement. Barnett contends that
as financial instruments became more complex, the simple-sum
monetary aggregation formulas used by central banks, including the
U.S. Federal Reserve, became obsolete. Instead, a major increase in
public availability of best-practice data was needed. Households,
firms, and governments, lacking the requisite information,
incorrectly assessed systemic risk and significantly increased
their leverage and risk-taking activities. Better financial data,
Barnett argues, could have signaled the misperceptions and
prevented the erroneous systemic-risk assessments. When extensive,
best-practice information is not available from the central bank,
increased regulation can constrain the adverse consequences of
ill-informed decisions. Instead, there was deregulation. The
result, Barnett argues, was a worst-case toxic mix: increasing
complexity of financial instruments, inadequate and poor-quality
data, and declining regulation. Following his accessible narrative
of the deep causes of the crisis and the long history of private
and public errors, Barnett provides technical appendixes,
containing the mathematical analysis supporting his arguments.
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