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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.
How philosophical differences between Eurozone nations led to the
Euro crisis-and where to go from here Why is Europe's great
monetary endeavor, the Euro, in trouble? A string of economic
difficulties in Eurozone nations has left observers wondering
whether the currency union can survive. In this book, Markus
Brunnermeier, Harold James, and Jean-Pierre Landau argue that the
core problem with the Euro lies in the philosophical differences
between the founding countries of the Eurozone, particularly
Germany and France. But the authors also show how these seemingly
incompatible differences can be reconciled to ensure Europe's
survival. Weaving together economic analysis and historical
reflection, The Euro and the Battle of Ideas provides a forensic
investigation and a road map for Europe's future.
Why is Europe's great monetary endeavor, the Euro, in trouble? A
string of economic difficulties in Greece, Ireland, Spain, Italy,
and other Eurozone nations has left observers wondering whether the
currency union can survive. In this book, Markus Brunnermeier,
Harold James, and Jean-Pierre Landau argue that the core problem
with the Euro lies in the philosophical differences between the
founding countries of the Eurozone, particularly Germany and
France. But the authors also show how these seemingly incompatible
differences can be reconciled to ensure Europe's survival. As the
authors demonstrate, Germany, a federal state with strong regional
governments, saw the Maastricht Treaty, the framework for the Euro,
as a set of rules. France, on the other hand, with a more
centralized system of government, saw the framework as flexible, to
be overseen by governments. The authors discuss how the troubles
faced by the Euro have led its member states to focus on national,
as opposed to collective, responses, a reaction explained by the
resurgence of the battle of economic ideas: rules vs. discretion,
liability vs. solidarity, solvency vs. liquidity, austerity vs.
stimulus. Weaving together economic analysis and historical
reflection, The Euro and the Battle of Ideas provides a forensic
investigation and a road map for Europe's future.
The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
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