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Macroeconomics: Institutions, Instability, and the Financial System PDF

677 Pages·2014·34.823 MB·English
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MACROECONOMICS Institutions, Instability, and the Financial System Wendy Carlin & David Soskice Reviews 'CarlinandSoskicehaveproducedagemofabook.Theteachingofmacroeconomicsafterthe crisis has changed surprisingly little, limiting itselfto incorporating 'frictions’ into othen/vise standard modelsthatfailedduringthecrisis.Theauthorsembarkonamuchmoreambitious venture.Theyshowhowthefinancialcycleandmacroeconomicsareinextricablylinked,with the risk-takingchannel asthe linchpin.Theirexposition is refreshinglyoriginal andyetlucid and accessible. This book will appeal to serious students ofeconomics and to all inquiring mindswho havewondered aboutthe role ofthefinancial cycle in macroeconomics.’ — HyunSongShin, EconomicAdviserand HeadofResearch,BankforInternational Settlementsand Hughes—Rogers ProfessorofEconomics, Princeton University ’This is, I believe, the first macroeconomic textbook effectively to incorporate the lessons ofthe Great Financial Crisis and to describe howfinancial frictions can impactthe macro— economy.The authorsweavetogetherthe old mainstream,three-equation, modelwiththe neweraccountofpotentialfinancial disturbances in alucid and efficientmanner.Assuch, it hasamajoradvantageoveralmostall otherextanttextbooks,andwill beaboon notonlyfor undergraduates, butalsoforgraduatesandthosewishingtounderstandthecurrentworking ofour macroeconomicsystem, besetas it has been withfinancial strains.’ — ProfessorCharlesGoodhart, DirectoroftheFinancial Regulation Research Programme,The London School ofEconomicsand Political Science 'This illuminatingbookintroducesthe readerto macroeconomicsinarevolutionaryfashion. Namely,bymeansofveryelegantand accessiblemodelsbasedon sound microfoundations and developed against a narrative ofthe performance and policy regimes ofthe advanced economies overthe post-war period. Unlike most other macro textbooks, this book builds on the most recent research and debates to teach macroeconomics theway itshould now be taught: by emphasizing the interplay between macro and finance; by linking growth to innovation, market structure and firm dynamics; and more generally by taking institutions seriouslyintoaccountwhen lookingatgrowth, businesscycles,and unemploymentandthe interplaybetweenthem.This book isan absolute must-readforstudentsand policymakers, even those with little initial background, who need to be fully acquainted with modern macroeconomics.’ — PhilippeAghion,RobertC.WaggonerProfessorofEconomics,Harvard ’This is an exciting newtextbook. It offers a clearand cogentframeworkfor understanding notonlythetraditional macroeconomic issues ofbusiness cycles, inflation and growth, but also the financial crisis and ensuing Great Recession that have recently shaken the world REVIEWS economy.Theparadigm itoffersishighlyaccessibletoundergraduates.Yetatthesametime itisconsistentwithwhatgoeson atthefrontiersofthefield. Overall,thebookconfirms my beliefthatmacroeconomics isaliveandwell!’ — MarkGertler, Henryand Lucy Moses ProfessorofEconomics, NewYork University 'To be relevant, economics need to help society understand those phenomenawhich do it greatestharm—unemployment,inflationanddeflation,financialinstability,fiscalandbanking crisis. Pre-crisis, mainstream economic modelsfailed that societal testand therefore failed society. Wendy Carlin and David Soskice’s important new book is the first step towards redemption, providingstudents and scholars with a rigorous but accessible frameworkfor understandingwhattroublessocietymost.’ —AndrewG Haldane,ChiefEconomist, BankofEngland 'The Carlin and Soskice book does a wonderful job of covering the economics behind macroeconomics and thefinancial system, alongside presentingthe latest research on this and the drivers ofthe great recession. Italso hasan impressive array ofdataand examples woven in with theory explained in a beautifully intuitiveway. Forany student interested in a refreshingly modern take on the financial crisisand the economicsthat underliethis, this book is invaluable.’ — Nicholas Bloom, ProfessorofEconomics,Stanford University 'One ofthe first macro textbooks to integrate the lessons ofthe crisis. An elegant bridge between introductoryundergraduateand graduate macrotexts.’ —OlivierBlanchard,ChiefEconomist, IMF,and ProfessorofEconomics,MIT ’In the light ofthe events ofthe past decade, it is important that a new macroeconomics text attempts to satisfy the demands ofthose learning and using macroeconomics to be ableto access relativelysimple modelswhich reflecttheways in which the financial sector interactswiththerealeconomy.Thisisbynomeansaneasytask.ThenewCarlinandSoskice bookrepresentsasignificantstepforwardinthisregard.Consequentlyundergraduates,post- graduatesandtheirteachersshould begrateful thattheycan nowaccessteachingmaterials which havesomethingusefultosayaboutthefinancial crisis.’ — ProfessorStephen Nickell,CBE, FBA. HonoraryFellowofNuffield College,Oxford Macroeconomics Institutions, Instability, and the Financial System Wendy Carlin David Soskice OXFORD UNIVERSITY PRESS OXFORD UNIVERSITY PRESS GreatClarendonStreet,Oxford,OX26DP, UnitedKingdom OxfordUniversitypressisadepartmentoftheUniversityofOxford ltfurtherstheUniversity'sobjectiveofexcellenceinresearch,scholarship, andeducationbypublishingworldwide.Oxfordisaregisteredtrademarkof OxfordUniversityPressintheUKandincertainothercountries ©WendyCarlinandDavidSoskice2015 Themoralrightsoftheauthorshavebeenasserted Impression:2 Allrightsreserved.Nopartofthispublicationmaybereproduced,storedin aretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthe priorpermissioninwritingofOxfordUniversityPress,orasexpresslypermitted bylaw,bylicenceorundertermsagreedwiththeappropriatereprographics rightsorganization.Enquiriesconcerningreproductionoutsidethescopeofthe aboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,atthe addressabove Youmustnotcirculatethisworkinanyotherform andyoumustimposethissameconditiononanyacquirer PublishedintheUnitedStatesofAmericabyOxfordUniversityPress 198MadisonAvenue,NewYork,NY10016,UnitedStatesofAmerica BritishLibraryCataloguinginPublicationData Dataavailable LibraryofCongressControlNumber:2014953103 ISBN978—0—19-965579—3 PrintedinGreatBritainbyAshford ColourPressLtd,Gosport,Hampshire LinkstothirdpartywebsitesareprovidedbyOxfordingoodfaithand forinformationonly.Oxforddisclaimsanyresponsibilityforthematerials containedinanythirdpartywebsitereferencedinthiswork. For Niki, and in memory ofAndrew Thechartshowsthedramaticeventsofthepastdecadeandahalfintheglobaleconomy. FollowingtheAsiancrisisin 1998,theemergingmarketanddevelopingeconomiesgrew stronglyand becamelargeenoughtodriveglobalgrowthinthe20005.Thefinancialcrisis in the advanced economies plunged the world economy into recession. The Eurozone crisis has depressed global growth from 2010. Growthandcrisisintheglobaleconomy 10 Emerging;marketand;eleveéogmgemoemw Asian?criaés th . l w o r g P D G p.a. % anepentfieme Fermatien oftheemat o§the: Cotiapwm mggiaenr} EWL“rmyw5 matein “it?” , $393523. {fr-“m Some:timer. 32’} 1990 1991 1992 1993 1994 1995 1996 1997 1998 199920002001 2002 2003 20042005 20062007 2008200920102011 2012 2013 2014 Source:InternationalMonetaryFund,WorldEconomicOutlookDatabase,April2014 Series:Grossdomesticproduct,constantprices,percentperannumgrowthrate Coverimage: Paul Klee, betroffenerOrt(translated asAffectedPlace), 1922.

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