Suchergebnisse

Title page -- Table of Contents -- Copyright -- Introduction to the Series -- Editor's Biography -- Contributors -- Group Photos -- Preface -- The State of Macro, the Financial Crisis, and New Currents -- Summary -- Acknowledgments -- Volume 2A -- Section 1: The Facts of Economic Growth and Economic Fluctuation -- Chapter 1: The Facts of Economic Growth -- Abstract -- 1 Growth at the Frontier -- 2 Sources of Frontier Growth -- 3 Frontier Growth: Beyond GDP -- 4 The Spread of Economic Growth -- 5 Conclusion -- Acknowledgments -- Chapter 2: Macroeconomic Shocks and Their Propagation -- Abstract

Includes bibliographical references (p. 207-220) and index. - First principles work -- Who gets us in and out of these messes? -- Defusing the debt explosion -- Monetary rules work and discretion doesn't -- Ending crony capitalism as we know it -- Improving lives while spiking the entitlement explosion -- Rebuilding American economic leadership

Front Cover -- Book Title -- Copyright -- Contents -- List of Figures -- Preface -- 1. What Caused the Financial Crisis -- 2. What Prolonged the Crisis -- 3. Why the Crisis Worsened Dramatically a Year after it Began -- 4. What Went Right in the Two Decades before the Crisis -- 5. Why a Black Swan Landed in the Money Market in August 2007 -- Epilogue -- Frequently Asked Questions -- References -- Acknowledgments -- About the Author -- Index.

"This paper shows that the theory of monetary policy rules is able to explain, predict, and help understand a variety of phenomenon in macroeconomics and finance, including the Great Moderation, the correlation between exchange rates and interest rates, and the shift in the response of the term structure of interest rates to inflation and output. Although the theory was originally designed for normative reasons, it has turned out to have positive implications which validate it scientifically. And while initially focused on the United States, it has applied equally well in other countries"--National Bureau of Economic Research web site

"Since the mid-1980s, monetary policy has contributed to a great moderation of the housing cycle by responding more proactively to inflation and thereby reducing the boom bust cycle. However, during the period from 2002 to 2005, the short term interest rate path deviated significantly from what this two decade experience would suggest is appropriate. A counterfactual simulation with a simple model of the housing market shows that this deviation may have been a cause of the boom and bust in housing starts and inflation in the last two years. Moreover, a significant time series correlation between housing price inflation and delinquency rates suggests that the poor credit assessments on subprime mortgages may also have been caused by this deviation"--National Bureau of Economic Research web site