From crisis to confidence : macroeconomics after the crash / Roger Koppl.

Format:

Book

Author/Creator:

Koppl, Roger, author.

Language:

English

Subjects (All):

Macroeconomics--United States.

Macroeconomics.

Economics--United States.

Economics.

Physical Description:

1 online resource (188 pages) : illustrations

Edition:

1st ed.

Place of Publication:

London, [England] : The Institute of Economic Affairs in association with London Publishing Partnership Ltd, 2014.

Summary:

From Crisis to Confidence not only describes the process which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics. As economics students and other commentators question post-war macroeconomics, Roger Koppl provides some of the answers needed to understand the long slump since 2008. A theory of confidence is needed in any economic framework that is to explain one of the most important periods in modern economic history.

Contents:

Intro

The author

Foreword

Acknowledgements

Summary

figures

Introduction

The nature of the Great Recession in brief

What went wrong?

After the bust: confidence, uncertain rules of the game and 'Big Players'

How the economy went wrong

Boom

Bust

Slump

The development of macroeconomics from World War II to the financial crash

Post-war hydraulic Keynesianism

Challenges to hydraulic Keynesianism and the development of pre-crisis macroeconomics

Challenges to and developments of pre-crisis macroeconomics

Where are we now?

Some strands of new thinking in finance and macroeconomics

Bubbles

Radical uncertainty

Animal spirits

Complexity dynamics

The recent trend towards interventionism

Pre-Keynesian and post-Keynesian notions of confidence

From notions of confidence to a theory of confidence

Confidence and financial intermediaries

An equilibrium model of bankers' confidence

Catastrophic changes in animal spirits and confidence - market phenomena or caused by external shocks?

'Big Players' and the state of confidence

The impact of Big Players and regime uncertainty

Keynesian policies tend to create a Keynesian economy

The long slump once again

What caused policy uncertainty after the crisis?

And it is getting worse … the Dodd-Frank Act

What is to be done?

Deregulation by the Big Players?

An economic constitution

References

About the IEA

Figure 1 Percentage job losses in US post-war recessions

Figure 2 US real gross domestic product and real potential gross domestic product

Figure 3 Real UK GDP (£m 2010) vs UK GDP long-term trend extrapolated

Figure 4 Excess reserves of depository institutions

Figure 5 Actual federal funds rate versus fed funds rate implied by Taylor rule.

Figure 6 Ruble exchange rate: German marks per 100 rubles of bank notes

Figure 7 Index of economic policy uncertainty (Jan 1985 - Mar 2013)

Figure 8 US economic policy uncertainty and government activity.

Notes:

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed December 16, 2014).

ISBN:

9780255366625

0255366620

9780255366632

0255366639

OCLC:

897020163