"For the world economy to truly return to health, advanced nations must cut domestic spending and make it up through higher exports, while emerging economies must do the reverse. Fiscal policies, interest rates, and exchange rates must adjust. Can it happen? Will it happen? Temin and Vines say it can, but only through international cooperation. Otherwise, history tells us, there are good reasons to worry. A great read."--Olivier Blanchard, International Monetary Fund
"...Phelps and Frydman argue that rational expectations destroyed one of the key premises of the original book--that independent expectations are critical for understanding macroeconomic phenomena. The contributors to this follow-up volume make a convincing case for the failure of several models with rational expectations, and present thought-provoking alternatives. Their efforts to build macroeconomic models without the rational expectations hypothesis might have the impact in their areas of research that the original volume had."--Christopher Pissarides, Nobel Laureate in Economics
"Providing a sound analysis of the role of banking and its regulation in the public interest, The Bankers' New Clothes is free of technical jargon and widely accessible to all policymakers and all who are concerned about banking's future, which is virtually everybody. The book's clear exposition conveys a deep understanding of the pervasive place of banking in the economy and stands in opposition to the self-interested forces of obscurity."--Kenneth J. Arrow, Nobel Laureate in Economics
'Joseph Joyce has written a masterful book tracing the history of the IMF from inception to its current place in the international financial system. But The IMF and Global Financial Crises is much more than a history. In an engaging yet clear fashion, Joyce explains the geneses of financial crises, and why the functioning of the global economy requires an institution like the IMF. He also makes clear that the future requires an evolving and adaptive IMF. Yet it is unclear whether the principal shareholders will be able to rise to the challenge. This book is sure to become the definitive work on this critically important issue."-- Menzie Chinn, University of Wisconsin.
The twenty-one papers, published between 1972 and 2007 and collected in this volume, fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability.
"This is an engrossing account and the best research that has yet been published on Greece’s reform experience over the past thirty-five years. Closely argued, very readable and stimulating.’ — Elias Mossialos, LSE.
"True to his scholarly roots and informed by his practical insights, Alan Blinder has produced in After the Music Stopped both a comprehensive and, mirabile dictu, engagingly readable analysis of the great financial crisis. Whether or not one agrees with every particular judgment, the force of the argument is clear: here we are, four years later, still short of reforms that are needed." —Paul A. Volcker
“The Dodd-Frank Act is a mind-numbing combination of costly, destructive, and ineffective measures, executed quickly to make maximum use of the political momentum that followed the U.S. subprime crisis. As its practical failures are revealed, the act will have to be reformed. Although future reformers may not agree with everything in Peter Wallison’s Bad History, Worse Policy, they will find the evidence and logic he brings to bear impossible to ignore.”--Charles Calomiris, Columbia University
The prominent economists from academia, policy institutions, and financial practice who contribute to this book, argue that it was not too much innovation but too little innovation--and the lack of balance between debt-related products and asset-related products--that lies behind the crisis.