"After the Great Depression John Maynard Keynes led the way in building a new macroeconomic framework to deal with that unprecedented economic reality. Ten years after our own crisis, however, macroeconomics has not come to terms with how to grapple with the idea of financial crises in its models. In the stylized world of macroeconomic theory, crises are not an inherent or structural element. Gary Gorton and Guillermo Ordonez, who were prominent experts to first authoritatively respond to the financial crisis of 2008 have since been working to understand what needs to change in macroeconomic models to incorporate and address financial crises. In this book Gorton and Ordonez provide an authoritative first step on how to rebuild macroeconomics in a way that can take into account financial crises, and they make a strong case that we need to rethink things at a fundamental level. In the book they bring together ten years of work on what needs to happen. Their two key ideas of what has miss

"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 st

"People in a resilient society are able to bounce back from shocks, such as pandemics and economic crises. The Resilient Society, by Princeton University economist Markus Brunnermeier, describes how individuals, institutions, and nations can successfully navigate a dynamic, globalized economy filled with unknown risks. Lacking resilience, societies, families, and individuals can reach tipping points from which they cannot recover. Written for business leaders, economists, policymakers, and politically interested citizens, the book argues that the concept of resilience can be a compass for developing a social contract that benefits all people. The author applies his macroeconomic insights to public health, innovation, public debt overhang, inflation, inequality, climate change, and challenges to the global order"--Page 4 of cover

"Macroeconomics is the study of the economic attributes (including the performance, structure, behavior, and decision-making) of whole systems. Macroeconomists study changes in the aggregate, collecting data on unemployment, growth, inflation, income, saving and spending, trade, and other aspects of regional, national, and international economic life. Policymakers depend on macroeconomists' knowledge of the main elements and basic forces that govern each country's economy and the global economy when making decisions about taxes, industry regulations, trade terms and policies, and more. These decisions in turn affect decisions made by individuals and businesses, especially in a globalized world. This entry into the Essential Knowledge series covers such topics as GDP and its relation to the welfare of people; why some countries grow strongly while others stagnate; the challenges of the labor market in the twenty-first century; the money market and the inflation rate; the implications of

"Choices made in macroeconomic policies - such as government spending, taxation, monetary policy and financial regulation - have distinct distributive consequences for women and men. They also shape the constraints within which efforts to advance gender equality must operate. The implications of gender dynamics for macroeconomics extends beyond consideration of distributive outcomes. The unpaid and non-market work that women perform - running a household, bringing up children - is unrecognized and uncounted in macroeconomic variables used to formulate policy. Yet the economic consequences of these unpaid activities are far-reaching: contributing to the well-being of society, affecting productive activities in the market economy and creating the foundation for the long-run sustainability of our economies. It has long been assumed that economic growth and women's growing participation in the paid workforce would eventually take care of gender inequalities, and yet there is little evidenc

A critical examination of economics, past and future, and how it needs to change, by one of the most eminent political economists of our time. The dominant view in economics is that money and government should play only minor roles in economic life. Economic outcomes, it is claimed, are best left to the "invisible hand" of the market. Yet these claims remain staunchly unsettled. The view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. Since Adam Smith, classical economics has espoused non-intervention in markets. The Great Depression brought Keynesian economics to the fore, but stagflation in the 1970s brought a return to small-state orthodoxy. The 2008 global financial crash should have brought a reevaluation of that stance; instead the response has been punishing austerity and anemic recovery. This book aims to reintroduce Keynes's central insights to a new generation of economists, and embo

Presents an introduction to macroeconomics, discussing concepts of the gross domestic product, inflation, monetary policy, employment rates, banks, the strengths and weaknesses of the financial system, and economic modelling.

"In this wide-ranging book, Wall Street legend Henry Kaufman recounts the events surrounding the catastrophic collapse of Lehman Brothers from his then vantage point on the board. He explains how, ironically, the Federal Reserve's shortcomings contributed to its growing power. And he argues that Dodd-Frank -- by sanctioning rather than truly addressing the too-big-to-fail dilemma -- squandered a rare opportunity for essential reform. Whether sparring in print with Citicorp's mercurial Walter Wriston, consulting with British Prime Minister Margaret Thatcher, spurning a deal with junk bond king Michael Milken, or reflecting on his long-time friend Paul Volcker, Kaufman brings readers inside post-war Wall Street. Looking ahead, he dissects major national and global trends and the likely future of credit markets, financial institutions, and leading economies. As we search for bearings in the wake of the 2008 financial debacle, Henry Kaufman offers sage and penetrating analysis of today's