Macroeconomics institutions instability and the financial system pdf

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macroeconomics institutions instability and the financial system pdf

Macroeconomics: institutions, instability, and the financial system | [email protected]

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Macroeconomics- Everything You Need to Know

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Macroeconomics: Institutions, Instability, and the Financial System

The authors embark on a much more ambitious venture. They show how the financial cycle and macroeconomics are inextricably linked, with the risk-taking channel as the linchpin. Their exposition is refreshingly original and yet lucid and accessible. This book will appeal to serious students of economics and to all inquiring minds who have wondered about the role of the financial cycle in macroeconomics. The authors weave together the old mainstream, three-equation, model with the newer account of potential financial disturbances in a lucid and efficient manner.

As a result, the authors comprehensively address the limitations of the mainstream macroeconomic model exposed by the financial crisis and the Eurozone crisis. The book guides the reader through the three principal steps required to integrate the financial system within the macroeconomic model. Firstly, the authors examine how the margin of the lending rate over the policy rate is set in the commercial banking sector, how money is created in a modern banking system and how the central bank can take account of the working of the banking system in order to achieve its desired policy outcome. Secondly, the authors explore the characteristics of the financial system that result in vulnerability to a financial crisis, with implications for fiscal balance. The economy depends on the continuity of core banking services and governments cannot afford to let them fail. This means that important banks do not bear the full cost of their lending decisions.

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2 COMMENTS

  1. Cecile M. says:

    Mauricio Ferraresi

  2. Escolástico T. says:

    EconPapers: Macroeconomics: Institutions, Instability, and the Financial System

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