Towards a General Theory of Deep Downturns is popular PDF and ePub book, written by Joseph E. Stiglitz in 2015, it is a fantastic choice for those who relish reading online the Business cycles genre. Let's immerse ourselves in this engaging Business cycles book by exploring the summary and details provided below. Remember, Towards a General Theory of Deep Downturns can be Read Online from any device for your convenience.
Towards a General Theory of Deep Downturns Book PDF Summary
This paper, an extension of the Presidential Address to the International Economic Association, evaluates alternative strands of macro-economics in terms of the three basic questions posed by deep downturns: What is the source of large perturbations? How can we explain the magnitude of volatility? How do we explain persistence? The paper argues that while real business cycles and New Keynesian theories with nominal rigidities may help explain certain historical episodes, alternative strands of New Keynesian economics focusing on financial market imperfections, credit, and real rigidities provides a more convincing interpretation of deep downturns, such as the Great Depression and the Great Recession, giving a more plausible explanation of the origins of downturns, their depth and duration. Since excessive credit expansions have preceded many deep downturns, particularly important is an understanding of finance, the credit creation process and banking, which in a modern economy are markedly different from the way envisioned in more traditional models.
Detail Book of Towards a General Theory of Deep Downturns PDF
- Author : Joseph E. Stiglitz
- Release : 21 September 2024
- Publisher : Unknown
- ISBN : OCLC:919103437
- Genre : Business cycles
- Total Page : 51 pages
- Language : English
- PDF File Size : 11,9 Mb
If you're still pondering over how to secure a PDF or EPUB version of the book Towards a General Theory of Deep Downturns by Joseph E. Stiglitz, don't worry! All you have to do is click the 'Get Book' buttons below to kick off your Download or Read Online journey. Just a friendly reminder: we don't upload or host the files ourselves.