by Guillermo A. Calvo
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Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials (Ohlin Lectures)

by Guillermo A. Calvo (Author),
The MIT Press (Publisher)
(159 Customers)
Product Specifications
Book Description
Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of "liquidity crunch" in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch. Calvo shows that a
Book Specifications
ISBN-13 9780262035415
Language English
Binding Hard Bound
Publisher The MIT Press
Publishing Date 2016-11-04
Total Pages 192