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The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007–11, this book reveals an intimate connection between new macroeconomic ideas and policies and the events in the real economy that inspired them. It does this in an accessible, easy-to-follow style, first by focusing on the developments of economic theories and policies, and then by concentrating on the design of domestic and international institutions and economic governance. Written by three leading experts on the history of economic policy, the book is ideal for graduates and undergraduates studying macroeconomics, monetary policy and the history of economic thought.
Preface
Acknowledgements
1. Introduction
2. The dawn of the Keynesian Age
3. The Phillips curve menu
4. The pro-market counterattack: powerless economic policies
5. Rethinking stabilization policies: good policies or good luck?
6. The great recession and beyond
7. Central banking
8. Fiscal regimes and fiscal policies
9. Further policy challenges
10. Conflicts and cooperation in the labor markets
11. Fixed exchange rates: the age of tempered liberalism
12. Free to float: the age of neo-liberalism
13. A fragile European construction: the perils of incomplete coordination
14. Taking stock: the end of a ride or the start of a new one?
Bibliography.
Description
The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007–11, this book reveals an intimate connection between new macroeconomic ideas and policies and the events in the real economy that inspired them. It does this in an accessible, easy-to-follow style, first by focusing on the developments of economic theories and policies, and then by concentrating on the design of domestic and international institutions and economic governance. Written by three leading experts on the history of economic policy, the book is ideal for graduates and undergraduates studying macroeconomics, monetary policy and the history of economic thought.
