By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
The severity of the good Recession and the next stagnation stuck many economists abruptly. yet a bunch of Keynesian students warned for a few years that robust forces have been major the U.S. towards a deep, continual downturn. This ebook collects essays approximately those occasions from well-known macroeconomists who built a point of view that envisioned the large define and lots of particular points of the difficulty. From this perspective, the restoration of employment and revival of robust progress calls for greater than non permanent financial easing and transitority monetary stimulus. Economists and coverage makers have to discover how the method of call for formation failed after 2007, and the place call for will come from going ahead. Successive chapters handle the assets and dynamics of call for, the distribution and development of wages, the constitution of finance, and demanding situations from globalization, and tell options for financial and monetary rules to accomplish a extra effective and equitable society.
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Additional resources for After the Great Recession: The Struggle for Economic Recovery and Growth
Ohanian, L. E. (2010) “The economic crisis from a neoclassical perspective,” Journal of Economic Perspectives, 24, 45–66. Palacio-Vera, A. (2010) “The ‘new consensus’ and the post-Keynesian approach to the analysis of liquidity traps,” Eastern Economic Journal, 36, 198–216. Palley, T. I. (2002) “Economic contradictions coming home to roost? ” Journal of Post Keynesian Economics, 25, 9–32. Palley, T. I. (2008) “Keynesian Models of Deflation and Depression Revisited,” Journal of Economic Behavior and Organization, 68 (1), 167–77.
As Crotty (1994, page See, in particular, the extensive work along these lines by Paul Davidson, most recently Davidson (2007). ” For about two decades, experience appeared to confirm that household financeÂ€– and the economy as a wholeÂ€– was in reasonably good shape. There was also a tendency for evolving institutions to select ever-riskier financial behavior prior to the recession. As the debt-financed boom generated strong growth and validated risky behavior, those who warned of looming financial excesses lost credibility.
This created the appearance of robust and relatively stable macroeconomic performance (the Great Moderation) that, in turn, largely concealed (at least to most mainstream analysts) the threat of rising financial fragility. Concealed, that is, until the financial fragility was made obvious by events from 2006 to 2008 that triggered reductions in lending, confidence, and animal spirits, causing the whole house of cards to come crashing down. We have now seen that conventional interest rate policy, and even some less conventional monetary policies such as quantitative easing, can neither prevent nor remediate a severe recession.