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Financial and world economic crisis: What did economists contribute?

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Author Info

  • Friedrich Schneider

    ()

  • Gebhard Kirchgässner

    ()

Abstract

In this paper we deal with two questions, (i) what are the origins of the current financial crisis, and (ii) what did economists contribute, or why did economists fail to provide a convincing answer for the origins of the crisis, and possible solutions to overcome it? Apparently, the economics profession was unaware of the looming worldwide financial and economic crisis, and significantly underestimated its global dimensions and consequences. A first and prelimi-nary analysis is undertaken to explore reasons for these failures. We conclude by pointing to some consequences for economics as well as for economic policy.

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File URL: http://hdl.handle.net/10.1007/s11127-009-9479-y
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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 140 (2009)
Issue (Month): 3 (September)
Pages: 319-327

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Handle: RePEc:kap:pubcho:v:140:y:2009:i:3:p:319-327

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Web page: http://www.springerlink.com/link.asp?id=100332

Related research

Keywords: Financial crisis; Crisis management; Failure of economics; Failure of economic researchers; Origin of the crisis; A11; B40; D72; D73; D8; G01; K2;

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References

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  1. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," NBER Working Papers 11996, National Bureau of Economic Research, Inc.
  2. Benoit Mandelbrot, 1963. "The Variation of Certain Speculative Prices," The Journal of Business, University of Chicago Press, vol. 36, pages 394.
  3. Barry Eichengreen, 2008. "Origins and Responses to the Current Crisis," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 6-11, December.
  4. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing high house prices: bubbles, fundamentals, and misperceptions," Staff Reports 218, Federal Reserve Bank of New York.
  5. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
  6. Andrei Shleifer, 1998. "State Versus Private Ownership," Harvard Institute of Economic Research Working Papers 1841, Harvard - Institute of Economic Research.
  7. Stiglitz Joseph E., 2008. "It Doesn't Take Nostradamus," The Economists' Voice, De Gruyter, vol. 5(8), pages 1-2, November.
  8. Stiglitz Joseph E., 2009. "America's Socialism for the Rich," The Economists' Voice, De Gruyter, vol. 6(6), pages 1-3, June.
  9. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August.
  10. Kroszner, Randall S & Rajan, Raghuram G, 1994. "Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1933," American Economic Review, American Economic Association, vol. 84(4), pages 810-32, September.
  11. F. Gerard Adams, 2009. "The World Financial Crisis," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(1), pages 45-58, January.
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Cited by:
  1. Lars Feld & Marcel Savioz & Jan Schnellenbach, 2010. "Gebhard Kirchgässner, 60 years on," Public Choice, Springer, vol. 144(3), pages 393-399, September.
  2. Lunn, Pete, 2011. "The Role of Decision-Making Biases in Ireland's Banking Crisis," Papers WP389, Economic and Social Research Institute (ESRI).
  3. Gebhard Kirchgässner, 2009. "Die Krise der Wirtschaft: Auch eine Krise der Wirtschaftswissenschaften?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 10(4), pages 436-468, November.

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