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The Theoretical Debate on Recent Great Crisis

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  • Beniamino Moro

Abstract

This paper addresses several key issues regarding the recent Great Crisis 2007- 2009. The main ones are: was the financial crisis predictable by standard economic models? If not, are these models lacking of forecasting capabilities, or it is not a task of economic models to predict external events such as a systemic financial crisis? On another note, were economists aware that the financial system had set on an unsustainable path, which could eventually lead to a systemic and worldwide crisis? Furthermore, is there a difference in predicting capabilities among models belonging to different schools of thought, namely between Keynesian and Neoclassical theories? Finally, what are the suggestions in economic theorizing that the crisis calls for, so as to prevent it from happening again?

Suggested Citation

  • Beniamino Moro, 2012. "The Theoretical Debate on Recent Great Crisis," Rivista italiana degli economisti, Società editrice il Mulino, issue 1, pages 3-42.
    • Handle: RePEc:mul:jqat1f:doi:10.1427/36438:y:2012:i:1:p:3-42
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    Cited by:

    1. Beniamino Moro, 2013. "The Run On Repo and the Liquidity Shortage Problems of the Current Global Financial Crisis: Europe vs. The US," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 2(1), pages 41-77, January.

    More about this item

    Keywords

    Financial Crisis; Market Failure; Economic Breakdown. JEL classification: E44; E52; G01; G15; G28.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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