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The Banking Crisis - A Rational Interpretation

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Author Info
Minford, Patrick () (Cardiff Business School)

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Abstract

Modern macroeconomic models have been widely criticised as relying too much on rationality and market efficiency. However, basically their predictions about this crisis are being borne out by events. 'Crashes' are an integral part of an 'efficient market' capitalism and are brought on by swings in the news about productivity growth; this time nearly two decades of strong computer-based productivity growth were brought to a crashing halt by raw material shortages. This presages a slow recovery until innovation in material use frees growth up again as it did in the 1990s after the shortages of the 1970s.

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File URL: http://www.cardiff.ac.uk/carbs/econ/workingpapers/papers/E2009_10.pdf
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Publisher Info
Paper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number E2009/10.

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Length: 9 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:cdf:wpaper:2009/10

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Related research
Keywords: Macroeconomic models; Banking Crisis;

Find related papers by JEL classification:
E0 - Macroeconomics and Monetary Economics - - General

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  1. Tobias Adrian & Hyun Song Shin, 2008. "Liquidity and financial cycles," BIS Working Papers 256, Bank for International Settlements. [Downloadable!]
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This page was last updated on 2009-11-25.

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