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Financial and World Economic Crisis: What did Economists Contribute?

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  • Gebhard Kirchgässner

    ()

  • Friedrich Schneider

    ()

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://www1.vwa.unisg.ch/RePEc/usg/dp2009/DP-0914-Ki.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of St. Gallen in its series University of St. Gallen Department of Economics working paper series 2009 with number 2009-14.

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Length: 10 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:usg:dp2009:2009-14

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Related research

Keywords: Financial Crisis; Crisis Management; Failure of Economics; Failure of Economic Researchers; Origin of the Crisis.;

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References

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  1. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals and Misperceptions," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 67-92, Fall.
  2. 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.
  3. 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.
  4. 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.
  5. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," CEMA Working Papers 595, China Economics and Management Academy, Central University of Finance and Economics.
  6. Stiglitz Joseph E., 2009. "America's Socialism for the Rich," The Economists' Voice, De Gruyter, vol. 6(6), pages 1-3, June.
  7. Andrei Shleifer, 1998. "State Versus Private Ownership," Harvard Institute of Economic Research Working Papers 1841, Harvard - Institute of Economic Research.
  8. Stiglitz Joseph E., 2008. "It Doesn't Take Nostradamus," The Economists' Voice, De Gruyter, vol. 5(8), pages 1-2, November.
  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. Benoit Mandelbrot, 1963. "The Variation of Certain Speculative Prices," The Journal of Business, University of Chicago Press, vol. 36, pages 394.
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Cited by:
  1. Gebhard Kirchgassner, 2009. "Die Krise der Wirtschaft: Auch eine Krise der Wirtschaftswissenschaften?," CREMA Working Paper Series 2009-15, Center for Research in Economics, Management and the Arts (CREMA).
  2. Lars Feld & Marcel Savioz & Jan Schnellenbach, 2010. "Gebhard Kirchgässner, 60 years on," Public Choice, Springer, vol. 144(3), pages 393-399, September.
  3. Lunn, Pete, 2011. "The Role of Decision-Making Biases in Ireland's Banking Crisis," Papers WP389, Economic and Social Research Institute (ESRI).

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