The Monetary Origins Of The Economic And Financial Crisis
The global economic situation suddenly worsened in the fall of 2008 and output expansion was negative almost everywhere for 2009. Fluctuation analysis has shown that most of the financial crises and recessions of the past were triggered and worsened by inadequate monetary policies. For our times, the monetary policy played a significant role in the development of the events through its responsibility in the outbreak of the financial crisis. All together, the monetary policy, especially the American one, can be blamed for the remote role (2002â€“2004) it played in the creation of the speculative bubble which led to a financial crisis. It also has a part of the responsibility through its restrictive direction during the 2004â€“2006 period; this time, a direction shared by other central banks. Finally, it is more immediately involved through its lack of clearâ€“sightedness and responsiveness in the first months of the recession.
Volume (Year): 5 (2010)
Issue (Month): 3(13)/Fall 2010 ()
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- Lawrence H. White, 2009. "Federal Reserve Policy and the Housing Bubble," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 115-125, Winter.
- Robert L. Hetzel, 2009. "Monetary policy in the 2008-2009 recession," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 201-233.
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- John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
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