An Historical Walk Through Recent Financial Crises
This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper describes the Bretton Woods regime after World War II, details the era of adaptive expectations and motivates the emerging of the rational expectations school of thoughts. Various perspectives on the causes of the financial crisis are incorporated. The paper provides some policy suggestions and remarks on the consequences of ever-changing capital markets.
|Date of creation:||06 Jul 2011|
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NBER Working Papers
12708, National Bureau of Economic Research, Inc.
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- Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.
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- Alan Blinder, 2010.
"Teaching Macro Principles after the Financial Crisis,"
The Journal of Economic Education,
Taylor & Francis Journals, vol. 41(4), pages 385-390, September.
- Alan S. Blinder, 2010. "Teaching Macro Principles after the Financial Crisis," Working Papers 1222, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Sheffrin,Steven M., 1996.
Cambridge University Press, number 9780521479394, May.
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