From Crisis to Confidence : Macroeconomics after the Crash

Online-Ressource (188 p)

Description based upon print version of record

The author; Foreword; Acknowledgements; Summary; figures; Introduction; The nature of the Great Recession in brief; Figure 1Percentage job losses in US post-war recessions; Figure 2US real gross domestic product and real potential gross domestic product; What went wrong?; Figure 3Real UK GDP (£m 2010) vs UK GDP long-term trend extrapolated; Figure 4Excess reserves of depository institutions; After the bust: confidence, uncertain rules of the game and 'Big Players'; How the economy went wrong; Boom; Figure 5Actual federal funds rate versus fed funds rate implied by Taylor rule; Bust; Slump

The development of macroeconomics from World War II to the financial crashPost-war hydraulic Keynesianism; Challenges to hydraulic Keynesianism and the development of pre-crisis macroeconomics; Challenges to and developments of pre-crisis macroeconomics; Where are we now?; Some strands of new thinking in finance and macroeconomics; Bubbles; Radical uncertainty; Animal spirits; Complexity dynamics; The recent trend towards interventionism; Pre-Keynesian and post-Keynesian notions of confidence; From notions of confidence to a theory of confidence; Confidence and financial intermediaries

An equilibrium model of bankers' confidenceCatastrophic changes in animal spirits and confidence - market phenomena or caused by external shocks?; 'Big Players' and the state of confidence; The impact of Big Players and regime uncertainty; Figure 6Ruble exchange rate: German marks per 100 rubles of bank notes; Keynesian policies tend to create a Keynesian economy; The long slump once again; Figure 7Index of economic policy uncertainty(Jan 1985 - Mar 2013); What caused policy uncertainty after the crisis?; And it is getting worse … the Dodd-Frank Act; What is to be done?

Deregulation by the Big Players?An economic constitution; Figure 8US economic policy uncertainty and government activity; References; About the IEA

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