This paper addresses several key issues regarding the recent Great Crisis 2007-2009. The main ones are: was the financial crisis predictable by standard economic models? If not, are these models lacking of forecasting capabilities, or it is not a task of economic models to predict external...

"I describe two amplifications mechanisms that operate during liquidity crises and discuss the scope for central bank policies during crises as well as preventive policies in advance of crises. The first mechanism works through asset prices and balance sheets. A negative shock to the balance...

Der Beitrag reflektiert theoretisch die gegenwärtige Finanz- und Wirtschaftskrise, wobei die Ausführungen im Zusammenhang mit bestehenden Krisentheorien stehen. Meine These ist, dass die Krisentheorien der "Unregierbarkeit" und des "Spätkapitalismus" darin falsch lagen, den Ausgangspunkt von...