Remaking macroeconomic policy after the global financial crisis: A balance-sheet approach.
This paper describes the origins of the global financial crisis and how the prevailing New Keynesian macroeconomic orthodoxy failed to anticipate its severity. This failure, we argue, stemmed from an incomplete understanding of the pivotal role of financial institutions in the amplification of the c...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Oxford University Press
2009
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