An Unstable System

Richard Barwell

Chapter Chapter 7 in Macroprudential Policy, 2013, pp 262-320 from Palgrave Macmillan

Abstract: Abstract Her Majesty the Queen famously asked why the economics profession never saw the crisis coming. Economic history has been littered with moments of financial instability and full-blown crises. And yet for many, the latest crisis came as a bolt from the blue — an entirely unpredictable event that brought to an end what had been a remarkable period of a macroeconomic stability, which had increasingly come to be viewed as a normal state of affairs, with economists searching for structural explanations for the improvement in stability.85

Keywords: Monetary Policy; Asset Price; Balance Sheet; Trade Credit; Fund Manager (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-27446-5_7

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DOI: 10.1057/9781137274465_7

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