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Remaking macroeconomic policy after the global financial crisis: A balance-sheet approach.

Abstract:

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 crisis and its transmission to the wider economy. Low global interest rates and a consequent 'search for yield' in the pre-crisis period encouraged financial institutions to build highly leveraged b...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted manuscript

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Publisher copy:
10.1093/oxrep/grq014

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Institution:
University of Oxford
Department:
Oxford, Social Sciences, Economics
More by this author
Institution:
University of Oxford
Department:
Oxford, Social Sciences, Economics
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Funding agency for:
David Vines
European Union More from this funder
Publisher:
Oxford University Press Publisher's website
Journal:
Oxford Review of Economic Policy Journal website
Volume:
25
Issue:
4
Publication date:
2009
DOI:
URN:
uuid:aa2ca5b2-b94d-4b06-83da-22c386739eee
Local pid:
oai:economics.ouls.ox.ac.uk:14938
Language:
English

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