- Abstract:
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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...
Expand abstract - Publication status:
- Published
- Peer review status:
- Peer reviewed
- Version:
- Accepted manuscript
- Files:
-
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(pdf, 369.8kb)
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- Publisher copy:
- 10.1093/oxrep/grq014
-
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- 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
- Copyright holder:
- Christopher Adam and David Vines
- Copyright date:
- 2009
- Notes:
- Copyright 2009 The Authors. Published by Oxford University Press. This is a pre-copyedited, author-produced PDF of an article accepted for publication in the Oxford Review of Economic Policy following peer review. The definitive publisher-authenticated version Oxf Rev Econ Policy (2009) 25 (4): 507-552 is available online at: http://oxrep.oxfordjournals.org/
Journal article
Remaking macroeconomic policy after the global financial crisis: A balance-sheet approach.
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