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Modern Financial Macroeconomics: Panics, Crashes, and Crises


This timely text examines the role that financial markets and institutions play in modern macroeconomics. Over the last couple of decades there has been a fair amount of research on microeconomic models of market failure and the impact of such failures on business cycles and other macroeconomic phenomena. Recessions and depressions are examined afresh in detail. Financial panics and meltdowns like the currency crashes of the 1990s are examined for macroeconomic impact and recoveries. Last but not least, the current Bush Crash of 07-08 is discussed as it has unfolded, including the bank run and demise of the Northern Rock bank in the UK. The inexpensive paperback version can be used as a supplement to Money & Banking and Intermediate Macro courses, since the text assumes knowledge of only simple macroeconomic/microeconomic principles.

Todd A. Knoop is Associate Professor of Economics and Chair of the Economics and Business department at Cornell College. He is author of Recessions and Depressions: Understanding Business Cycles (2004). He earned his PhD. in Economics from Purdue University.
List of Figures.

List of Tables.

List of Case Studies.



Part I: An Introduction to Finance and Macroeconomics:.

1. The Basics of Financial Markets and Financial Institutions.

2. A Brief History of Financial Development.

Part II: Macroeconomic Theory and the Role of Finance:.

3. Business Cycles and Early Macroeconomic Theories of Finance.

4. Keynesian, Monetarist, and Neoclassical Theories.

5. New Institutional Theories of Finance: Models of Risk and the Costs of Credit Intermediation.

6. New Institutional Theories of Finance: Models of Credit Rationing.

Part III: Financial Volatility and Economic [In]Stability:.

7. The Role of Financial Systems in Monetary and Stabilization Policy.

8. Banking Crises and Asset Bubbles.

Part IV: International Finance and Financial Crises:.

9. Capital Flight and the Causes of International Financial Crises.

10. International Financial Crises: Policies and Prevention.

Part V: Conclusions:.

11. What We have Learned, What We Still Need to Learn about Financial Macroeconomics.