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Financial Conditions and Macroeconomic Performance
This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
After the Great Recession
A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.
Financial Liberalization, Credit Constraints, and Collateral
This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.
Financial Markets and Financial Crises
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Why Minsky Matters
Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able t...
Working and Living in the Shadow of Economic Fragility
Not since the Great Depression of the 1930s has the United States faced such a prolonged period of high unemployment and underemployment. Recovery from the "Great Recession" that began in 2008 has been slow, and is projected to remain sluggish over the next several years, while another shock to the global economy could erase the meager gains of the past months. Economic conditions remain fragile and employment challenges show no sign of letting up. With persistently high unemployment and underemployment-and growing inequality in wages-an increasing number of American families are no longer adequately supported by employment income and basic benefits. Many older workers have "retired" before ...
Heterodox Macroeconomics
This book focuses on an integrated heterodox approach to the original contributions of Keynes, Marx and early institutionalists, featuring an international set of authors from the US, the UK, Japan and Korea.
A Handbook of Alternative Monetary Economics
Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous.
Kids' TV Grows Up
In the early days of television, suburban families welcomed TV into their homes as an electronic babysitter that would also teach their children about the world. Children's programming soon came to play a key role in the development of mass culture, promoting the shared interests, norms and vocabulary through which children interact with peers and define themselves as a cohort. This social history examines the forces driving the development of children's television in the U.S., from its inception to the present. Analyses of iconic programs reveal how they influenced our concept of childhood.
The Rise, Fall, and Influence of the Tea Party Insurgency
Emerging in 2009, the Tea Party movement had an immediate and profound impact on American politics and society. This book draws on a decade's worth of original, extensive data collection to understand why the Tea Party emerged, where it was active, and why it disappeared so quickly. Patrick Rafail and John McCarthy link the Tea Party's rise to prominence following the economic collapse that came to be known as the Great Recession. Paying special attention to the importance of space and time in shaping the Tea Party's activities, Rafail and McCarthy identify and explain the movement's disappearance from the political stage. Even though grassroots Tea Party activism largely ceased by 2014, they demonstrate the movement's effect on the Republican Party and American democracy that continues today.
