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Guillermo L. Ordoñez Gary B. Gorto Macroeconomics and Financial Crise (Hardback)
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eBay item number:235362666089
Item specifics
- Condition
- Book Title
- Macroeconomics and Financial Crises : Bound Together by Information Dynamics
- Publication Name
- Macroeconomics and Financial Crises
- Title
- Macroeconomics and Financial Crises
- Subtitle
- Bound Together by Information Dynamics
- Format
- Hardcover
- ISBN-10
- 0691227012
- EAN
- 9780691227016
- ISBN
- 9780691227016
- Publisher
- Princeton University Press
- Genre
- Business & Economics
- Release Year
- 2023
- Release Date
- 11/07/2023
- Language
- English
- Country/Region of Manufacture
- US
- Item Height
- 0.8in
- Item Length
- 10in
- Publication Year
- 2023
- Topic
- Finance / General, Economics / Macroeconomics, Economics / General, Economics / Theory
- Item Width
- 7.3in
- Item Weight
- 20.5 Oz
- Number of Pages
- 208 Pages
About this product
Product Information
How financial crises are inherent features of macroeconomic dynamics There are no bigger disruptions in the functioning of economies than financial crises. Yet prior to the crash of 2007-2008, macroeconomics incorporated financial crises simply as bad shocks, like earthquakes, failing to consider them as an intrinsic phenomenon of the evolution of macroeconomic variables, such as credit, investment, and productivity. Macroeconomics and Financial Crises rethinks how technological change, credit booms, and endogenous information production combine to generate financial crises as inherent and recurrent reactions to macroeconomic dynamics. Gary Gorton and Guillermo Ordoñez identify short-term debt, collateral, and information as common elements that are present in all financial crises. Short-term debt is a critical element for storing value over short periods without fear of loss, but there needs to be collateral backing the debt. Critically, the collateral should be such that no agent wants to produce information about its quality. The debt backed by such collateral is information-insensitive. Gorton and Ordoñez argue that, during a credit boom, as more and more firms get loans, the economy reaches a tipping point where information production becomes too tempting, disrupting short-term debt and cutting most firms out of the credit market. Showing how a financial crisis is an information event triggered by the dynamics of macroeconomic variables, Macroeconomics and Financial Crises provides new perspectives on the intricate relations between macroeconomics and financial crises.
Product Identifiers
Publisher
Princeton University Press
ISBN-10
0691227012
ISBN-13
9780691227016
eBay Product ID (ePID)
22058366186
Product Key Features
Book Title
Macroeconomics and Financial Crises : Bound Together by Information Dynamics
Format
Hardcover
Language
English
Topic
Finance / General, Economics / Macroeconomics, Economics / General, Economics / Theory
Publication Year
2023
Genre
Business & Economics
Number of Pages
208 Pages
Dimensions
Item Length
10in
Item Height
0.8in
Item Width
7.3in
Item Weight
20.5 Oz
Additional Product Features
Lc Classification Number
Hb172.5.G676 2023
Lccn
2022-058216
Dewey Decimal
332
Dewey Edition
23
Illustrated
Yes
Item description from the seller
Seller assumes all responsibility for this listing.
eBay item number:235362666089
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