Argues that the 2008-2009 recession needs to be understood as deriving from mistakes of central banks and regulators, not financial markets.
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"Since publication of Robert L. Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations, and the e…
"Since publication of Robert L. Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations, and the e…
Argues that the 2008-2009 recession needs to be understood as deriving from mistakes of central banks and regulators, not financial markets.
