Description : A New York Times Bestseller “A fascinating account of the effort to save the world from another [Great Depression]. . . . Humanity should be grateful.”—Financial Times In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington’s halls of power. There would be no time to celebrate. The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat. Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed—alongside colleagues in the Treasury Department—successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries. Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.
Description : The American Recovery and Reinvestment Act (ARRA) was an intervention of historic proportions in the US economy during the Great Recession. What lessons for the future can we learn from this massive federal program? In Governing under Stress, scholars from public administration and public policy analyze the fraught politics and complex implementation of ARRA. Their essays address vital issues of enduring significance such as government accountability, public perceptions of public sector success, strengths and weaknesses of different policy instruments, and the most pressing challenges confronting public policy and management in modern government.
Description : "The events of the past decade and a half are the story of two mistakes, one triumph, with the real possibility either of another mistake. Prior to the global financial crisis of 2007-9 many central bankers were dismissive about the need to worry about financial instability. The connection between finance and the real economy was severed. The decades since the 1980s saw several financial crises around the world with little lasting impact on the global economy. The second mistake was a failure to adequately appreciate how inter-connected the world's financial system had become. The fact that the crisis originated in the advanced world only increased the effect it had on the global economy. The triumph was the widespread acceptance by central banks, governments, and the public, that price stability is a desirable objective. Whether the desire to pursue low and stable inflation is cause or consequence of economic performance during the two decades that preceded the crisis remains hotly debated. There is also the prospect of another shock to come given the strategies adopted by central banks in the advanced economies. Whether it will be a positive one, or presage another major crisis, remains to be seen. The latter is more likely since the outlook at the end of 2016 is clouded by two sets of opposing forces. On the domestic front key advanced economies face a difficult exit from ultra-loose monetary policies. At the international tensions between central banks and the governments they are directly accountable to have heightened considerably. The book tells this story and provides some ideas about where to go from here in the area of central banking"--
Description : "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. In September 2008 President George Bush could still describe the financial crisis as an incident local to Wall Street. In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump. It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels. Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?
Description : This third edition of the highly successful and well-regarded Australian adaptation of Frank and Bernanke's Principles of Microeconomics by Sarah Jennings (University of Tasmania) takes a rigorous, theoretical treatment that is suitable for mid to high-level courses but is nonetheless easy-to-follow and logical. It is full of practical examples and in-chapter exercises that allow students to check their understanding of the important concepts as they work through the chapter. New to this edition: the chapters on competitive advantage and the open economy have been merged into a single chapter and the former chapter 1 has been moved online for a more streamlined text that covers all the important elements of introductory microeconomics. Indifference curve analysis has also been introduced for this edition.Background Briefing and Thinking as an Economist vignettes provide significant links between economic theory and the real world, and up-to-date data present students with a snapshot of the economy as it is right now. This text is for first-year students of economics or those taking it as a first subject in microeconomics. The authors take an active learning approach. They suggest that the only way to learn to hit an overhead smash in tennis or to speak a foreign language is through repeated practice. The same is true for learning economics. Throughout this book you will find new ideas introduced with simple examples, followed by applications showing how they work in familiar settings. The features within each chapter are designed to both test and reinforce the understanding of these ideas.