CAMBRIDGE UNIVERSITY PRESS INTEREST RATES PRICES AND LIQUIDITY 2011 RETAIL EBOOK-kE

TITLE: INTEREST RATES, PRICES AND LIQUIDITY: LESSONS FROM

THE FINANCIAL CRISIS (MACROECONOMIC POLICY MAKING)

PUBLISHER: CAMBRIDGE UNIVERSITY LANGUAGE: ENGLISH

LINK: http://is.gd/WEwKAE RELEASE TYPE: RETAIL

FORMAT: PDF RELEASE DATE: 2015.01.08

ISBN: 9781107014732 STORE DATE: 2011

SAVED.MONEY: 120 DOLLAR DISKCOUNT: 01 x 05MB

AUTHOR: SEAN HOLLY, JAGJIT S. CHADHA



BOOK



Many of the assumptions that underpin mainstream macroeconomic

models have been challenged as a result of the traumatic events

of the recent financial crisis. Thus, until recently, it was

widely agreed that although the stock of money had a role to

play, in practice it could be ignored as long as we used

short-term nominal interest rates as the instrument of policy

because money and other credit markets would clear at the given

policy rate. However, very early on in the financial crisis

interest rates effectively hit zero percent and so central banks

had to resort to a wholly new set of largely untested instruments

to restore order, including quantitative easing and the purchase

of toxic financial assets. This book brings together

contributions from economists working in academia, financial

markets and central banks to assess the effectiveness of these

policy instruments and explore what lessons have so far been

learned