【流动性危机时代的宏观经济学】 Macroeconomics in Times of Liquidity Crises (2016

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Macroeconomics in Times of Liquidity Crises
Searching for Economic Essentials

By Guillermo A. Calvo



Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of “liquidity crunch” in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes’s General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch.

Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity’s centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.

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关键词：Liquidity MacroEcon Economics macroeco Economic profession different occurring mortgage factors

发发发发发

good!!

现在的宏观经济学同迷信的观象大师一样，感觉超级不好

谢谢分享楼主厉害楼主万岁

Macroeconomics in Times of Liquidity Crises

谢谢分享

thanks for sharing