Macroeconomics and Financial Crises Bound Together by Information Dynamics
Free Download Gary B. Gorton, "Macroeconomics and Financial Crises: Bound Together by Information Dynamics"
English | ISBN: 0691227012 | 2023 | 208 pages | PDF | 2 MB
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.
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