Financial Economics

摘要

The financial crisis of 2008 could have resulted in a great depression. The fact that it did not is due to the work of John Maynard Keynes and Milton Friedman. We have thus made progress in dealing with financial crises. This book attempts to take the next (big) step of preventing financial crises. To develop his ideas, Roger Farmer offers a critical review of the new Keynesian and real business-cycle literatures. He then turns to his own model that is in the spirit of the old Keynesian literature. The book is well written and will be of interest to economists who are looking for new ways to think about macroeconomics.