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Monetary Policy in the 2008-2009 Recession
Robert L. Hetzel
其他書名
A Reprint from the "Economic Quarterly"
出版DIANE Publishing, 2010
主題Business & Economics / General
ISBN14379195029781437919509
URLhttp://books.google.com.hk/books?id=DnMwmE4XeCkC&hl=&source=gbs_api
EBookSAMPLE
註釋The recession that began with a cyclical peak in Dec. 2007 originated in a combination of real shocks because of a fall in housing wealth and a fall in real income from an increase in energy prices. The most common explanation for the intensification of the recession that began in the late summer of 2008 is the propagation of these shocks through dysfunction in credit markets. The alternative explanation offered emphasizes propagation through contractionary monetary policy. The 1st explanation stresses the importance of credit-market interventions (credit policy). The 2nd emphasizes the importance of money creation (money-creation policy). "The System should always be engaged in a ruthless examination of its past record."