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Getting off Track How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis

ISBN-10: 0817949712
ISBN-13: 9780817949716
Edition: 2009
Authors: John B. Taylor
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Description: Throughout history, financial crises have always been caused by excesses—frequently monetary excesses—which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the  More...

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Book details

List price: $14.95
Copyright year: 2009
Publisher: Hoover Institution Press
Publication date: 2/1/2009
Binding: Hardcover
Pages: 92
Size: 5.25" wide x 8.00" long x 0.25" tall
Weight: 0.594
Language: English

Throughout history, financial crises have always been caused by excesses—frequently monetary excesses—which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the United States and other countries. How did everything deteriorate so suddenly and dramatically? InGetting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis, Hoover fellow and Stanford economist John B. Taylor offers empirical research to explain what caused the current financial crisis, what prolonged it, and what worsened it dramatically more than a year after it began. The author tells how unusually easy monetary policy helped set the crisis in motion, as interest rates at the Federal Reserve and several other central banks deviated from historical regularities. He explains monetary interaction with the subprime mortgage problem, showing how the use of these mortgages, especially the adjustable-rate variety, led to excessive risk taking. In the United States this was encouraged by government programs designed to promote home ownership, a worthwhile goal but overdone in retrospect. Looking ahead, the author suggests a set of principles to follow to prevent misguided actions and interventions in the future.

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