Macroeconomics and Financial Crises: Bound Together by Information Dynamics by G

Description: Macroeconomics and Financial Crises by Gary B. Gorton, Guillermo L. Ordoñez Estimated delivery 4-14 business days Format Hardcover Condition Brand New Description 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 20072008, 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. Macroeconomics and Financial Crises rethinks how technological change, credit booms, and endogenous information production combine to generate financial crises as inherent and recurrent reactions to macroeconomic dynamics.Gary Gorton and Guillermo Ordoez identify short-term debt, collateral, and information as common elements that are present in all financial crises. Short-term debt is a critical element for storing value over short periods without fear of loss, but there needs to be collateral backing the debt. Critically, the collateral should be such that no agent wants to produce information about its quality. The debt backed by such collateral is information-insensitive. Gorton and Ordoez argue that, during a credit boom, as more and more firms get loans, the economy reaches a tipping point where information production becomes too tempting, disrupting short-term debt and cutting most firms out of the credit market.Showing how a financial crisis is an information event triggered by the dynamics of macroeconomic variables, Macroeconomics and Financial Crises provides new perspectives on the intricate relations between macroeconomics and financial crises. Author Biography Gary B. Gorton is the Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management. His books include Slapped by the Invisible Hand and (with Ellis W. Tallman) Fighting Financial Crises.Guillermo L. Ordoez is professor of economics and finance at the University of Pennsylvania and an editor of the Journal of Economic Theory. Details ISBN 0691227012 ISBN-13 9780691227016 Title Macroeconomics and Financial Crises Author Gary B. Gorton, Guillermo L. Ordoñez Format Hardcover Year 2023 Pages 208 Publisher Princeton University Press GE_Item_ID:143264934; About Us Grand Eagle Retail is the ideal place for all your shopping needs! With fast shipping, low prices, friendly service and over 1,000,000 in stock items - you're bound to find what you want, at a price you'll love! Shipping & Delivery Times Shipping is FREE to any address in USA. Please view eBay estimated delivery times at the top of the listing. Deliveries are made by either USPS or Courier. We are unable to deliver faster than stated. International deliveries will take 1-6 weeks. NOTE: We are unable to offer combined shipping for multiple items purchased. This is because our items are shipped from different locations. Returns If you wish to return an item, please consult our Returns Policy as below: Please contact Customer Services and request "Return Authorisation" before you send your item back to us. Unauthorised returns will not be accepted. Returns must be postmarked within 4 business days of authorisation and must be in resellable condition. Returns are shipped at the customer's risk. We cannot take responsibility for items which are lost or damaged in transit. For purchases where a shipping charge was paid, there will be no refund of the original shipping charge. Additional Questions If you have any questions please feel free to Contact Us. Categories Baby Books Electronics Fashion Games Health & Beauty Home, Garden & Pets Movies Music Sports & Outdoors Toys

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End Time: 2025-01-20T04:42:49.000Z

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