Author: Nicola Gennaioli
Publisher: Princeton University Press
ISBN: 0691182507
Category : Business & Economics
Languages : en
Pages : 264
Book Description
How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.
A Crisis of Beliefs
Author: Nicola Gennaioli
Publisher: Princeton University Press
ISBN: 0691182507
Category : Business & Economics
Languages : en
Pages : 264
Book Description
How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.
Publisher: Princeton University Press
ISBN: 0691182507
Category : Business & Economics
Languages : en
Pages : 264
Book Description
How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.
Leveraged
Author: Moritz Schularick
Publisher: University of Chicago Press
ISBN: 022681694X
Category : Business & Economics
Languages : en
Pages : 318
Book Description
An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
Publisher: University of Chicago Press
ISBN: 022681694X
Category : Business & Economics
Languages : en
Pages : 318
Book Description
An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
All the Devils Are Here
Author: Bethany McLean
Publisher: Penguin
ISBN: 1101551054
Category : Business & Economics
Languages : en
Pages : 503
Book Description
Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.
Publisher: Penguin
ISBN: 1101551054
Category : Business & Economics
Languages : en
Pages : 503
Book Description
Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.
Never Let a Serious Crisis Go to Waste
Author: Philip Mirowski
Publisher: Verso Books
ISBN: 1781683026
Category : Political Science
Languages : en
Pages : 497
Book Description
At the onset of the Great Recession, as house prices sank and joblessness soared, many commentators concluded that the economic convictions behind the disaster would now be consigned to history. Yet in the harsh light of a new day, attacks against government intervention and the global drive for austerity are as strong as ever. Never Let a Serious Crisis Go to Waste is the definitive account of the wreckage of what passes for economic thought, and how neoliberal ideas were used to solve the very crisis they had created. Now updated with a new afterword, Philip Mirowski’s sharp and witty work provides a roadmap for those looking to escape today’s misguided economic dogma.
Publisher: Verso Books
ISBN: 1781683026
Category : Political Science
Languages : en
Pages : 497
Book Description
At the onset of the Great Recession, as house prices sank and joblessness soared, many commentators concluded that the economic convictions behind the disaster would now be consigned to history. Yet in the harsh light of a new day, attacks against government intervention and the global drive for austerity are as strong as ever. Never Let a Serious Crisis Go to Waste is the definitive account of the wreckage of what passes for economic thought, and how neoliberal ideas were used to solve the very crisis they had created. Now updated with a new afterword, Philip Mirowski’s sharp and witty work provides a roadmap for those looking to escape today’s misguided economic dogma.
Out of the Crisis, reissue
Author: W. Edwards Deming
Publisher: MIT Press
ISBN: 0262350033
Category : Business & Economics
Languages : en
Pages : 450
Book Description
The classic and deeply influential work on business management, leadership, problem solving, and quality control—based on Denning’s famous 14 Points for Management. Now reissued for the managers and leaders of today! Translated into 12 languages and continuously in print since its original publication in 1982, this highly influential framework presents the foundations for a completely transformational way to lead and manage people, processes, and resources. According to Deming, American company management’s failure to plan for the future brings about loss of market, which brings about loss of jobs. Management must be judged not only by the quarterly dividend, but by innovative plans to: • Stay in business • Protect investment • Ensure future dividends • Provide more jobs through improved product and service In simple, direct language, Deming explains the principles of management transformation and how to apply them. This edition includes a foreword by Deming’s grandson, Kevin Edwards Cahill, and Kelly Allan, business consultant and Deming expert.
Publisher: MIT Press
ISBN: 0262350033
Category : Business & Economics
Languages : en
Pages : 450
Book Description
The classic and deeply influential work on business management, leadership, problem solving, and quality control—based on Denning’s famous 14 Points for Management. Now reissued for the managers and leaders of today! Translated into 12 languages and continuously in print since its original publication in 1982, this highly influential framework presents the foundations for a completely transformational way to lead and manage people, processes, and resources. According to Deming, American company management’s failure to plan for the future brings about loss of market, which brings about loss of jobs. Management must be judged not only by the quarterly dividend, but by innovative plans to: • Stay in business • Protect investment • Ensure future dividends • Provide more jobs through improved product and service In simple, direct language, Deming explains the principles of management transformation and how to apply them. This edition includes a foreword by Deming’s grandson, Kevin Edwards Cahill, and Kelly Allan, business consultant and Deming expert.
Unsettling Beliefs
Author: Josh Diem
Publisher: IAP
ISBN: 1607525976
Category : Education
Languages : en
Pages : 320
Book Description
This volume explores issues involved with teaching social theory to preservice teachers pursuing degrees through teacher education programs and experienced teachers and administrators pursuing graduate degrees. The contributors detail their experiences teaching theoretical perspectives regarding race, gender, ethnicity, sexuality, power, and the construction of schools as an institution of the state. The editors and contributors hope to offer the beginning of a colleagial dialogue within the field of education (both inside and outside the academy) about the relevance and pedagogical issues associated with such material. Additionally, the contributors offer advice on missteps to avoid and provide success stories that give hope to those who also wish to engage in the practice of teaching theory to teachers.
Publisher: IAP
ISBN: 1607525976
Category : Education
Languages : en
Pages : 320
Book Description
This volume explores issues involved with teaching social theory to preservice teachers pursuing degrees through teacher education programs and experienced teachers and administrators pursuing graduate degrees. The contributors detail their experiences teaching theoretical perspectives regarding race, gender, ethnicity, sexuality, power, and the construction of schools as an institution of the state. The editors and contributors hope to offer the beginning of a colleagial dialogue within the field of education (both inside and outside the academy) about the relevance and pedagogical issues associated with such material. Additionally, the contributors offer advice on missteps to avoid and provide success stories that give hope to those who also wish to engage in the practice of teaching theory to teachers.
Photography and Belief
Author: David Levi Strauss
Publisher: David Zwirner Books
ISBN: 9781644230473
Category : Photography
Languages : en
Pages : 0
Book Description
In this exploration of contemporary photography, David Levi Strauss questions the concept that “seeing is believing” Identifying a recent shift in the dominance of photography, David Levi Strauss looks at the power of the medium in the age of Photoshop, smart phones, and the internet, asking important questions about how we look and what we trust. In the first ekphrasis title on photography, Strauss challenges the aura of believability and highlights the potential dangers around this status. He examines how images produced on cameras gradually gained an inordinate power to influence public opinion, prompt action, comfort and assuage, and direct or even create desire. How and why do we believe technical images the way we do? Offering a poignant argument in the era of “fake news,” Strauss draws attention to new changes in the technology of seeing. Some uses of "technical images" are causing the connection between images and belief (between seeing and believing) to fray and pull apart. How is this shifting our relationship to images? Will this crisis in what we can believe come to threaten our very purchase on the real? This book is an inquiry into the history and future of our belief in images.
Publisher: David Zwirner Books
ISBN: 9781644230473
Category : Photography
Languages : en
Pages : 0
Book Description
In this exploration of contemporary photography, David Levi Strauss questions the concept that “seeing is believing” Identifying a recent shift in the dominance of photography, David Levi Strauss looks at the power of the medium in the age of Photoshop, smart phones, and the internet, asking important questions about how we look and what we trust. In the first ekphrasis title on photography, Strauss challenges the aura of believability and highlights the potential dangers around this status. He examines how images produced on cameras gradually gained an inordinate power to influence public opinion, prompt action, comfort and assuage, and direct or even create desire. How and why do we believe technical images the way we do? Offering a poignant argument in the era of “fake news,” Strauss draws attention to new changes in the technology of seeing. Some uses of "technical images" are causing the connection between images and belief (between seeing and believing) to fray and pull apart. How is this shifting our relationship to images? Will this crisis in what we can believe come to threaten our very purchase on the real? This book is an inquiry into the history and future of our belief in images.
The Euro Trap
Author: Hans-Werner Sinn
Publisher: OUP Oxford
ISBN: 0191006661
Category : Business & Economics
Languages : en
Pages : 417
Book Description
This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.
Publisher: OUP Oxford
ISBN: 0191006661
Category : Business & Economics
Languages : en
Pages : 417
Book Description
This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.
Belief
Author: Francis S. Collins
Publisher: Harper Collins
ISBN: 006197840X
Category : Religion
Languages : en
Pages : 358
Book Description
“A brilliant, wide ranging and powerful series of readings on the possibilities, problems and mysteries of faith. This book belongs on the shelf of every believer—and every serious skeptic.” — Rabbi David Wolpe, author of Why Faith Matters “This life-giving, faith-filled and hard-nosed collection reveals why, as St. Anselm wrote, true faith always seeks to understand.” — Rev. James Martin, author of My Life with the Saints From Dr. Francis Collins, New York Times bestselling author of The Language of God, comes the definitive reader on the rationality of faith.
Publisher: Harper Collins
ISBN: 006197840X
Category : Religion
Languages : en
Pages : 358
Book Description
“A brilliant, wide ranging and powerful series of readings on the possibilities, problems and mysteries of faith. This book belongs on the shelf of every believer—and every serious skeptic.” — Rabbi David Wolpe, author of Why Faith Matters “This life-giving, faith-filled and hard-nosed collection reveals why, as St. Anselm wrote, true faith always seeks to understand.” — Rev. James Martin, author of My Life with the Saints From Dr. Francis Collins, New York Times bestselling author of The Language of God, comes the definitive reader on the rationality of faith.
This Time Is Different
Author: Carmen M. Reinhart
Publisher: Princeton University Press
ISBN: 0691152640
Category : Business & Economics
Languages : en
Pages : 513
Book Description
An empirical investigation of financial crises during the last 800 years.
Publisher: Princeton University Press
ISBN: 0691152640
Category : Business & Economics
Languages : en
Pages : 513
Book Description
An empirical investigation of financial crises during the last 800 years.