{"product_id":"macroeconomics-in-times-of-liquidity-crises-searching-for-economic-essentials-ohlin-lectures-9780262035415","title":"Macroeconomics in Times of Liquidity Crises","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eAn examination of Liquidity Crunch in triggering and characterizing financial crises.\u003c\/b\u003e\u003cp\u003eSince the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of “liquidity crunch” in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's \u003ci\u003eGeneral Theory\u003c\/i\u003e, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch.\u003c\/p\u003e\u003cp\u003eCalvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centralit\u003c\/p\u003e","brand":"MIT Press Ltd","offers":[{"title":"Default Title","offer_id":48733446111575,"sku":"9780262035415","price":31.35,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780262035415.jpg?v=1720000113","url":"https:\/\/bookcurl.com\/products\/macroeconomics-in-times-of-liquidity-crises-searching-for-economic-essentials-ohlin-lectures-9780262035415","provider":"Book Curl","version":"1.0","type":"link"}