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Financial Markets and Portfolio Management
Published in:

06-12-2023 | Book Review

Gary B. Gorton and Guillermo L. Ordoñez: Macroeconomics and financial crises: bound together by information dynamics

Author: Donglin He

Published in: Financial Markets and Portfolio Management | Issue 4/2024

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Excerpt

This book discusses the importance of understanding financial crises in the context of macroeconomics. It emphasizes that financial crises have significant consequences for both individuals and businesses, often leading to economic collapses, job losses, and housing crises. The text highlights that financial crises are not rare, unique events but occur repeatedly in various economies. The authors argue that macroeconomics should incorporate financial crises as an integral and structural aspect of market economies. They pose several key questions about how macroeconomic models should accommodate and explain credit booms, the role of technology and productivity in crises, and whether economic cycles are influenced by the link between technology and finance. …
previous article National differences in gambling-driven stock trading behavior: evidence from a simulated trading game

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Literature
Gorton, G.B.: Questions and Answers About the Financial Crisis. No. w15787. National Bureau of Economic Research (2010)
Williamson, S.D.: Liquidity, monetary policy, and the financial crisis: a new monetarist approach. Am. Econ. Rev. 102(6), 2570–2605 (2012)CrossRef
Metadata
Title
Gary B. Gorton and Guillermo L. Ordoñez: Macroeconomics and financial crises: bound together by information dynamics
Author
Donglin He
Publication date
06-12-2023
Publisher
Springer Berlin Heidelberg
Published in
Financial Markets and Portfolio Management / Issue 4/2024
Print ISSN: 1934-4554
Electronic ISSN: 2373-8529
DOI
https://doi.org/10.1007/s11408-023-00438-x

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