Macroeconomics in Times of Liquidity Crises

Name: Macroeconomics in Times of Liquidity Crises
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ISBN: 9780262035415

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Guillermo A. Calvo

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English

MIT Press
04 November 2016

Macroeconomics; Political economy

Series: Ohlin Lectures

An examination of Liquidity Crunch in triggering and characterizing financial crises.

Since 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 General Theory, 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.

Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.

By: Guillermo A. Calvo
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 203mm, Width: 137mm, Spine: 19mm
Weight: 363g
ISBN: 9780262035415
ISBN 10: 0262035413
Series: Ohlin Lectures
Pages: 264
Publication Date: 04 November 2016
Recommended Age: From 18
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Guillermo A. Calvo is Professor of International and Public Affairs at Columbia University's School for International and Public Affairs. He is the author of Money, Exchange Rates, and Output, Emerging Capital Markets in Turmoil (both published by the MIT Press) and other books.