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Book
219 pages ; 24 cm
The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession - that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi in House of Debt reveal how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public's attention, Mian and Sufi argue strongly with real data that current policy is too heavily biased toward protecting banks and creditors, with the goal of increasing the flow of credit, a response that is disastrously counterproductive when the fundamental problem is actually too much debt. As their research shows, excessive household debt leads to foreclosures and makes people spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. House of Debt offers convincing answers to some of the most important questions facing the modern economy today.
(source: Nielsen Book Data)9780226081946 20160614
Business Library
FINANCE-345-01
Book
xxvi, 237 pages ; 21 cm.
  • Foreword by Paul A. Volcker. New Introduction. Original Introduction. Part One: The Money Problem. Chapter 1: Why Worry about Money and Gold? Chapter 2: Spending and Financing. Chapter 3: The Price of Money. Part Two: The Creation of Money. Chapter 4: Money in Hand and Money in the Bank. Chapter 5: The Business of Banking. Chapter 6: Bank Credit and Money. Part Three: The Control of Money. Chapter 7: The Federal Reserve System. Chapter 8: Federal Reserve Tools of Control. Chapter 9: Reserve Requirements. Chapter 10: Currency: A Complication. Part Four: Gold. Chapter 11: Gold at Home. Chapter 12: Gold Abroad. Part Five: Theory in Practice. Chapter 13: The Experience of 1938 to 1945. Chapter 14: The Experience of 1945 to 1963. Chapter 15: The Experience of 1966. Conclusion: Money and Gold in the Future. Appendix: Reading the Weekly Federal Reserve Statement. Bibliography. Acknowledgments. Index.
  • (source: Nielsen Book Data)9780470287583 20161124
One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity -which have forewords by financial luminaries and new introductions by the author-you can enjoy some of the best of Bernstein in his earlier Wall Street days. With the proliferation of financial instruments, new areas of instability, and innovative capital market strategies, many economists and investors have lost sight of the fundamentals of the financial system-its strengths as well as its weaknesses. A Primer on Money, Banking, and Gold takes you back to the beginning and sorts out all the pieces. Peter Bernstein skillfully addresses how and why commercial banks lend and invest, where money comes from, how it moves from hand to hand, and the critical role of interest rates. He explores the Federal Reserve System and the consequences of the Fed's actions on the overall economy. But this book is not just about the past. Bernstein's novel perspective on gold and the dollar is critical for today's decision makers, as he provides extensive views on the future of money, banking, and gold in the world economy. This illuminating story about the heart of our economic system is essential reading at a time when developments in finance are more important than ever.
(source: Nielsen Book Data)9780470287583 20161124
Business Library
FINANCE-345-01