Macroeconomics and Financial Crises : : Bound Together by Information Dynamics / / Guillermo L. Ordoñez, Gary B. Gorton.
How financial crises are inherent features of macroeconomic dynamicsThere are no bigger disruptions in the functioning of economies than financial crises. Yet prior to the crash of 2007–2008, macroeconomics incorporated financial crises simply as bad shocks, like earthquakes, failing to consider the...
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Gorton, Gary B., author. aut http://id.loc.gov/vocabulary/relators/aut Macroeconomics and Financial Crises : Bound Together by Information Dynamics / Guillermo L. Ordoñez, Gary B. Gorton. Princeton, NJ : Princeton University Press, [2023] ©2023 1 online resource (208 p.) : 35 b/w illus. 26 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- List of Figures -- List of Tables -- Preface -- Introduction -- 1. Crises, Credit, and Macro Facts -- 2. Collateral and Information -- 3. Credit Booms and Financial Crises -- 4. Technology and Financial Crises -- 5. The Crisis Prevention Role of Stock Markets -- 6. The Crisis-Fighting Role of Central Banks -- 7. Final Thoughts -- Appendix A: Proofs -- Appendix B: Additional Tables and Figures -- Notes -- Bibliography -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star How financial crises are inherent features of macroeconomic dynamicsThere are no bigger disruptions in the functioning of economies than financial crises. Yet prior to the crash of 2007–2008, macroeconomics incorporated financial crises simply as bad shocks, like earthquakes, failing to consider them as an intrinsic phenomenon of the evolution of macroeconomic variables, such as credit, investment, and productivity. Macroeconomics and Financial Crises rethinks how technological change, credit booms, and endogenous information production combine to generate financial crises as inherent and recurrent reactions to macroeconomic dynamics.Gary Gorton and Guillermo Ordoñez identify short-term debt, collateral, and information as common elements that are present in all financial crises. Short-term debt is a critical element for storing value over short periods without fear of loss, but there needs to be collateral backing the debt. Critically, the collateral should be such that no agent wants to produce information about its quality. The debt backed by such collateral is information-insensitive. Gorton and Ordoñez argue that, during a credit boom, as more and more firms get loans, the economy reaches a tipping point where information production becomes too tempting, disrupting short-term debt and cutting most firms out of the credit market.Showing how a financial crisis is an information event triggered by the dynamics of macroeconomic variables, Macroeconomics and Financial Crises provides new perspectives on the intricate relations between macroeconomics and financial crises. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 08. Aug 2023) Finance, Public. Financial crises. Macroeconomics. BUSINESS & ECONOMICS / Economics / Macroeconomics. bisacsh Ordoñez, Guillermo L., author. aut http://id.loc.gov/vocabulary/relators/aut Title is part of eBook package: De Gruyter EBOOK PACKAGE Business and Economics 2023 English 9783111319070 Title is part of eBook package: De Gruyter EBOOK PACKAGE COMPLETE 2023 English 9783111319292 Title is part of eBook package: De Gruyter EBOOK PACKAGE COMPLETE 2023 9783111318912 ZDB-23-DGG Title is part of eBook package: De Gruyter EBOOK PACKAGE Economics 2023 9783111318134 ZDB-23-DBV Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2023 9783110749748 https://doi.org/10.1515/9780691227023?locatt=mode:legacy https://www.degruyter.com/isbn/9780691227023 Cover https://www.degruyter.com/document/cover/isbn/9780691227023/original |
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English |
format |
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author |
Gorton, Gary B., Gorton, Gary B., Ordoñez, Guillermo L., |
spellingShingle |
Gorton, Gary B., Gorton, Gary B., Ordoñez, Guillermo L., Macroeconomics and Financial Crises : Bound Together by Information Dynamics / Frontmatter -- Contents -- List of Figures -- List of Tables -- Preface -- Introduction -- 1. Crises, Credit, and Macro Facts -- 2. Collateral and Information -- 3. Credit Booms and Financial Crises -- 4. Technology and Financial Crises -- 5. The Crisis Prevention Role of Stock Markets -- 6. The Crisis-Fighting Role of Central Banks -- 7. Final Thoughts -- Appendix A: Proofs -- Appendix B: Additional Tables and Figures -- Notes -- Bibliography -- Index |
author_facet |
Gorton, Gary B., Gorton, Gary B., Ordoñez, Guillermo L., Ordoñez, Guillermo L., Ordoñez, Guillermo L., |
author_variant |
g b g gb gbg g b g gb gbg g l o gl glo |
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VerfasserIn VerfasserIn VerfasserIn |
author2 |
Ordoñez, Guillermo L., Ordoñez, Guillermo L., |
author2_variant |
g l o gl glo |
author2_role |
VerfasserIn VerfasserIn |
author_sort |
Gorton, Gary B., |
title |
Macroeconomics and Financial Crises : Bound Together by Information Dynamics / |
title_sub |
Bound Together by Information Dynamics / |
title_full |
Macroeconomics and Financial Crises : Bound Together by Information Dynamics / Guillermo L. Ordoñez, Gary B. Gorton. |
title_fullStr |
Macroeconomics and Financial Crises : Bound Together by Information Dynamics / Guillermo L. Ordoñez, Gary B. Gorton. |
title_full_unstemmed |
Macroeconomics and Financial Crises : Bound Together by Information Dynamics / Guillermo L. Ordoñez, Gary B. Gorton. |
title_auth |
Macroeconomics and Financial Crises : Bound Together by Information Dynamics / |
title_alt |
Frontmatter -- Contents -- List of Figures -- List of Tables -- Preface -- Introduction -- 1. Crises, Credit, and Macro Facts -- 2. Collateral and Information -- 3. Credit Booms and Financial Crises -- 4. Technology and Financial Crises -- 5. The Crisis Prevention Role of Stock Markets -- 6. The Crisis-Fighting Role of Central Banks -- 7. Final Thoughts -- Appendix A: Proofs -- Appendix B: Additional Tables and Figures -- Notes -- Bibliography -- Index |
title_new |
Macroeconomics and Financial Crises : |
title_sort |
macroeconomics and financial crises : bound together by information dynamics / |
publisher |
Princeton University Press, |
publishDate |
2023 |
physical |
1 online resource (208 p.) : 35 b/w illus. 26 tables. |
contents |
Frontmatter -- Contents -- List of Figures -- List of Tables -- Preface -- Introduction -- 1. Crises, Credit, and Macro Facts -- 2. Collateral and Information -- 3. Credit Booms and Financial Crises -- 4. Technology and Financial Crises -- 5. The Crisis Prevention Role of Stock Markets -- 6. The Crisis-Fighting Role of Central Banks -- 7. Final Thoughts -- Appendix A: Proofs -- Appendix B: Additional Tables and Figures -- Notes -- Bibliography -- Index |
isbn |
9780691227023 9783111319070 9783111319292 9783111318912 9783111318134 9783110749748 |
callnumber-first |
H - Social Science |
callnumber-subject |
HB - Economic Theory and Demography |
callnumber-label |
HB172 |
callnumber-sort |
HB 3172.5 G676 42023 |
url |
https://doi.org/10.1515/9780691227023?locatt=mode:legacy https://www.degruyter.com/isbn/9780691227023 https://www.degruyter.com/document/cover/isbn/9780691227023/original |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
332 - Financial economics |
dewey-full |
332 |
dewey-sort |
3332 |
dewey-raw |
332 |
dewey-search |
332 |
doi_str_mv |
10.1515/9780691227023?locatt=mode:legacy |
work_keys_str_mv |
AT gortongaryb macroeconomicsandfinancialcrisesboundtogetherbyinformationdynamics AT ordonezguillermol macroeconomicsandfinancialcrisesboundtogetherbyinformationdynamics |
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ids_txt_mv |
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cr |
hierarchy_parent_title |
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is_hierarchy_title |
Macroeconomics and Financial Crises : Bound Together by Information Dynamics / |
container_title |
Title is part of eBook package: De Gruyter EBOOK PACKAGE Business and Economics 2023 English |
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