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Getting it wrong : how faulty monetary statistics undermine the Fed, the financial system, and the economy / William A. Barnett
Nonfiction Nonfiction | MIT Press | c2012
Available at Adult Nonfiction (Call number: 332.401 B PBK)
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Location Call No. Volume Status Note
Adult Nonfiction 332.401 B PBK CHECK SHELF

Details

Imprint
Cambridge, Mass. : MIT Press, c2012.
Descript
xxxi, 322 p. : ill. ; 23 cm.
Bibliog.
Includes bibliographical references (p. [299]-311) and index.
Summary
"Blame for the recent financial crisis and subsequent recession has commonly been assigned to everyone from Wall Street firms to individual homeowners. It has been widely argued that the crisis and recession were caused by "greed" and the failure of mainstream economics. In this book, leading economist William Barnett argues instead that there was too little use of the relevant economics, especially from the literature on economic measurement. Barnett contends that as financial instruments became more complex, the simple-sum monetary aggregation formulas used by central banks, including the U.S. Federal Reserve, became obsolete. Instead, a major increase in public availability of best-practice data was needed. Households, firms, and governments, lacking the requisite information, incorrectly assessed systemic risk and significantly increased their leverage and risk-taking activities. Better financial data, Barnett argues, could have signaled the misperceptions and prevented the erroneous systemic-risk assessments"--P. [4] of cover.
Subject
ISBN
9780262516884 (pbk. : alk. paper)
0262516888 (pbk. : alk. paper)
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