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Remaking macroeconomic policy after the global financial crisis: a balance-sheet approach

Adam, Christopher; Vines, David


This paper describes the origins of the global financial crisis and how the prevailing New Keynesian macroeconomic orthodoxy failed to anticipate its severity. This failure, we argue, stemmed from an incomplete understanding of the pivotal role of financial institutions in the amplification of the crisis and its transmission to the wider economy. Low global interest rates and a consequent 'search for yield' in the pre-crisis period encouraged financial institutions to build highly leveraged...[Show more]

CollectionsANU Research Publications
Date published: 2009
Type: Journal article
Source: Oxford Review of Economic Policy
DOI: 10.1093/oxrep/grq014


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