Recent years for economics and economists have been interesting times. Macroeconomics, and its interplay with finance and credit, had actually come to be seen as boring in some quarters following so many years of relative stability. Today, of course, macroeconomics is no longer perceived as antiquated and dull. Yet through the years leading up to the recent financial crisis, the ?cognoscenti? had never grown complacent. Many economists continued to toil away at key issues surrounding the relationship between credit, finance, and the macro–economy. The surveys collected in this book reflect many important aspects of these efforts. Topics covered include the Basel accords, sovereign insolvency procedures, collateral and credit, links between stock and house prices and consumer spending, and price–level targeting. This thought–provoking collection also reveals how much of mainstream economics literature was, in fact, well aware of the potential problems of the financial framework that...

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