Reading List: Getting up to speed on the financial crisis

26th January 2012

Private Inequity

James Surowiecki explains how private equity firms are really run and how "the people who run America's private-equity funds must be ruing the day Mitt Romney decided to run for President." The New Yorker


The President's Nostalgianomics

Megan McArdle was sorely disappointed with the content of President Obama's State of Union speech: "There's no real common thread holding all of these proposals together except what you might call "nostalgianomics." The Atlantic


UK: Into Recession

Menzie Chinn says GDP contraction of 0.8% in the fourth quarter of last year is "pretty much the nail in the coffin that an expansionary fiscal contraction will occur." In view of this, Chinn suggests that advocates of austerity in the US would be best served by reading a macroeconomics textbook, preferably Greg Mankiw's. Econbrowser


The Great Depression

"The IMF seems to have covered all its bases by suggesting ever more stimulus for America, a little stimulus for the UK and austerity for PIGS." Bill Quango points out that all the major participants of WWII had a different approach to resolving the great depression but all were cut short before they could be determined as a success or a failure. Capitalists@Work


Getting up to speed on the financial crisis: a one-weekend-reader's guide

All economists should be conversant with "what happened?" during the financial crisis of 2007-2009. Gary Gorton and Andrew Metrick hand-pick and summarize 16 documents covering the key facts and mechanisms in the build-up of risk, the panics in short-term-debt markets, the policy reactions, and the real effects of the financial crisis. Social Science Research Network

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