Macroeconomic Policy after the Crash: Issues in Microprudential and Macroprudential Policy

✍ Scribed by Richard Barwell (auth.)

• Publisher: Palgrave Macmillan
• Year: 2017
• Tongue: English
• Leaves: 432
• Edition: 1
• Category: Library

✦ Synopsis

This book reviews the key policy debates during the post-crash era, describing the issues that policymakers grappled with, the decisions that they took and the details of the policy instruments that were created. It focuses specifically on the policy regimes at the epicentre of the crisis: micro- and macro-prudential policy with chapters exploring the revolution in the conduct of macroeconomic policy in the period since the financial crisis. The author shows that throughout this period policymakers have had to balance two conflicting objectives – to repair balance sheets in the banking and public sectors whilst simultaneously trying to catalyse an economic recovery – and that has required them to innovate new tools and even new policy regimes in response. This book goes behind the jargon and explains what exactly policymakers at the Bank of England, the Treasury and beyond did and why, from QE to austerity to Basel III.

✦ Table of Contents

Front Matter....Pages i-xiv
Introduction....Pages 1-7
Front Matter....Pages 9-9
The Causes of the Crash....Pages 11-45
The Crisis Response....Pages 47-76
Global Reform....Pages 77-119
Local Reform....Pages 121-165
The Wider Prudential Policy Agenda....Pages 167-193
Front Matter....Pages 195-195
The Macroprudential Agenda....Pages 197-232
Turf Wars: The Relationship Between Macroprudential Policy and Other Policy Regimes....Pages 233-266
The Conventional Instruments of Macroprudential Policy....Pages 267-296
Unconventional Macroprudential Instruments....Pages 297-329
MP-UK: Macroprudential Policy in Action in the UK....Pages 331-382
Macroprudential Policy and the UK Housing Market....Pages 383-410
Back Matter....Pages 411-427

✦ Subjects

Macroeconomics/Monetary Economics//Financial Economics;Economic Policy