rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Getting it wrong [
    sub title: how faulty monetary statistics undermine the Fed, the financial system, and the economy
  name:
    name part: Barnett, William A.
    role:
      role term: creator
    role:
      role term: author
  type of resource: text
  origin info:
    place:
      place term: mau
    place:
      place term: Cambridge, Massachusetts
    publisher: MIT Press
    date issued: c2012
    date issued: 2012
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: print
    form: electronic resource]
    extent: 1 online resource (xxxi, 322 p.) : ill.
  abstract: 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. When extensive, best-practice information is not available from the central bank, increased regulation can constrain the adverse consequences of ill-informed decisions. Instead, there was deregulation. The result, Barnett argues, was a worst-case toxic mix: increasing complexity of financial instruments, inadequate and poor-quality data, and declining regulation. Following his accessible narrative of the deep causes of the crisis and the long history of private and public errors, Barnett provides technical appendixes, containing the mathematical analysis supporting his arguments. -- Back Cover
  table of contents: 1. The facts without the math -- 2. Mathematical appendixes
  note: William A. Barnett
  note: Includes bibliographical references (p. [299]-311) and index
  subject:
    topic: Econometrics
  subject:
    topic: Finance
    topic: Mathematical models
  subject:
    topic: Financial crises
  subject:
    topic: Monetary policy
    geographic: United States
  subject:
    geographic: United States
    topic: Economic policy
    temporal: 2009-
  classification: HB139 .B37 2012
  identifier: 0262016915
  identifier: 0262516888
  identifier: 9780262016919
  identifier: 9780262301343 (e-book)
  identifier: 9780262516884
  record info:
    record creation date: 140105
    record change date: 20140316093000.0
    record identifier: 0000086071