After the Flood: How the Great Recession Changed Economic Thought
Edward L. Glaeser, Tano Santos, and E. Glen Weyl
Abstract
The past three decades have been characterized by vast change and crises in global financial markets—and not in politically unstable countries but in the heart of the developed world, from the Great Recession in the United States to the banking crises in Japan and the Eurozone. As we try to make sense of what caused these crises and how we might reduce risk factors and prevent recurrence, the fields of finance and economics have also seen vast change, as scholars and researchers have advanced their thinking to better respond to the recent crises. A momentous collection of the best recent schol ... More
The past three decades have been characterized by vast change and crises in global financial markets—and not in politically unstable countries but in the heart of the developed world, from the Great Recession in the United States to the banking crises in Japan and the Eurozone. As we try to make sense of what caused these crises and how we might reduce risk factors and prevent recurrence, the fields of finance and economics have also seen vast change, as scholars and researchers have advanced their thinking to better respond to the recent crises. A momentous collection of the best recent scholarship, After the Flood illustrates both the scope of the crises’ impact on our understanding of global financial markets and the innovative processes whereby scholars have adapted their research to gain a greater understanding of them. Among the contributors are José Scheinkman and Lars Peter Hansen, who bring up to date decades of collaborative research on the mechanisms that tie financial markets to the broader economy; Patrick Bolton, who argues that limiting bankers’ pay may be more effective than limiting the activities they can undertake; Edward Glaeser and Bruce Sacerdote who study the social dynamics of markets and E. Glen Weyl, who argues that economists themselves are influenced by the incentives their consulting opportunities create.
Keywords:
great recession,
financial crisis,
asset pricing,
financial regulation,
José Scheinkman
Bibliographic Information
| Print publication date: 2017 |
Print ISBN-13: 9780226443546 |
| Published to Chicago Scholarship Online: September 2017 |
DOI:10.7208/chicago/9780226443683.001.0001 |
Authors
Affiliations are at time of print publication.
Edward L. Glaeser, editor
Harvard University
Tano Santos, editor
Columbia University
E. Glen Weyl, editor
Yale University
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