Arbeitspapier
Subprime and euro crisis: Should we blame the economists?
Economists in the public are accused of propagating highly professional, but unrealistic theories that mislead market agents and policy makers to place too much confidence in rational behaviour and market equilibrium. The paper analyses to what extent the US banking crisis and the euro crisis can be ascribed to fallacious assessments and recommendations on the part of economic theory. In the first case, myopic financial market theory and practice had neglected systemic repercussions of micro bank trading patterns. The euro crisis emerged from the neglect of undergraduate economic wisdom of necessary adjustment mechanisms in a currency union. Economists hopefully misinterpreted current account deficits as a sign of structural change.
- Sprache
-
Englisch
- Erschienen in
-
Series: FZID Discussion Paper ; No. 83-2013
- Klassifikation
-
Wirtschaft
International Monetary Arrangements and Institutions
Financial Institutions and Services: General
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative
Economic History: Financial Markets and Institutions: General, International, or Comparative
- Thema
-
Efficient Market Hypothesis
rational behaviour
banking crisis
New Keynesian model
intertemporal optimisation
euro crisis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Spahn, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID)
- (wo)
-
Stuttgart
- (wann)
-
2013
- Handle
- URN
-
urn:nbn:de:bsz:100-opus-8969
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Spahn, Peter
- Universität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID)
Entstanden
- 2013
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