Carlin, Soskice Macroeconomics  Institutions, Instability, and the Financial System
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Carlin, Soskice Macroeconomics Institutions, Instability, and the Financial System

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Institutions, Instability, and the Financial System
Wendy Carlin & David Soskice
'Carlin and Soskice have produced a gem ofa book. The teaching ofmacroeconomics afterthe
crisis has changed surprisingly little, limiting itself to incorporating 'frictions\u2019 into othen/vise
standard models that failed during the crisis. The authors embark on a much more ambitious
venture. They show how the financial cycle and macroeconomics are inextricably linked, with
the risk-taking channel as the linchpin. Their exposition is refreshingly original and yet lucid
and accessible. This book will appeal to serious students of economics and to all inquiring
minds who have wondered about the role of the financial cycle in macroeconomics.\u2019
\u2014 Hyun Song Shin, Economic Adviser and Head of Research, Bank for International
Settlements and Hughes\u2014Rogers Professor of Economics, Princeton University
\u2019This is, I believe, the first macroeconomic textbook effectively to incorporate the lessons
of the Great Financial Crisis and to describe how financial frictions can impact the macro\u2014
economy. The authors weave together the old mainstream, three-equation, model with the
newer account of potential financial disturbances in a lucid and efficient manner. As such, it
has a major advantage over almost all other extant textbooks, and will be a boon not only for
undergraduates, but also for graduates and those wishing to understand the current working
of our macroeconomic system, beset as it has been with financial strains.\u2019
\u2014 Professor Charles Good hart, Director of the Financial Regulation Research
Programme, The London School of Economics and Political Science
'This illuminating book introduces the reader to macroeconomics in a revolutionary fashion.
Namely, by means of very elegant and accessible models based on sound micro foundations
and developed against a narrative of the performance and policy regimes of the advanced
economies over the post-war period. Unlike most other macro textbooks, this book builds
on the most recent research and debates to teach macroeconomics the way it should now
be taught: by emphasizing the interplay between macro and finance; by linking growth to
innovation, market structure and firm dynamics; and more generally by taking institutions
seriously into account when looking at growth, business cycles, and unemployment and the
interplay between them. This book is an absolute must-read for students and policy makers,
even those with little initial background, who need to be fully acquainted with modern
\u2014 Philippe Aghion, Robert C. Waggoner Professor of Economics, Harvard
\u2019This is an exciting new textbook. It offers a clear and cogent framework for understanding
not only the traditional macroeconomic issues of business cycles, inflation and growth, but
also the financial crisis and ensuing Great Recession that have recently shaken the world
economy. The paradigm it offers is highly accessible to undergraduates. Yet at the same time
it is consistent with what goes on at the frontiers of the field. Overall, the book confirms my
belief that macroeconomics is alive and well!\u2019
\u2014 Mark Gertler, Henry and Lucy Moses Professor of Economics, New York
'To be relevant, economics need to help society understand those phenomena which do it
greatest harm\u2014unemployment, inflation and deflation, financial instability, fiscal and banking
crisis. Pre-crisis, mainstream economic models failed that societal test and therefore failed
society. Wendy Carlin and David Soskice\u2019s important new book is the first step towards
redemption, providing students and scholars with a rigorous but accessible framework for
understanding what troubles society most.\u2019
\u2014 Andrew G Haldane, Chief Economist, Bank of England
'The Carlin and Soskice book does a wonderful job of covering the economics behind
macroeconomics and the financial system, alongside presenting the latest research on this
and the drivers of the great recession. It also has an impressive array of data and examples
woven in with theory explained in a beautifully intuitive way. For any student interested in
a refreshingly modern take on the financial crisis and the economics that underlie this, this
book is invaluable.\u2019
\u2014 Nicholas Bloom, Professor of Economics, Stanford University
'One of the first macro textbooks to integrate the lessons of the crisis. An elegant bridge
between introductory undergraduate and graduate macro texts.\u2019
\u2014 Olivier Blanchard, Chief Economist, IMF, and Professor of Economics, MIT
\u2019In the light of the events of the past decade, it is important that a new macroeconomics
text attempts to satisfy the demands of those learning and using macroeconomics to be
able to access relatively simple models which reflect the ways in which the financial sector
interacts with the real economy. This is by no means an easy task. The new Carlin and Soskice
book represents a significant step forward in this regard. Consequently undergraduates, post-
graduates and their teachers should be grateful that they can now access teaching materials
which have something useful to say about the financial crisis.\u2019
\u2014 Professor Stephen Nickell, CBE, FBA. Honorary Fellow of Nuffield
College, Oxford
Institutions, Instability,
and the Financial System
Wendy Carlin
David Soskice
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
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© Wendy Carlin and David Soskice 2015
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Library of Congress Control Number: 2014953103
ISBN 978\u20140\u201419-965579\u20143
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For Niki, and in memory ofAndrew
The chart shows the dramatic events ofthe past decade and a half in the global economy.
Following the Asian crisis in 1998, the emerging market and developing economies grew
strongly and became large enough to drive global growth in the 20005. The financial crisis
in the advanced economies plunged the world economy into recession. The Eurozone
crisis has depressed global growth from 2010.
Growth and crisis in the global economy
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Source: International Monetary Fund, World Economic Outlook Database, April 2014
Series: Gross