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Palgrave Macmillan UK
The Post 'Great Recession' US Economy: Implications for Financial Markets and the Economy / Edition 2

The Post 'Great Recession' US Economy: Implications for Financial Markets and the Economy / Edition 2


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The US is slowly recovering from the aftermath of the burst of the 'new economy' bubble - which was one of the worst in monetary history. In this updated edition, Philip Arestis and Elias Karakitsos examine the causes and consequences of the burst of the 'new economy' bubble and investigate the impact on financial markets.

Product Details

ISBN-13: 9780230229044
Publisher: Palgrave Macmillan UK
Publication date: 06/30/2010
Edition description: 2nd ed. 2010
Pages: 327
Product dimensions: 5.60(w) x 8.60(h) x 0.90(d)

About the Author

PHILIP ARESTIS is Honorary Senior Departmental Fellow, Cambridge Centre for Economic and Public Policy (CCEP), Department of Land Economics, University of Cambridge, UK; Professor of Economics, Department of Applied Economics V, University of the Basque Country, Spain; and Senior Research Fellow at the Levy Institute, New York City. His Publications include Introducing Macroeconomic Modelling: An Econometric Study of the United Kingdom and Money, Pricing Distribution and Economic Integration. He has been editor and joint editor, and has served on the editorial board, of a number of journals.

ELIAS KARAKITSOS is Director of Guildhall Asset Management, chairman of Global Economic Research, and Associate Member of the Centre for Economic and Pubic Policy, University of Cambridge. He was a professor at Imperial College, Head of Economics for 10 years and has acted as an advisor to governments and financial institutions, including Citibank, Oppenheimer, Allianz, Crédit Agricole and Standard Chartered. He is the author of five books/monographs, 90 papers in learned journals and more than 330 reports on financial markets.

Table of Contents

List of Figures viii

List of Tables xiii

Prolegomena xiv

Preface to the Second Edition xxi

1 Introduction 1

2 The Causes and Consequences of the Internet Bubble 23

3 The Current Financial Crisis and the Origins of Excessive Liquidity 41

4 Wages and Prices and the Proper Conduct of Monetary Policy 58

5 Corporate Profits and Relationship to Investment 97

6 Long-Term Risks to Investment Recovery 120

7 The Housing Market and Residential Investment 150

8 Long-Term Risks of Robust Consumer Behaiour 179

9 Foreign Demand 212

10 The US External Imbalance and the Dollar: A Long-Term View 239

11 The Long-Term Risks to US Financial Markets 273

Notes 303

Bibliography 310

Index 318

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