Hetzel - The Great Recession; Market Failure or Policy Failure (2012).pdf

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THE GREAT RECESSION

Since publication of Robert L. Hetzel’s

he Monetary Policy of the Federal Reserve

(Cambridge University Press, 2008), the intellectual consensus that had charac-

terized macroeconomics has disappeared. hat consensus emphasized eicient

markets, rational expectations, and the eicacy of the price system in assuring

macroeconomic stability. he 2008–2009 recession not only destroyed the pro-

fessional consensus about the kinds of models required to understand cyclical

luctuations but also revived the credit-cycle or asset-bubble explanations of

recession that dominated thinking in the nineteenth century and irst half of

the twentieth century. hese “market-disorder” views emphasize excessive risk

taking in inancial markets and the need for government regulation. he pres-

ent book argues for the alternative “monetary-disorder” view of recessions. A

review of cyclical instability over the last two centuries places the 2008–2009

recession in the monetary-disorder tradition, which focuses on the monetary

instability created by central banks rather than on a boom-bust cycle in inan-

cial markets.

Robert L. Hetzel is Senior Economist and Research Advisor in the Research

Department of the Federal Reserve Bank of Richmond, where he participates

in debates over monetary policy and prepares the bank’s president for meetings

of the Federal Open Market Committee. Dr. Hetzel’s research on monetary pol-

icy and the history of central banking has appeared in publications such as the

Journal of Money, Credit, and Banking;

the

Journal of Monetary Economics

; the

Monetary and Economics Studies

series of the Bank of Japan; and the

Carnegie-

Rochester Conference Series

. His writings provided one of the catalysts for the

congressional hearings and Treasury studies that led to the issuance of Treasury

Inlation Protected Securities (TIPS). Dr. Hetzel has given seminars or served

as a visiting scholar at the Austrian National Bank, the Bank of England, the

Bank of Japan, the Bundesbank, the European Central Bank, the National Bank

of Hungary, and the Center for Research into European Integration in Bonn,

Germany. He received his PhD in 1975 from the University of Chicago, where

Nobel Laureate Milton Friedman chaired his dissertation committee. Dr. Hetzel

is author of

he Monetary Policy of the Federal Reserve

(Cambridge University

Press, 2008).

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Cambridge Books Online © Cambridge University Press, 2012

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Cambridge Books Online © Cambridge University Press, 2012

Studies in Macroeconomic History

Series Editor:

Michael D. Bordo,

Rutgers University

Editors:

Marc Flandreau,

Institut d’Etudes Politiques de Paris

Chris Meissner,

University of California, Davis

François Velde,

Federal Reserve Bank of Chicago

David C. Wheelock,

Federal Reserve Bank of St. Louis

he titles in this series investigate themes of interest to economists and economic

historians in the rapidly developing ield of macroeconomic history. he four areas

covered include the application of monetary and inance theory, international economics,

and quantitative methods to historical problems; the historical application of growth

and development theory and theories of business luctuations; the history of domestic

and international monetary, inancial, and other macroeconomic institutions; and the

history of international monetary and inancial systems. he series amalgamates the

former Cambridge University Press series

Studies in Monetary and Financial History

and

Studies in Quantitative Economic History

Other books in the series:

Howard Bodenhorn,

A History of Banking in Antebellum America

[9780521662857,

9780521669993]

Michael D. Bordo,

he Gold Standard and Related Regimes

[9780521550062,

9780521022941]

Michael D. Bordo and Forrest Capie (eds.),

Monetary Regimes in Transition

[9780521419062]

Michael D. Bordo and Roberto Cortés-Conde (eds.),

Transferring Wealth and Power

from the Old to the New World

[9780521773058, 9780511664793]

Michael D. Bordo and Ronald MacDonald,

Credibility and the International Monetary

Regime: A Historical Perspective

[9780521811330]

Claudio Borio, Gianni Toniolo, and Piet Clement (eds.),

Past and Future of Central Bank

Cooperation

[9780521877794, 9780511510779]

Richard Burdekin and Pierre Siklos (eds.),

Delation: Current and Historical Perspectives

[9780521837996, 9780511607004]

Forrest Capie,

he Bank of England: 1950s to 1979

[9780521192828]

Trevor J. O. Dick and John E. Floyd,

Canada and the Gold Standard

[9780521404082,

9780521617062]

Barry Eichengreen,

Elusive Stability

[9780521365383, 9780521448475, 9780511664397]

Barry Eichengreen (ed.),

Europe’s Postwar Recovery

[9780521482790, 9780521030786]

Caroline Fohlin,

Finance Capitalism and Germany’s Rise to Industrial Power

[9780521810203, 9780511510908]

(Continued

ater index)

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he Great Recession

Market Failure or Policy Failure?

ROBERT L. HETZEL

Senior Economist and Research Advisor

Federal Reserve Bank of Richmond

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