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Boom and Bust Banking: The Causes and Cures of the Great Recession Paperback – October 1, 2012

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Product Details

  • Paperback: 384 pages
  • Publisher: Independent Institute (October 1, 2012)
  • Language: English
  • ISBN-10: 1598130765
  • ISBN-13: 978-1598130768
  • Product Dimensions: 8.9 x 6 x 1 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #1,705,989 in Books (See Top 100 in Books)

Editorial Reviews


"The authors of this compelling and fascinating book demonstrate clearly that U.S. monetary policy—by creating a boom and a bust—led to the financial crisis and the great recession. But they go much further. They apply their excellent analytical skills to show why policy took this unfortunate route, why alternative explanations—such as a global-saving glut—are flawed, and why monetary policymakers must return to rules-based policies in the future. Boom and Bust Banking is exceptionally well-written and well-reasoned. It should be read by anyone interested in improving economic policy and economic performance.”  —John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University

"David Beckworth is a young intellectual leader in what has been dubbed 'market monetarism,' which focuses on monetary policy as a key factor in economic fluctuations, including in the great recession of 2008-09. Beckworth has succeeded in assembling a superb group of contributors who have written stimulating essays on this topic. Boom and Bust Banking is an important contribution to furthering our understanding of recent events in the U.S. and around the world."  —Douglas A. Irwin, Robert E. Maxwell '23 Professor of Arts and Sciences, Dartmouth College

"The preeminent economic challenge of our time finally gets the attention it deserves in the very important book from leading monetary thinkers, Boom and Bust Banking. Distinguished economists such as George Selgin and Lawrence White address how the boom-and-bust cycle engendered by central banks creates financial instability and dare to propose alternative monetary arrangements. Inherent throughout this volume is the fundamental question: Is the Federal Reserve capable of appropriately calibrating the money supply to the needs of the real economy? To give an informed answer, read this book.”  —Judy Shelton, author, Money Meltdown: Restoring Order to the Global Currency System and Fixing the Dollar Now: Why U.S. Money Lost Its Integrity and How We Can Restore It

"Boom and Bust Banking is a valuable contribution to the burgeoning national debate about the way U.S. monetary policy and financial sector regulation is conducted. The authors join with a growing number of monetary economists and decision makers in arguing that the Federal Reserve Board’s management of the fiat dollar has been shown to be prone to serious and potentially catastrophic error. . . . Boom and Bust Banking will be valuable compendium when monetary reform in the U.S. becomes imperative. That may happen sooner than we think." —George Melloan, former Deputy Editor, Wall Street Journal

About the Author

David Beckworth is an assistant professor of finance and economics at Texas State University. He lives in San Marcos, Texas.

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Most Helpful Customer Reviews

6 of 6 people found the following review helpful By azmyth on May 28, 2013
Format: Paperback Verified Purchase
I closely follow the blogs of almost all the authors in this book, and I am a huge fan of their writings. I feel like some of them didn't put their all into the chapters they got to write. Maybe I'm too spoiled by the punchy blog style writing, but the book reads more like an academic article. Still, there are several good essays in it, and it changed my opinion about the quality of monetary policy pre-2008. I used to think it was acceptable, and now I think it was too expansionary.

Macroeconomic commentators sometimes don't even share a common language. If you are a conservative economist wondering why some seemingly conservative colleagues now favor expansionary policy, check this out. If you are a liberal wondering why some of your fellow economists favor monetary over fiscal policy even at the zero bound, this book will explain that as well.
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