TY  - BOOK
AU  - Calvo,Guillermo A.
TI  - Macroeconomics in times of liquidity crises: searching for economic essentials 
T2  - The Ohlin lectures
SN  - 9780262035415 (hardcover : alk. paper)
U1  - 339 23
PY  - 2016///
CY  - Cambridge : 
PB  - MIT Press, 
KW  - Liquidity (Economics)
KW  - Financial crises
KW  - Money
N1  - Includes bibliographical references and index; I. Toward the liquidity approach --
1. Financial crises and the slow mutation of conventional wisdom --
2. The liquidity approach to financial crises --
3. Monetary theory : overview and liquidity extensions --
4. Nominal anchoring with liquid monetary policy assets --
5. Liquidity crunch/trap : some unconventional output/employment/growth implications
N2  - Financial crises are systemic occurring simultaneously in different economies. In this book Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of 'liquidity crunch' in triggering crises. Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He considers the role of liquidity and argues for liquidity's centrality, presenting what he calls the 'liquidity approach.' He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of the liquidity crunch by studying Systemic Sudden Stops (of capital inflows) and suggests that they are triggered by liquidity crunch-like phenomena
ER  -