Outline-Handout-Oct4-6

Outline-Handout-Oct4-6 - UNIVERSITY OF CALIFORNIA...

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UNIVERSITY OF CALIFORNIA Economics 202A DEPARTMENT OF ECONOMICS M. Obstfeld/D. Romer Lecture Outline, 10/4 & 10/6 MACROECONOMIC CRISES I. THE MACROECONOMIC AND FINANCIAL CRISIS OF 2007 AND BEYOND A. Background: The Great Moderation 1. Macroeconomic performance form the mid-1980s to roughly 2006 2. Candidate explanations B. The Run-Up and Bust in House Prices 1. The explosion of house prices a. Some basic facts b. Some issues that this raises 2. The fall C. The Real Economy 1. Macroeconomic performance from 2006 to mid-2008 2. Macroeconomic performance in late 2008 and early 2009 3. Two nitty-gritty data issues D. Why Were the Real Effects of the Financial Stress So Large? 1. Candidate explanations 2. A few facts E. The Failure of Our Models to Predict or Explain the Crisis 1. The severity of the downturn 2. The sluggishness of the recovery 3. The behavior of inflation F. Financial Regulation and Unconventional Monetary Policy 1. Interventions in financial markets 2. What are the grounds for government intervention?
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Outline-Handout-Oct4-6 - UNIVERSITY OF CALIFORNIA...

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