Crisis Cycle

Name: Crisis Cycle | Challenges, Evolution, and Future of the Euro
Brand: Princeton University Press
Price: 33.99 EUR
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Challenges, Evolution, and Future of the Euro

John H. Cochrane Luis Garicano Klaus Masuch(Autor*in)

Princeton University Press

1. Auflage

Erschienen am 2. Mai 2025

328 Seiten

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978-0-691-27161-3 (ISBN)

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Inhalt

Cover
Contents
Preface
1. Introduction and Overview
1.1. A Founding Architecture
1.2. Erosion in Successive Crises
1.3. Reform
1.4. Other Voices
2. Key Economic Ideas
2.1. Monetary-Fiscal Interaction
2.2. Time Consistency and Commitment
2.3. Self-Fulfilling Crises
2.4. Central Bank Independence and Mandates
2.5. Tax Smoothing and State-Contingent Default
2.6. Lender of Last Resort and Financial Crises
2.7. Monetary Union
3. The Design of the Economic and Monetary Union
3.1. The Triple Lock
3.2. A Missing Piece
3.3. Monetary Union without Banking Union
3.4. Monetary Union without Fiscal Union Is Feasible
3.5. The European Central Bank
3.6. The Institutional Structure of the ECB
3.7. Balance of Payments and the ECB
3.8. Summary
4. Prelude to Financial Crisis
4.1. Debt and Deficits
4.2. Peripheral Debt and Trade Flows
4.3. Fragile Banks
4.4. Banking Crises
4.5. Policy Responses
5. The Sovereign Debt Crisis
5.1. Greece
5.2. Ireland
5.3. Portugal
5.4. Spain
5.5. Italy
5.6. Cyprus
5.7. Lessons
5.8. The ECB's Securities Market Program
5.9. Whatever It Takes
5.10. Outright Monetary Transactions
6. Institutional Reforms
6.1. Fiscal Rules
6.2. The European Stability Mechanism, Conditionality, and the Troika
6.3. Banking Reforms
7. The Zero Bound
7.1. Asset Purchases (Quantitative Easing)
7.2. Subsidized Loans to Banks
7.3. 2016-2019: Low Inflation Continues
8. The Pandemic
8.1. Monetary Response
8.2. Fiscal Response
9. Inflation, War, and Tightening
9.1. Inflation Returns
9.2. The Monetary Policy Response
9.3. Inflation's Surge and Easing: Sources and Lessons
9.4. Easing Inflation, and Synthesis
9.5. The Transmission Protection Instrument and Flexible Purchases
10. The Unsustainable Present
10.1. Unsustainable Fiscal Policy
10.2. Lack of Structural Reforms and Growth
10.3. Reform Paralysis
10.4. Balance Sheet and Market Footprint
10.5. The ECB and the Balance of Payments
11. Reform Proposals
11.1. A European Fiscal Institution
11.2. European Bonds
11.3. ECB Lending: Banks and Target2
11.4. Restructuring
11.5. Sovereign Debt
11.6. Breaking the Sovereign-Bank Nexus
11.7. Emergency Liquidity Assistance and Money Creation
11.8. Monetary Policy
11.9. Political Feasibility
Notes
Bibliography
Index

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