Financial Markets: Applying Argument Analysis to the Stabilisation Task

Logic, Argumentation and Reasoning

Volumn 10, Issue , 2016, Pages 265-290

  Schefczyk, Michael ^a  

^a KARLSRUHE INSTITUTE OF TECHNOLOGY   (Germany)

Author keywords

Alan Greenspan; Argument analysis; Federal reserve; Great recession; Housing price bubble; Risk management approach

Indexed keywords

EID: 85105992289     PISSN: 22149120     EISSN: 22149139     Source Type: Book Series    
DOI: 10.1007/978-3-319-30549-3_11     Document Type: Chapter

References (54)

1. Allen, F., & Gale, D. (2007/2009). Understanding financial crises. Oxford: Oxford University Press.
2. Angelides, P. et al. (2011). Final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, submitted by the Financial Crisis Inquiry Commission, Pursuant to Public Law (pp. 111–121). http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf. Accessed 9 June 2015.
3. Batini, N., Martin, B., & Salmon, C. (1999). Monetary policy and uncertainty. http://www. bankofengland.co.uk/archive/Documents/historicpubs/qb/1999/qb990205.pdf. Accessed 9 June 2015.
4. Bernanke, B. S. (2002). Remarks by Governor Ben S. Bernanke. Before the New York Chapter of the National Association for Business Economics, New York, New York October 15, 2002. http://www.federalreserve.gov/Boarddocs/Speeches/2002/20021015/default.htm. Accessed 24 Nov 2015.
5. Bernanke, B. S. (2004, February 20). The great moderation: Remarks at the meetings of the Eastern Economic Association. Washington, DC. https://fraser.stlouisfed.org/title/?id¼453#! 8893. Accessed 9 June 2015.
6. Bernanke, B. S. (2005). Testimony before the Joint Economic Committee, October 20, 2005. The Economic Outlook. http://georgewbushwhitehouse.archives.gov/cea/econ-outlook20051020. html. Accessed 9 June 2015.
7. Bernanke, B. S., & Gertler, M. (2000). Monetary policy and asset price volatility (NBER Working Paper 7559).
8. Bernanke, B. S., & Gertler, M. (2001). Should central banks respond to movements in asset prices? American Economic Review, 91, 253–257.
9. Bezemer, D. (2009). “No One Saw This Coming”: Understanding financial crisis through accounting models. MPRA Paper No. 15892, posted 24. June 2009. http://mpra.ub.uni-muenchen.de/id/eprint/15892. Accessed 9 June 2015.
10. Blinder, A., & Reis, R. (2005). Understanding the Greenspan standard. Economic policy symposium “The Greenspan Era: Lessons for the Future”, 22–24 August in Jackson Hole, Wyoming: 11–96. http://www.kc.frb.org/publicat/sympos/2005/pdf/Blinder-Reis2005.pdf. Accessed 9 June 2015.
11. Bordo, M., & Jeanne, O. (2002). Monetary policy and asset prices: Does ‘Benign Neglect’ make sense. International Finance, 5, 139–164.
12. Borio, C., & Lowe, P. (2002). Assessing the risk of banking crises. BIS Quarterly Review (December Issue), 43–54.
13. Borio, C., & White, W. R. (2003). Whither monetary and financial stability? The implications of evolving policy regimes. Economic policy symposium “Monetary Policy and Uncertainty: Adapting to a Changing Economy”, 22–24 August in Jackson Hole, Wyoming: 131–211. https://www.kansascityfed.org/publicat/sympos/2003/pdf/Boriowhite2003.pdf. Accessed 9 June 2015.
14. Borio, C., & Drehmann, M. (2009). Assessing the risk of banking crises – revisited. BIS Quarterly Review (March Issue), 29–46.
15. Brainard, W. (1967). Uncertainty and the effectiveness of policy. Cowles Foundation Paper, 257, 411–425.
16. Brealey, R. A., & Myers, S. C. (1981/1991). Principles of corporate finance. New York: McGraw-Hill.
17. Brun, G., & Betz, G. (2016). Analysing practical argumentation. In S. O. Hansson & G. Hirsch Hadorn (Eds.), The argumentative turn in policy analysis. Reasoning about uncertainty (pp. 39–77). Cham: Springer. doi:10.1007/978-3-319-30549-3_3.
18. Caballero, R. J., & Kurlat, P. (2009). The ‘Surprising’ nature of financial crisis: A macroeconomic policy proposal. Economic policy symposium “Financial Stability and Macroeconomic Policy”, 20–22 August in Jackson Hole, Wyoming: 19–68. https://www.kansascityfed.org/~/media/files/publicat/sympos/2009/papers/caballerokurlat082409.pdf?la¼en. Accessed 9 June 2015.
19. Cooper, G. (2008). The origin of financial crises: Central banks, credit bubbles and the efficient market fallacy. New York: Vintage Books.
20. Dennis, R. (2005). Uncertainty and monetary policy. Federal Reserve Bank of San Francisco, 33, 1–3.
21. Feldstein, M. (2004). Innovations and issues in monetary policy: Panel discussion. American Economic Review, 94, 41–43.
22. Galbraith, K. (1990/1993). A short history of financial Euphoria. New York: Penguin.
23. Gertler, M. (2003). Comment on Whither monetary and financial stability? The implications of evolving policy regimes. Economic policy symposium “Monetary Policy and Uncertainty: Adapting to a Changing Economy”, 22–24 August in Jackson Hole, Wyoming: 213–223. https://www.kansascityfed.org/publicat/sympos/2003/pdf/Gertler2003.pdf. Accessed 9 June 2015.
24. Greenspan, A. (1999a). Monetary policy and the economic outlook before the Joint Economic Committee, U.S. Congress. http://www.federalreserve.gov/boarddocs/testimony/1999/19990617.htm. Accessed 9 June 2015.
25. Greenspan, A. (1999b). Opening remarks. Economic policy symposium “New Challenges for Monetary Policy”. 22–24 August in Jackson Hole, Wyoming, 1–9. http://www.kc.frb.org/publicat/sympos/1999/S99gren.pdf. Accessed 9 June 2015.
26. Greenspan, A. (2002a). Monetary policy and the economic outlook. Testimony of chairman Greenspan before the Joint Economic Committee, U.S. Congress. http://www.federalreserve. gov/boarddocs/testimony/2002/20020417/default.htm. Accessed 9 June 2015.
27. Greenspan, A. (2002b). Opening remarks. In Economic policy symposium “Rethinking Stabilization Policy”, 22–24 August in Jackson Hole, Wyoming (pp. 1–10). http://www.kc.frb.org/publicat/sympos/2002/pdf/S02Greenspan.pdf. Accessed 9 June 2015.
28. Greenspan, A. (2002c). International financial risk management. Remarks by Chairman Alan Greenspan before the council on foreign relations, Washington, DC. http://www. federalreserve.gov/boarddocs/Speeches/2002/20021119/default.htm. Accessed 9 June 2015.
29. Greenspan, A. (2003). Opening remarks. Economic policy symposium “Monetary Policy and Uncertainty: Adapting to a Changing Economy”, 22–24 August in Jackson Hole, Wyoming, 1–7. http://www.kc.frb.org/publicat/sympos/2003/pdf/Greenspan2003.pdf. Accessed 9 June 2015.
30. Greenspan, A. (2004). Risk and uncertainty in monetary policy. American Economic Review, 94, 33–40.
31. Greenspan, A. (2005a). The economic outlook. Testimony of Chairman Greenspan before the Joint Economic Committee, U.S. Congress. http://www.federalreserve.gov/boarddocs/testimony/2005/200506092/default.htm. Accessed 9 June 2015.
32. Greenspan, A. (2005b). Opening remarks. Economic policy symposium “The Greenspan Era: Lessons for the Future”, 25–27 August in Jackson Hole, Wyoming: 1–10. https://www. kansascityfed.org/publicat/sympos/2005/pdf/Green-opening2005.pdf. Accessed 9 June 2015.
33. Greenspan, A. (2005c). Mortgage banking. Remarks by Chairman Alan Greenspan to the American Bankers Association Annual Convention, Palm Desert, California (via satellite). http://www.federalreserve.gov/boardDocs/Speeches/2005/200509262/default.htm. Accessed 9 June 2015.
34. Hansson, S. O. (2016). Evaluating the uncertainties. In S. O. Hansson & G. Hirsch Hadorn (Eds.), The argumentative turn in policy analysis. Reasoning about uncertainty (pp. 79–104). Cham: Springer.
35. Hansson, S. O., & Hirsch Hadorn, G. (2016). Introducing the argumentative turn in policy analysis. In S. O. Hansson & G. Hirsch Hadorn (Eds.), The argumentative turn in policy analysis. Reasoning about uncertainty (pp. 11–35). Cham: Springer. doi:10.1007/978-3-319-30549-3_2.
36. Jenkins, P, & Longworth, D. (2002). Monetary policy and uncertainty. Bank of Canada Review, 3–10. http://www.bankofcanada.ca/wp-content/uploads/2010/06/longworth_e.pdf. Accessed 9 June 2015.
37. Jensen, M. (1978). Some anomalous evidence regarding market efficiency. Journal of Financial Economics, 6, 95–101.
38. Kindleberger, C. & Aliber, R. (1978/2011). Manias, panics, and crashes: A history of financial crises (6th edn.) New York: Palgrave Macmillan.
39. King, M. (2004). The institutions of monetary policy. American Economic Review, 94, 1–13.
40. Krugman, P. (1999/2009). The return of depression economics and the crisis of 2008. New York: W. W. Norton.
41. Krugman, P. (2009). How did economists get it so wrong? The New York Times. http://www. nytimes.com/2009/09/06/magazine/06Economic-t.html?pagewanted¼all&_r¼0. Accessed 9 June 2015.
42. Mackay, C. (1841/1995). Extraordinary popular delusions and the madness of the crowds. Herfordshire: Wordsworth.
43. Minski, M. (1986/2008). Stabilizing an unstable economy. New York: McGraw-Hill.
44. Posner, R. A. (2009). A failure of capitalism. The crisis of ’08 and the descent into depression. Cambridge, MA: Harward University Press.
45. Rajan, R. G. (2005). Has financial development made the world riskier? Economic policy symposium “The Greenspan Era: Lessons for the Future”, 25–27 August in Jackson Hole, Wyoming: 313–369. https://www.kansascityfed.org/publicat/sympos/2005/pdf/Rajan2005. pdf. Accessed 9 June 2015.
46. Shiller, R. J. (2007). Understanding recent trends in house prices and homeownership. In Economic policy symposium “Housing, Housing Finance, and Monetary”. Economic policy symposium “Housing, Housing Finance, and Monetary Policy”. August 30 to September 1 in Jackson Hole, Wyoming (pp. 89-123). https://www.kansascityfed.org/publicat/sympos/2007/PDF/Shiller_0415.pdf. Accessed 9 June 2015.
47. Shiller, R. J. (2008). The subprime solution: How today’s global financial crisis happened, and what to do about it. Princeton: Princeton University Press.
48. Shiller, R. J. (2000/2015). Irrational exuberance: Revised and expanded third edition. Princeton: Princeton University Press.
49. Shleifer, A. (2000). Inefficient markets: An introduction to behavioral finance. Oxford: Oxford University Press.
50. Sinn, H-W. (2010/2011). Kasino-Kapitalismus. Wie es zur Finanzkrise kam, und was jetzt zu tun ist. Munich: Ullstein.
51. Soros, G. (2008/2009). The crash of 2008 and what it means: The new paradigm for financial markets. New York: Public Affairs.
52. Stiglitz, J. (2010). Freefall: Free markets and sinking of the global economy. London: Allen Lane.
53. Stiglitz, J. (2014). Reconstructing macroeconomic theory to manage economic policy (NBER Working Paper 20517).
54. Wolf, M. (2009). Fixing global finance: How to curb financial crisis in the 21st century. New Haven: Yale University Press.