The New Economics of Liquidity and Financial Frictions is a book about a new branch of economics that is largely a synthesis of macro and finance.
The New Economics of Liquidity and Financial Frictions is a book
about a new branch of economics that is largely a synthesis of macro and
finance. In many ways, it is a radical departure from the older, frictionless
approach still prevalent in economic textbooks and most of academia. This book
provides a new understanding and approach to asset pricing, risk measurement and
management, central banking policy, and the overall working of today’s
economy, including questions of financial stability.