Markus K. Brunnermeier's Books

A Crash Course on Crises

Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries

By: Markus K. Brunnermeier,Ricardo Reis

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A Crash Course on Crises

Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries

By: Markus K. Brunnermeier,Ricardo Reis

An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them. Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent. With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.

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Page Count

136

Publisher

Princeton University Press

Published Date

ISBN 10

0691221103

ISBN 13

9780691221106

Asset Pricing under Asymmetric Information

Bubbles, Crashes, Technical Analysis, and Herding

By: Markus K. Brunnermeier

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Asset Pricing under Asymmetric Information

Bubbles, Crashes, Technical Analysis, and Herding

By: Markus K. Brunnermeier

Asset prices are driven by public news and information that is often dispersed among many market participants. These agents try to infer each other's information by analyzing price processes. In the past two decades, theoretical research in financial economics has significantly advanced our understanding of the informational aspects of price processes. This book provides a detailed and up-to-date survey of this important body of literature. The book begins by demonstrating how to model asymmetric information and higher-order knowledge. It then contrasts competitive and strategic equilibrium concepts under asymmetric information. It also illustrates the dependence of information efficiency and allocative efficiency on the security structure and the linkage between both efficiency concepts. No-Trade theorems and market breakdowns due to asymmetric information are then explained, and the existence of bubbles under symmetric and asymmetric information is investigated. The remainder of the survey is devoted to contrasting different market microstructure models that demonstrate how asymmetric information affects asset prices and traders' information , which provide a theoretical explanation for technical analysis and illustrate why some investors "chase the trend." The reader is then introduced to herding models and informational cascades, which can arise in a setting where agents' decision-making is sequential. The insights derived from herding models are used to provide rational explanations for stock market crashes. Models in which all traders are induced to search for the same piece of information are then presented to provide a deeper insight into Keynes' comparison of the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.

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Page Count

262

Publisher

OUP Oxford

Published Date

ISBN 10

0191606928

ISBN 13

9780191606922

The Euro and the Battle of Ideas

By: Markus K. Brunnermeier,Harold James,Jean-Pierre Landau

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The Euro and the Battle of Ideas

By: Markus K. Brunnermeier,Harold James,Jean-Pierre Landau

How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe’s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.

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Page Count

456

Publisher

Princeton University Press

Published Date

ISBN 10

0691178410

ISBN 13

9780691178417

Asset Pricing Under Asymmetric Information

Bubbles, Crashes, Technical Analysis, and Herding

By: Markus Konrad Brunnermeier

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Asset Pricing Under Asymmetric Information

Bubbles, Crashes, Technical Analysis, and Herding

By: Markus Konrad Brunnermeier

The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.

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Page Count

264

Publisher

Oxford University Press, USA

Published Date

ISBN 10

0198296983

ISBN 13

9780198296980

The Resilient Society

Economics After Covid

By: Markus Brunnermeier

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The Resilient Society

Economics After Covid

By: Markus Brunnermeier

A Financial Times Best Book of the Year for 2021 People in a resilient society are able to bounce back from shocks, such as pandemics and economic crises. Lacking resilience, societies, families and individuals can reach tipping points from which they cannot recover. The Resilient Society by Princeton University economist Markus Brunnermeier describes how individuals, institutions and nations can successfully navigate a dynamic, globalized economy filled with unknown risks. The author applies his macroeconomic insights to public health, innovation, public debt overhang, innovation, inequality, climate change and challenges to the global order, offering ground-breaking blueprints for the reconstruction of societies and economies in a post-Covid world. Written for business leaders, economists, policymakers and politically interested citizens, the book argues that the concept of resilience can be a compass for developing a social contract that benefits all people.

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Page Count

339

Publisher

Harper Collins

Published Date

ISBN 10

9354893856

ISBN 13

9789354893858

A Crash Course on Crises

Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries

By: Markus K. Brunnermeier,Ricardo Reis

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A Crash Course on Crises

Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries

By: Markus K. Brunnermeier,Ricardo Reis

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

136

Publisher

Princeton University Press

Published Date

ISBN 10

0691221103

ISBN 13

9780691221106

Book's by Markus K. Brunnermeier

A Crash Course on Crises

A Crash Course on Crises

Asset Pricing under Asymmetric Information

Asset Pricing under Asymmetric Information

The Euro and the Battle of Ideas

The Euro and the Battle of Ideas

Asset Pricing Under Asymmetric Information

Asset Pricing Under Asymmetric Information

The Resilient Society

The Resilient Society

A Crash Course on Crises

A Crash Course on Crises

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