Review
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"[H]aving devoted much of his career to studying the causes
of the Great Depression, Bernanke was the academic expert on how
to prevent financial crises from spinning out of control and
threatening the general economy. One line from his Essays on the
Great Depression sounds especially prescient today: 'To the
extent that bank panics interfere with normal flows of credit,
they may affect the performance of the real economy.'"---Roger
Lowenstein, New York Times Magazine
"Bernanke is the master of applied microeconomics. Not only is he
technically proficient but his ability to place his results in a
larger macroeconomic context is unparalleled."---Mark Toma,
Financial History Review
"Mr. Bernanke certainly knows the importance of well-functioning
markets. In Essays on the Great Depression he wrote persuasively
that runs on the banks and extensive defaults on loans reduced
the efficiency of the financial sector, prevented it from doing
its normal job in allocating resources, and contributed to the
Depression severity. The Depression-era problems he studied are
mirrored by similar issues today, and they need urgent
attention."---Robert J. Shiller, New York Times
"Fortunately, before he became entangled in these restrictions
[Bernanke] did edit and help write a book, Essays on the Great
Depression. . . . Mr. Bernanke's motive was that understanding
the depression would provide important clues to what can go wrong
with capitalist market systems."---Samuel Brittan, Financial
Times
"The financial crisis has made Federal Reserve Chairman Ben
Bernanke's book Essays on the Great Depression a hot seller. . .
. Bernanke, a former Princeton University economist, is
considered the pre-eminent living scholar of the Great
Depression. He is practicing today what he preached in his book:
Flood the system with money to avoid a depression."---Dennis
Cauchon, USA Today
"When Ben Bernanke arrived at the Federal Reserve in February
2006 as the new chairman of the central bank, he had a copy of
his 2001 book, Inflation Targeting: Lessons from the
International Experience, tucked under his arm. Not literally, of
course. He was hoping to convince his colleagues on the Federal
Open Market Committee of the value of an explicit inflation
target. Little did he know that less than two years later he'd be
shelving Inflation Targeting and turning to Essays on the Great
Depression, another of his books, for guidance. In his book of
essays, Bernanke calls the Great Depression the 'Holy Grail of
macroeconomics.' He writes that 'the experience of the 1930s
continues to influence macroeconomists' beliefs, policy
recommendations, and research agendas.'"---Caroline Baum,
Bloomberg.com
"With some observers saying that the ongoing financial crisis
could be the worst since the Great Depression, the greatest
living expert on that period is getting the chance to apply its
economic lessons. . . . In Essays on the Great Depression . . .
[Bernanke] notes that understanding that period is the 'holy
grail of macroeconomics.'"---Spencer Jakab, Dow Jones Newswires
"This influential body of work is a significant contribution to
our understanding the depth and persistence of the Great
Depression.... This book will become a standard reference in the
field of business cycle research."―Randall Kroszner, University
of Chicago
"Bernanke's work has had a powerful impact on the economics
profession, alerting macroeconomists to the advantages of
historical analysis, and a number of important figures (James
Hamilton, Steve Cecchetti, for example), inspired by his work,
have followed him into the field. The nine essays form a
remarkably coherent whole."―Barry Eichengreen, University of
California, Berkeley, and author of Globalizing Capital: A
History of the International Monetary System
"Collecting these essays together will provide a single source
for students to find Bernanke's substantial contributions.... His
papers demonstrate conclusively that the international view of
the great depression has impressive explanatory power."―Peter
Temin, Massachusetts Institute of Technology
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From the Inside Flap
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"This influential body of work is a significant
contribution to our understanding the depth and persistence of
the Great Depression.... This book will become a standard
reference in the field of business cycle research."--Randall
Kroszner, University of Chicago
"Bernanke's work has had a powerful impact on the economics
profession, alerting macroeconomists to the advantages of
historical analysis, and a number of important figures (James
Hamilton, Steve Cecchetti, for example), inspired by his work,
have followed him into the field. The nine essays form a
remarkably coherent whole."--Barry Eichengreen, University of
California, Berkeley, and author of "Globalizing Capital: A
History of the International Monetary System"
"Collecting these essays together will provide a single source
for students to find Bernanke's substantial contributions.... His
papers demonstrate conclusively that the international view of
the great depression has impressive explanatory power."--Peter
Temin, Massachusetts Institute of Technology
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