Blinder Alan S & Rosen Harvey S 1985 Notches American Economic Review 75 736ã¢â‚¬â€œ747

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Alan S. Blinder

in Brooklyn, NY, The United States

Alan Stuart Blinder is an American economist at Princeton University serving as the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs in the Economics Department, and vice chairman of The Observatory Group. He founded Princeton'due south Griswold Center for Economic Policy Studies in 1990. Since 1978 he has been a Research Acquaintance of the National Agency of Economic Research. He is also a co-founder and a vice chairman of the Promontory Interfinancial Network, LLC. He is among the most influential economists in the earth according to IDEAS/RePEc, and is "considered one of the great economic minds of his generation."

Blinder served on President Nib Clinton'southward Council of Economical Advisors (Jan 1993 - June 1994), and as the 5

Alan Stuart Blinder is an American economist at Princeton University serving as the Gordon S. Rentschler Memorial Professor of Economics and Public Diplomacy in the Economics Section, and vice chairman of The Observatory Group. He founded Princeton's Griswold Center for Economic Policy Studies in 1990. Since 1978 he has been a Research Acquaintance of the National Agency of Economic Research. He is also a co-founder and a vice chairman of the Promontory Interfinancial Network, LLC. He is amongst the well-nigh influential economists in the world according to IDEAS/RePEc, and is "considered one of the great economic minds of his generation."

Blinder served on President Beak Clinton'south Quango of Economic Advisors (January 1993 - June 1994), and as the Vice Chairman of the Board of Governors of the Federal Reserve System from June 1994 to January 1996.

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"I other important footnote to history: On Sunday, March 16, the same day that JP Morgan Hunt announced its purchase of Bear Stearns and the Fed announced its approval of the deal, the Fed'south Lath of Governors created the Primary Dealer Credit Facility. The PDCF fabricated it much easier to lend coin to securities firms by, for example, broadening the range of eligible collateral. Comport executives maintained that they could have averted defalcation without requiring assistance, if they had been given access to the PDCF. Jimmy Cayne told the FCIC that the PDCF came "just about 45 minutes" besides belatedly to save his firm. No one will ever know."
― Alan Due south. Blinder, After the Music Stopped: The Financial Crunch, the Response, and the Work Ahead

"KEYNESIAN ECONOMICS AND STIMULUS Keynesian economics is based on the notion that unemployment arises when total or aggregate demand in an economy falls short of the economic system'southward ability to supply goods and services. When products go unsold, jobs are lost. Aggregate demand, in turn, comes from two sources: the private sector (which is the majority) and the government. At times, aggregate demand is too buoyant—goods wing off the shelves and labor is in great need—and we get rising inflation. At other times, aggregate need is inadequate—goods are hard to sell and jobs are difficult to find. In those cases, Keynes argued in the 1930s, governments can heave employment by cutting interest rates (what we now call looser monetary policy), raising their own spending, or cutting people'due south taxes (what we now call looser fiscal policy). By the same logic, when there is likewise much demand, governments tin fight bodily or incipient aggrandizement past raising interest rates (tightening monetary policy), increasing taxes, or reducing its own spending (thus tightening financial policy). That's office of standard Keynesian economics, besides, although Keynes, writing during the Smashing Low, did non emphasize it. Setting bated the underlying theory, the central Keynesian policy idea is that the government tin can—and, Keynes argued, should—deed as a kind of balance cycle, stimulating amass demand when information technology's also weak and restraining aggregate demand when it'southward as well strong. For decades, American economists took for granted that about of that chore should and would be done by monetary policy. Financial policy, they thought, was too slow, besides cumbersome, and too political. And in the months after the Lehman Brothers failure, the Federal Reserve did, indeed, pull out all the stops—while fiscal policy did goose egg. Merely what happens when, as was more than or less the case by Dec 2008, the central depository financial institution has done most everything information technology can, and nonetheless the economy is still sinking? That's why eyes started turning toward Congress and the president—that is, toward financial stimulus—after the 2008 election."
― Alan S. Blinder, Afterward the Music Stopped: The Financial Crisis, the Response, and the Work Ahead

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