Summary of Reforming U.S. Financial Markets

Reflections Before and Beyond Dodd-Frank

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Reforming U.S. Financial Markets book summary
Smackdown! Top economists battle over how to save the US financial system.


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When the US’s top economists meet at a symposium on remaking America’s financial system, they’re bound to disagree. But in Randall S. Kroszner and Robert J. Shiller’s new book – a brief collection of the papers they presented at Harvard University, along with comments by their equally esteemed colleagues – their divergence lies more in their methods than in their main conclusion: The US financial sector desperately needs a makeover. getAbstract recommends their cogent, well-thought-out reasoning on the causes of the recent financial crisis.

In this summary, you will learn

  • Why Yale economist Robert J. Shiller calls for a complete revamping of the financial system and
  • Why Chicago economist Randall S. Kroszner argues, instead, for specific changes to certain aspects of the regulatory regime.


Crisis and Its Aftermath
The 2007-2008 financial crisis affected most of the world’s economies, but global financial institutions and the financial sector felt the brunt. The modern-day panic was the worst calamity to hit the finance industry since the 1930s’ Great Depression. The perfect...
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About the Authors

Randall S. Kroszner is an economics professor at the University of Chicago and a former governor of the Federal Reserve System. Robert J. Shiller is an economics professor at Yale, the author of Irrational Exuberance and the co-author of Animal Spirits.

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