• RRP: £42.99
  • You Save: £11.93 (28%)
FREE Delivery in the UK.
Only 1 left in stock (more on the way).
Dispatched from and sold by Amazon. Gift-wrap available.
The Great Recession: Mark... has been added to your Basket
Have one to sell?
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 3 images

Follow the Author

Something went wrong. Please try your request again later.

The Great Recession: Market Failure or Policy Failure? (Studies in Macroeconomic History) Hardcover – 16 Apr 2012

See all 5 formats and editions Hide other formats and editions
Amazon Price
New from Used from
Kindle Edition
£17.40 £35.51
Note: This item is eligible for click and collect. Details
Pick up your parcel at a time and place that suits you.
  • Choose from over 13,000 locations across the UK
  • Prime members get unlimited deliveries at no additional cost
How to order to an Amazon Pickup Location?
  1. Find your preferred location and add it to your address book
  2. Dispatch to this address when you check out
Learn more

Great Discounts
Shop the Books Outlet. Discover some great deals on top titles. Shop now
click to open popover

Special offers and product promotions

  • Buy this product and stream 90 days of Amazon Music Unlimited for free. E-mail after purchase. Conditions apply. Learn more

Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.

  • Apple
  • Android
  • Windows Phone
    Windows Phone

To get the free app, enter your mobile phone number.


Product details

  • Hardcover: 400 pages
  • Publisher: Cambridge University Press (16 April 2012)
  • Language: English
  • ISBN-10: 1107011884
  • ISBN-13: 978-1107011885
  • Product Dimensions: 15.7 x 2.5 x 23.5 cm
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: 3,249,199 in Books (See Top 100 in Books)
  • Would you like to tell us about a lower price?
    If you are a seller for this product, would you like to suggest updates through seller support?

  • See Complete Table of Contents

Product description


'Hetzel's book is a detailed, authoritative account of the recent credit turmoil and recession told as part of a narrative monetary history of business cycles dating back to the nineteenth century. The book is an immensely rewarding read for serious students of central banking.' Marvin Goodfriend, Carnegie Mellon University

'Robert Hetzel's knowledge of the Federal Reserve System, and of monetary history more generally, is exceptionally extensive and insightful. His thesis concerning the main cause of the Great Recession of 2008–2009 will come as a surprise to many readers.' Bennett McCallum, Carnegie Mellon University

'Robert Hetzel applies his experience as a central banker and his expertise as a monetary economist to make a compelling case for rules rather than discretion, showing that 'monetary disorder' rather than a fundamental 'market disorder' is the cause of poor macroeconomic performance. At the same time, he acknowledges and discusses disagreements among those who argue for rules rather than discretion.' John B. Taylor, Stanford University

'The Great Recession upends the conventional view that the recession of 2008–2009 was caused by a massive financial market failure. Instead, Robert Hetzel places blame squarely on the Federal Reserve for failing to ease monetary policy aggressively in summer 2008. He argues that the recession intensified before the Lehman Brothers failure and that contractionary monetary policy turned a moderate recession caused by shocks to energy prices and the housing sector into a serious economic contraction. With a rich narrative and provocative history in the spirit of Friedman and Schwartz, Hetzel returns monetary forces to the forefront of business cycle analysis.' David C. Wheelock, Federal Reserve Bank of St Louis

Book Description

The 2008–9 recession destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations, reviving credit-cycle explanations of recession that dominated nineteenth- and early twentieth-century thinking. These 'market-disorder' views emphasize excessive risk taking in financial markets and the need for government regulation.

See all Product description

No customer reviews

Review this product

Share your thoughts with other customers

Most helpful customer reviews on Amazon.com

Amazon.com: 5.0 out of 5 stars 4 reviews
Hal Jordan
5.0 out of 5 starsInteresting analysis of the recent recession
15 January 2013 - Published on Amazon.com
Verified Purchase
10 people found this helpful.
George Hariton
5.0 out of 5 starsInteresting insights
25 June 2012 - Published on Amazon.com
Verified Purchase
23 people found this helpful.
Hugh Rockoff
5.0 out of 5 starsFive Stars
6 October 2017 - Published on Amazon.com
Verified Purchase
John Wood
5.0 out of 5 starsExplanations of the Great Recession
27 September 2012 - Published on Amazon.com
9 people found this helpful.