Learning from and Responding to Financial Crisis - Lecture 1

Explore a comprehensive lecture on financial markets and economic fluctuations delivered by former U.S. Treasury Secretary and Harvard University President Lawrence Summers. Delve into the evolution of monetary policy's role in economic cycles, from the "Okun period" to modern times. Examine how recent economic fluctuations are linked to factors within the financial system, such as bubbles and lending institution complacency. Investigate models of multiple equilibria, including bank run scenarios, to understand how confidence shifts can dramatically impact the economy. Gain insights into behavioral finance, the interconnectedness of global financial crises, and the implications of government interventions. Engage with thought-provoking discussions on stable growth, inflation, and cyclical fluctuations, drawing from the expertise of a renowned economist and policymaker.

- Chapter 1. A Profile of Lawrence Summers, Memories of Art Okun
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- Chapter 2. Okun's Concerns on Stable Growth, Inflation, and Cyclical Fluctuations
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- Chapter 3. The Interconnectedness of Modern Financial Crises Worldwide
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- Chapter 4. The Bank Run Metaphor in Non-Bank Financial Crises
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- Chapter 5. Behavioral Finance: Reasons for Positive Feedback
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- Chapter 6. Summary and Questions on Government Interventions and Moral Hazard
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