Alan S. Blinder





Alan S. Blinder


Born
in Brooklyn, NY, The United States
October 14, 1945

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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’s Griswold Center for Economic Policy Studies in 1990. Since 1978 he has been a Research Associate of the National Bureau 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 world according to IDEAS/RePEc, and is "considered one of the great economic minds of his generation."

Blinder served on President Bill Clinton's Council of Economic Advisors (January 1993 - June 1994), and as the V
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Average rating: 4.0 · 1,328 ratings · 162 reviews · 47 distinct works · Similar authors
After the Music Stopped: Th...

4.09 avg rating — 1,102 ratings — published 2013 — 7 editions
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Central Banking in Theory a...

3.54 avg rating — 46 ratings — published 1998 — 6 editions
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Hard Heads, Soft Hearts: To...

3.94 avg rating — 36 ratings — published 1987 — 2 editions
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The Fabulous Decade: Macroe...

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really liked it 4.00 avg rating — 6 ratings — published 2001
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Macroeconomics: Principles ...

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3.07 avg rating — 46 ratings — published 1986 — 28 editions
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The Quiet Revolution: Centr...

3.50 avg rating — 4 ratings — published 2004 — 4 editions
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Abolishing the Penny Makes ...

4.50 avg rating — 2 ratings
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Microeconomics: Principles ...

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3.56 avg rating — 34 ratings — published 1986 — 34 editions
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Paying for Productivity: A ...

really liked it 4.00 avg rating — 1 rating — published 1989 — 3 editions
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Economic Policy and the Gre...

really liked it 4.00 avg rating — 1 rating — published 1980 — 2 editions
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“you don’t get far in political discourse with counterfactual arguments that “it would have been even worse.”
Alan S. Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead

“One other important footnote to history: On Sunday, March 16, the same day that JP Morgan Chase announced its purchase of Bear Stearns and the Fed announced its approval of the deal, the Fed’s Board of Governors created the Primary Dealer Credit Facility. The PDCF made it much easier to lend money to securities firms by, for example, broadening the range of eligible collateral. Bear executives maintained that they could have averted bankruptcy 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” too late to save his firm. No one will ever know.”
Alan S. Blinder, After the Music Stopped: The Financial Crisis, 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 economy’s 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 fly off the shelves and labor is in great demand—and we get rising inflation. At other times, aggregate demand is inadequate—goods are hard to sell and jobs are hard to find. In those cases, Keynes argued in the 1930s, governments can boost employment by cutting interest rates (what we now call looser monetary policy), raising their own spending, or cutting people’s taxes (what we now call looser fiscal policy). By the same logic, when there is too much demand, governments can fight actual or incipient inflation by raising interest rates (tightening monetary policy), increasing taxes, or reducing its own spending (thus tightening fiscal policy). That’s part of standard Keynesian economics, too, although Keynes, writing during the Great Depression, did not emphasize it. Setting aside the underlying theory, the central Keynesian policy idea is that the government can—and, Keynes argued, should—act as a kind of balance wheel, stimulating aggregate demand when it’s too weak and restraining aggregate demand when it’s too strong. For decades, American economists took for granted that most of that job should and would be done by monetary policy. Fiscal policy, they thought, was too slow, too 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 nothing. But what happens when, as was more or less the case by December 2008, the central bank has done almost everything it can, and yet the economy is still sinking? That’s why eyes started turning toward Congress and the president—that is, toward fiscal stimulus—after the 2008 election.”
Alan S. Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead

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