Macroeconomics

When Markets Collide, by Mohamed El Erian

Never before have investors and policy makers been beset by so many conflicting messages about the economy and the markets. While most pundits dismiss the conflicts as “noise” in the system, Mohamed A. El-Erian, president and CEO of the $35 billion Harvard Endowment and incoming co-CEO and co-CIO of PIMCO, one of today’s most successful investment firms, avers that those messages signal deep, structural changes and realignments that are radically redefining the investment game.

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Fault Lines, by Raghuram Rajan

Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it’s tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren’t fixed.

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Irrational Exuberance, by Robert Shiller

As Robert Shiller’s new 2009 preface to his prescient classic on behavioral economics and market volatility asserts, the irrational exuberance of the stock and housing markets “has been ended by an economic crisis of a magnitude not seen since the Great Depression of the 1930s.” As we all, ordinary Americans and professional investors alike, crawl from the wreckage of our heedless bubble economy, the shrewd insights and sober warnings, and hard facts that Shiller marshals in this book are more invaluable than ever.

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