This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...

Contents -- Preface -- I Monetary Policy -- Questions: How Should the Crisis Affect Our Views of Monetary Policy? -- 1 Monetary Policy in the Wake of the Crisis -- 2 Conventional Wisdom Challenged? Monetary Policy after the Crisis -- 3 Lessons for Monetary Policy -- 4 Macroeconomics, Monetary...

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...