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After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
Blinder is only the most recent in a series of prominent economists who have produced analytic accounts of the U.S. economic downturn. His crisp narrative lays out the policy options that were available at each stage of the crisis, and his analysis is infused with a deep understanding of macroeconomics. Overall, it is the best general volume on the subject that has been published to date. Mindful that another calamity could well befall the economy, Blinder concludes his book by suggesting how policymakers ought to act during the next crisis: they must focus on heading off risks before they materialize, communicate their policies clearly, make sure to distribute the pain fairly, and never promise that there will be less pain than there will be.