Cornell professor releases economics text

MOUNT VERNON – The current turmoil in housing and financial markets is among the topics covered in a new book by Cornell College Associate Professor of Economics and Business Todd Knoop. “Modern Financial Macroeconomics: Panics, Crashes, and Crises,” will be released on April 28.

The book examines the role of financial markets and institutions in modern macroeconomics, a role that has, until lately, been largely downplayed. It also reviews historical and contemporary macroeconomic theory, examines governmental influence on moderating economic fluctuations, and discusses empirical and theoretical links between financial systems and economic performance.

Knoop also examines the present instability in housing and financial markets. Included are examinations of the events that led to these financial difficulties, what the macroeconomic impact of this crisis is likely to be, how policymakers should best deal with financial turmoil when it strikes, and how to prevent future financial crises.

“My goal wasn’t to end the debate on the role of financial systems,” said Knoop, “but instead to create a broad, well-organized presentation that makes the important questions clear and accessible to general readers and students.”

Knoop, whose first book came out in 2004, has been an assistant professor at Cornell since 1998. He earned his Ph.D. in economics at Purdue University and has taught at Purdue, Drake, and Northern Illinois universities. Here are what other economists are saying about the new book:

“ Modern Financial Macroeconomics: Panics, Crashes, and Crises provides unparalleled perspective and a framework for studying this new, exciting field of economics.”

-Michael Fuerst, University of Miami

“The beauty of the book lies in its non-technical and non-mathematical approach. It will be welcomed by many professors and will make life easy and pleasant for students who often struggle with applied examples and financial macroeconomic theory and concepts.”

-Christopher Gan, Lincoln University

Knoop’s first book, “Recessions and Depressions: Understanding Business Cycles,” was called an “informative, readable, balanced, and worthwhile work that will be an appealing primary or ancillary text for advanced macro classes or seminars…highly recommended” by Choice.