Chapter 28 — Further Reading

On the loanable funds market

N. Gregory Mankiw, Macroeconomics, Worth Publishers — Chapter on saving, investment, and the financial system. The standard treatment.

On the efficient market hypothesis

Burton Malkiel, A Random Walk Down Wall Street, W. W. Norton, 12th edition, 2020 — The classic popular treatment of EMH and passive investing. Highly recommended for personal finance.

Eugene Fama, "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, 1970 — The foundational academic paper. Nobel Prize 2013.

Robert Shiller, Irrational Exuberance, Princeton University Press, 3rd edition, 2015 — The leading critique of EMH, focusing on bubbles. Nobel Prize 2013 (shared with Fama — both won for competing views on market efficiency!).

On the national debt

Olivier Blanchard, "Public Debt and Low Interest Rates," American Economic Review, 2019 — Blanchard's argument that when r < g (interest rate below growth rate), moderate debt levels are sustainable.

Carmen Reinhart and Kenneth Rogoff, This Time Is Different, Princeton University Press, 2009 — Historical analysis of debt crises across centuries and countries.

On personal finance

John Bogle, The Little Book of Common Sense Investing, Wiley, 2017 — The founder of Vanguard's case for index-fund investing. Short and definitive.

S&P SPIVA Scorecard, annual (spglobal.com) — The data on active vs. passive fund performance.

Chapter 29 — Inflation: Causes, Consequences, and the Central Bank's Dilemma — completes Part VI.