Economics Books

Book SynopsisThis updated and substantially revised 2nd edition, like its predecessor, integrates a discussion of the latest theoretical developments with a comprehensive review of empirical work. With a more cohesive writing style, reduced size, additional invaluable information, and new problems to solve, Advanced Industrial Economics, Second Edition is a key text in industrial economics.Trade Review"This is an outstanding textbook. It covers practically anything one would ever want to include in a lecture course in Advanced IO, and it does so with the perfect blending of rigorous theory and advanced empirical analysis." Gianni De Fraja, University of York, and CEPR "Stephen Martin's book is a marvellous effort. No other text provides such a comprehensive and updated overview of the literature of modern industrial economics. I wholeheartedly recommend it for graduate courses in the subject or as a reference for any professional economist.... The feature that most distinguishes Advanced Industrial Economics from competitors is the extended treatment of the literature on empirical tests of market structure and performance. This was long overdue, and Martin has to be commended for introducing new generations of students to empirical work int his field. As a teaching tool, there is much to admire in the book as well: many of the issues are given a histroical perspective so that students can better appreciate the direction in which both the theory and the empirical work has progressed. Martin also provides a wealth of material on the book's website, including an extended discussion of the theory of contestable markets as well as a solutions manual." Times Higher Education Supplement, October 2002Table of ContentsPreface. 1. Introduction:. The Scope of the Field. Theory Versus Empiricism. Barriers to Entry and the Structure–Conduct–Performance. A Decade of High Theory. An Outline of the Book. 2. Foundations of Oligopoly Theory I:. Introduction. Cournot in his Own Words. The Classical Oligopoly Theory Formulation. Best-Response Functions. Existence. Stability. Comparative Statistics: The Number of Firms. Limiting Behavior. Conclusion. 3. Foundations of Oligopoly Theory II:. Introduction. Cournot Duopoly as a Static Game. Static versus Dynamic? (Nash versus Cournot?). Conjectural Variations. The Coefficient of Cooperation. Representative Consumer Models of Product Differentiation. Cournot with Product Differentiation. Bertrand with Product Differentiation. Prices versus Quantities. Supply Function Oligopoly. Two-stage Capacity-constrained Competition. Conclusion. Problems. 4. Foundations of Oligopoloy Theory III:. Hotelling. Beyond Hotelling. Vertical Product Differentiation. The Relation between Models of Horizontal and Vertical Differentiation. Conclusion. Problems. 5. Early Empirical Studies of Structure–Conduct–Performance Relationships:. Introduction. Bain and the Critics. Early Econometric Work. Summary. 6. Debates over Interpretation and Specification:. Introduction. Market Power versus Efficiency. Measurement Issues in the Diagnosis of Market Power. Identification. Firm Effects versus Industry Effects. Conclusion. Problems. 7. Empirical Studies of Market Performance:. Introduction. Conjectures. Time Series. Avoiding Cost Data I: NEIO. Avoiding Cost Data II: The Solow Residual. Validity Checks. Event Studies. Price Versus Rate of Return. The Persistence of Profits. Not the Last Word. 8. Strategic Behavior: Investment in Entry Deterrence:. Introduction. Excess Capacity. Switching Costs. Raising Rivals' Costs. Predatory Pricing. Limit Pricing. Advertising and Limit Pricing. Animal Farm. Conclusion. Problems. 9. Advertising:. The Dorfman–Steiner Condition and Generalizations. Advertising as a Signal of Quality. Welfare Consequences of Advertising. The Duration of Advertising Effects. The Advertising Response to Entry. Conclusion. Problems. 10. Collusion and Noncooperative Collusion:. Introduction. Noncooperative Collusion in a Static Model. Noncooperative Collusion in Repeated Games. Price Wars. Conscious Parallelism. Facilitating Practices. Empirical Studies of Collusion. Conclusion. Problems. 11. Market Structure, Entry, and Exit:. Introduction. The Measurement of Seller Concentration. Entry Conditions and Market Structure. Product Differentiation as a Barrier to Entry. Financial Markets. Empirical Studies of Market Structure. Entry. Exit. Empirical Studies of Entry and Exit. Conclusion. Problems. 12. Firm Structure, Mergers, and Joint Ventures:. Introduction. Why are There Firms?. Corporate Governance. Business Groups. X-inefficiency. Horizontal Mergers. Vertical Mergers and Vertical Foreclosure. Diversification and Conglomerate Mergers. The Market for Corporate Control. Joint Ventures and Equity Interests. Conclusion. Problems. 13. Vertical Restraints:. Introduction. Incentives to Impose Vertical Restraints. Empirical Evidence. Conclusion. 14. Research and Development:. Introduction. Stylized Facts. Deterministic Innovation. Stochastic Innovation. Absorptive Capacity. Patents. Empirical Studies of R & D. Final Remarks. Problems. References. Index of Names. Index of Subjects.

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Book SynopsisFor the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn't going anywhere.Trade ReviewA brilliant sequel to the pathbreaking Global Inequality. Drawing on original research and a typically wide sweep of history, Branko Milanovic poses all the important questions about our future. -- Gordon Brown, former Prime Minister of the United KingdomBranko Milanovic, a master economic statistician, here divides modern capitalism broadly into two versions: the ‘liberal’ one found in the West, and the ‘political’ one that has emerged in China. In this searching and richly argued work he weighs the choices we face and discusses whether the future may lie with one version, alone. -- James K. Galbraith, author of The End of NormalLeaves little doubt that the social contract no longer holds. Whether you live in Beijing or New York, the time for renegotiation is approaching. -- Edward Luce * Financial Times *Countries with larger tax cuts experienced bigger increases in inequality… [The consequences] are richly detailed in Capitalism, Alone… Builds on Milanovic’s previous book, Global Inequality… Ideally the two should be read together… [Milanovic] belongs to a new generation of data-driven economists who have helped track what has happened to income distribution in recent years. -- Liaquat Ahamed * New Yorker *Milanovic outlines a taxonomy of capitalisms and traces their evolution from classical capitalism before 1914, through the social-democratic capitalism of the mid-20th century, to ‘liberal meritocratic capitalism’ in much of the rich world, in particular America. He contrasts this with the ‘political capitalism’ found in many emerging countries, with China as the exemplar. These two capitalistic forms now dominate the global landscape. Their co-evolution will shape world history for decades to come. * The Economist *Few economists can compete with [Milanovic’s] stunning erudition, or with his skill in weaving together seemingly disparate figures with complex philosophical ideas to produce a coherent thesis that feels highly relevant to our troubled times. Capitalism, Alone is one of the most ambitious economics books published this year, in terms of its breadth and scope, and definitely one of the most fascinating. * ProMarket *The book is erudite, illuminating…Milanovic is well credentialed to take on this large and daunting subject…Scholarly and festooned with data, but also narrative in style and engaging to read…Milanovic chronicles the rise of authoritarian capitalism, both in nations that once epitomized liberal capitalism such as the U.S. and in countries like China, which are partly capitalist but show no signs of turning liberal…As a virtuoso economist, Milanovic is superb when he is compiling and assessing data. -- Robert Kuttner * New York Review of Books *A remarkable book, possibly the author’s most comprehensive opus so far…I highly recommend Capitalism, Alone to all readers and scholars interested in challenging their understanding of the (supposed) sole socio-economic system we live in. -- Roberto Iacono * LSE Review of Books *An extraordinarily valuable book for anyone who wants to gain an understanding of current topics in economic research and their bearing on policy debates. -- Matt Mazewski * Commonweal *May turn out to be a seminal work on the fin de siècle de capitalisme…His conclusions and concepts, make extraordinary contributions to considerations of the state of capitalism. * Business Day *A scholar of inequality warns that while capitalism may have seen off rival economic systems, the survival of liberal democracies is anything but assured. The amoral pursuit of profit in more liberal capitalist societies has eroded the ethical norms that help sustain openness and democracy, he argues; now that tendency threatens to push such places in the direction of more authoritarian capitalist societies, such as China. * The Economist *This fascinating book offers a big-picture view of economic and social history over the past two centuries…But Milanovic is not confident that a more equal capitalism will emerge. -- Richard N. Cooper * Foreign Affairs *An ambitious and provocative examination of the present and the future of capitalism. It is a valuable, data-rich, and thoughtful addition to several recent books examining the challenges facing this economic system…Milanovic says that while capitalism cannot be replaced—at least in the foreseeable future—it can be improved. -- Zia Qureshi * Finance & Development *Attempts to make sense of the new world order and what could come of it. For that, it deserves to be read…An interesting and important read about the state of capitalism today and the directions it may take in the future. Milanovic’s history of focusing on economic data—rather than simplistic theory—and his healthy skepticism of meritocratic capitalism ensure that Capitalism, Alone will inform and provoke readers. * New York Journal of Books *Capitalism, Alone is an excellent work that covers a broad swath of the history of modern capitalism. -- Edward Wolff, author of A Century of Wealth in AmericaMilanovic has written what may be his most ambitious book yet. Featuring his trademark clarity and erudition, Capitalism, Alone contains wide-ranging and thoughtful insights into the nature of capitalism as it is currently structured and considers how it will evolve in the coming century. -- Arjun Jayadev, Azim Premji UniversityBranko Milanovic, the master narrator of global equality, brings an entirely new perspective to the topic in this remarkably astute book. By tracing the deep and evolving ideological foundations of capitalism and communism and analyzing the rise of Asia and particularly China, he contributes thought-provoking insights on the critical role of institutions and ideology for the long-term prospects of global economies. -- Debin Ma, London School of Economics and Political ScienceWhen politicians, pundits, and academics speak of a growing competition, or even a New Cold War, between the United States and China, one thing that is not asked enough is what is being competed for. Likewise, when we speak of an ‘American’ or ‘Western’ model, in contrast to a ‘Chinese’ one, it is worth asking what or who exactly is being modeled, and to what end. One of the virtues of Branko Milanović’s new book, Capitalism, Alone, is that it addresses these questions head-on and with useful insights and results. -- Nils Gilman * American Interest *Milanovic gives an impressive amount of space and effort in his book to provide a thorough analysis of the role of corruption in globalization…What I have always most valued about Branko Milanovic is his willingness to follow his intuition to open up new aspects of the political discussion. I may not agree with him on some issues, but I always come away greatly enriched by the experience. -- Mathew D. Rose * Brave New Europe *A data-rich, provocative account of where capitalism is today and where it may be headed. -- Samuel Hammond * Quillette *A gift to those of us grappling with economic and political inequality, as we seek ways to promote a fairer and more productive, sustainable society. -- Tim Page * Trades Union Congress (TUC) blog *[The] first three chapters are brilliant, original and make for gripping reading…Relish the erudition and panache. -- Duncan Green * From Poverty to Power *An excellent new book on the past, present, and future of economic systems. -- Umair Javed * Dawn *Milanovic writes as a good teacher, telling us what is coming, sharing the content, and then reminding us what we just learned. He takes the reader on diverting side journeys into the history of communism, the implausibility of a universal basic income, and even a brief summary from first principles of the past development and possible trajectories of Western liberal capitalism. The effect can be both exhilarating and overwhelming…Capitalism, Alone is a book to scribble questions all over, and then read again. -- Glyn Davis * Inside Story *Milanovic’s method is eclectic and empirical, informed by Marxist concepts but not limited to them. -- Max B. Sawlicky * Jacobin *Milanovic’s greatest contributions in Capitalism, Alone come from his fresh approach to the history of different capitalist countries. His taxonomy of Western countries evolving from classical, social-democratic, and now liberal-meritocratic capitalism helps us put the current state of affairs into better context and think about the ways policy can and cannot improve the system…His analysis of the forces and magnitudes of different kinds of inequality give a more nuanced story than is often found in public discussions. -- Will Compernolle * Liberal Currents *The conceptions of political and liberal meritocratic capitalism prove to be both novel and compelling…Milanovic’s proposition is valuable as framework for understanding the future of political capitalism, within China and beyond. -- Panthea Pourmalek * Journal of East Asian Studies *A readable and thought-provoking book, providing a concise introduction to some of the most important issues of our time. -- Kevin Hjortshøj O’Rourke * Society *[Milanovic] brings readers broader perspectives than most western economists. -- Martin Sandbu * Financial Times *

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Book SynopsisAn accessible guide to the multivariate time series tools used in numerous real-world applications Multivariate Time Series Analysis: With R and Financial Applications is the much anticipated sequel coming from one of the most influential and prominent experts on the topic of time series.Table of ContentsPreface xv Acknowledgements xvii 1 Multivariate Linear Time Series 1 1.1 Introduction, 1 1.2 Some Basic Concepts, 5 1.3 Cross-Covariance and Correlation Matrices, 8 1.4 Sample CCM, 9 1.5 Testing Zero Cross-Correlations, 12 1.6 Forecasting, 16 1.7 Model Representations, 18 1.8 Outline of the Book, 22 1.9 Software, 23 Exercises, 23 2 Stationary Vector Autoregressive Time Series 27 2.1 Introduction, 27 2.2 VAR(1) Models, 28 2.3 VAR(2) Models, 37 2.4 VAR(p) Models, 41 2.5 Estimation, 44 2.6 Order Selection, 61 2.7 Model Checking, 66 2.8 Linear Constraints, 80 2.9 Forecasting, 82 2.10 Impulse Response Functions, 89 2.11 Forecast Error Variance Decomposition, 96 2.12 Proofs, 98 Exercises, 100 3 Vector Autoregressive Moving-Average Time Series 105 3.1 Vector MA Models, 106 3.2 Specifying VMA Order, 112 3.3 Estimation of VMA Models, 113 3.4 Forecasting of VMA Models, 126 3.5 VARMA Models, 127 3.6 Implications of VARMA Models, 139 3.7 Linear Transforms of VARMA Processes, 141 3.8 Temporal Aggregation of VARMA Processes, 144 3.9 Likelihood Function of a VARMA Model, 146 3.10 Innovations Approach to Exact Likelihood Function, 155 3.11 Asymptotic Distribution of Maximum Likelihood Estimates, 160 3.12 Model Checking of Fitted VARMA Models, 163 3.13 Forecasting of VARMA Models, 164 3.14 Tentative Order Identification, 166 3.15 Empirical Analysis of VARMA Models, 176 3.16 Appendix, 192 Exercises, 194 4 Structural Specification of VARMA Models 199 4.1 The Kronecker Index Approach, 200 4.2 The Scalar Component Approach, 212 4.3 Statistics for Order Specification, 220 4.4 Finding Kronecker Indices, 222 4.5 Finding Scalar Component Models, 226 4.6 Estimation, 237 4.7 An Example, 245 4.8 Appendix: Canonical Correlation Analysis, 259 Exercises, 262 5 Unit-Root Nonstationary Processes 265 5.1 Univariate Unit-Root Processes, 266 5.2 Multivariate Unit-Root Processes, 279 5.3 Spurious Regressions, 290 5.4 Multivariate Exponential Smoothing, 291 5.5 Cointegration, 294 5.6 An Error-Correction Form, 297 5.7 Implications of Cointegrating Vectors, 300 5.8 Parameterization of Cointegrating Vectors, 302 5.9 Cointegration Tests, 303 5.10 Estimation of Error-Correction Models, 313 5.11 Applications, 319 5.12 Discussion, 326 5.13 Appendix, 327 Exercises, 328 6 Factor Models and Selected Topics 333 6.1 Seasonal Models, 333 6.2 Principal Component Analysis, 341 6.3 Use of Exogenous Variables, 345 6.4 Missing Values, 357 6.5 Factor Models, 364 6.6 Classification and Clustering Analysis, 386 Exercises, 394 7 Multivariate Volatility Models 399 7.1 Testing Conditional Heteroscedasticity, 401 7.2 Estimation of Multivariate Volatility Models, 407 7.3 Diagnostic Checks of Volatility Models, 409 7.4 Exponentially Weighted Moving Average, 414 7.5 BEKK Models, 417 7.6 Cholesky Decomposition and Volatility Modeling, 420 7.7 Dynamic Conditional Correlation Models, 428 7.8 Orthogonal Transformation, 434 7.9 Copula-Based Models, 443 7.10 Principal Volatility Components, 454 Exercises, 461 Appendix A Review of Mathematics and Statistics 465 A.1 Review of Vectors and Matrices, 465 A.2 Least-Squares Estimation, 477 A.3 Multivariate Normal Distributions, 478 A.4 Multivariate Student-t Distribution, 479 A.5 Wishart and Inverted Wishart Distributions, 480 A.6 Vector and Matrix Differentials, 481 Index 489

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Book SynopsisObamanomics lays out the economic policies of an Obama administration and speaks to the economic possibilities achievable under an Obama presidency.

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Book SynopsisFew countries experienced the period of turbulence surrounding the global financial crisis as intensely as Greece. The country topped the global news agenda as images of mass protests in Athens jostled for space with reports of torturous negotiations between political leaders struggling to agree support packages. Dramatic headlines proclaimed not only Greek bankruptcy and a possible exit from the euro, but the collapse of the single currency itself. This book offers a comprehensive and authoritative account of the lengthy crisis that beset Greece and the wider Eurozone. Written for the general reader, it explores the passage of events from different perspectives as it probes the story behind the headlines to reveal the full complexity of the crisis. Were its causes to be found in the prevailing international financial environment or in the economic and political system which evolved in Greece since the early 1970s? Did the choices made by both domestic and international actors such as the IMF and the EU exacerbate the crisis? Most importantly, what has been the impact of the crisis on the daily lives of the country’s inhabitants?Trade Review‘Thorough and readable, this blow-by-blow account of how Greece got itself into a seemingly interminable crisis of gigantic proportions, will appeal to readers wishing to move beyond the usual clichés. An essential reference.' -- Stathis Kaylvas, Arnold Wolfers Professor of Political Science, Yale University'This is an important book. Siani-Davies provides an insightful account of the toxic interaction between the Greece and its creditors over the past decade. Few foreign observers can produce such a perceptive analysis of the domestic complexities that conditioned Greece’s journey through the desert of austerity.' -- Dimitris Papadimitriou, Professor of Politics, University of Manchester'This book is certainly the most penetrating effort in English to describe the way Greece reached an economic and political dead-end. Taking an interdisciplinary approach, the book helps us to understand the role played by Greeks, Europeans, Americans and the IMF in forming an extremely complicated and confusing situation, which for the author has its origins in an incomplete process of modernisation.' -- Kostas Kostis, Professor of Economics, University of Athens, and author of 'History’s Spoiled Children: The Formation of the Modern Greek State'

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Book SynopsisWhat’s happening in Ireland? Behind the triumphalist headlines of the boom, there are changes going on – in the way people work, speak, eat, even the way they think – that cannot be quantified by statistics nor squared with the hollow cliché of the Celtic Tiger. She Moves through the Boom is a book about these intangible changes, and it paints a picture the newspapers and tourism propagandists are missing. Ann Marie Hourihane talks to working mothers, Mullingar wine importers, the organizer of a rural water scheme, shop assistants, a Nigerian preacher, teenaged removal men, and other exemplary – because ordinary – members of Irish society. These people aren’t talking about the boom; they’re living it, sometimes without even noticing, and they speak its languages – of social liberation, stubborn tradition, banal consumerism, and others. She Moves through the Boom presents a quirky, kaleidoscopic view of contemporary Ireland. By turns hilarious and dark, it is a fascinating snapshot of a singular moment in our history.

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Book SynopsisBorn out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed's transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique accountTrade Review"Finalist for the 31st D.B. Hardeman Prize, LBJ Foundation""Winner of the 2018 Gladys M. Kammerer Award, American Political Science Association""Winner of the 2018 Richard F. Fenno, Jr. Prize, Legislative Studies Section of the American Political Science Association""One of Project Syndicate’s Best Reads in 2017 (chosen by Koichi Hamada)""Even for readers who get through the day without thinking about monetary policy, Ms. Binder and Mr. Spindel offer compelling insights. . . . [An] impressively researched and often riveting study."---Roger Lowenstein, Wall Street Journal"Binder and Spindel have written an extremely thorough study of the Federal Reserve that shows how the institution, while in theory insulated from politics, is in reality anything but. Binder and Spindel persuasively argue that Congress and the Federal Reserve are interdependent entities. . . . Throughout, fascinating graphics depict the interrelationship between the Fed and congressional politics: one chart links the number of bills introduced to govern Fed policy with the unemployment rate. Binder and Spindel convincingly dispel the ‘myth' of the Fed’s independence as one of the Capitol’s urban legends." * Publishers Weekly *"The Myth of Independence is a timely analysis of political and economic countervailing forces that render the Fed and Congress interdependent."---Joseph M. Santos, EH.net

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Book SynopsisAs commodity markets have continued their expansion an extensive and complex financial industry has developed to service them. This industry includes hundreds of participating firms, including asset managers, brokers, consultants, verification agencies and a myriad of other institutions.Table of ContentsPreface xi List of Figures xiii List of Tables xvii Acronyms xxv Part I Commodity Market Dynamics 1 1 Individual Dynamics: From Trends to Risks 3 1.1 Backwardation, Contango and Commodity Risk Premium 9 1.2 Understanding Commodities’ Momenta 13 1.2.1 Persistence of Shocks in Commodities 18 1.2.2 The Nature of Momentum in Commodity Markets 20 1.2.3 Time Series Momentum and the Number and Nature of Regimes 32 1.3 Volatility to Returns Spillovers and Tail Events in Commodities 43 1.3.1 Spillover Effects in Commodity Markets 43 1.3.2 Twenty Years of Jumps in Commodity Markets 51 References 61 2 Cross-Asset Linkages 69 2.1 Common Risk Factors in Commodities 77 2.1.1 Literature Review 78 2.1.2 PCA and the Estimation of the Number of Common Components 80 2.1.3 Empirical Findings 82 2.2 Volatility Spillovers in Commodity Markets 90 2.2.1 The Volatility Spillover Index 96 2.2.2 Four Empirical Applications 98 References 110 Part II Commodities and the Business Cycle 115 3 The Reaction of Commodity Markets to Economic News 117 3.1 Measuring the Impact of Price Discovery on Asset Prices 117 3.2 Key Insights from the Academic Literature 118 3.3 Database of News 119 3.4 An Example: S&P 500, 10Y and USD 121 3.5 Commodity Indices 122 3.6 Dependence on the Business Cycle: NBER Recessions/Expansion Phases 123 3.7 Rolling Analysis 125 3.8 Preliminary Findings 128 3.9 Market-by-Market Analysis 129 3.9.1 Database for Commodity Prices 129 3.9.2 Precious Metals 130 3.9.3 Industrial Metals 132 3.9.4 Energy 135 3.9.5 Agricultural Commodities 138 3.10 Concluding Remarks 143 References 143 4 Economic Regimes and Commodity Markets as an Asset Class 145 4.1 Index Performances, the Fed and the NBER Crises 145 4.2 Measuring the Business Cycle 147 4.3 To Which Business Cycle are the Commodity Markets Related? 148 4.4 Commodity Performances Depending on the Nature of Each Economic Regime 155 4.5 Performance Analysis 160 4.6 Concluding Remarks 167 References 167 Part III Commodities and Fundamental Value 169 5 Cross-Commodity Linkages 177 5.1 A Primer on Granger Causality Testing and Cointegration 177 5.1.1 Granger Causality Testing 177 5.1.2 Cointegration without Structural Breaks 177 5.1.3 Cointegration with Structural Breaks 179 5.2 Dataset and Unit Root Test Results 181 5.3 Cointegration in Agricultural Markets 183 5.3.1 Literature Review 184 5.3.2 Results of Granger Causality Tests for Agricultural Products 188 5.3.3 Cointegration Analyses for Agricultural Products 189 5.3.4 Grains and Soft Commodities 190 5.3.5 Agriculture–Energy Linkage 196 5.4 Cointegration in Industrial Metals Markets 202 5.4.1 Literature Review 203 5.4.2 Results of Granger Causality Tests for Industrial Metals 204 5.4.3 Cointegration Analyses for Industrial Metals 204 5.5 Cointegration in Precious Metals Markets 208 5.5.1 Literature Review 209 5.5.2 Results of Granger Causality Tests for Precious Metals 211 5.5.3 Cointegration Analyses for Precious Metals 212 5.6 Cointegration in Energy Markets 219 5.6.1 Literature Review 220 5.6.2 Results of Granger Causality Tests for Energy Markets 222 5.6.3 Cointegration Analyses for Energy Markets 223 5.6.4 Petroleum Products 225 5.6.5 Oil and Gas Prices 231 5.7 Concluding Remarks 235 References 236 6 Cointegration with Traditional Asset Markets 241 6.1 Dataset and Unit Root Test Results 241 6.2 Cointegration Between the GSCI Sub-Indices, S&P 500 and US 10-Year Rate 241 6.2.1 Literature Review 244 6.2.2 Results of Granger Causality Tests Between the GSCI Sub-Indices, S&P 500 and US 10-Year Rate 245 6.2.3 Cointegration Analyses for the GSCI Sub-Indices, S&P 500 and US 10-Year Rate 246 6.3 Cointegration Between the GSCI Sub-Indices and Exchange Rates 254 6.3.1 Literature Review 254 6.3.2 Results of Granger Causality Tests Between the GSCI Sub-Indices and Exchange Rates 256 6.3.3 Cointegration Analyses for the GSCI Sub-Indices and Exchange Rates 257 6.4 Concluding Remarks 266 References 266 7 Cointegration with Industrial Production and Inflation 269 7.1 Dataset and Unit Root Test Results 269 7.2 Cointegration Between the GSCI Sub-Indices and Industrial Production 269 7.2.1 Literature Review 274 7.2.2 Results of Granger Causality Tests Between the GSCI Sub-Indices and Industrial Production 275 7.2.3 Cointegration Analyses for Industrial Production and Commodity Prices 276 7.3 Cointegration Between the GSCI Sub-Indices, Inflation and Monetary Indices 300 7.3.1 Literature Review 300 7.3.2 Results of Granger Causality Tests Between the GSCI Sub-Indices, Inflation and Monetary Indices 302 7.3.3 Cointegration Analyses for Commodities, Inflation and Monetary Indices 306 7.4 Concluding Remarks 320 References 321 Index 323

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Book Synopsis“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York TimesNAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEKIn this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Stree

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Book SynopsisHow does Manhattan’s 47th Street diamond district thrive as an ethnic marketplace without lawyers, courts, and state coercion? Barak Richman draws on insider interviews to show why relational exchange based on familiarity, trust, and community enforcement succeeds and what it reveals about the modern state’s limitations in governing the economy.Trade ReviewThrough the eternally fascinating lens of the diamond trade, Richman explores the potential, and the shortcomings, of stateless commerce. A solid synthesis and weighty contribution. -- Robert C. Ellickson, Yale Law SchoolOffers new observations and insights into this fascinating world. -- Lee K. Benham * Independent Review *

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Book SynopsisTrade Review"Winner of the István Hont Book Prize, Institute of Intellectual History""An imaginative and intriguing book. . . . [Case’s] book is a dazzling display of erudition, with a little over 200 pages of elegant, witty text supported by a hundred pages of densely packed endnotes."---Jonathan Sperber, Times Literary Supplement"Joining erudition with a poetic if occasionally enigmatic style, this book shivers with the restless spirit of the age it describes."---Ian P Beacock, Los Angeles Review of Books"By systemizing her material into diverse arguments, and letting them contend with each other, Case convincingly shows how each carries a historiographic truth that is as plausible as all the others." * Connections *"This book is a brilliant interrogation of the code in which the nineteenth century tells its contradictory story."---Stefan-Ludwig Hoffmann, Journal of Modern History

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Book SynopsisComplexity science--made possible by modern analytical and computational advances--is changing the way we think about social systems and social theory. Unfortunately, economists' policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, tTrade Review"Colander and Kupers reframe the standard public policy debate in terms of complexity theory and describe their approach as evolutionary... The authors provide a strong case that current positions, government control, and market fundamentalism are inadequate to addressing contemporary social problems... Recommended for public policy specialists who seek a qualitative introduction to complexity theory and its application to social issues."--Jennifer M. Miller, Library Journal "[G]roundbreaking."--Sam McNerney, 250 Words "[A]n inspiring new book... Colander and Kupers's book ought to be on every policy maker's reading list."--Mark Buchanan, Bloomberg View "Complexity and the Art of Public Policy is a milestone in the application of scientific knowledge to problem solving in the real world. If it is widely read and applied, it is not an exaggeration to say that the world will become a better place."--David Sloan Wilson, This View of Life "[I]deal for anyone with a serious interest in economics and public policy."--ValueWalk "This is a must read for anyone interested in understanding the potential of a complexity approach for public and economic policy... It is intellectually stimulating and might inspire new research and applications of social simulation as a policy modelling tool."--Flaminio Squazzoni, JASSSTable of ContentsAcknowledgments vii PART I. THE COMPLEXITY FRAME FOR POLICY Chapter 1. Twin Peaks 3 Chapter 2. Government With, Not Versus, the Market 19 Chapter 3. I Pencil Revisited: Beyond Market Fundamentalism 31 Chapter 4. The Complexity Policy Frame 44 PART II. EXPLORING THE FOUNDATIONS Chapter 5. How Economics Lost the Complexity Vision 67 Chapter 6. How Macroeconomics Lost the Complexity Vision 89 Chapter 7. Complexity: A New Kind of Science? 109 Chapter 8: A New Kind of Complexity Economics? 131 Chapter 9. Nudging toward a Complexity Policy Frame 156 PART III. LAISSEZ-FAIRE ACTIVISM IN PRACTICE Chapter 10. The Economics of Influence 179 Chapter 11. Implementing Influence Policy 195 Chapter 12. Laissez-Faire Activism 214 Chapter 13. Getting the Ecostructure of Government Right 237 PART IV. THE LOST AGENDA Chapter 14. Getting the Ecostructure of Social Science Education Right 259 Chapter 15. The Lost Agenda 270 Notes 281 Bibliography 291 Index 301

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Book SynopsisMost of us know there is a payoff to looking good, and in the quest for beauty we spend countless hours and billions of dollars on personal grooming, cosmetics, and plastic surgery. But how much better off are the better looking? Based on the evidence, quite a lot. The first book to seriously measure the advantages of beauty, Beauty Pays demonstratTrade Review"Since the mid-nineties, Daniel Hamermesh ... has done a series of studies on the role that appearance plays in the workplace, and his conclusion is captured by the title of his recent book, Beauty Pays. In the U.S., he finds, better-looking men earn four per cent more than average-looking men of similar education and experience, and uglier men earn thirteen per cent less... Hamermesh finds that pulchritude is valuable in nearly all professions, not just those where good looks may seem to be an obvious asset."--Jim Surowiecki, New Yorker "This chatty, economist's-eye-view of beauty in the marketplace provides solid statistical evidence that beauty does pay."--Publishers Weekly "An extensive, dizzying compilation of economic data explaining 'why attractive people are more successful.' A 40-year veteran in the field of economics, Hamermesh examines the correlation between beauty and economics... Fascinating."--Kirkus Reviews "[A] no-warts-and-all expose of how attractive people earn more, marry better and enjoy a wealth of positive discrimination."--Anjana Ahuja, Prospect "Daniel Hamermesh ... has long written about 'pulchronomics.' In Beauty Pays he reckons that, over a lifetime and assuming today's mean wages, a handsome working in America might on average make $230,000 more than a very plain one. There is evidence that attractive workers bring in more business, so it often makes sense for firms to hire them. Whether rewarding them accordingly--and paying their less attractive peers more stingily--is good for society is another matter."--Economist "If you live in the west and have lately looked at any magazine, watched any television, seen any movie, common sense would dictate that those who are better looking accrue the benefits of such a genetic roll of the dice. But what exactly those benefits are and if they are measurable is the point of Beauty Pays... [T]his book ... will prove more than just eye candy."--New York Journal of Books "University of Texas labor economist Daniel Hamermesh has devoted a share of his career to the study of physical beauty and how it affects employment and earning potential. In his new book, Beauty Pays, he offers up all sorts of data he's collected over years of work. His broad point, that attractive people enjoy advantages in hiring and earning, will surprise no one. But some of the details packed inside this thoughtful and in some respects quirky and confounding book, are illuminating."--Susan Adams, Forbes "Hamermesh's analysis of empirical studies in his book Beauty Pays appears to suggest that being attractive does, indeed, bring measurable materials benefits... Hamermesh's research appears to have clear implications for policy."--Sunday Times "Economist Daniel Hamermesh argues that ugliness is no different from race or a disability, and suggests unattractive people deserve legal protection."--Luke Salkeld, Daily Mail "Beauty Pays is intriguing and easy to read."--World Magazine "In his book, Hamermesh concludes that better-looking employees are more productive, leading to higher sales and potentially higher profit. [Beauty Pays] also shows how society generates premium pay for beauty and penalties for ugliness. Hamermesh says beautiful people earn $230,000 more in a lifetime than workers with below-average looks."--Sheryl Jean, Dallas Morning News "Professor Daniel Hamermesh ... has investigated the financial benefits of beauty and found that looks have a bigger impact on our lifetime earning power than education. In his book, Beauty Pays, Professor Hamermesh says beautiful people are more likely to get jobs, raises and promotions, and suggests that, over a lifetime, the best-looking workers will earn about 10-15 percent more per year than the ugliest."--Australian Women's Weekly "Looks matter... Labor markets as well as marriage markets, according to Daniel Hamermesh, offer premiums for good looks and penalties for ugliness. In Beauty Pays, Hamermesh assesses the role of appearance in American society, explores the options available to 'looks-challenged' people, and demonstrates that, although it's in its infancy, and is easy to mock, 'pulchronomics' (the economics of beauty) is a serious and significant subject."--Barron's "Beauty Pays is a pleasant and interesting read, but along the way it will challenge many of your preconceptions and leave you wondering why we as a society do not do more to protect those with less desirable looks."--Times Higher Education "For the last 20 years, Texas economist Hamermesh has been intrigued by, and has contributed significant research on, what one may term 'The Economics of Beauty'. This short, provocative, engaging volume takes its audience through the author's previous work and contemporary data, analyses, and impact of being considered good-looking by others on one's labor-market outcomes (employment and compensation); in the social world of friends and family; and even the extent to which one's happiness is affected by the presence (or absence) of looks... Whether at the beach, on an airplane, or in the seminar room, Beauty Pays pays handsome dividends for intelligent lay readers, scholars, and public policy decision makers."--Choice "The book is absorbing and disturbing, for the thought upper most in the mind is 'Am I beautiful (enough).'"--Vaidehi Nathan, Organiser "The real value of this book lies not so much in its synthesis of existing results, but rather in the fact that it collects such results in a single volume. Observing side-by-side the various privileges bestowed upon the beautiful paints a picture that is more than the sum of its parts. Even though some specific results in the book may be driven by omitted variables, others are cleanly identified, and the overall set of studies builds a compelling case for the view that 'beauty pays'--being beautiful is valuable whether you are looking for a job, a loan, or a spouse."--Emir Kamenica, Journal of Economic Literature "Beauty Pays, fascinating read, starts with the important data collection issues and questions... Written by a prominent labor economist, shows the reader why beauty can rightly be under the purview or economists."--Jennifer Tennant, Eastern Economic Journal "Reflecting on a sensitive issue that touches everyone, Beauty Pays proves that beauty's rewards are anything but superficial."--World Book IndustryTable of ContentsPreface ix PART I: Background to Beauty Chapter I: The Economics of Beauty 3 Chapter II: In the Eye of the Beholder 11 Definitions of Beauty 11 Why Do Beauty Standards Matter? 18 How Do We Measure Human Beauty? 19 Do Observers Agree on Beauty? 24 Does Beauty Differ by Gender, Race, or Age? What Makes You Beautiful? 28 Can We Become More Beautiful? 32 The Stage Is Set 35 Part I I: Beauty on the Job: What and Why Chapter III: Beauty and the Worker 39 The Central Questions 39 How Can Beauty Affect Earnings? 40 How Much More Do Good-Looking People Make? 42 Is Beauty the Real Cause? 51 Why Are Beauty Effects Smaller Among Women? 55 Do Beauty Effects Differ by Race? 58 Do Beauty Effects Differ by Age? 59 Compensating the Beauty-Damaged Worker? 61 Looks Matter for Workers 64 Chapter IV Beauty in Specific Occupations 66 Beauty and Choosing an Occupation 66 How Big Are Beauty Effects Where Beauty Might Matter? 72 How Big Are Beauty Effects Where Beauty Might Not Matter? 79 Sorting by Beauty 84 Chapter V: Beauty and the Employer 86 The Puzzles 86 Do Good-Looking Employees Raise Sales? 87 How Does Beauty Affect Profits? 92 How Can Companies Pay for Beauty and Survive? 97 Do Companies with Better-Looking CEOs Perform Better? 98 Beauty Helps Companies--Probably 100 Chapter VI: Lookism or Productive Beauty, and Why? 102 What the Beauty Effect Means 102 How Can Beauty Effects Be Discrimination? 103 How Can Beauty Be Socially Productive? 108 What Are the Sources of Beauty Effects? 111 What Is the Direct Evidence on the Sources? 114 The Importance of Beauty 121 Part I I I: Beauty in Love, Loans, and Law Chapter VII: Beauty in Markets for Friends, Family, and Funds 125 Beyond the Labor Market 125 How Is Beauty Exchanged? 126 How Does Beauty Affect Group Formation? 128 How Does Beauty Affect Dating? 130 How Does Beauty Affect Marriage? 135 Could There Be a Market for Beautiful Children? 141 Does Beauty Matter When You Borrow? 144 Trading Beauty in Unexpected Places 146 Chapter VIII: Legal Protection for the Ugly 148 Fairness and Public Policy 148 What Kinds of Protection Are Possible? 149 How Have Existing Policies Been Used? 154 Is It Possible to Protect the Ugly? 156 What Justifies Protecting the Ugly? 160 What Justifies Not Protecting the Ugly? 163 What Is an Appropriate Policy? 166 Protecting the Ugly in the Near Future 168 Part I V: The Future of Looks Chapter IX Prospects for the Looks-Challenged 171 The Beauty Conundrum 173 Are Beautiful People Happier? 173 What Will Be Beautiful? What Should Be? 175 What Can Society Do? 177 What Can You Do If You're Bad-Looking? 178 Notes 181 Index 203

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Book SynopsisBrings together articles from the publication that helped revolutionize the way "Wall Street" does business. This work is aimed at stimulating dialogue between academic economists wishing to understand the real-world problems of finance and investment professionals wanting to bring the most advanced theoretical work to bear on commerce.Trade Review"[This] volume of outstanding articles. . .should attract both practitioners who want to know what is relevant and useful in financial theory and theoreticians who would like to see how theory is used in practice."—Harry M. Markowitz, 1990 Nobel Laureate in EconomicsTable of ContentsIntroduction3Challenge to Judgment (Fall 1974)7The Dividend Puzzle (Winter 1976)10The Capital Asset Pricing Model and the Market Model (Winter 1981)14Factors in New York Stock Exchange Security Returns, 1931-1979 (Summer 1982)26What Hath MPT Wrought: Which Risks Reap Rewards? (Fall 1983)41Persuasive Evidence of Market Inefficiency (Spring 1985)48What Moves Stock Prices? (Spring 1989)56The Complexity of the Stock Market (Fall 1989)65Beta and Return (Fall 1993)74Performance Evaluation and Benchmark Errors (Summer 1980)87The Trouble with Performance Measurement (Spring 1986)95How to Detect Skill in Management Performance (Winter 1986)101The Implementation Shortfall: Paper versus Reality (Spring 1988)106Continuously Rebalanced Investment Strategies (Fall 1991)112A New Route to Higher Returns and Lower Risks (Fall 1975)119A Global Approach to Money Management (Summer 1976)125How to Win at the Loser's Game (Fall 1978)135A New Paradigm for Portfolio Risk (Fall 1984)143Latane's Bequest: The Best of Portfolio Strategies (Winter 1986)151The Fundamental Law to Active Management (Spring 1989)161The Sharpe Ratio (Fall 1994)169The Invisible Costs of Trading (Fall 1994)179Real Estate: The Whole Story (Spring 1988)189Breaking Tradition in Bond Portfolio Investment (Spring 1975)203The Dividends from Active Bond Management (Spring 1975)209Duration as a Practical Tool for Bond Management (Summer 1977)214Goal Oriented Bond Portfolio Management (Summer 1979)219The Challenge of Analyzing Bond Portfolio Returns (Spring 1980)225The Art of Risk Management in Bond Portfolios (Spring 1981)231The Uses of Contingent Immunization (Fall 1981)241Bond Indexation: The Optimal Quantitative Approach (Spring 1986)246Why Invest in Foreign Currency Bonds? (Summer 1986)250Duration Models: A Taxonomy (Fall 1988)255Convexity and Exceptional Return (Winter 1990)260Non-Parallel Yield Curve Shifts and Immunization (Spring 1992)265Bond Yield Spreads: A Postmodern View (Fall 1992)273Options Can Alter Portfolio Return Distributions (Spring 1981)283Option Portfolio Risk Analysis (Winter 1984)291The Use of Options in Performance Structuring (Summer 1985)296Futures and Alternative Hedge Ratio Methodologies (Spring 1986)311Hedging Corporate Bond Portfolios (Summer 1986)322

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Book Synopsis"[A] magnificent history of money and finance."--New York Times Book Review "Convincingly makes the case that finance is a change-maker of change-makers."--Financial Times In the aftermath of recent financial crises, it's easy to see finance as a wrecking ball: something that destroys fortunes and jobs, and undermines governments and banks. In MoTrade ReviewHonorable Mention for the 2017 Ralph Gomory Prize, Business History Conference One of Financial Times (FT.com) Best Economics Books of 2016 One of Bloomberg's Best Books of 2016 "It is a fascinating thesis, brilliantly illuminated by scores of vivid examples, generously illustrated with a wealth of pictures, comprehensive in its geographical and temporal scope, and in my view almost entirely convincing."--Felix Martin, New York Times Book Review "In Money Changes Everything, Mr. Goetzmann draws on objects in Yale's extensive historical collections to tell his exciting story... His excitement with such artifacts is palpable."--Edward Chancellor, Wall Street Journal "[A]n accessible survey that does a fine job of reallocating past, present, and future."--Kirkus "Let me say simply that everyone who is curious about the history of finance will be richly rewarded by reading this book."--Linda Jubin, Investing.com "Money Changes Everything is ... A tactile and visual history. It is rich with illustrations, and often reported from ground level as Goetzmann travels to dusty European archives or to sites of historical financial significance... Goetzmann's careful, brick-by-brick approach to financial history convincingly makes the case that finance is a change-maker of change-makers."--Pietra Rivoli, Financial Times "In the fallout from the Great Recession, it's been commonplace to vilify those working in the financial-services industry. But Goetzmann argues that finance is a worthwhile endeavor, beyond just earning a ton of money: Its innovations have made the growth of human civilization possible."--Bourree Lam, TheAtlantic.com "Full of fascinating nuggets and extremely well researched."--Tim Harford, Undercover Economist "A remarkable work of synthesis and scholarship, the book affords a deep perspective to anyone trying to grapple with current problems in the role of finance and financial regulation in a civilized society."--Elie Canetti, Finance & Development "Its strength is the effort it makes to set money not only in its economic context, but also in its wider social and cultural setting."--Warwick Lightfoot, Financial World "[A] fascinating book."--Martin Wolf, Financial Times "[A] magnificent history of money and finance."--Minneapolis Star Tribune "Money Changes Everything is a treasure, unequalled in scope, unparalleled in depth of insight... This is a must-read for anyone in finance or who wants to find out what it's about."--Financial Post "A most pertinent and brave publication... This hefty, worthy book, really is a historical eye-opener."--David Marx Book Reviews "A panoramic historical sweep packed with interesting nuggets... All very enjoyable, and I'd say essential for anyone interested in financial history."--Enlightened Economist "Money Changes Everything is altogether a splendid book."--Mark Gamin, D&O Diary Blog "Rigorously researched and extremely enjoyable to read, Money Changes Everything enhances investors' understanding of contemporary markets."--Bruce Grantier, Financial Analysts Journal "William Goetzmann's Money Changes Everything is a thorough look at finance and world history, a 5,000-year journey that demonstrates the pivotal role of free market capitalism in building nations and serving human interests."--Washington Free Beacon "Goetzmann offers an extraordinarily wide-ranging and thorough investigation of financial activity from earliest times to the present day, and his enthusiasm for the subject and his lively writing style make the topic much more engaging than one might expect. The immense breadth of his research means that every reader, no matter how expert in history or finance, will learn much... The book has something for everyone."--Peter Acton, Australian Book Review "The book is replete with fascinating historical tales and figures, including an option payoff diagram developed by Henri Lefevre in the mid-1800s. Well-written and engaging, Goetzmann's book is a wonderful resource for those interested in learning more about the historical role of finance and its potential for addressing future challenges."--Choice "Goetzmann weaves his expertise in finance, architecture, archaeology, sinology, and art history into a wonderfully rich tapestry. Goetzmann's enthusiasm for his topic is infectious... Goetzmann has written a wonderfully erudite book in a way which is accessible to a wide audience. This book should be compulsory reading for all finance professionals and anyone with an interest in economics, finance, or history. If you want to understand how money changes everything, then Goeztmann's magnum opus is a must-read."--John D Turner, Economic History Review "This fascinating book rehabilitates finance by examining its 5,000 years of history."--Martin Wolf, Financial TimesTable of ContentsAcknowledgments vii Introduction 1 Part I From Cuneiform to Classical Civilization 15 1 Finance and Writing 19 2 Finance and Urbanism 31 3 Financial Architecture 46 4 Mesopotamian Twilight 65 5 Athenian Finance 73 6 Monetary Revolution 92 7 Roman Finance 103 Part II The Financial Legacy of China 137 8 China's First Financial World 143 9 Unity and Bureaucracy 167 10 Financial Divergence 194 Part III The European Crucible 203 11 The Temple and Finance 207 12 Venice 221 13 Fibonacci and Finance 238 14 Immortal Bonds 249 15 The Discovery of Chance 258 16 Efficient Markets 276 17 Europe, Inc. 289 18 Corporations and Exploration 305 19 A Projecting Age 320 20 A Bubble in France 347 21 According to Hoyle 363 22 Securitization and Debt 382 Part IV The Emergence of Global Markets 401 23 Marx and Markets 405 24 China's Financiers 423 25 The Russian Bear 443 26 Keynes to the Rescue 454 27 The New Financial World 467 28 Re-Engineering the Future 493 29 Post-War Theory 504 Conclusion 519 Notes 523 Bibliography 541 Illustration Credits 555 Index 557

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Book SynopsisTrade Review"One of Foreign Affairs' Picks for Best of Books 2018""One of Marketwatch's Nonfiction Best of 2018 Books""A book about central banking that begins with Britain’s vote to leave the European Union, America’s election of Donald Trump as president and Continental Europe’s rising populism is starting in the right place. That alone gives Paul Tucker’s Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State a claim as one of the more perceptive books on his subject in recent years."---Joseph C. Sternberg, Wall Street Journal"Tucker is refreshingly honest about the problem: across a range of different countries, central bankers have become 'overmighty citizens'. The contract between them and the people they are supposed to serve needs to be rewritten."---Ed Conway, The Times"A comprehensive and thoughtful guide to the limits of . . . unelected power."---Peter Thal Larsen, Reuters Breakingviews"Tucker is refreshingly upfront about central bankers’ acquisition of power."---Desmond King, Financial Times"Candidates to succeed [Governor Carney] . . . should work their way through Unelected Power. They will then have some thinking to do."---Christopher Fildes, Standpoint"[Unelected Power] is of fundamental importance to anyone interested in the future of liberal democracy."---Felix Martin, New Statesman"[As] Paul Tucker . . . discusses in [his] masterful recent book . . . the argument for democratic delegation is a subtle one."---Dani Rodrik, Project Syndicate"Paul Tucker . . . [has] published a massive, thoughtful account . . . [which] sets out some bold [principles] for first order agencies, like the Bank of England."---Anthony Barnett, openDemocracy"Unelected Power brings Tucker’s experience and intellect to bear on a controversial issue that has hitherto been underexplored."---Martin Vander Weyer, Literary Review"In this important books, Paul Tucker, a former deputy governor of the Bank of England, analyses where and how to delegate . . . responsibilities, and where and when such delegation risks undermining democratic legitimacy itself."---Martin Wolf, Financial Times"[Tucker] has produced this long and meaty book, which is all the better for not focusing simply – as too many central bankers do – on central banks. . . . Unelected Power is likely to be a standard reference work for those thinking about the design of central banks for decades to come. Many legislators could no doubt benefit from it too."---Michael Reddell, Central Banking Journal"Tucker has advanced public understanding by explaining why legitimacy is essential for central banks and elucidating the problems of achieving it. Unelected Power is a serious and important piece of work, which students of central banking cannot ignore."---William Allen, Financial World"A terrific book."---Anil Padmanabhan, liveMint"Profoundly important. . . . [Tucker’s] practical experience with the tensions he addresses, combined with his distance from conventional academic disciplines, makes his writing both more accessible and more convincing than much of what is produced by administrative-law specialists and political scientists. . . . In the wake of the financial crisis of 2008, policymakers continue to reassess the ways in which government and the financial sector interact. Democratic institutions are facing a reappraisal in light of the widespread populism of the past few years. Tucker’s arguments ought to be carefully considered. Of the many books written by those involved in responding to the financial crisis, his may deserve the longest shelf life."---Lawrence Summers, Washington Post"Tucker’s synthesis of economics, law, political science, and political philosophy is prodigious, and his experience on the front lines of fighting the global financial crisis is imposing. And yet, what is most distinctive about the book is its humility. Tucker’s worry that he and his ilk have become 'overmighty citizens' is palpable, and he takes seriously the idea that bureaucrats must ultimately be servants rather than masters. . . . His attitude comes from a kind of modern sense of noblesse oblige, heavy on the obligation. Let us hope Tucker can inspire others who wield unelected power to feel and act on this sense as much as he does."---Philip A. Wallach, American Interest"Unelected Power is likely to be a standard reference work for those thinking about the design of central banks for decades to come. Many legislators could no doubt benefit from it too."---Michael Reddell, Central Banking Journal"There is much to admire in the ambition of Tucker’s argument, and in the clarity of his analysis." * Survival *"Unelected Power . . . runs the gamut from philosophy, to politics, to economics and back again. This is much more than a policymaker’s set of memoirs, this is a manual for righting some wrongs."---Mark Blyth, Rhodes Center Podcast"[It] shows how central banks have become a huge part of what [Tucker] calls the administrative state."---Daniel Ben-Ami, Spiked"This is an admirably written book, very enjoyable to read, to be strongly recommended to anyone interested in central banking and its place in our economic and political systems. The principles enunciated by the author are convincing and clear."---Ernst Baltensperger, Journal of Economics"Would Greta Thunberg enjoy Tucker’s book? Maybe not, but she might benefit from reading it . . . . Any solution will have to be driven by, and underpinned by, a political process. After reading Tucker’s book, Greta may realise that this, too, is good."---Benedict King, FiveBooks"[Unelected Power] is a welcome contribution to current debates on central bank independence. . . . [Tucker's] vision of central bank independence is likely to be invoked and contested in the years to come."---Jens van ‘t Klooster, Economics and Philosophy

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Book SynopsisTrade Review"Winner of the Max Weber Book Award, Organizations, Occupations, and Work Section of the American Sociological Association""Longlisted for the 2018 Spirited Awards Best New Book on Drinks, Culture, History, or Spirits, Tales of the Cocktail"

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Book SynopsisTrade Review"A fascinating study of an overlooked topic."---Andrew Stuttaford, Wall Street Journal"[Bankers and Bolsheviks] is lucidly written, meticulously researched and painstakingly edited. It meets its stated aim of usefully filling a gap in the historiography of the Russian revolution."---Francis King, European History Quarterly

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Book SynopsisThe United Kingdom has never had an easy relationship with its capital. Far and away the wealthiest and most populous city in the country, London is the political, financial and cultural centre of the UK and it is responsible for almost a quarter of its economic output. Yet the city's insatiable growth and perceived political dominance have caused national leaders grave concern for hundreds of years. This 'London as problem' perception has only increased as the city has become busier, dirtier and ever more powerful. The recent resurgence in anti-London sentiment and plans to rebalance power away from the capital should not be a surprise in a nation still feeling the effects of austerity. But will it be different this time? Will HS2 or the plan to move the House of Lords to northern England really redistribute power and wealth? Published on the eve of the delayed mayoral elections and in the wake of the greatest financial downturn in generations, London and the UK asks whether the capital's relentless growth and stranglehold on commerce and culture will ever leave room for other regions to compete.Trade Review"Brown’s concise, fact-filled meditation on The London Problem seeks to dispel some of the myths that motivate this antipathy." * Times Literary Supplement *"Far from being a simple screed decrying the messy – and unquestionably imperfect – metropolis, the book carefully dissects the long feud between an aggrieved country and its much-maligned capital. . . . Brown lucidly and expertly unpicks the untruths, spin and bluster that make many in the ’burbs bemoan the Big Smoke." * Monocle Minute *"Concise yet hugely informative. . . For anyone (Londoner or not) who wants to avoid the myths about the capital and engage in an informed and constructive debate about fixing regional inequality, reading The London Problem would be an excellent place to start." * On London *"If you want a book packed full of useful soundbites, supported by footnotes for when your facts are challenged at the dinner table, or want to get a clearer understanding of the issues, then this is a refreshingly digestible book to read." * ianVisits blog *"The London Problem does not deny the strength of anti-London sentiments but locates responsibility for such views in the long-term failure of government regional policy and the degree to which the UK is a highly centralized state. The book is a welcome corrective to some of the unjustified anti-London sentiments that have captured certain sections of political and public opinion." * The London Journal *"Aziz BineBine’s book about his own incarceration, which lasted eighteen years, is an intimate memoir that nonetheless forces us beyond the prison gates to consider a century of turmoil in Morocco and the rise of the dungeon culture to which he fell prey." * London Review of Books *"As post-covid London faces a suddenly uncertain future, we can welcome a sensible and refreshing balancing of its weaknesses and strengths. This book's message is clear, that Britain is about to need London's strengths more than ever." -- Simon Jenkins

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Book SynopsisCartoon essays by the American champion of liberal values.

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Book SynopsisTrade Review"Catão and Obstfeld's book offers valuable insights into what globalization can and cannot deliver. The rich diversity of perspectives among a distinguished cast of contributors makes these collective readings unique, stimulating, and informative to policymakers, academics, and the general public at large."—Carmen M. Reinhart, coauthor of This Time Is Different: Eight Centuries of Financial Folly"Bringing together leading experts who lay out the key issues we face today, Meeting Globalization's Challenges offers a nuanced, insightful, and balanced exploration that will serve as an invaluable reference."—Pinelopi Goldberg, Chief Economist, World Bank Group, and Elihu Professor of Economics, Yale University"This is an extremely topical book that brings together an impressive group of top economists to discuss pressing issues related to globalization. A superb overview of a controversial subject."—Douglas A. Irwin, author of Clashing over Commerce: A History of US Trade Policy"Economists tend to believe that globalization has been good for humanity. The public often thinks it brings inequality, unemployment, and social instability. This important book explains how to reconcile these different perspectives with fresh thinking about how the benefits of globalization can be preserved while the risks can be better managed."—Minouche Shafik, director of the London School of Economics, former deputy governor of the Bank of England

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