Macroeconomics Books
Walter de Gruyter Die Wirtschaft: Volkswirtschaftslehre Für Eine
Book Synopsis
£40.46
Walter de Gruyter Geldtheorien
Book Synopsis
£93.46
Mohr Siebeck Kontrollierte Unabhangigkeit
Book Synopsis
£97.24
Kohlhammer W. Wirtschaftsliberalismus
Book Synopsis
£26.10
Kohlhammer Wirtschaftliche Zeitenwende
Book Synopsis
£25.60
Kohlhammer W. Wirtschaft Und Evolution
£22.50
£42.74
The University of Chicago Press International Aspects of Fiscal Policies NBER
Book SynopsisThis volume brings together nine papers from a conference on international macroeconomics sponsored by the NBER in 1985. International economists as well as graduate students in the fields of global monetary economics, finance, and macroeconomics will find this an outstanding contribution to current research. It includes two commentaries for each paper, written by experts in the field, and Frenkel's detailed introduction, which serves as a reader's guide to the arguments made, the models employed, and the issues raised by each contributor. The studies analyze national fiscal policies within the context of the international economic order. Malcolm D. Knight and Paul R. Masson use an empirical model to show that fiscal changes in recent years in the United States, West Germany, and Japan have caused major disturbances in net savings and investment flows. Linda S. Kole uses a two-country simulation model to examine the effects of a large nation's expansion on exchange rates, interest rate
£87.40
The University of Chicago Press NBER Macroeconomics Annual 2016 NBER National
Book SynopsisThe thirty-first edition of the NBER Macroeconomics Annual features theoretical and empirical research on central issues in contemporary macroeconomics. The first two papers are rigorous and data-driven analyses of the European financial crisis. The third paper introduces a new set of facts about economic growth and financial ratios as well as a new macrofinancial database for the study of historical financial booms and busts. The fourth paper studies the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate. The fifth paper explores the distinctions between models of price setting and associated nominal frictions using data on price setting behavior. The sixth paper considers the possibility that the economy displays nonlinear dynamics that lead to cycles rather than long-term convergence to a steady state. The volume also includes a short paper on the decline in the rate of global economic growth.
£21.00
The University of Chicago Press Macroeconomics A Neoclassical Introduction
Book SynopsisMerton Miller, winner of the 1990 Noble Prize for Economics, is the Robert R. McCormick Distinguished Service Professor in the Graduate School of Business at the University of Chicago.
£34.20
The University of Chicago Press A Rational Expectations Approach to
Book SynopsisA Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
£24.00
The University of Chicago Press Parental Priorities and Economic Inequality
Book SynopsisArguing that parental actions are important sources of wealth inequality, this book examines the transmission of economic status from one generation to another by constructing a model of parental preferences. It offers evidence on the intergenerational transfer of consumption, earnings and wealth.
£38.00
The University of Chicago Press Nber Macroeconomics Annual 2017
Book SynopsisVolume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard's keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations.
£64.12
The University of Chicago Press Class War What Americans Really Think about
Book SynopsisPresents evidence that most Americans favor free enterprise and practical government programs to distribute wealth more equitably. This book provides a popular mandate to combat the economic inequity that plagues the nation.Trade Review"Innovative and fascinating, Class War? is the only book I know of that investigates public attitudes about inequality with an open mind. Benjamin Page and Lawrence Jacobs make a sensible, lucid, and broadly persuasive argument that although Americans tend to identify with conservative philosophies, they also favor egalitarian policies when those policies are presented in pragmatic terms." - James K. Galbraith, author of The Predator State"
£42.75
The University of Chicago Press Class War
Book SynopsisPresents evidence that most Americans favor free enterprise and practical government programs to distribute wealth more equitably. This book provides a popular mandate to combat the economic inequity that plagues the nation.Trade Review"Innovative and fascinating, Class War? is the only book I know of that investigates public attitudes about inequality with an open mind. Benjamin Page and Lawrence Jacobs make a sensible, lucid, and broadly persuasive argument that although Americans tend to identify with conservative philosophies, they also favor egalitarian policies when those policies are presented in pragmatic terms." - James K. Galbraith, author of The Predator State"
£19.00
The University of Chicago Press NBER Macroeconomics Annual 2018 Volume 33 NBER
Book SynopsisThis volume contains six studies on current topics in macroeconomics. The first shows that while assuming rational expectations is unrealistic, a finite-horizon forward planning model can yield results similar to those of a rational expectations equilibrium. The second explores the aggregate risk of the U.S. financial sector, and in particular whether it is safer now than before the 2008 financial crisis. The third analyzes factorless income, output that is not measured as capital or labor income. Next, a study argues that the financial crisis increased the perceived risk of a very bad economic and financial outcome, and explores the propagation of large, rare shocks. The next paper documents the substantial recent changes in the manufacturing sector and the decline in employment among prime-aged Americans since 2000. The last paper analyzes the dynamic macroeconomic effects of border adjustment taxes.
£64.60
The University of Chicago Press Fully Grown
Book SynopsisMost economists would agree that a thriving economy is synonymous with GDP growth. The more we produce and consume, the higher our living standard and the more resources available to the public. This means that our current era, in which growth has slowed substantially from its postwar highs, has raised alarm bells. But should it? Is growth actually the best way to measure economic success--and does our slowdown indicate economic problems? The counterintuitive answer Dietrich Vollrath offers is: No. Looking at the same facts as other economists, he offers a radically different interpretation. Rather than a sign of economic failure, he argues, our current slowdown is, in fact, a sign of our widespread economic success. Our powerful economy has already supplied so much of the necessary stuff of modern life, brought us so much comfort, security, and luxury, that we have turned to new forms of production and consumption that increase our well-being but do not contribute to growth in GDP. Trade Review"For the past decade, Robert Gordon has written about the rise and fall of American growth, praising the first in our past that was and lamenting the second in our present that is. Now comes Vollrath with a lively, accurate, and essential corrective to Gordon's pessimism: growth is slow today, he demonstrates, not because our economy is failing but because our economy has succeeded."--Brad DeLong, University of California, Berkeley "Vollrath offers a provocative new explanation of the slowdown in economic growth experienced by the US economy during the past two decades: we are a victim of our own success. Rising leisure, declining fertility, and the shift out of manufacturing into services explain the bulk of the slowdown in aggregate income growth. Each is a feature of a mature, developed economy, and in that sense, the slowdown may be a symbol of success rather than a sign of failure. Brilliantly supported by the latest research and engagingly presented, Fully Grown provides a startling, novel assessment of economic growth in the 21st century." --Chad Jones, Stanford University
£24.00
The University of Chicago Press Measuring and Accounting for Innovation in the
Book SynopsisMeasuring innovation is a challenging task, both for researchers and for national statisticians, and it is increasingly important in light of the ongoing digital revolution. National accounts and many other economic statistics were designed before the emergence of the digital economy and the growth in importance of intangible capital. They do not yet fully capture the wide range of innovative activity that is observed in modern economies. This volume examines how to measure innovation, track its effects on economic activity and on prices, and understand how it has changed the structure of production processes, labor markets, and organizational form and operation in business. The contributors explore new approaches to and data sources for measurement, such as collecting data for a particular innovation as opposed to a firm and using trademarks for tracking innovation. They also consider the connections between university-based R&D and business start-ups and the potential impacts of innoTrade Review"For those of us interested in the need to measure better—which means understanding better—the increasingly intangible economy, this is a really interesting book. It covers the waterfront from conceptual frameworks down to nitty gritty measurement questions." * Diane Coyle, Enlightened Economist *"Despite their wide range, the essays in this book add up to a fascinating glimpse of an emerging new understanding of the twenty-first century economy, like a distant building taking shape as you approach it on a foggy day. They also underline the importance of research on statistics describing the economy. . . . A valuable contribution to the task of understanding the world innovation is creating." * Business Economics *Table of ContentsPrefatory NoteIntroduction Carol Corrado, Jonathan Haskel, Javier Miranda, and Daniel Sichel I. Expanding Current Measurement Frameworks1. Expanded GDP for Welfare Measurement in the Twenty-First Century Charles Hulten and Leonard I. Nakamura2. Measuring the Impact of Household Innovation Using Administrative Data Javier Miranda and Nikolas Zolas3. Innovation, Productivity Dispersion, and Productivity Growth Lucia Foster, Cheryl Grim, John C. Haltiwanger, and Zoltan Wolf II. New Approaches and Data4. How Innovative Are Innovations? A Multidimensional, Survey-Based Approach Wesley M. Cohen, You-Na Lee, and John P. Walsh5. An Anatomy of US Firms Seeking Trademark Registration Emin M. Dinlersoz, Nathan Goldschlag, Amanda Myers, and Nikolas Zolas6. Research Experience as Human Capital in New Business Outcomes Nathan Goldschlag, Ron Jarmin, Julia Lane, and Nikolas Zolas III. Changing Structure of the Economy7. Measuring the Gig Economy: Current Knowledge and Open Issues Katharine G. Abraham, John C. Haltiwanger, Kristin Sandusky, and James R. Spletzer8. Information and Communications Technology, R&D, and Organizational Innovation: Exploring Complementarities in Investment and Production Pierre Mohnen, Michael Polder, and George van Leeuwen9. Digital Innovation and the Distribution of Income Dominique Guellec IV. Improving Current Measurement Frameworks10. Factor Incomes in Global Value Chains: The Role of Intangibles Wen Chen, Bart Los, and Marcel P. Timmer11. Measuring Moore’s Law: Evidence from Price, Cost, and Quality Indexes Kenneth Flamm12. Accounting for Innovations in Consumer Digital Services: IT Still Matters David Byrne and Carol Corrado13. The Rise of Cloud Computing: Minding Your Ps, Qs, and Ks David Byrne, Carol Corrado, and Daniel Sichel14. BEA Deflators for Information and Communications Technology Goods and Services: Historical Analysis and Future Plans Erich H. Strassner and David B. Wasshausen Contributors Author Index Subject Index
£106.40
The University of Chicago Press Economic Policy Beyond the Headlines
Book SynopsisDrawing on their experience as government insiders, the authors of this book show how economic policy is shaped at the highest levels of government. They reveal the interconnections between economic, social and international policy, covering such issues as the advocacy system.
£27.00
The University of Chicago Press Bettering Humanomics
Book SynopsisDeirdre Nansen McCloskey's latest meticulous work examines how economics can become a more human science. Economic historian Deirdre Nansen McCloskey has distinguished herself through her writing on the Great Enrichment and the betterment of the poornot just materially but spiritually. In Bettering Humanomics she continues her intellectually playful yet rigorous analysis with a focus on humans rather than the institutions. Going against the grain of contemporary neo-institutional and behavioral economics which privilege observation over understanding, she asserts her vision of humanomics, which draws on the work of Bart Wilson, Vernon Smith, and most prominently, Adam Smith. She argues for an economics that uses a comprehensive understanding of human action beyond behaviorism. McCloskey clearly articulates her points of contention with believers in imperfections, from Samuelson to Stiglitz, claiming that they have neglected scientific analysis in their haste to diagnose the ills of the system. In an engaging and erudite manner, she reaffirms the global successes of market-tested betterment and calls for empirical investigation that advances from material incentives to an awareness of the human within historical and ethical frameworks. Bettering Humanomics offers a critique of contemporary economics and a proposal for an economics as a better human science.Trade ReviewDeirdre Nansen McCloskey latest meticulous work examines how economics can become a more "human" science"Can we have economic thought that focuses on people and tries to understand rather than merely observe? Rejecting contemporary trends, McCloskey paves the way to an economics dedicated to the betterment of human lives." * The Bookseller *“There is no doubting the extraordinary breadth and depth of [McCloskey’s] knowledge... A critique by someone who knows what she’s talking about.” * The Enlightened Economist *“This book presents a series of arguments for improving academic enquiry through the lens of 'humanomics.' For economists, or other academics, who haven’t come across humanomics before, it is in essence a combination of the rigorous tools of economics with more human elements such as the critical perspectives that are often found in the humanities. Pioneers of this approach include 'the father of economics,' Adam Smith, Nobel prizewinner Vernon Smith and experimental economist Bart Wilson. . . McCloskey presents compelling arguments that economic agents are not merely attempting to maximise their utility, but are influenced by other factors such as the power of words.” * Times Higher Education *Best Summer Books of 2021 "What economics needs to fulfil its unparalleled potential as the premier science of human progress, [McCloskey] insists, is the rediscovery of its origins as the discipline that successfully marries the methods of the sciences and the humanities. In Bettering Humanomics, a sparkling cameo of a book, she offers a summary of this, her life-long project. The result is a richly allusive account of what such a combination — 'humanomics', as she calls it — looks like, and why it offers a better guide to understanding where prosperity ultimately comes from and what policymakers can do to help it on its way." * Financial Times *“This new book quite seriously advances the continuing conversation in humanomics. It discovers Adam Smith and resumes a path that McCloskey has so magnificently helped to reinvigorate in the last half century.” -- Vernon Smith, Chapman University and 2002 Nobel Laureate in Economics“How is economic science going to progress? By embracing ethics, the humanities, and language as part of the tool kit alongside mathematics—and recognizing that economists should never try to be social engineers because they are part of the societies they study. McCloskey makes a compelling case for economics for humans—and offers some hope that the discipline is tilting in that direction.” -- Diane Coyle, University of Cambridge"Provocative, bold, ironic, erudite, and above all, well-written." * Metascience *Table of ContentsPreface Part I. The Proposal Chapter 1. Humanomics and Liberty Promise Better Economic Science Chapter 2. Adam Smith Practiced Humanomics, and So Should We Chapter 3. Economic History Illustrates the Problems with Nonhumanomics Chapter 4. An Economic Science Needs the Humanities Chapter 5. It’s Merely a Matter of Common Sense and Intellectual Free Trade Chapter 6. After All, Sweet Talk Rules a Free Economy Chapter 7. Therefore We Should Walk on Both Feet, Like Ludwig Lachmann Chapter 8. That Is, Economics Needs Theories of Human Minds beyond Behaviorism Part II. The Killer App Chapter 9. The Killer App of Humanomics Is the Evidence That the Great Enrichment Came from Ethics and Rhetoric Chapter 10. The Dignity of Liberalism Did It Chapter 11. Ideas, Not Incentives, Underlie It Chapter 12. Even as to Time and Location Chapter 13. The Word’s the Thing Part III. The Doubts Chapter 14. Doubts by Analytic Philosophers about the Killer App Are Not Persuasive Chapter 15. Nor by Sociologists or Political Philosophers Chapter 16. Nor Even by Economic Historians Notes Works Cited Index
£27.00
The University of Chicago Press TradeOffs An Introduction to Economic Reasoning
Book SynopsisBy considering both the costs and benefits of potential policy solutions, the author stresses that real-world decision making is best served by an explicit recognition of as many trade-offs as possible. He incorporates developments in policy debates, including the rise of new paternalism, or policies designed to protect people from themselves.Trade Review"With shrewd verbal reasoning, Harold Winter brings home a number of concepts the general public has difficulty digesting.... This precious little book will become widespread reading in basic courses on economics, but every sensible person interested in societal matters and not familiar with law and economics issues should also read it." (History of Economic Ideas)"
£24.00
McGill-Queen's University Press Social Democracy Capitalism and Competition
Book SynopsisOur social democracies and welfare states are facing challenges that threaten their very survival. Boyer argues that a true social democracy requires a clear definition and a refocusing of the roles of the public and private sectors in the provision of public and social goods and services – a reimagining that keeps citizens’ best interest in focus.Trade Review“This book is a spirited defence of capitalism , written by one of the leading authorities in the field. Its aim is to explain how economics, if used properly and fully understood, can enhance individual and social welfare. Social Democracy, Capitalism, and Competition will appeal to anyone interested in public policy and economics, and will be a very useful source of material for class discussion.” Michael Wickens, University of York
£29.45
Columbia University Press Wall Streeters
Book SynopsisMany of Wall Street's contemporary trends can be traced back to the work of fourteen critical figures who wrote, and occasionally broke, the rules of American finance. Edward Morris details Wall Street's transformation from a clubby enclave of financiers to a symbol of vast economic power.Trade ReviewWall Streeters is a long overdue book by a highly respected student of American finance. Readers of this book will develop a fuller understanding of how and why Wall Street has become what it is today. -- George H. Walker III, former chairman, Stifel, Nicolaus & Co. and former United States Ambassador to Hungary Enjoyable to read, easy to understand, Wall Streeters is a compendium of the last 150 years of ups and downs in American finance. Ed Morris uses the informative lens of biography to bring this history alive, and they are all here, from the saints to the sinners. Along the way readers will learn the value of finance to our nation, despite Wall Street's problems. -- David Cowen, president, Museum of American Finance Wall Streeters is a wonderful narrative review and an interesting read. This book will be very significant for students, academics, and investment professionals if they want to understand and learn from the mistakes of the past. -- Victor Ricciardi, Goucher College A worthwhile read for those looking to understand the roots of the financial crisis and the present state of the economy. Publishers Weekly [Morris] puts a human face on Wall Street... Experienced Wall Streeters will enjoy this book. Students of finance should be required to read it. -- Brenda Jubin Seeking Alpha [A] retelling of the careers and the personalities... who formed today's world of high finance. -- Dale Singer St. Louis Post-Dispatch A fast and timely primer on how the US got the financial markets it has today... [Wall Streeters] is a book that every college student, baby boomer and voter ought to read. -- Jim Prout Financial HistoryTable of ContentsAcknowledgments Preface 1. J. Pierpont Morgan: Jupiter Part I: Reformers 2. Paul M. Warburg: Daddy Warbucks 3. Carter Glass: Unreconstructed Rebel 4. Ferdinand Pecora: Hellhound of Wall Street Part II: Democratizers 5. Charles E. Merrill: The People's Capitalist 6. John C. Bogle: Saint Jack Part III: Academics 7. Georges F. Doriot: Dream Builder 8. Benjamin Graham: Dean of Wall Street 9. Myron S. Scholes: Professor of Derivatives Part IV: Financial Engineers 10. Alfred Winslow Jones: Financial Hippie 11. Michael R. Milken: Junk Bond King 12. Lewis Ranieri: Father of Securitization Part V: Empire Builders 13. William H. Donaldson: Entrepreneur 14. Sanford I. Weill: Conglomerateur Conclusion Notes Suggestions for Further Reading Index
£22.50
Columbia University Press Too Little Too Late The Quest to Resolve
Book SynopsisThe current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem.Trade ReviewThe international debt regime desperately needs fixing. The debate over how to fix it, for its part, desperately needs systematic analysis, which is precisely what we get from this important volume. Critics of the current regime may not agree with everything proposed here, but they cannot afford to ignore it. -- Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley In a world awash with debt, effective procedures for restructuring excessive debt burdens are essential but sorely lacking when it comes to sovereign borrowers. Better arrangements which can benefit both debtors and creditors need to reflect economic, legal, and political considerations. Too Little, Too Late pulls together powerful insights from each of these disciplines, and makes a major contribution to a crucially important policy debate. -- Adair Turner, author of Between Debt and the Devil: Money, Credit, and Fixing Global Finance Addressing the longstanding question of whether it is possible to improve the methods and legal/institutional framework for sovereign debt restructuring, this book answers in the affirmative and provides a number of concrete proposals for how this might be accomplished. With strong analytical chapters from preeminent scholars and practitioners, this book will appeal to academic and policy audiences alike. -- Jeremiah Pam, Columbia University Well timed... An excellent resource on a topic likely to become important in the near future. Financial Analyst JournalTable of ContentsAcknowledgments Introduction, by Martin Guzman, Jose Antonio Ocampo, and Joseph E. Stiglitz Part I: General Issues of Sovereign Debt Restructuring 1. Creating a Framework for Sovereign Debt Restructuring that Works, by Martin Guzman, Jose Antonio Ocampo, and Joseph E. Stiglitz 2. Sovereign Debt of Developing Countries: Overview of Trends and Policy Perspectives, by Marilou Uy and Shichao Zhou 3. Private Creditor Power and the Politics of Sovereign Debt Governance, by Skylar Brooks and Domenico Lombardi Part II: Two Case Studies: Argentina and Greece 4. From the Pari Passu Discussion to the Illegality of Making Payments, by Sergio Chodos 5. Greek Debt Denial: A Modest Debt Restructuring Proposal and Why It Was Ignored, by Yanis Varoufakis Part III: Improvements to the Contractual Approach 6. Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds, by Anna Gelpern, Ben Heller, and Brad Setser 7. Contractual and Voluntary Approaches to Sovereign Debt Restructuring: There Is Still More to Do, by Richard Gitlin and Brett House 8. Sovereign Debt Restructuring: A Coasean Perspective, by James A. Haley 9. Creditor Committees in Sovereign Debt Restructurings: Understanding the Benefits and Addressing Concerns, by Timothy B. DeSieno Part IV: Proposals for a Multinational Framework for Sovereign Debt Restructuring: Principles, Elements, and Institutionalization 10. A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument, by Jose Antonio Ocampo 11. Toward a Multilateral Framework for Recovery from Sovereign Insolvency, by Barry Herman 12. Making a Legal Framework for Sovereign DebtRestructuring Operational, by Jurgen Kaiser 13. Perspectives on a Sovereign Debt Restructuring Framework: Less Is More, by Richard A. Conn Jr. 14. Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute?, by Robert Howse 15. Debts, Human Rights, and the Rule of Law: Advocating a Fair and Efficient Sovereign Insolvency Model, by Kunibert Raffer Contributors Index
£54.40
Columbia University Press How Much Inequality Is Fair
Book SynopsisHow Much Inequality Is Fair? synthesizes concepts from economics, political philosophy, game theory, information theory, statistical mechanics, and systems engineering into a mathematical framework for a fair free-market society. Venkat Venkatasubramanian compares his theory’s predictions to actual inequality data and discusses its implications.Trade ReviewVenkat Venkatasubramanian's unusual argument, which draws on both mathematical and philosophical principles to propose a model of a fair society, is itself worthy of remark. Whether or not you agree with it, it is clearly and fairly presented. It's one of the best books of its kind. -- Simon DeDeo, Carnegie Mellon University A thoughtful book, with unique philosophical insights, that is refreshing for the ways in which it is different from standard economic theory. It addresses one of the major questions of our day-indeed, of the past two hundred years-and does so in a readable, thought-provoking way. -- Robert Axtell, George Mason UniversityTable of ContentsList of TablesList of FiguresPreface1. Extreme Inequality in Income and Wealth2. Foundational Principles of a Fair Capitalist Society3. Distributive Justice in a Hybrid Utopia4. Statistical Thermodynamics and Equilibrium Distribution5. Fairness in Income Distribution6. Global Trends in Income Inequality: Theory Versus Reality7. What Is Fair Pay for Executives?8. Final Synthesis and Future DirectionsNotesBibliographyIndex
£69.26
Columbia University Press How Much Inequality Is Fair
Book SynopsisHow Much Inequality Is Fair? synthesizes concepts from economics, political philosophy, game theory, information theory, statistical mechanics, and systems engineering into a mathematical framework for a fair free-market society. Venkat Venkatasubramanian compares his theory’s predictions to actual inequality data and discusses its implications.Trade ReviewVenkat Venkatasubramanian’s unusual argument, which draws on both mathematical and philosophical principles to propose a model of a fair society, is itself worthy of remark. Whether or not you agree with it, it is clearly and fairly presented. It’s one of the best books of its kind. -- Simon DeDeo, Carnegie Mellon UniversityA thoughtful book, with unique philosophical insights, that is refreshing for the ways in which it is different from standard economic theory. It addresses one of the major questions of our day—indeed, of the past two hundred years—and does so in a readable, thought-provoking way. -- Robert Axtell, George Mason UniversityStands out in originality, interdisciplinary focus, and crisp phrasing. * Journal of Philosophical Economics *Table of ContentsList of TablesList of FiguresPreface1. Extreme Inequality in Income and Wealth2. Foundational Principles of a Fair Capitalist Society3. Distributive Justice in a Hybrid Utopia4. Statistical Thermodynamics and Equilibrium Distribution5. Fairness in Income Distribution6. Global Trends in Income Inequality: Theory Versus Reality7. What Is Fair Pay for Executives?8. Final Synthesis and Future DirectionsNotesBibliographyIndex
£20.90
Columbia University Press Sovereign Wealth Funds in Resource Economies
Book SynopsisSovereign Wealth Funds in Resource Economies explains the fiscal rules and institutional structures that can make SWFs thrive, providing a practical and theoretical guide to their optimal use in resource-revenue management. Khalid Alsweilem and Malan Rietveld's institutional perspective examines both investment and disbursement strategies.Trade ReviewIn linking the theoretical and practical issues regarding sovereign wealth funds, the authors provide insight and knowledge few others can match. This is a readable and ambitious book-a manifesto for how to think about sovereign wealth funds in the twenty-first century. -- Gordon L. Clark, University of OxfordTable of ContentsAcknowledgments List of Tables and Figures Introduction Part I. An Institutional Perspective on Resource Economies and the Role of Sovereign Wealth Funds 1. The Most Disadvantageous Lottery in the World: Historic Controversies Around Natural Resources and Economic Prosperity 2. Getting to Denmark: Institutional and Political Problems of Resource-Dependent Economies 3. Guardians of the Future Against the Claims of the Present: Sovereign Wealth Funds as an Institutional Response to the Resource Curse 4. To Be Boring: Institutional Lessons from the Modern Monetary Consensus for Sovereign Wealth Funds Part II. Rule-Based Fiscal Policies for Sovereign Wealth Funds 5. It's (Still) Mostly Fiscal: Simple Fiscal Rules for Accumulating Windfall Resource Revenues in a Sovereign Wealth Fund 6. Integrated Fiscal Rules for Sovereign Wealth Funds: Spending, Saving, and Stabilizing Resource Revenues 7. Governing the Fiscal Rule: The Design and Institutional Infrastructure of Fiscal Rules for Resource Revenues Part III. The Governance of Operationally Independent Sovereign Investment Institutions 8. Public Footprints in Private Markets: Institutional Arrangements in Delegated Sovereign Investment Management 9. Shadows and Siren Calls: Rules and Contracts in Delegated Sovereign Wealth Fund Management 10. Summary Notes References Index
£52.70
Columbia University Press My Journeys in Economic Theory
Book SynopsisEdmund Phelps is among the most important economists of his generation. In this book, Phelps tells the story of his role in reshaping economic theory, offering a powerful personal account of a creative and rewarding career.Trade ReviewA Best Book in Economics for 2023. -- Martin Wolf * Financial Times *Elegant. * Wall Street Journal *Edmund Phelps is a renaissance intellectual among economists. He’s been producing ideas that are new, good, and fundamental for sixty years. His has been a remarkable life, and this extraordinary volume tells its story. -- Lawrence H. Summers, former U.S. secretary of the treasuryPhelps is a crown jewel of the economics profession. A scholar of striking originality, he also possesses the persistence and eloquence to get his unorthodox ideas across. This memoir shows vividly how he manages to do that. -- Eric Maskin, winner of the Nobel Memorial Prize in Economic SciencesPhelps has written a typically lucid intellectual biography of his often solitary and always courageous voyage through economics as a fiercely independent and creative theorist who has profoundly influenced modern economics. The book provides nuance and background for his many contributions and is a valuable history of modern economic thought by a scholar who shaped it. -- James Heckman, winner of the Nobel Memorial Prize in Economic SciencesNobel laureate Edmund Phelps has written a delightful, and often exhilarating, story of intellectual discovery and creativity. This travelogue in economic theory draws the reader into the great economic debates of the last half century. Phelps exposes the brilliance and fallibility of great economists while forcefully driving home the essential and personal nature of human accomplishment. -- Philip K. Howard, author of The Death of Common Sense: How Law Is Suffocating AmericaThis gem of a book is the moving and candid memoir by one of the deepest and widest-ranging economists of our time. It is also unusual in laying bare the fits and starts that are an inevitable part of the creative process. -- Partha Dasgupta, author of Time and the Generations: Population Ethics for a Diminishing PlanetIn Edmund Phelps’s latest journey, he discovers a revolutionary theory of the good life: Beyond providing leisure and material comforts, a modern economy engages participants in adventure and self-discovery. These profound ideas mesh with his own story, told here beautifully and honestly. -- Richard Robb, author of Willful: How We Choose What We DoIn this engaging memoir, Phelps takes us on a journey from a childhood and lifelong fascination with creativity to a Nobel Prize and beyond, explaining the why of dynamism, the what of innovation, and the how of rewarding work. A must-read for any lover of economic ideas. -- Glenn Hubbard, author of The Wall and the Bridge: Fear and Opportunity in Disruption’s WakePhelps has always been one of the most brilliant and most deep-thinking of the economists who came of age in the 1960s. This memoir impresses the reader with how deeply and broadly he has been thinking throughout his career. My Journeys in Economic Theory will repair the ignorance of the underappreciated depth of Phelps’s contributions. -- J. Bradford DeLong, author of Slouching Towards Utopia: An Economic History of the Twentieth CenturyThis is a compelling and timely argument. That Ned Phelps is still making it forcefully...is reason enough to recommend the book. -- Michael Liss * 3 Quarks Daily *This is a book that merits perseverance and hard work. -- Paschal Donohoe * Irish Times *I am definitely more wiser on economic theories and more inspired after reading about the life of Edmund Phelps. * Conscientious Reflections *Will intrigue anyone with an interest in the interdisciplinary nature of social science. -- Tej Parikh * Financial Times *Enchanting...he is thinking new things and also important and uplifting things. -- Martin Wolf * Financial Times *As we look ahead to a century dominated by artificial intelligence and the challenges of automation, the questions that Phelps is studying—about how to provide meaningful work so that society can flourish—continue to be of vital importance. * Amherst Magazine *I would recommend Phelps’s book to anyone who is interested in the evolution of economic theories....students of philosophy, political sciences or history may also find benefit and pleasure in reading the book. * Central Banking *A great read. * The Hub *A recollection of candour, cause, and consequence. * Blogternator *Table of ContentsPrefaceIntroduction: Formative Years1. Starting My Career: Golden Rule of Saving and Public Debt2. A New Direction: Uncertainty and Expectations3. Unemployment, Work’s Rewards, and Job Discrimination4. Altruism and Rawlsian Justice5. Supply-Siders, New “Classicals,” and an un-Keynesian Slump6. A Revolutionary Decade7. A Festschrift, a Nobel, and a New Horizon8. The Great Wave of Indigenous Innovation, Meaningful Work, and the Good LifeEpilogueAcknowledgmentsNotesIndex
£58.77
Yale University Press Adapting to Climate Change
Book SynopsisA revelatory study of how climate change will affect individual economic decisions, and the broad impact of those choicesTrade Review“This is a timely, valuable and accessible contribution to the climate change debate by a US-based economics professor. After the frustrations and hyperbole at COP26 it offers a welcome reminder that mitigation is only one of the ways in which we can cope with the challenges ahead: adaptation may prove just important, perhaps more so.”—Kevin Gardiner, Reading Room for the Society of Professional Economists“Are you looking for an approach that recognizes the costs of climate change, and approaches the entire question with an economic and political sanity? Matthew E. Kahn’s new book Adapting to Climate Change is then essential reading.”—Tyler Cowen, George Mason University“The COVID-19 crisis dramatically changed the way the world lives and works; but climate change poses an even greater challenge. Matt Kahn argues the best way to meet that challenge lies less in top-down government programs and more in using policy to nudge corporations and millions of people to make better individual decisions. A must read for everyone concerned with humanity’s future.”—Richard Florida, author of The Rise of the Creative Class“A balanced, eye-opening analysis of how individual choices and markets can lead to better outcomes in our struggle to arrest climate change. This book will give you a measure of optimism about our ability to survive without paying a high price in standards of living.”—Mauro Guillen, author of the bestselling 2030: How Today’s Biggest Trends Will Collide and Reshape the Future of Everything
£21.38
John Wiley & Sons Inc Macrofinancial Risk Analysis
Book SynopsisMacrofinancial risk analysis Dale Gray and Samuel Malone Macrofinancial Risk Analysis provides a new and powerful framework with which policymakers and investors can analyze risk and vulnerability in economies, both emerging market and industrial.Trade Review"...compelling" (Risk, November 2008)Table of ContentsForeword xv Preface xix 1 Introduction 1 Part I Overview of Finance, Macroeconomics, and Risk Concepts 7 2 An Overview of Macroeconomics, and Why the Theory of Asset Pricing and Contingent Claims Should Shape its Future 9 2.1 An overview of macroeconomics 10 2.2 How uncertainty is incorporated into macroeconomic models 13 2.3 Missing components in macro models: balance sheets with risk, default, and (nonlinear) risk exposures 15 2.4 Asset-pricing theory, financial derivatives pricing, and contingent claims analysis 17 2.5 Autoregression in economics vs. random walks in finance 19 2.6 Asset price process related to a threshold or barrier 21 2.7 Relating finance models and risk analytics to macroeconomic models 23 2.8 Toward macrofinancial engineering 24 2.9 Summary 25 References 26 3 Macroeconomic Models 29 3.1 The Hicks–Hansen IS-LM model of a closed economy 29 3.2 The Mundell–Fleming model of an open economy 33 3.3 A dynamic, stochastic, five-equation, small open economy macro model 38 3.4 Summary 42 References 42 4 Stochastic Processes, Asset Pricing, and Option Pricing 43 4.1 Stochastic processes 43 4.2 Itô’s lemma 46 4.3 Asset pricing: Arrow–Debreu securities and the replicating portfolio 47 4.4 Put and call option values 48 4.5 Pricing the options using the Black–Scholes–Merton formula 50 4.6 Market price of risk 52 4.7 Implications of incomplete markets for pricing 54 4.8 Summary 55 Appendix 4A Primer on relationship of put, call, and exchange options 55 Appendix 4B Physics, Feynman, and finance 57 References 57 5 Balance Sheets, Implicit Options, and Contingent Claims Analysis 59 5.1 Uncertain assets and probability of distress or default on debt 59 5.2 Probability of distress or default 60 5.3 Debt and equity as contingent claims 61 5.4 Payoff diagrams for contingent claims 62 5.5 Understanding why an implicit put option equals expected loss 63 5.6 Using the Merton model and Black–Scholes–Merton formula to value contingent claims 64 5.7 Measuring asset values and volatilities 68 5.8 Estimating implied asset value and asset volatility from equity or junior claims 68 5.9 Risk measures 71 5.10 Summary 72 References 72 6 Further Extensions and Applications of Contingent Claims Analysis 73 6.1 Extensions of the Merton model 73 6.2 Applications of CCA with different types of distress barriers and liability structures 74 6.3 Risk-adjusted and actual probabilities using the market price of risk, Sharpe ratios, and recovery rates 78 6.4 Moody’s-KMV approach 80 6.5 CCA using skewed asset distributions modeled with a mixture of lognormals 81 6.6 Maximum likelihood methods 84 6.7 Incorporating stochastic interest rates and interest rate term structures into structural CCA balance sheet models 85 6.8 Other structural models with stochastic interest rates 86 6.9 Summary 87 Appendix 6A Calculating parameters in the Vasicek model 87 References 88 Part II the Macrofinance Modeling Framework 91 7 The Macrofinance Modeling Framework: Interlinked Sector Balance Sheets 93 7.1 Contingent claim balance sheets for sectors 93 7.2 Measuring asset values and volatilities 98 7.3 Measuring risk exposures 100 7.4 Linkages in a simple four-sector framework 100 7.5 Integrated value and risk transmission between sectors 101 7.6 Policy effectiveness parameters in implicit options 105 7.7 Advantages of an integrated balance sheet risk approach 106 7.8 Summary 106 References 107 8 The Macrofinance Modeling Framework: A Closer Look at the Sovereign CCA Balance Sheet 109 8.1 CCA balance sheet for the government and monetary authorities 109 8.2 Sovereign distress 111 8.3 Calculating implied sovereign assets and implied sovereign asset volatility using CCA for the public sector balance sheet 111 8.4 Applications of the macrofinancial risk framework to sovereigns 115 8.5 Sovereign risk-neutral and estimated actual default probabilities on foreign-currency-denominated debt 117 8.6 Spreads on sovereign foreign currency and local currency debt 118 8.7 Breaking down sovereign assets into key components 122 8.8 Risk-based scenario and policy analysis using calibrated sovereign CCA related to spreads on foreign currency debt 123 8.9 Short-term and long-term government CCA balance sheets with monetary authority 124 8.10 Summary 126 Appendix 8A Value and volatility of local currency liabilities and base money 126 References 127 9 The Macrofinance Modeling Framework: Linking Interest Rate Models in Finance and Macroeconomics 129 9.1 Overview of interest rate term structure models in finance 129 9.2 Two early theories: liquidity preference and the market for loanable funds 131 9.3 Monetary policy, Taylor rules, and interest rates 131 9.4 Reconciling different perspectives on interest rate behavior 133 9.5 What to do when the monetary authority is linked closely to the government balance sheet 135 9.6 Summary 136 References 137 10 Macrofinance Modeling Framework: Financial Sector Risk and Stability Analysis 139 10.1 Calculating risk indicators for individual banks or financial institutions 139 10.2 Time series of financial system risk indicators 140 10.3 Snapshot of system risk 145 10.4 Expected loss as a portfolio of implicit put options 146 10.5 Using a structural Merton model with stochastic interest rates for capital adequacy estimates 149 10.6 Factor model to assess key drivers of system risk and for scenario analysis 150 10.7 Multifactor risk analysis using copulas 152 10.8 Household balance sheet risk 152 10.9 Linking banking sector loans to corporate, household, and other borrowers 153 10.10 Foreign-currency-denominated loans and the impact of the presence of foreign banks on banking system risk 154 10.11 CCA models, financial stability indicators and links to macro models 155 10.12 Summary 159 Appendix 10A CCA model for banks and borrowers with foreign-currency-denominated debt and lending spreads based on credit risk 160 References 161 11 Macrofinancial Modeling Framework: Extensions to Different Exchange Rate Regimes 163 11.1 Floating exchange rate regimes, interest rates, and the sovereign balance sheet 163 11.2 Fixed exchange rate regimes, interest rates and the sovereign balance sheet 167 11.3 The impact of capital flows on the CCA sovereign balance sheet 172 11.4 Role of quasi-public entities in exchange rate management 173 11.5 Summary 174 References 174 Part III Linking Macrofinancial and Macroeconomic Frameworks 175 12 Sovereign Reserve, Debt, and Wealth Management from a Macrofinancial Risk Perspective 177 12.1 Reserves adequacy and asset allocation: moving from simple rules to a national framework 177 12.2 CCA for a firm with a subsidiary and its wealth management 179 12.3 Constructing contingent claim balance sheets for the national economy 180 12.4 Macro risk and wealth management 181 12.5 Summary 184 References 185 13 Macrofinancial Modeling Framework: Relationship to Accounting Balance Sheets and the Flow of Funds 187 13.1 Economy-wide macro contingent claim balance sheets and risk exposures 187 13.2 Recovering traditional macroeconomic budget constraints and flow identities from CCA valuation equations when volatility is zero 191 13.3 Interlinkages between CCA balance sheets, flows, and risk premiums 195 13.4 Using the production function to link corporate and household assets 197 13.5 Macrofinance, macroeconomic flows, and the business cycle 198 13.6 Summary 199 Appendix 13A Cross-holding by households and financial sectors of contingent claims in other sectors 200 Appendix 13B Contingent claim values and returns of different sectors 201 References 202 14 Macrofinancial Risk Framework Linked to Macroeconomic Models 203 14.1 Adding risk analytics to the spectrum of macroeconomic models 203 14.2 The Mundell–Fleming model and default risk 204 14.3 Linking macrofinance outputs to DSGE models 206 14.4 Linking macrofinance outputs to dynamic, stochastic macroeconomic policy models 208 14.5 Linking macrofinance outputs to macroeconometric VAR models 215 14.6 An integrated policy framework 216 14.7 Summary 217 References 217 Part IV Crisis and Distress in Economies 219 15 Macroeconomic Models vs. Crisis Models: Why Nonlinearity Matters 221 15.1 Recent financial crises and crisis models 222 15.2 Summary 229 References 229 16 Sensitivity Analysis, Destabilization Mechanisms, and Financial Crises 231 16.1 Sensitivity analysis, the “Greeks”, and the valuation multiplier effect 232 16.2 The volatility leverage effect 236 16.3 Feedback between the forward rate and domestic interest rates on local currency debt 237 16.4 Feedback between local currency debt issuance and local currency spreads in the presence of contingent liability constraints 241 16.5 Summary 244 References 245 17 The Case of Thailand, 1996–1999 247 17.1 Background 247 17.2 A macrofinance analysis of the Thai crisis 249 17.3 Scenario analysis 253 17.4 Summary 255 Appendix 17A Banking and corporate sector risk analysis with scenarios 257 References 258 18 The Brazil Crisis of 2002–2003 259 18.1 Background 259 18.2 A macrofinance analysis of the Brazil crisis 261 18.3 Summary 266 References 266 Part V Macrofinancial Model Applications and Analytical Issues 267 19 International Shocks, Risk Transmission, and Crisis Prevention: Backdrop for Understanding the 2007–08 Global Financial Credit Turmoil 269 19.1 Changing global environment and global risk 270 19.2 Types of global shocks and the interaction with macrofinancial risk models 277 19.3 The international financial system and crisis prevention 281 19.4 Structuring an effective risk-management hierarchy from the international level down to the country authorities 282 19.5 Summary 283 References 283 20 Macro Risk Management: Ways to Mitigate, Control, and Transfer Risk in the Economy 285 20.1 Overview of ways to manage risk 285 20.2 Direct change in financial structure 287 20.3 Risk transfer 288 20.4 Management of guarantees 290 20.5 Longer-term risk management via institutional and policy change 293 20.6 Summary 294 References 294 21 Integrated Framework for Corporate and Sovereign Relative Value and Capital Structure Arbitrage 297 21.1 Capital structure arbitrage for firms and financial institutions 297 21.2 Credit and equity cycles 299 21.3 Sovereign capital structure relative value 300 21.4 Summary 302 References 302 22 Conclusions and New Directions for Macrofinance 303 22.1 Summary of conceptual issues 303 22.2 The roadmap for an integrated contingent claims analysis-macroeconomic Model 306 Reference 309 Appendix A Mundell–Fleming with a Risk Premium 311 A. 1 The model 311 A. 2 Equilibrium 315 A. 3 Monetary and fiscal policy 317 A. 4 Summary 321 References 322 Index 323
£90.25
University of California Press Hollowed Out
Book SynopsisFor the past several decades, politicians and economists thought that high levels of inequality were good for the economy. This book explains that to have strong, sustainable growth, the economy needs to work for everyone and expand from the middle out.Trade Review"The director of economic policy at the Center for American Progress argues that it is time to mount a political challenge to the economic theories-namely, supply-side, or trickle-down economics-that have provided cover for the unparalleled growth in inequality over the past three decades... A dramatic and clearly delineated outline of 'how the stage has been set for transformative political conflict.'" Kirkus "A provocative and thoughtful analysis... at the core of his position are important ideas worthy of nuanced debate and further research by all sides." -- Russell MacMullan Washington Independent Review of Books "Madland doesn't pull his punches... This is perfect late-summer reading-if you've spent the summer somewhere where there's still a functioning middle class. Come back to the UK, or the more inequitable of US states, and you can read about how it could be summertime all the time. If only we stopped hollowing out." -- Danny Dorling Times Higher Education "A persuasive, accessible economic argument... Hollowed Out offers serious food for thought and is highly recommended for... Economic Studies." The Midwest Book ReviewTable of ContentsIllustrations 1. Middle Out vs. Trickle Down 2. Trust 3. Good Governance 4. Stable Consumer Demand 5. Human Capital 6. Creating a Middle-Class Society Acknowledgments Notes Index
£21.60
University of California Press Business Cycles and Their Causes
Book SynopsisBusiness Cycles and Their Causes offers a reprint of the third part of a seminal 1913 work on economic fluctuations, addressing the dynamics and interrelations within business cycles. Authored by a pioneer in economic theory, this book captures a foundational understanding of the patterns and causes of cyclical movements in economies operating under private property, a monetary economy, and profit-driven enterprise. While much has evolved since the initial publication, the enduring relevance of these insights lies in their theoretical rigor and realistic depiction of economic activity during cyclical fluctuations. This reprint preserves the original's core analysis, supported by historical data and a comprehensive theoretical framework. By revisiting this classic work, readers gain valuable perspectives on the persistent and sometimes violent nature of business cycles, as well as the underlying mechanisms that drive them. Whether for historians of economic thought or contemporary analysts seeking foundational knowledge, this volume remains a significant contribution to understanding the rhythms of business activity in market economies. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1941.
£28.90
John Wiley and Sons Ltd Financial Liberalization and Macroeconomic
Book Synopsisaeo A topical subject of concern to all European countries. aeo The subject is addressed by a collection of top ranking economists with emphasis on real world policy. aeo This book is part of the well established SJE series and so quality is guaranteed.Table of Contents1. Contagious Currency Crises: First Tests: Barry Eichengreen (University of California, USA) and Andrew Rose (University of California, USA) and Charles Wyplosz (Graduate Institute of International Studies, Geneva). 2. The Credibility of a Fixed Exchange Rate - How Reputation is gained or Lost: Steinar Holden (University of Oslo, Norway) and Birger Vikoren (Norges Bank, Norway). 3. Would a Tobin Tax have Saved the EMS?: Olivier Jeanne (CERAS, Paris). 4. Financial Market Integration and Macroeconomic Volatility: Alan Sutherland (University of York, UK). 5. Monetary Integration in Europe: Implications for Real Interest Rates and Stock Markets: Matthew B. Canzoneri (Georgetown University, Washington, USA) and Harris Dellas (Catholic University of Leuven, Belgium). 6. Exchange Rate versus Price Level Targets and Output Stability: Asbjorn Rodseth (University of Oslo, Norway). 7. Does Financial Deregulation Cause a Consumption Boom?: Jonas Agell (University of Uppsala, Sweden) and Lennart Berg (University of Uppsala, Sweden). 8. Inviting Excess Volatility? Opening Up a Small Stock Market to International Investors: Peter Sellin (Sveriges Riksbank, Sweden).
£19.71
John Wiley and Sons Ltd A Critical Essay on Modern Macroeconomic Theory
Book SynopsisMacroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors'' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.Table of ContentsPreface. 1. Introduction. 2. Perfectly Flexible Wages. 3. Imperfect Wage Flexibility. 4. Imperfect Competition. 5. The Labor Market. 6. Macroeconomics. 7. Conclusions. Notes. References. Index.
£43.65
John Wiley and Sons Ltd Economics
Book SynopsisThis innovative text ushers in a new way of examining basic economic issues. It teaches economics from a different standpoint, based on specialization and the division of labor. Resource allocation for a given level of division of labor is shown as not the only determination for demand and supply. Levels of division of labor are shown as a major factors as well.Table of ContentsPart I: Economic Environment: Introduction:. 1. What is Economics?. Analytical Framework of Economics. Neoclassical Economics vs. New Classical Economics. Structure of the Text and Different Ways to Use it. 2. Preference and Utility Function. Scientific Approach to Studies of Human Behavior. Preference and Utility Function. Convex Preference Relation, Quasi-concave Utility Function, Diminishing Marginal Rates of Substitution, and Desire for Diverse Consumption. Ordinal vs. Cardinal Theory of Utility and Diminishing Marginal Rate of Substitution vs. Diminishing Marginal Utility. 3. Production Conditions. Neoclassical Framework vs. New Classical Framework. Neoclassical Environment of Production. New Classical Production Environment. Endogenous cum Exogenous Comparative Advantage. Part II: Neoclassical Framework: . 4. Neoclassical Decision Problems. Budget Constraint and Dichotomy Between Pure Consumers and Firms. A Pure Consumer's Constrained Utility Maximization Problem. Comparative Statistics of the Pure Consumer's Utility Maximization Problem. A Pure Consumer's Expenditure Minimization Problem. Recovering Utility Function from a Demand System. Revealed Preference. A Producer's Decision Problem in a Walrasian Regime. 5. General Equilibrium in the Neoclassical Frameworks. General Equilibrium in a Walrasian Model. Neoclassical General Equilibrium Models. Comparative Statistics of Neoclassical General Equilibrium. Welfare Implications of the Neoclassical General Equilibrium Equilibrium in Neoclassical Game models. Part III: New Classical Framework: . 6. Consumer-producers' Decisions to Choose Optimum Level and Pattern of Specialization. The New Classical Framework and Transaction Costs. Configurations and Corner Solutions in the New Classical Framework. The Optimum Resource Allocation for a Given Level and Pattern of Specialization. The Optimum Level and Pattern of Specialization. Neoclassical and New Classical Laws of Supply and Elasticity of Substitution. 7. New Classical General Equilibrium and Its Welfare Implications. Neoclassical vs. New Classical General Equilibrium. How Does the Market Coordinate the Division of Labor and Utilize Network Effects. Inframarginal Comparative Statistics of New Classical General Equilibrium. Efficiency of the Invisible Hand. 8. Trade Pattern and Professional Middlemen. Why Can Professional Middleman Make Money? What Are Determinants for Business Success. A Model with Trading Activities and Heterogeneous Parameters. Decisions to Be a Professional Middleman. Market Structures and Corner Equilibria. The Equilibrium Size of the Network of Division of Labor. Emergence of Professional Middlemen and a Hierarchical Structure of Economic Organization. Determinants of Trade Pattern and Successful Business. Part IV: Institution of the Firm and Pricing through Bargaining and Contracting: . 9. Labor Market and Institution of the Firm. What is the Institution of the Firm. Is It Fair to Have Asymmetric Relationship Between Boss and Employees. Story behind the Model. Emergence of the Firm from the Division of Labor. The Distinction Between ex ante and ex post Production Functions and the New Classical Analysis of Demand and Supply. Economies of Division of Labor, Economies of the Firm, and Coase Theorem. 10. Pricing Mechanism Based on Bargaining. Bargaining Game, Strategic Behavior, Opportunistic Behavior. Nash Bargaining Game. Endogenous Transaction Costs caused by Information Asymmetry. Alternating Offer Bargaining Games. Dynamic Bargaining Game and the Division of Labor. How Does Competition for a Greater Share of Gains from the Division of Labor. Generate Endogenous Transaction Costs. How Can Endogenous Transaction Costs be Eliminated by Consideration of Reputation. Non-credible Commitment and Soft Budget Constraint. 11. Endogenous Transaction Costs and Theory of Contract, Ownership, and Residual Rights. Endogenous Transaction Costs and Moral Hazard. Neoclassical Principal-agent Models. A New Classical General Equilibrium Model of Principal-agent. The Trade off Between Endogenous Transaction Costs caused by Moral Hazard and Monitoring Cost. The Grossman-Hart-Moore Model of Optimal Ownership Structure. Part V: Trade Theory and More General New Classical Models:. 12. Emergence of International Trade from Domestic Trade and Emergence of New Products. Endogenous Trade Theory and Endogenous Number of Consumer Goods. A New Classical Trade Model with Fixed Learning Costs. How are Demand and Supply Functions Determined by Individuals' Levels of Specialization. Inframarginal Comparative Statistics of the Optimum Decisions. How is the Level of Division of Labor in Society Determined in the Market. Inframarginal Comparative Statistics of General Equilibrium and Many Concurrent Economic Phenomena. Emergence of International Trade from Domestic Trade. Comovement of Division of Labor and Consumption Variety. Trade off Between Economies of Specialization and Coordination Costs. A Neoclassical Model Endogenizing the Number of Consumption Goods on the Basis of the Trade off Between Economies of Scale and Consumption Variety. An Extended Murphy-Shleifer-Vishny Model with Compatibility between Economies of Scale and Competitive Market. 13. Exogenous and Endogenous Comparative Advantages, Division of Labor, and Trade. Endogenous vs. Exogenous Comparative Advantage. A Ricardian Model with Exogenous Comparative Technological Advantage and Transaction Costs. Analysis of Decisions vs. Analysis of Equilibrium. Economic Development and Trade Policy. Comparative Endowment Advantage and Transaction Efficiency. 14. More General New Classical Models. Theoretical Foundation of New Classical Economics. A General New Classical Model with ex ante Different Consumer-producers. The Existence of General Equilibrium. Equilibrium Organism and Efficiency of the Invisible Hand in Coordinating Division of Labor. A Smithian Model with Dual Structure. Trade Pattern and Income Distribution. Part VI: Urbanization, Population, the Trade off Between Working and Leisure:. 15. Urbanization, Dual Structure Between Urban and Rural Areas, and the Division of Labor. Why and How Cities Emerge from the Division of Labor?. Emergence of Cities and of the Dual Structure Between Urban and Rural Areas. Why Can Geographical Concentration of Transactions Improve Transaction Efficiency. Simultaneous Endogenization of Level of Division of Labor, Location Pattern of Residences, Geographical Pattern of Transactions, and Land Prices. Fujita-Krugman Model of Urbanization. 16. The Trade off Between Work and Leisure and Impacts of the Resource Endowment and Population on the Division of Labor. Why Can Division of Labor Enlarge the Scope for the Efficient Trade off Between Work and Leisure. Why Leisure Time and Per capita Consumption of Each Goods Increase as Division of Labor Develops. Why Can Crisis of Resource Shortage Promote Evolution in Division of Labor and Productivity. Implications of High Population Density for Evolution in Division of Labor through Its Effect on Per capita Investment Cost of Infrastructure. Part VII: Trade off Between Economies of Division of Labor and Coordination Reliability of the Network of Division of Labor:. 17. Economics of Property Rights and the Division of Labor. Uncertainties in Transactions and Economics of Property Rights. Trade offs among Economies of Division of Labor, Coordination Reliability, and Benefit of Competition. Endogenization of Coordination Reliability in Each Transaction. Substitution between Precision in Specifying and Enforcing Property Rights and Competition. 18. Insurance and Risk of Coordination Failure of the Network of Division of Labor. Uncertainty and Risk Aversion. A Model with Insurance and Endogenous Specialization in the Absence of Moral Hazard. The Division of Labor and Endogenous Transaction Costs caused by Complete Insurance. Part VIII: Hierarchical Structure of Division of Labor:. 19. The Division of Labor in Roundabout Production and Emergence of New Machines and Related New Technology. New Classical View vs. Neoclassical View on the Emergence of New Producer Goods and Related New Technology. A Model with Endogenous Technical Progress, Endogenous Number of Producer Goods, and Endogenous Specialization. The Efficient Number of Producer Goods and Level of Specialization. The Corner Equilibria in 9 Structures. Concurrent Changes in the Level of Division of Labor, Productivity, and Input Diversity. Ex post Production Function, Emergence of New Machines, and Endogenous Technical Progress. Changes in Economic Structure and Topological Properties of Economic Organism. Evolution in the Number of Producer Goods and Economic Development. 20. Industrialization and the Division of Labor in Roundabout Production. The Features of Industrialization. A General Equilibrium Model Endogenizing Production Roundaboutness. Corner Equilibria and Emergence of New Industry. Corner Equilibria and Emergence of New Industry. General Equilibrium and Industrialization. Changes in the Income Shares of the Industrial and Agricultural Sectors. The Number of Possible Structures of Transactions Increases More Than Proportionally as Division of Labor Evolves in Roundabout Production. 21. Hierarchical Structure of the Network of Division of Labor and Related Transactions. The Theory of Hierarchy. One Way Centralized Hierarchy. A Decentralized Hierarchy of Transactions and the Division of Labor. Configurations and Market Structures. The General Equilibrium and Its Inframarginal Comparative Statistics. Network Hierarchy of Cities and Division of Labor. Part IX: Economic Development and Economic Growth:. 22. Neoclassical Models of Economic Growth. Neoclassical vs. New Classical Growth Model and Exogenous vs. Endogenous Growth Model. The Ramsey Model and the AK Model. R&D Based Endogenous Growth Models. 23. Economic Growth Generated by Endogenous Evolution in Division of Labor. Economies of Specialized Learning by Doing and Endogenous Evolution in Division of Labor. A New Classical Dynamic Model with Learning by Doing. Optimum Speed of Learning by Doing and Evolution of Endogenous Comparative Advantage. Endogenous Evolution of the Extent of the Market, Trade Dependence, Endogenous Comparative Advantages, and Economic Structure. Empirical Evidences and Rethinking Development Economics and Endogenous Growth Theory. Appendix. The Relationship between the Control Theory and Calculus of Variations. 24. Concurrent Endogenous Evolution in Division of Labor, in the Number of Goods, and in the Institution of the Firm. How Can We Simultaneously Endogenize Evolution in Division of Labor and in the Number of Producer Goods. A Dynamic Equilibrium Model with Learning by Doing and an Endogenous Number of Producer Goods. Dynamic Equilibrium Level of Specialization and Input Variety. Concurrent Evolution of Specialization, Variety of Producer Goods, and the Institution of the Firm. Appendix. 24.1. Proof of Lemma 24.1. Appendix 24.2. Proof of Proposition 24.1. Appendix 24.3. Proof of Proposition 24.2. 25. Experiments with Structures of Division of Labor and Evolution in Organization Information Acquired by Society. How Does Organization Knowledge Acquired by Society Determine the Level of Division of Labor. A Static Model with Endogenous Length of Roundabout Production Chain and Endogenous Division of Labor. Interactions Between Dynamic Decisions and Evolution in Organization Information. Walrasian Sequential Equilibrium and Concurrent Evolution in Organization Information and Division of Labor. Part X: Macroeconomic Phenomena and Endogenous Size of Network of Division of Labor: . 26. Theory of Capital and Saving. Neoclassical Theory of Capital. New Classical Theory of Capital and Savings. Capital and Division of Labor in Roundabout Production. 27. Money and Division of Labor. Neoclassical vs. New Classical Theories of Money. A New Classical Model of Endogenous Monetary Regime. Possible Structures and Monetary Regimes. 28. New Classical Theory of Business Cycles and Unemployment. Rethinking Macroeconomics. Long-run Regular Efficient Business Cycles, Cyclical Unemployment, Long-run Economic Growth, and Division of Labor in Producing Durable Goods. A New Classical Dynamic Equilibrium Model of Business Cycles and Unemployment. Cyclical vs. non-cyclical Corner Equilibria. General Price Level, Business Cycles, and Unemployment Rate. Emergence of Firms and Fiat Money from the Division of Labor. References. Index.
£75.00
John Wiley and Sons Ltd International Macroeconomics and Finance
Book SynopsisThis short, concrete, and to--the--point book guides students through this vast field of conflicting opinions. The book begins from the premise that students benefit most from seeing a balanced treatment of all available views. For instance, this book provides coverage of both ad hoc and optimizing models.Trade Review"The author should be congratulated on producing a first-class graduate text. The book has a breathtaking scope, spanning traditional monetary approaches to general equilibrium models under both perfect and imperfect competition in a clear, rigorous and lucid style. It will be of enormous value to postgraduate students in international macroeconomics." Andrew Snell, University of EdinburghTable of ContentsPreface. 1. Some Institutional Background:. International Financial Markets. National Accounting Relations. The Central Bank's Balance Sheet. 2. Some Useful Time-Series Methods:. Unrestricted Vector Autoregressions. The Generalized Method of Moments. The Simulated Method of Moments. Unit Roots. Panel Unit-Root Tests. Cointegration. Filtering. 3. The Monetary Model:. Purchasing-Power Parity. The Monetary Model of the Balance of Payments. The Monetary Model under Flexible Exchange Rates. Fundamentals and Exchange Rate Volatility. Testing Monetary Model Predictions. Problems. 4. The Lucas Model:. The Barter Economy. The One-Money Monetary Economy. The Two-Money Monetary Economy. An Introduction to the Calibration Method. Calibrating the Lucas Model. Appendix: Markov Chains. Problems. 5. International Real Business Cycles:. Calibrating the One-Sector Growth Model. Calibrating a Two-Country Model. 6. Foreign Exchange Market Efficiency:. Deviations from UIP. Rational Risk Premia. Testing Euler Equations. Apparent Violations of Rationality. The "Peso Problem". Noise Traders. Problems. 7. The Real Exchange Rate:. Some Preliminary Issues. Deviations from the "Law-of-One-Price". Long-Run Determinants of the Real Exchange Rate. Long-Run Analyses of Real Exchange Rates. Problem. 8. The Mundell–Fleming Model:. A Static Mundell–Fleming Model. Dornbusch's Dynamic Mundell–Fleming Model. A Stochastic Mundell–Fleming Model. VAR Analysis of Mundell–Fleming. Appendix: Solving the Dornbusch Model. Problems. 9. The New International Macroeconomics:. The Redux Model. Pricing to market. Problems. 10. Target-Zone Models:. Fundamentals of Stochastic Calculus. The Continuous-Time Monetary Model. Infinitesimal Marginal Intervention. Discrete Intervention. Eventual Collapse. Imperfect Target-Zone Credibility. 11. Balance-of-Payments Crises:. A First-Generation Model. A Second-Generation Model. Bibliography. Author Index. Subject Index.
£35.14
Harvard University Press Social Economics
Book SynopsisThe authors offer an analytic framework for measuring how people make choices, including social environment with standard goods and services in their utility functions. These functions enable analysis of how changes in social environment affect choice, and provide a way of analyzing how social environment is determined by individuals' interactions.Trade Review[Becker and Murphy] are pioneers in the quest to extend the boundaries of rational choice theory in economics… They depict human beings not as isolated individuals but as members of society, shaped by social and cultural forces… This book marks another step in bringing economic theory closer to social reality. -- David Throsby * Times Literary Supplement *This fascinating short book seeks to advance a ‘social economics’ field that would tackle such interpersonal issues head-on. It does so by addressing a diverse set of issues that includes social capital, habits and social interactions, sorting and marriage markets, segregation and integration of neighborhoods, escalation in product quality, status and inequality, and the modeling of fashions, norms, and values. -- Stephen R. G. Jones * Journal of Economic Literature *Table of ContentsAcknowledgments Part I The Effect of Social Capital on Market Behavior 1. The Importance of Social Interactions 2. Social Forces, Preferences, and Complementarity 3. Are Choices "Rational" When Social Capital Is Important? Part II The Formation of Social Capital 4. Sorting by Marriage 5. Segregation and Integration in Neighborhoods 6. The Social Market for the Great Masters and Other Collectibles with William Landes 7. Social Markets and the Escalation of Quality: The World of Veblen Revisited with Edward Glaeser 8. Status and Inequality with Ivan Werning Part III Fads, Fashions, and Norms 9. Fads and Fashion 10. The Formation of Norms and Values References Author Index Subject Index
£29.66
Harvard University Press Return to Keynes
Book SynopsisKeynesian economics has recently seen a rebirth, most dramatically illustrated when central banks pumped billions of dollars of liquidity into the world's financial system to address the crises of confidence, illiquidity, and insolvency triggered by the sub-prime lending crisis. The contributors assess this new era in economic policy making.Trade ReviewDuring the 1990s, John Maynard Keynes, and Keynesian economics, were declared to be well and truly dead. Then came the financial and economic crises of 2008 and they were reborn as a way of understanding economies with significant unemployment. This excellent collection of essays, brought together by three prominent scholars of Keynes and Keynesian policy, will be a convenient way for those who have forgotten Keynesian economics to refresh themselves, and for others to learn for the first time. -- Craufurd Goodwin, Duke UniversityThis fascinating collection of papers addresses the current status and relevance of Keynes from a number of perspectives: the return of macroeconomic policy activism, the state of modern macroeconomics, the recent scholarship of Keynes's life and work, and some elements of Keynes's work that might be relevant to the current crisis. The authors' backgrounds are diverse and their scholarship often cutting-edge. A fine guide to the present state of play. -- D.E. Moggridge, University of TorontoIt is a basic truth in the history of economics that great ideas never die. They attain this permanence because they are shaped by both the internal demands of economic theorizing as well as the external realities of the economy. The Return to Keynes, edited by three distinguished scholars, testifies to this truth and demonstrates that doing the history of economics is a part of doing economics well. Keynesian macroeconomic policy as a tool for stabilization is now firmly fixed in the toolbox of economics. -- Yuichi Shionoya, Hitotsubashi UniversityTable of Contents* Introduction: The Return to Keynes Bradley W. Bateman, Toshiaki Hirai and Maria Cristina Marcuzzo Part I: Keynesian Economic Policy: Past, Present and Future * Keynes Returns to America Bradley W. Bateman * Japan's Long-run Stagnation and Economic Policies Yoshiyasu Ono * European Macroeconomic Policy: A Return to Active Stabilization? Hans-Michael Trautwein Part II: Interpreting Keynesian Theory and Keynesianism * From the 'Old' to the 'New' Keynesian-Neoclassical Synthesis: An Interpretation Richard Arena * Tobin's Keynesianism Robert W. Dimand * The New Neoclassical Synthesis and the Wicksell-Keynes Connection Mauro Boianovsky and Hans-Michael Trautwein Part III: Re-reading and Interpreting Keynes * An Abstruse and Mathematical Argument: The Use of Mathematical Reasoning in the General Theory Roger E. Backhouse * The General Theory: Toward the Concept of Stochastic Macro-equilibrium Hiroshi Yoshikawa * Keynes's Economics in the Making Toshiaki Hirai * Keynes, Sraffa and the Latter's "Secret Skepticism" Heinz D. Kurz * Keynes and the War of Words Gilles Dostaler Part IV: Global Crisis: Lessons from Keynes * Keynes and Modern International Finance Theory Marcello De Cecco * Keynes's Influence on Modern Economics: Some Overlooked Contributions of Keynes's Theory of Finance and Economic Policy Jan A. Kregel * Current Global Imbalances: Might Keynes Be of Help? Anna M. Carabelli and Mario A. Cedrini * References * Contributors * Index
£51.81
Harvard University Press Creation and Destruction of Value The
Book SynopsisHarold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization—above all in the Great Depression—to show how financial crises provoke backlashes against global integration.Trade ReviewNo one is better qualified than Harold James to explore the similarities and differences between recent events and the early 1930s. A model of lucid exposition, The Creation and Destruction of Value confirms that if you want to understand our current predicament, history is a much better guide than economics. -- Niall Ferguson, Harvard University, author of The Ascent of MoneyA masterly account. James commands his subject like no other. The lessons of 1931 for today's world are compelling. Like Humpty Dumpty, globalization is broken, and it will take time to put it together again. -- David Marsh, author of The Euro: The Politics of the New Global CurrencyThe reflections of Harold James, an economic historian at Princeton University and a long-time student of what makes globalization happen, would be of interest even in times more tranquil than these. But at a moment when the march of global integration has been stalled by a financial crisis unparalleled since the 1930s, Mr. James is a particularly fitting guide...At a time when economists are accused of having forgotten history, yet few historians can explain the world of bank bail-outs and the turmoil they cause, Mr. James has a rare gift for being able to marshal an impressive knowledge of economic and financial history in order to highlight previously unrecognized connections with the past. * The Economist *Unsurprisingly there have been a host of books about the banking crisis and its consequences. But they have mostly had a "whodunnit?" tone to them, seeking to explain what happened and apportion the blame, rather than giving us some feeling for how the world economy might dig itself out of the crisis and how effectively it might develop in the years to come. So Harold James' new book deserves a special welcome for giving us a framework to try to do this, for he is an historian rather than an economist...Anyone expecting his new book to explain why this current crisis will end the burst of globalization will be disappointed. His argument is more subtle and more interesting...Where he adds most value is in his effort to put the crisis into its international political context, asking some tough questions on the way. -- Hamish McRae * The Independent *From the current vantage point--rising stock prices amid a weak economic recovery and double-digit unemployment--it is too soon to know whether the current crisis will be remembered as a financial shock that failed to throw off the trajectory of globalization, or if it marks the start of a more fundamental re-ordering. James modestly and appropriately avoids trying to answer that question. But he asks all the right ones, offering a brilliant tour through the Great Depression and the current crisis. -- Edward Alden * Forbes.com *The recent U.S. financial meltdown that spread throughout the world stimulated a plethora of analyses of the causes and consequences of this catastrophe. However, few studies are as insightful as this short but important work. -- D. C. Messerschmidt * Choice *Table of Contents* Acknowledgments * Introduction * The End of Globalization: A Millennial Perspective * Which Historical Analogy Applies, 1929 or 1931? * The Crash of 2008: The Weekends That Made History * The Extent and Limit of the Financial Revolution * The Importance of Power Politics * Uncertainty of Values * Notes * Index
£24.26
Harvard University Press Choice Preferences and Procedures
Book SynopsisSocial choice theory critically assesses and rationally designs economic mechanisms for improving human well-being. Kotaro Suzumura—one of the world’s foremost thinkers in social choice theory and welfare economics—fuses abstract ideas with real-world economies to examine foundational issues of normative economics and collective decision making.Trade ReviewKotaro Suzumura is one of the foremost leaders of thought in rational decisions and social choice as well as the economics of welfare. The reach of his work is breathtaking, and I cannot think of anything that can beat this collection for its reach and profundity in exploring some of the most foundational issues in decision making, investigated at the highest level of analytical sophistication. The work is an inspiration as well as an intellectual feast. -- Amartya Sen, Harvard UniversitySuzumura’s leading position as a scholar in the theory of individual and social choice, and in the understanding of the intellectual foundations of public choice, is assured. This book shows the arc of his development. It contains a deep comprehension of the issues involved, both in their technical aspects and in their philosophical foundations. -- Kenneth J. Arrow, Stanford UniversityThe book collects the best of Kotaro Suzumura’s work on social choice and welfare economics, adding a long introduction about his influences and several essays on the history of social choice…The volume will serve as a useful collection of Suzumura’s work for social choice theorists and graduate students interested in the field, especially because it includes material that is otherwise hard to obtain. -- R. B. Emmett * Choice *
£60.31
Harvard University Press Law and Macroeconomics
Book SynopsisAfter 2008, private-sector spending took a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach, used in the New Deal, to harness law’s ability to function as a macroeconomic tool, stimulating or relieving demand as required under certain crisis conditions.Trade ReviewThis book challenges the economic orthodoxy which has governed tax policy over the past four decades, and reclaims John Maynard Keynes's fundamental insights for the twenty-first century. Listokin's neo-Keynesianism can transform the tax code into a powerful force for both social justice and economic prosperity over the next generation. -- Bruce Ackerman, author of We the PeopleFor decades, microeconomics has dominated the field of law and economics. Yair Listokin's book turns law's attention to macroeconomics and, in doing so, identifies crucial but overlooked strategies for fighting the next recession. Few books have an impact on theory and practice, but Listokin's Law and Macroeconomics promises to change our thinking in both arenas. -- Heather K. Gerken, Yale Law SchoolLegal scholars have been trying to ignore macroeconomics for decades, but the problems of growth, deficits, money supply, and recession won't let themselves be ignored. Fortunately, Yair Listokin's fine book illuminates the path forward. -- Eric A. Posner, University of Chicago Law School
£35.66
Princeton University Press Market Threads How Cotton Farmers and Traders
Book SynopsisPresents an analysis of the international cotton trade and argues for a novel understanding of global markets. This book examines the arrangements, institutions, and power relations on which cotton trading and production depend, and provides an alternative approach to the analysis of pricing mechanisms.Trade Review"All in all, an intellectually exciting book which I thoroughly enjoyed reading."--Brenda Jubin, Reading the Markets blog "Market Threads' great scholarly contribution is in highlighting and minutely describing the empirics of power in market settings."--William Davies, Journal of Cultural EconomyTable of ContentsPreface xi Acknowledgments xiii Introduction: How to Study a Global Market 1 A Review of Literature on the Market 2 Social Studies of the Market 3 New Directions in the Social Study of Markets 6 Commodity Chains, Systems of Provision, and the Social Lives of Things 9 Why Cotton? 11 How to Follow Cotton? 13 Where to Follow Cotton? 14 Summary of Arguments 16 Chapter 1: What Is a World Price? The Prosthetic and Actual Worth of Cotton 22 How Much Does an Actual Bale of Cotton Really Cost? 24 The Price Disappears Again 31 Making Sense of the Price 33 Market Reports 35 Optional Prices of Cotton 49 Conclusion 54 Chapter 2: Market Maintenance in the Worlds of Commodity Circulation 59 The World of Cotton 60 We Have on This Day Sold to You as Follows 61 The Shipment Is Brought Together 64 Two Thousand Bales to Go 66 We Hereby Confirm the Arrival of ... 75 The Market Platform: Capital, Knowledge, and Network 76 Conclusion 80 Chapter 3: Markets' Multiple Boundaries in Izmir, Turkey 84 Pit Trading in the Izmir Mercantile Exchange 85 The Rehearsal Price of the Pit 88 The Transaction Price of Postpit Trading 94 Making the Market Price of Turkish Cotton 97 Another Market Place: The Permanent Working Group on Cotton 99 Conclusion 102 Chapter 4: A Market without Exchange: Cotton Trade in Egypt 105 The World's First Cotton Futures Market and Its Historical Setting 106 Alcotexa and Cotton's Associate Price 108 We Spend All Our Time in Search of the Price 115 Three Traits of Trade 119 Cotton Comes to the Market 122 Conclusion 128 Chapter 5: Growing Cotton and Its Global Market in a Turkish Village 131 Field Preparation and Sowing in Pamukkoy 133 Mechanical and Manual Sowing 136 Irrigation 140 The Harvest 141 The Market: Exchanging Cotton in Pamukkoy 144 The Traders' Price 145 The Farmers' Price 148 Conclusion 152 Chapter 6: Cotton Fields of Power in Rural Egypt 156 Cotton Is Disappearing in Egypt 158 An Illegal Alien in the Egyptian Countryside 159 Growing Cotton in the Fields of Kafr Gaffar and ?Izbet Sabri 161 So Your Egyptians Are Kurds, No? 164 The Struggle to Survive: Farmers, Animals, and Stock 166 Financing the Plant Stock with Livestock 169 The Gamoosa Dies, the Cotton Grows 171 Research in the Wild Countryside 174 The Harvesting and Marketing of Cotton 177 Conclusion 185 Conclusion: What Is a Global Market? 188 Bridging the Global and the Regional 193 The Rural Fields of Global Markets 198 The Production and Exchange of Cotton 200 The Market Fields of Power 202 What Is to Be Done with the Market 205 Glossary 209 References 213 Index 223
£46.75
Princeton University Press Remembering Inflation
Book SynopsisToday's global economy, with most developed nations experiencing very low inflation, seems a world apart from the "Great Inflation" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest weTrade Review"[A] highly informative, well-written volume."--Choice "Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation."--World Book Industry "[A]ny economist with an interest in inflation and in the theory and practice of monetary policy more generally would do quite well to read carefully the excellent study that Brigitte Granville has given us."--Peter N. Ireland, Journal of Economic LiteratureTable of ContentsPreface ix Acronyms xv Chapter 1 The End of a Mirage More Money Increases Inflation but Not Employment 1 Chapter 2 Origins of Inflation Monetary, Fiscal, and Financial Links 33 Chapter 3 Ending Inflation Without Prolonged Recession Introducing Credibility 54 Chapter 4 The Coordination of Monetary and Fiscal Policy 93 Chapter 5 Who Is Voting for Low Inflation and Why? 125 Chapter 6 Monetary and Financial Stability Conflict or Complementarity 154 Chapter 7 Inflation in an Open World Does That Change the Rules? 186 Conclusion Adapting to Expectations 214 References 223 Index 255
£36.00
Princeton University Press ExchangeRate Dynamics
Book SynopsisVariations in the foreign exchange market influence various aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a comprehensive examination of the standard theories and research in exchange-rate economics.Trade Review"This ambitious and impressive book covers the international macroeconomics and finance literature on nominal exchange-rate determination. It will be a useful reference for those who want to understand standard theoretical models and empirical techniques, and for those who want to specialize in the microstructure of the foreign exchange markets."—Pierre-Olivier Gourinchas, University of California, Berkeley"There is no other book of this kind. Sound and interesting, it provides a rigorous treatment of exchange-rate economics. The new concepts and interpretation of exchange-rate behavior will spur more research in this area. The book will interest a broad community in international finance, practitioners in the foreign exchange market, and policymakers."—Lucio Sarno, Cass Business School, City University LondonTable of ContentsPreface ix PART I: MACRO MODELS Chapter 1: Macro Models without Frictions 3 1.1 Preliminaries 4 1.2 Empirical Characteristics of Real Exchange Rates 8 1.3 Macro Exchange-Rate Models 21 1.4 Summary 50 1.5 Bibliography 51 1.6 Review Questions 52 1.A Appendix 54 Chapter 2: Macro Models with Frictions 63 2.1 The Model 63 2.2 Sticky Prices 72 2.3 International Risk-Sharing 96 2.4 Incomplete Markets 97 2.5 Summary 116 2.6 Bibliography 117 2.7 Review Questions 119 2.A Appendix 121 Chapter 3: Empirical Macro Models 130 3.1 Present Value Models 130 3.2 Monetary Models 147 3.3 External Balance Models 158 3.4 Predicting Exchange-Rate Movements 165 3.5 Summary 171 3.6 Bibliography 172 3.7 Review Questions 173 3.A Appendix 176 PART II: MICROSTRUCTURE MODELS Chapter 4: Rational Expectations Models 183 4.1 The Model 183 4.2 Equilibrium with Common Information 186 4.3 Equilibrium with Heterogeneous Information 196 4.4 Equilibrium Problems 213 4.5 Summary 216 4.6 Bibliography 217 4.7 Review Questions 217 4.A Appendix 220 Chapter 5: Sequential Trade Models 227 5.1 The Model 227 5.2 Exchange-Rate Determination 231 5.3 Exchange-Rate Dynamics 236 5.4 Information Flows 245 5.5 Public versus Private Information 253 5.6 Uninformed Traders 255 5.7 Summary 257 5.8 Bibliography 258 5.9 Review Questions 258 Chapter 6: Currency-Trading Models 261 6.1 The Structure of the FX Market 261 6.2 The Portfolio Shifts Model 271 6.3 Extending the Portfolio Shifts Model 289 6.4 Summary 295 6.5 Bibliography 295 6.6 Review Questions 296 6.A Appendix 297 Chapter 7: Currency-Trading Models: Empirical Evidence 302 7.1 Daily Analysis 302 7.2 Intraday Analysis 314 7.3 Summary 335 7.4 Bibliography 336 7.5 Review Questions 337 7.A Appendix 338 Chapter 8: Identifying Order Flow 342 8.1 Order Flow in a Rational Expectations Model 342 8.2 Order Flow in a Limit-Order Market 352 8.3 Estimating Order Flow 359 8.4 Summary 369 8.5 Bibliography 370 8.6 Review Questions 371 8.A Appendix 372 PART III MICRO-BASED MODELS Chapter 9: Order Flows and the Macroeconomy 377 9.1 A Micro-Based Macro Model 378 9.2 Empirical Implications 389 9.3 Re-Examining the Disconnect Puzzle 395 9.4 Summary 411 9.5 Bibliography 412 9.6 Review Questions 413 9.A Appendix 415 Chapter 10: Exchange Rates, Order Flows, and Macro Data Releases 422 10.1 The Macro Perspective 422 10.2 Micro Perspective I: High-Frequency Dynamics 429 10.3 Micro Perspective II: Low-Frequency Dynamics 446 10.4 Summary 458 10.5 Bibliography 459 10.6 Review Questions 459 10.A Appendix 462 Chapter 11: Exchange-Rate Risk 464 11.1 FX Returns and Interest Rates 464 11.2 Macro Models 474 11.3 Micro-Based Models 496 11.4 Summary 512 11.5 Bibliography 513 11.6 Review Questions 514 11.A Appendix 518 References 523 Index 535
£80.00
Princeton University Press Fragile by Design
Book SynopsisWhy are banking systems unstable in so many countries - but not in others? Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, this book demonstrates that chronic banking crises and scarce credit are not accidents due to unforeseen circumstances.Trade ReviewWinner of the 2015 PROSE Award in Business, Finance & Management, Association of American Publishers One of The Times Higher Education Supplement's Books of the Year 2014, selected by Sir Howard Davies One of Bloomberg Businessweek's Best Books of 2014, chosen by Mervyn King and Jeffrey M. Lacker One of Financial Times (FT.com) Best Economics Books of 2014, chosen by Martin Wolf Longlisted for the Financial Times and McKinsey Business Book of the Year 2014 "Brilliant... [I]f you are looking for a rich history of banking over the last couple of centuries and the role played by politics in that evolution, there is no better study. It deserves to become a classic."--Liaquat Ahamed, New York Times Book Review "Business economists Calomiris and Haber explain how imperfectly politics and commercial banks intersect, and the consequences for the rest of us... This learned inquiry deserves ample attention from scholars, regulators, and bankers themselves."--Publishers Weekly "Calomiris and Haber offer a thoughtful counter-argument to the current received wisdom."--Howard Davies, Times Higher Education "Readable, erudite, myth-busting... The authors' clear and well-documented discussion of what happened should dissuade anyone of the myth that the economic crisis of 2007-09 was caused by the profit-and-loss system of unfettered capitalism."--Gene Epstein, Barron's "Charles Calomiris and Stephen Haber make the compelling argument that a country's propensity for frequent banking crises is linked to the ability of populist elements to hold the banking sector to ransom."--Louise Bennetts, American Banker "This is a great history of political interference in bank regulation."--James Ferguson, Money Week "One reason why economists did not see the financial crisis coming is that the models most macro and financial economists deal in are free of politics. Fragile by Design offers a much-needed supplement."--Martin Sandbu, Financial Times "Will a next crisis be averted? Perhaps, if our regulators read this book."--Vicky Pryce, The Independent "Fragile by Design ... is a great book... [E]normously illuminating, and contains the most powerful and concise account of the causes of the 2008 crisis that I have seen."--Eric Posner, EricPosner.com "If you have time to read only one book about the causes of the 2008 financial collapse, read this one... Charles W. Calomiris and Stephen H. Haber ... have written an exhaustively researched and readable volume... With great literary sensibility uncommon to economists, Calomiris and Haber have performed a public service by painstakingly identifying these root causes."--Diana Furchtgott-Roth, National Review "Capital markets, regulatory institutions and the behaviour of people employed in the financial sector are neither predetermined nor universal, but rather the product of culture, history, and the political system. That is a perspective developed effectively by Profs Calomiris and Haber."--John Kay, Financial Times "[T]he methodology is universally applicable and obviously raises questions about the nature of these arrangements in a country like France... [T]his work allows us to understand better why ... the alleged remedies and reforms, from 'unconventional measures' major central banks to new regulatory structures, no way affect the old paradigms and therefore merely prepare the next crises."--Phillipe Ries, Mediapart "Exploring the ways in which politics inevitably intrude into banking regulation, Calomiris and Haber clearly describe events leading to the recent financial crisis of 2007-2009... This is an excellent work for understanding the role of credit and how the financial sector evolved in different settings."--Choice "This is a beautifully-written book. Calomiris and Haber are always thoughtful, always clear, and they have an eye for the telling metaphor and the thought provoking fact. More importantly, the book reflects the authors' mastery of a vast amount of material on the history of banking... Fragile by Design is a must-read for economic historians, a book to be put on the shelf with ... similar classics."--Hugh Rockoff, EH.Net "[I]f you want a methodology for drawing conclusions about the genesis of crises and an explanation for the differing experiences among countries, Fragile by the Design is the winner hands-down."--Vern McKinley, Cato Journal "Charles Calomiris and Stephen Haber's Fragile by Design is a magnificent study of the economics and politics of banking."--Mervyn King, Bloomberg Businessweek "Hands down the best single book for understanding the historical journey that laid the groundwork for the financial crisis."--Jeffrey Lacker, Bloomberg Businessweek "Fragile by Design is a call to action for people to seize the moment to resist crony capitalism."--Jay Weiser, Weekly Standard "One cannot help but admire Calomiris and Haber's ambition to write one of the most accessible and sophisticated books on the linkage between political institutions and national financial systems."--Caner Bakir, Public Administration "By any yardstick, Fragile by Design is a remarkable achievement and an important contribution to our understanding of the roots of the banking crises."--Grant Bishop & Anita Anand, Banking & Finance Law ReviewTable of ContentsPreface ix SECTION ONE No Banks without States, and No States without Banks 1 If Stable and Effi cient Banks Are Such a Good Idea, Why Are They So Rare? 3 2 The Game of Bank Bargains 27 3 Tools of Conquest and Survival: Why States Need Banks 60 4 Privileges with Burdens: War, Empire, and the Monopoly Structure of English Banking 84 5 Banks and Democracy: Britain in the Nineteenth and Twentieth Centuries 105 SECTION TWO The Cost of Banker-Populist Alliances: The United States versus Canada 6 Crippled by Populism: U.S. Banking from Colonial Times to 1990 153 7 The New U.S. Bank Bargain: Megabanks, Urban Activists, and the Erosion of Mortgage Standards 203 8 Leverage, Regulatory Failure, and the Subprime Crisis 256 9 Durable Partners: Politics and Banking in Canada 283 SECTION THREE Authoritarianism, Democratic Transitions, and the Game of Bank Bargains 10 Mexico: Chaos Makes Cronyism Look Good 331 11 When Autocracy Fails: Banking and Politics in Mexico since 1982 366 12 Infl ation Machines: Banking and State Finance in Imperial Brazil 390 13 The Democratic Consequences of Infl ation-Tax Banking in Brazil 415 SECTION FOUR Going beyond Structural Narratives 14 Traveling to Other Places: Is Our Sample Representative? 451 15 Reality Is a Plague on Many Houses 479 References 507 Index 549
£27.00
Princeton University Press The Globalization of Inequality
Book SynopsisIn The Globalization of Inequality, distinguished economist and policymaker Francois Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countriTrade ReviewA Financial Times Summer Books 2015 selection One of Financial Times (FT.com) Best Books in Economics 2015, chosen by Martin Wolf "This timely and excellent primer on income inequality both within and among nations deserves to be read by both occupiers and occupants of Wall Street."--Publishers Weekly "Globalization has unleashed powerful forces: some wonderful, some worrying. This book can take you beyond the cliches to an understanding of what is going on and what can be done about it."--Sir Paul Collier, Prospect "Readers wanting a map of the terrain should read Bourguignon. Bourguignon['s] provides an accessible overview."--Martin Wolf, Financial Times "This book is written in calm prose, but its message is urgent: continue as we are and poverty will grow on our doorsteps."--Danny Dorling, Times Higher Education "Recommended for readers seeking a brief, less technical introduction to economic inequality within and among nations."--Library Journal "Bourguignon carefully wends his way among the definitions of inequality and its multiple, sometimes conflicting measures... This book is written for the layman but is nonetheless intellectually rigorous. It sets out the causes of and some remedies for a problem that urgently needs to be solved if we are to avoid what the book's title warns against, the globalization of inequality."--Brenda Jubin, Seeking Alpha "[Bourguignon's] compact book takes readers through most of the suspected causes and possible cures for what he and many believe is a destructive phenomenon... Now that this French academic's thoughts will be reaching an English-language audience, his translators may have little time to rest. Inequality is nearly everywhere. Certainly the world's politicians will continue to need such bedtime reading."--Tim Ferguson, Forbes.com "Move over, Thomas Piketty. Anyone who has been put off by the French economist's overblown and overly long book on inequality now has a succinct alternative, The Globalization of Inequality. In a mere 189 pages, Francois Bourguignon provides a measured introduction to what is right and what is wrong about current trends in the dispersion of incomes."--Edward Hadas, Reuters BreakingViews "Bourguignon sets out the figures in careful detail, distinguishing between increases in inequality within countries and changes between countries."--Diane Coyle, Enlightened Economist "Bourguignon ... presents a thoughtful and judicious analysis of economic inequality... The book is highly accessible yet also sophisticated, drawing on a large and growing technical and empirical literature on inequality."--Foreign Affairs "Bourguignon has written a succinct, useful guide to the current state of world inequality. With words and data, he draws the useful distinction between within-country inequality and between-country inequality ... in contrast to the authors of most studies of economic problems, who do a solid job laying out the patterns of concern and considering their causes but only hand wave toward solutions, Bourguignon spends significant space considering policy approaches to reducing both forms of inequality."--Choice "The sooner we listen to Bourguignon, Piketty, Atkinson et a l, the better."-- Mark Goldring, Resurgence & Ecologist "A concise and nontechnical masterpiece of exceptional analytical and policy clarity. His professional expertise and policy involvement shine through in every chapter. Although the book is written for concerned global citizens, professional economists and other social scientists can learn much from reading it."--Gary Fields, ILR Review "A riveting read that explores the relationship between inequality and globalisation among nations and within nations."--Tapiwa Chagonda, South African Journal of International Affairs "This long essay gives as convincing a case as any for a fairer society--on grounds of economic efficiency."--Sean O'Grady, The Independent "The Globalization of Inequality has been written for the layman and it remains one of the best books on the subject."--Arab NewsTable of ContentsForeword to the English Edition vii Introduction: Globalization and Inequality 1 Chapter 1 Global Inequality 9 Appendix to Chapter 1 Detailed Evidence on the Recent Changes in Global Inequality 41 Chapter 2 Are Countries Becoming More Unequal? 47 Chapter 3 Globalization and the Forces behind the Rise in Inequality 74 Chapter 4 Toward a Fair Globalization: Prospects and Principles 117 Chapter 5 Which Policies for a Fairer Globalization? 146 Conclusion Globalizing Equality? 184 Index 191
£19.80
Princeton University Press The Econometric Analysis of Recurrent Events in
Book SynopsisTrade Review"Forcefully hammers out its central message with illustrative examples and provides invaluable guidance to practitioners."---Emre Yoldas, Journal of Economic Literature"The material is well structured in nine chapters and provides a good reference point to start into the topic."---Sylvia Kaufmann, Journal of Economics and StatisticsTable of ContentsSeries Editors' Introduction ix Preface xi 1 Overview 1 1.1 Introduction 1 1.2 Describing the Events 2 1.3 Using the Event Indicators ("States") 10 1.4 Prediction of Recurrent Events 12 1.5 Conclusion 13 2 Methods for Describing Oscillations, Fluctuations, and Cycles in Univariate Series 15 2.1 Introduction 15 2.2 Types of Movements in Real and Financial Series 16 2.3 Prescribed Rules for Dating Business Cycles 26 2.4 Prescribed Rules for Dating Other Types of Real Cycles 38 2.5 Prescribed Rules for Dating Financial Cycles 40 2.6 Relations between Cycles and Oscillations 41 2.7 The Nature of St and Its Modeling 45 2.8 Conclusion 50 3 Constructing Reference Cycles with Multivariate Information 51 3.1 Introduction 51 3.2 Determining the Reference Cycle via Phases 52 3.3 Combining Specific Cycle Turning Points 54 3.4 Finding Turning Points by Series Aggregation 60 3.5 Conclusion 61 4 Model-Based Rules for Describing Recurrent Events 62 4.1 Introduction 62 4.2 Dating Cycles with Univariate Series 63 4.3 Model-Based Rules for Dating Events with Multivariate Series 82 4.4 Conclusion 85 5 Measuring Recurrent Event Features in Univariate Data 86 5.1 Introduction 86 5.2 The Fraction of Time Spent in Expansions 87 5.3 Representing the Features of Phases 89 5.4 Amplitudes and Durations of Phases 90 5.5 The Shapes of Phases 94 5.6 The Diversity of Phases 99 5.7 Plucking Effects and Recovery Times 100 5.8 Duration Dependence in Phases 101 5.9 Conclusion 106 6 Measuring Synchronization of Recurrent Events in Multivariate Data 107 6.1 Introduction 107 6.2 Moment-Based Measures 108 6.3 Other Approaches to Measuring Synchronization 115 6.4 Synchronization and Model-Based Rules 116 6.5 Application to Synchronization of Industrial Production Cycles 116 6.6 Multivariate Synchronization 118 6.7 Comovement of Cycles 119 6.8 Conclusion 121 7 Accounting for Observed Cycle Features with a Range of Statistical Models 122 7.1 Introduction 122 7.2 U.S. Cycles as a Benchmark 123 7.3 The Business Cycle in a Range of Countries 129 7.4 Can U.S. Business Cycles Be Generated by Linear Models? 129 7.5 What Do Non-Linear Models Add? 132 7.6 Two Markov Switching Models 137 7.7 Using the Binary Indicators in Multivariate Systems 138 7.8 Conclusion 142 8 Using the Recurrent Event Binary States to Examine Economic Modeling Issues 143 8.1 Introduction 143 8.2 Estimating Univariate Models with Constructed Binary Data 145 8.3 What Do Variance Decompositions Tell Us About the Cycle? 150 8.4 The Role of Structural Shocks in Determining Cycle Features 152 8.5 Financial Effects and the Business Cycle 154 8.6 Conclusion 161 9 Predicting Turning Points and Recessions 163 9.1 Introduction 163 9.2 Bounding the Probability of the Occurrence of a Peak 166 9.3 Predicting Recessions with a Range of Variables 168 9.4 Changing the Event Defining Recessions and Turning Points 182 9.5 Conclusion 184 References 187 Index 205
£40.80
Princeton University Press Fragile by Design
Book SynopsisWhy are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the politicTrade ReviewWinner of the 2015 PROSE Award in Business, Finance & Management, Association of American Publishers One of The Times Higher Education Supplement's Books of the Year 2014, selected by Sir Howard Davies One of Bloomberg Businessweek's Best Books of 2014, chosen by Mervyn King and Jeffrey M. Lacker One of Financial Times (FT.com) Best Economics Books of 2014, chosen by Martin Wolf Longlisted for the Financial Times and McKinsey Business Book of the Year 2014 "Brilliant... [I]f you are looking for a rich history of banking over the last couple of centuries and the role played by politics in that evolution, there is no better study. It deserves to become a classic."--Liaquat Ahamed, New York Times Book Review "Business economists Calomiris and Haber explain how imperfectly politics and commercial banks intersect, and the consequences for the rest of us... This learned inquiry deserves ample attention from scholars, regulators, and bankers themselves."--Publishers Weekly "Calomiris and Haber offer a thoughtful counter-argument to the current received wisdom."--Howard Davies, Times Higher Education "Readable, erudite, myth-busting... The authors' clear and well-documented discussion of what happened should dissuade anyone of the myth that the economic crisis of 2007-09 was caused by the profit-and-loss system of unfettered capitalism."--Gene Epstein, Barron's "Charles Calomiris and Stephen Haber make the compelling argument that a country's propensity for frequent banking crises is linked to the ability of populist elements to hold the banking sector to ransom."--Louise Bennetts, American Banker "This is a great history of political interference in bank regulation."--James Ferguson, Money Week "One reason why economists did not see the financial crisis coming is that the models most macro and financial economists deal in are free of politics. Fragile by Design offers a much-needed supplement."--Martin Sandbu, Financial Times "Will a next crisis be averted? Perhaps, if our regulators read this book."--Vicky Pryce, The Independent "Fragile by Design ... is a great book... [E]normously illuminating, and contains the most powerful and concise account of the causes of the 2008 crisis that I have seen."--Eric Posner, EricPosner.com "If you have time to read only one book about the causes of the 2008 financial collapse, read this one... Charles W. Calomiris and Stephen H. Haber ... have written an exhaustively researched and readable volume... With great literary sensibility uncommon to economists, Calomiris and Haber have performed a public service by painstakingly identifying these root causes."--Diana Furchtgott-Roth, National Review "Capital markets, regulatory institutions and the behaviour of people employed in the financial sector are neither predetermined nor universal, but rather the product of culture, history, and the political system. That is a perspective developed effectively by Profs Calomiris and Haber."--John Kay, Financial Times "[T]he methodology is universally applicable and obviously raises questions about the nature of these arrangements in a country like France... [T]his work allows us to understand better why ... the alleged remedies and reforms, from 'unconventional measures' major central banks to new regulatory structures, no way affect the old paradigms and therefore merely prepare the next crises."--Phillipe Ries, Mediapart "Exploring the ways in which politics inevitably intrude into banking regulation, Calomiris and Haber clearly describe events leading to the recent financial crisis of 2007-2009... This is an excellent work for understanding the role of credit and how the financial sector evolved in different settings."--Choice "This is a beautifully-written book. Calomiris and Haber are always thoughtful, always clear, and they have an eye for the telling metaphor and the thought provoking fact. More importantly, the book reflects the authors' mastery of a vast amount of material on the history of banking... Fragile by Design is a must-read for economic historians, a book to be put on the shelf with ... similar classics."--Hugh Rockoff, EH.Net "[I]f you want a methodology for drawing conclusions about the genesis of crises and an explanation for the differing experiences among countries, Fragile by the Design is the winner hands-down."--Vern McKinley, Cato Journal "Charles Calomiris and Stephen Haber's Fragile by Design is a magnificent study of the economics and politics of banking."--Mervyn King, Bloomberg Businessweek "Hands down the best single book for understanding the historical journey that laid the groundwork for the financial crisis."--Jeffrey Lacker, Bloomberg Businessweek "Fragile by Design is a call to action for people to seize the moment to resist crony capitalism."--Jay Weiser, Weekly Standard "One cannot help but admire Calomiris and Haber's ambition to write one of the most accessible and sophisticated books on the linkage between political institutions and national financial systems."--Caner Bakir, Public Administration "By any yardstick, Fragile by Design is a remarkable achievement and an important contribution to our understanding of the roots of the banking crises."--Grant Bishop & Anita Anand, Banking & Finance Law ReviewTable of ContentsPreface ix SECTION ONE No Banks without States, and No States without Banks 1 If Stable and Effi cient Banks Are Such a Good Idea, Why Are They So Rare? 3 2 The Game of Bank Bargains 27 3 Tools of Conquest and Survival: Why States Need Banks 60 4 Privileges with Burdens: War, Empire, and the Monopoly Structure of English Banking 84 5 Banks and Democracy: Britain in the Nineteenth and Twentieth Centuries 105 SECTION TWO The Cost of Banker-Populist Alliances: The United States versus Canada 6 Crippled by Populism: U.S. Banking from Colonial Times to 1990 153 7 The New U.S. Bank Bargain: Megabanks, Urban Activists, and the Erosion of Mortgage Standards 203 8 Leverage, Regulatory Failure, and the Subprime Crisis 256 9 Durable Partners: Politics and Banking in Canada 283 SECTION THREE Authoritarianism, Democratic Transitions, and the Game of Bank Bargains 10 Mexico: Chaos Makes Cronyism Look Good 331 11 When Autocracy Fails: Banking and Politics in Mexico since 1982 366 12 Infl ation Machines: Banking and State Finance in Imperial Brazil 390 13 The Democratic Consequences of Infl ation-Tax Banking in Brazil 415 SECTION FOUR Going beyond Structural Narratives 14 Traveling to Other Places: Is Our Sample Representative? 451 15 Reality Is a Plague on Many Houses 479 References 507 Index 549
£20.90
