Macroeconomics Books

Book SynopsisMunicipal securities are debt instruments that state and local governments typically issue to finance diverse projects. Individual investors, through direct purchases or investment funds, own 75% of the estimated $3.7 trillion in municipal securities in the U.S. market. In the secondary market, where these securities are bought and sold after issuance, trading largely occurs in over-the-counter markets that are less liquid and less transparent than the exchange-traded equity securities market. The Dodd-Frank Wall Street Reform Act required GAO to review several aspects of the municipal securities market, including the mechanisms for trading, price discovery, and price transparency. This book examines municipal security trading in the secondary market and the factors that affect the prices investors receive and the SEC and self regulatory organizations'' enforcement of rules on fair pricing and timely reporting.

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Book SynopsisThere is a lot of attention for happiness, but there is also a lot of confusion, about the concept and the nature of happiness. This book wants to reduce this confusion, to make the deliberations and discussions about happiness more productive. A reduction of confusion will also make it easier to assess happiness as a possible standard in our personal life and in politics. Acceptance of happiness as a standard will have positive effects. Acceptance in personal life will make individuals more critical, and less vulnerable for adversity and manipulation. Acceptance in politics will contribute to a better detection and analysis of social-economic problems. Such positive effects are important for well-being. Well-being is usually defined as ‘objective well-being’ by experts, like medical specialists or psychologists. They apply their professional standards like blood pressure or personality characteristics. Happiness, on the other hand, is ‘subjective well-being’ as experienced by the people themselves. This happiness is the appreciation of one’s own life as a whole, and this appreciation is based on standards people have adopted themselves, knowingly or unknowingly. Happiness as subjective well-being, and objective well-being as defined by experts, are complementary. It is important to asses objective and subjective well-being simultaneously, and it is incorrect to ignore one of them. Table of Contents1. Introduction: an old discussion but a new challenge!2. The concept of happiness as subjective well-being3. The measurement of happiness as an actual phenomenon 4. Dualism of happiness; the body and the mind again!5. Affective happiness, or the affective component of happiness6. Evaluative happiness, or the evaluative component of happiness7. The explainability of happiness 8. Governments and happiness9. Complications in the interpretation and valuation of happiness10. Happiness as a standard in personal life and in politics11. What if? Some policy-options with happiness as a standard12. Summary of main conclusions and discussion

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Book SynopsisThis book explores the role of expectations within the modern capitalist system. Through looking at how they are formed and develop, the impact of events that lead to a collapse in expectations, such as a major financial crisis, is examined to highlight the precarious and unstable nature of the economic system. With a particular focus on the UK and USA, it is also considered how public policy and institutions can shift the balance away from speculation and back towards enterprise. This book aims to conceptualise instability and highlight how economic and regulatory policy can limit it. It will be relevant to researchers and policymakers interested in economic policy and regulatory reform.Table of ContentsChapter 1: Living In TruthChapter 2: After The Fall Chapter 3: The Medium Is (Still) The Message Chapter 4: What Do You Expect? Chapter 5: Possibilities, Probabilities And Propensities Chapter 6: The Best And The Brightest Chapter 7: Bretton Woods Revisited Chapter 8: Selling England By The Pound Chapter 9: Tomorrow Without Fear Chapter 10: Out Of Darkness

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Book SynopsisThe purpose of this book is to demystify the causes of wealth and poverty like never before done. It is the seminal comprehensive presentation of the CDR index. The CDR index is a mathematical model that shows how capitalism (C), democracy (D) and rule of law (R) jointly with natural resources and geography explain almost all economic growth. As it turns out, capitalism, democracy, and rule of law are intangible policy variables that are at the disposal of all countries and explain almost all gross domestic production of tangible products and services. There is also a minor contribution from non-policy variables such as natural resources and geography. These are all that countries require at their disposal and choice in order to enjoy their desired standard of living. The CDR economic growth model is a new paradigm.

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Book SynopsisAusterity, Fiscal consolidation, Fiscal discipline and Fiscal deficit targets have become the buzzwords of contemporary macroeconomic policy. By tracing the history of macroeconomic schools of thought, maximum government, maximum governance explores the origins, essence, shortcomings and deception of mainstream neoliberal Macroeconomics. Arguing that economies are financially constrained, neoliberal macroeconomics dislodged full employment as the target of policy replacing it with a low and stable inflation target. Monetary policy under the control of an independent central Bank became the primary instrument to assist free and globalized markets to propel economies towards full employment.

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Book SynopsisThe book explains strategic issues, trends, challenges, and future scenario of global economy in the light of Fourth Industrial Revolution. It consists of insightful scientific essays authored by scholars and practitioners from business, technology, and economics area. The book contributes to business education by means of research, critical and theoretical reviews of issues in Fourth Industrial Revolution.Table of ContentsChapter 1 Big Data and Organizational Ambidexterity: A Strategic Perspective.- Chapter 2 Performance and Growth of artificial intelligence in service sector.- Chapter 3 Healthcare Governance in the 4th Industrial Revolution: Reviewing the Role of Patient Centeredness and Empowerment in the UAE.- Chapter 4 Cost-Benefit Analysis and Environmental Impact Assessment of 3D Printing Applications in Building Construction in Oman.- Chapter 5 The prospects and risks of Industry 4.0: Issues and Implications.- Chapter 6 Driving Factors of Adopting 4th Industrial Revolution Technologies in The Logistics Industry: An Empirical Study from Oman.- Chapter 7 Re-inventing Human Resource Management through Artificial Intelligence.- Chapter 8 Understanding the Emerging Role and Importance of Robo-advisory: A Case Study Approach.- Chapter 9 Industrial Revolution 4.0: Transformation of Job market.- Chapter 10 Industry 4.0: The Human Resource Perspective.- Chapter 11 Big Data Analytics and Accounting Education: A Systematic Literature Review.- Chapter 12 Industry 4.0: The Future of Manufacturing Foundational Technologies, Adoption Challenges and Future Research Directions.- Chapter 13 Talent Development Challenges and Opportunities in the 4th Industrial Revolution: A Boundary less Career Theory Perspectives.- Chapter 14 Social Media and Modern Business World: Present Practices and Future Challenges.- Chapter 15 Diffusion and adoption of E-wallets in Oman for sustainable growth.

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Book SynopsisThis work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers can understand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understand the substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.Trade ReviewChow's book is significant. Chow's book is clear and well written, and covers an enormous range of applications of dynamic optimisation. For a postgraduate student or professional economist who is convinced by Chow's argument about the superiority of the Lagrange multiplier method and wants to use it, his book would undoubtedly be the best buy. - Paul Oslington. Economic Record. September 1998.

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Book SynopsisThis graduate textbook is a primer in macroeconomics. It starts with essential undergraduate macroeconomics and develops in a simple and rigorous manner the central topics of modern macroeconomic theory including rational expectations, growth, business cycles, money, unemployment, government policy, and the macroeconomics of nonclearing markets. The emphasis throughout the book is on both foundations and presenting the simplest model for each topic that will deliver the relevant answers. The first two chapters recall the main workhorses of undergraduate macroeconomics: the Solow-Swan growth model, the Keynesian IS-LM model, and the Phillips curve. The next chapters present four fundamental building blocks of modern macroeconomics: rational expectations, intertemporal dynamic models, nonclearing markets and imperfect competition, and uncertainty. Later the book deals with growth, notably the Ramsey model, overlapping generations, and endogenous growth. Chapter 10 moves to the famous reTrade ReviewIn this new text, designed for first year graduate students, Jean-Pascal Benassy conducts a review of every important development in macroeconomic theory since the 1950s. Each topic is viewed through explicit models, designed to reveal its central issues as simply and directly as possible, but without giving up either rigor or substance. There are 590 references, from Abel to Zabel. An encyclopedic achievement! * Robert E. Lucas, Jr., University of Chicago and 1995 Nobel Laureate in Economics *Table of ContentsA MATHEMATICAL APPENDIX

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Book SynopsisThis book provides a comprehensive account of the structure, conduct, and performance of the centrally planned economies of Eastern Europe, the USSR, Communist China and the Marxist LDCs, looking at 26 nations in all.The author focuses on reform, perhaps the most important issue facing countries such as the USSR, Poland, Hungary, and China. Bureaucracy, soft budget constraints, markets, and the nature of the socialist state are the central issues that arise in the course of reforming a socialist economy.The first half of the book deals with ''classical socialism'' and provides a theoretical summary of the main features of a now closed period of history. The second half deals with the processes of reform and concludes that the reform of classical socialist systems is doomed to failure as they are unable to renew themselves internally.Trade Review`This is truly a remarkable achievement. Kornai's book can be read with much profit by citizens of both east and west, by economists and by whoever is interested in politics, by specialists in the affairs of communist-run countries and by student beginners. It is well organised, shows a mastery of the material and is a model of clarity of exposition ... What he does do is to describe with consummate skill the essential features of the system as it was, and why attempts to reform it have been so conspicuously unsuccessful. For this he deserves our gratitude and a large readership' Alec Nove, New Statesman & Society`This is the most comprehensive analysis of socialist economics ever written. It is lucid and well-structured, rendering it an ideal textbook for a broad range of students on the socialist economic system. This might be the definitive work on socialist economics. The greatest student of socialist economics has produced his grand oeuvre.' Ander Aslund, Director, Stockholm Institute of Soviet and East European Economics`Janos Kornai has long been the world's most perceptive analyst and critic of communism. The momentous changes of the last few years have generated plenty of heat. This book, destined to become a classic, sheds great light on communism - why it endured, why it eventually failed, and how it should and will evolve.' Lawrence H Summers, World Bank`Janos Kornai's analysis of the political economy of socialism is the right book at the right time by the right author ... a scholarly, realistic, insightful analysis of both the early successes and the gradual breakdown of socialist systems.' Stanley Fischer, Professor of Economics, MIT`Written by a leading scholar on comparative economic systems, the book is a masterly contribution.' Padma Desai, Professor of Economics, Columbia`Hungarian economist Janos Kornai gives a detailed but untechnical overview of socialist economies.' Morning Star'His book deserves to be read ... because of the sheer scholarship which has gone into producing it, and because of the insight into Stalinism and its legacy which it undoubtedly provides.' Ian Kearns, University of Sheffield, International Affairs, April 1993`Janos Kornai's The Socialist System: The Political Economy of Communism is definitely one of the best (if not the best) books ever written by such "synthesizers". It is the first comprehensive and systematic exposition of the political economy of state socialism. The author offers an intricate, nuanced, logical, and highly readable panorama of not just the Communist economy but the whole socioeconomic, political-cultural formation, known as state socialism.' Studies in Comparative International Development`presents a detailed and exhaustive description of the general characteristics of the classical system, defined as the stalinist or maoist phase, and of the reform system that followed it ... any serious students specialising in comparative economic systems surely ought to become acquainted with the book' Europe-Asia Studies`This book will appeal to a wide audience. It combines a coherent political model with a detailed economic critique. It also shows that socialist economics were not as homogenous as traditionally assumed by commentators. The book also provides valuable insights into what new economic forms are likely to replace the erstwhile socialist economies.' Political StudiesGreat merit ... Kornai has been in his career deeply involved in the workings of the system he describes, so is an outstanding expert on it and sheds light on many of its aspects people who have not lived in communist societies cannot easily understand ... The book is a great achievement ... A comprehensive content, references, authors and subject indexes makes the book a very convenient research tool. * Kyklos *

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Book SynopsisThe Oxford Handbook of Pricing Management is a comprehensive guide to the theory and practice of pricing across industries, environments, and methodologies. The Handbook illustrates the wide variety of pricing approaches that are used in different industries. It also covers the diverse range of methodologies that are needed to support pricing decisions across these different industries. It includes more than 30 chapters written by pricing leaders from industry, consulting, and academia. It explains how pricing is actually performed in a range of industries, from airlines and internet advertising to electric power and health care. The volume covers the fundamental principles of pricing, such as price theory in economics, models of consumer demand, game theory, and behavioural issues in pricing, as well as specific pricing tactics such as customized pricing, nonlinear pricing, dynamic pricing, sales promotions, markdown management, revenue management, and auction pricing. In addition, thTrade Review`This wide ranging book provides many important lessons on effective pricing. It bristles with empirical information, reviewing practices in industries from advertising and airlines to wine and wireless services. It then lays out the analytics underlying effective pricing, examining methodologies such as game theory and behavioral decision, and strategies and techniques, such as auctions, markdowns, and promotions. This book is thoroughly grounded in real world considerations, looking at matters from how to manage an effective pricing organization to how to conduct a global pricing strategy. Learn from this book in all aspects but one. Its price should have been set ten times as high. But then you should still buy it. ' Richard Zeckhauser, Frank P. Ramsey Professor of Political Economy, Kennedy School, Harvard University`As an emerging and explosive field, pricing management research has been approached from multiple disciplines with many industry applications. The strength of this book is that it provides a comprehensive view of all such different disciplinary approaches, and in some cases, cross-disciplinary and integrative works, with an eye of a diverse set of industry application. It is a great reference for any researcher in this field. ' Hau Lee, Thoma Professor of Operations, Information and Technology, Stanford Graduate School of BusinessTable of ContentsPART I. INTRODUCTION; PART II. PRICING IN SELECTED INDUSTRIES; PART III. PRICING FUNDAMENTALS; PART IV. PRICING TACTICS; PART V. ORGANIZATION AND PROCESSES; PART VI. CURRENT CHALLENGES AND FUTURE PROSPECTS

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Book SynopsisFixed Income Modelling offers a unified presentation of dynamic term structure models and their applications to the pricing and risk management of fixed income securities. It explains the basic fixed income securities and their properties and uses as well as the relations between those securities. The book presents and compares the classical affine models, Heath-Jarrow-Morton models, and LIBOR market models, and demonstrates how to apply those models for the pricing of various widely traded fixed income securities. It offers a balanced presentation with both formal mathematical modelling and economic intuition and understanding. The book has a number of distinctive features including a thorough and accessible introduction to stochastic processes and the stochastic calculus needed for the modern financial modelling approach used in the book, as well as a separate chapter that explains how the term structure of interest rates relates to macro-economic variables and to what extent the conTrade ReviewI enjoyed reading the book. Claus Munk manages to present many demanding topics in a very clear and understandable way. The book is well suited as a textbook on fixed income for advanced finance students. I also recommend reading to researchers and finance professionals. * Antje Mahayni, Journal of Economics October 2012, Volume 107, Issue 2, pp 195-197 *Table of ContentsPreface ; 1. Introduction and overview ; 2. Extracting Yield Curves from Bond Prices ; 3. Stochastic Processes and Stochastic Calculus ; 4. A Review of General Asset Pricing Theory ; 5. The Economics of the Term Structure of Interest Rates ; 6. Fixed Income Securities ; 7. One-factor Diffusion Models ; 8. Multi-factor Diffusion Models ; 9. Calibration of Diffusion Models ; 10. Heath-Jarrow-Morton Models ; 11. Market models ; 12. The Measurement and Management of Interest Rate Risk ; 13. Defaultable Bonds and Credit Derivatives ; 14. Mortgages and Mortgage-backed Securities ; 15. Stock and Currency Derivatives when Interest Rates are Stochastic ; 16. Numerical Techniques ; Appendix: Results on the Lognormal Distribution

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Book SynopsisFinancial Asset Pricing Theory offers a comprehensive overview of the classic and the current research in theoretical asset pricing. Asset pricing is developed around the concept of a state-price deflator which relates the price of any asset to its future (risky) dividends and thus incorporates how to adjust for both time and risk in asset valuation. The willingness of any utility-maximizing investor to shift consumption over time defines a state-price deflator which provides a link between optimal consumption and asset prices that leads to the Consumption-based Capital Asset Pricing Model (CCAPM). A simple version of the CCAPM cannot explain various stylized asset pricing facts, but these asset pricing ''puzzles'' can be resolved by a number of recent extensions involving habit formation, recursive utility, multiple consumption goods, and long-run consumption risks. Other valuation techniques and modelling approaches (such as factor models, term structure models, risk-neutral valuation, and option pricing models) are explained and related to state-price deflators. The book will serve as a textbook for an advanced course in theoretical financial economics in a PhD or a quantitative Master of Science program. It will also be a useful reference book for researchers and finance professionals. The presentation in the book balances formal mathematical modelling and economic intuition and understanding. Both discrete-time and continuous-time models are covered. The necessary concepts and techniques concerning stochastic processes are carefully explained in a separate chapter so that only limited previous exposure to dynamic finance models is required.Trade ReviewThis monograph provides a consistent and comprehensive presentation of the classical asset pricing paradigm, from the basics of the theory to the latest developments in the field. The reader's task is simplified by the consistent notation and the integrated conceptual framework that is employed; his technical facility improved by the extensive proofs of the main results that are offered; and his curiosity piqued by the extensive references to the empirical literature. The expert will find it a convenient reference and the student will find it an invaluable guide. * Michael J. Brennan, Professor of Finance at Anderson School, University of California Los Angeles, at Manchester Business School, and at King Abdulaziz University, Jeddah *Munk takes a completely fresh and well organized approach to communicating the key concepts and techniques of modern asset pricing theory. His treatment is clear, accessible, rigorously unified around the notion of state pricing, and encompasses the latest model specifications. He has set the new standard for doctoral-level courses on this subject. * Darrell Duffie, Dean Witter Distinguished Professor of Finance, at the Graduate School of Business, Stanford University *Financial Asset Pricing Theory is a rigorous, yet eminently accessible, textbook at the frontier of modern asset pricing theory with applications in portfolio management, the term structure of interest rates, and derivatives, and a nice selection of problem sets. Claus Munk's textbook is my top choice as a comprehensive and intuitive textbook for an introductory or advanced PhD course on asset pricing theory. * George M. Constantinides, Leo Melamed Professor of Finance, The University of Chicago, Booth School of Business *Table of ContentsPreface ; 1. Introduction and Overview ; 2. Uncertainty, Information, and Stochastic Processes ; 3. Portfolios, Arbitrage, and Market Completeness ; 4. State Prices ; 5. Preferences ; 6. Individual Optimality ; 7. Market Equilibrium ; 8. Basic Consumption-Based Asset Pricing ; 9. Advanced Consumption-Based Asset Pricing ; 10. Factor Models ; 11. The Economics of the Term Structure of Interest Rates ; 12. Risk-Adjusted Probabilities ; 13. Derivatives ; Appendix A. A Review of Basic Probability Concepts ; Appendix B. Results on the Lognormal Distribution ; Appendix C. Results from Linear Algebra

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Book SynopsisThis text provides graduate students of macroeconomics, econometrics, and monetary economics with discussion and practical illustrations of the techniques used in applied macroeconometrics. Until the 1970s, there was consensus regarding both the theoretical foundations and the empirical specification of applied macroeconometric modelling, commonly known as the Cowles Commission approach. This is no longer the case: the Cowles Commission approach broke down in the 1970s, to be replaced by a number of prominent competing methods--the LSE (London School of Economics) approach, the VAR approach, and the intertemporal optimization/Real Business Cycle approach. Applied Macroeconometrics examines the empirical research strategy of these alternatives by interpreting them as attempts to solve the problems observed in the Cowles Commission approach. The different research strategies are illustrated with specific reference to real-world examples, particularly with respect to the monetary transmisTrade ReviewThis book provides an extremely useful and accessible description of a wide range of techniques and approaches currently used in applied macroeconometrics * Journal of Applied Econometrics, Vol.16, No.5 *

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Book SynopsisModels for Dynamic Macroeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth. The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use. Each chapter includes exercises which propose extensions to the model discussed in the text as well as end of chapter review exercises designed to consolidate learning. All exercise solutions are provided at the end of the book and further reading is discussed at the end of each chapter.By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to gradTrade Review'This excellent book, written by two leaders of their field, provides a rigorous introduction to modern dynamic macroeconomics. It provides the modern perspective on consumption, investment and labor markets before putting it all together in models of general equilibrium as well as models of coordination failures. The book provides a much needed stepping stone so that students can cross the gap between undergraduate textbooks and the modern literature. I recommend it highly for serious advanced undergraduate courses, as a basic text for graduate courses, and as a reference text.' * Harald Uhlig, Humboldt-Universität zu Berlin *Table of ContentsPreface ; 1. Dynamic Consumption Theory ; 1.1 Permanent Income and Optimal Consumption ; 1.2 Empirical Issues ; 1.3 The Role of Precautionary Saving ; 1.4 Consumption and Financial Returns ; Appendix A1: Dynamic Programming ; Review Exercises ; Further Reading ; References ; 2. Dynamic Models of Investment ; 2.1 Convex Adjustment Costs ; 2.2 Continuous-Time Optimization ; 2.3 Steady-State and Adjustment Paths ; 2.4 The Value of Capital and Future Cash Flows ; 2.5 Average Value Capital ; 2.6 A Dynamic IS-LM Model ; 2.7 Linear Adjustment Costs ; 2.8 Irreversible Investment Under Certainty ; Appendix A2: Hamiltonian Optimization Methods ; Review Exercises ; Further Readings ; References ; 3. Adjustment Costs in the Labor Market ; 3.1 Hiring and Firing Costs ; 3.2 The Dynamics of Employment ; 3.3 Average Long-Run Effects ; 3.4 Adjustment Costs and Labor Allocation ; Appendix A3: (Two-State) Markov Processes ; Review Exercises ; Further Reading ; References ; 4. Growth in Dynamic General Equilibrium ; 4.1 Production, Savings, and Growth ; 4.2 Dynamic Optimization ; 4.3 Decentralized Production and Investment Decisions ; 4.4 Measurement of "Progress": the Solow Residual ; 4.5 Endogenous Growth and Market Imperfections ; Review Exercises ; Further Exercises ; References ; 5. Coordination and Externalities in Macroeconomics ; 5.1 Trading Externalities and Multiple Equilibria ; 5.2 A Search Model of Money ; 5.3 Search Externalities in the Labor Market ; 5.4 Dynamics ; 5.5 Externalities and Efficiency ; Review Exercises ; Further Reading ; References ; Answers to Exercises

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Book SynopsisBayesian econometric methods have enjoyed an increase in popularity in recent years. Econometricians, empirical economists, and policymakers are increasingly making use of Bayesian methods. This handbook is a single source for researchers and policymakers wanting to learn about Bayesian methods in specialized fields, and for graduate students seeking to make the final step from textbook learning to the research frontier. It contains contributions by leading Bayesians on the latest developments in their specific fields of expertise. The volume provides broad coverage of the application of Bayesian econometrics in the major fields of economics and related disciplines, including macroeconomics, microeconomics, finance, and marketing. It reviews the state of the art in Bayesian econometric methodology, with chapters on posterior simulation and Markov chain Monte Carlo methods, Bayesian nonparametric techniques, and the specialized tools used by Bayesian time series econometricians such as Trade ReviewThis Handbook is an excellent piece of scholarly work that displays the full power of the Bayesian method. * Gael Martin *Table of ContentsPART I: PRINCIPLES ; PART II: METHODS ; PART III: APPLICATIONS

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Book SynopsisFixed Income Modelling offers a unified presentation of dynamic term structure models and their applications to the pricing and risk management of fixed income securities. It explains the basic fixed income securities and their properties and uses as well as the relations between those securities. The book presents and compares the classical affine models, Heath-Jarrow-Morton models, and LIBOR market models, and demonstrates how to apply those models for the pricing of various widely traded fixed income securities. It offers a balanced presentation with both formal mathematical modelling and economic intuition and understanding. The book has a number of distinctive features including a thorough and accessible introduction to stochastic processes and the stochastic calculus needed for the modern financial modelling approach used in the book, as well as a separate chapter that explains how the term structure of interest rates relates to macro-economic variables and to what extent the conTrade ReviewI enjoyed reading the book. Claus Munk manages to present many demanding topics in a very clear and understandable way. The book is well suited as a textbook on fixed income for advanced finance students. I also recommend reading to researchers and finance professionals. * Antje Mahayni, Journal of Economics October 2012, Volume 107, Issue 2, pp 195-197 *Table of ContentsPreface ; 1. Introduction and overview ; 2. Extracting Yield Curves from Bond Prices ; 3. Stochastic Processes and Stochastic Calculus ; 4. A Review of General Asset Pricing Theory ; 5. The Economics of the Term Structure of Interest Rates ; 6. Fixed Income Securities ; 7. One-factor Diffusion Models ; 8. Multi-factor Diffusion Models ; 9. Calibration of Diffusion Models ; 10. Heath-Jarrow-Morton Models ; 11. Market models ; 12. The Measurement and Management of Interest Rate Risk ; 13. Defaultable Bonds and Credit Derivatives ; 14. Mortgages and Mortgage-backed Securities ; 15. Stock and Currency Derivatives when Interest Rates are Stochastic ; 16. Numerical Techniques ; Appendix: Results on the Lognormal Distribution

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Book SynopsisBayesian econometric methods have enjoyed an increase in popularity in recent years. Econometricians, empirical economists, and policymakers are increasingly making use of Bayesian methods. This handbook is a single source for researchers and policymakers wanting to learn about Bayesian methods in specialized fields, and for graduate students seeking to make the final step from textbook learning to the research frontier. It contains contributions by leading Bayesians on the latest developments in their specific fields of expertise. The volume provides broad coverage of the application of Bayesian econometrics in the major fields of economics and related disciplines, including macroeconomics, microeconomics, finance, and marketing. It reviews the state of the art in Bayesian econometric methodology, with chapters on posterior simulation and Markov chain Monte Carlo methods, Bayesian nonparametric techniques, and the specialized tools used by Bayesian time series econometricians such as Trade ReviewThis Handbook is an excellent piece of scholarly work that displays the full power of the Bayesian method. All chapters, whilst reasonably self-contained, also serve as springboards to the broader literature, with extensive referencing being a feature of all. Access to specialized computer code is provided in some cases, serving to aid in the wider dissemination and use of the paradigm. * Gael Martin, The Econometrics Journal *Table of ContentsPART I: PRINCIPLES ; PART II: METHODS ; PART III: APPLICATIONS

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Book SynopsisIntroduction Economics The Military Values Facts Theories Power and Money Producing Security Militarism Economic Concepts Uncertainty Economic-Security Interactions Security: Are we Safe? Individual Security National Security Global Security War Oil Arms Races and Arms Control Military Spending: How Much is Enough? Measures of Military Expenditure Motives for Arming Economic Functions of US Military Spending Hard Choices: UK and France An Arms Race: India and Pakistan Military Prices Military Balance Sheets Force Acquisition I, Demand: The Biggest Bang for a Buck? Labour Weapons Procurement Technology Force Acquisition II, Supply: The Merchants of Death? The Arms Industry Evolution of the Arms Trade Regulation Military Capability: How to Win? Force Employment Morale Logistics Peacekeeping Economic Choices: Swords or Plowshares? Budget Constraints Economic Effects Technological Spin-off Economic Warfare Understanding Military Economics Acknowledgements, Abbreviations, References, IndexTrade Review'The mathematical and statistical language of defence and peace economics has long been incomprehensible to many students of security and the military. In Military Economics, Britain's leading defence economist resolves this with an accessible synthesis of the technical literature and provides an authoritative survey of the key interactions between military power and money. This book is essential reading for academics and practitioners interested in relationships between the military dimensions of economics and conflict.' - Professor Matt Uttley, King's College London, UK 'This outstanding book makes an original contribution to the economic analysis of the military sector. The author uses his extensive knowledge of the field to present a highly readable, non-technical and scholarly treatment of why money matters to the military. This is a classic text in applied economics.' - Keith Hartley, University of York, UK 'This is an excellent and long needed book on the complex and important issues of military economics. It is comprehensive, accessible, well written and incisive, and will become an essential reference for professionals, politicians, activists, academics and students as well as the informed lay person. A real tour de force by an academic at the peak of his powers.' - J Paul Dunne, Professor of Economics, The British University, Egypt and UWE, BristolTable of ContentsIntroduction Economics The Military Values Facts Theories Power and Money Producing Security Militarism Economic Concepts Uncertainty Economic-Security Interactions Security: Are we Safe? Individual Security National Security Global Security War Oil Arms Races and Arms Control Military Spending: How Much is Enough? Measures of Military Expenditure Motives for Arming Economic Functions of US Military Spending Hard Choices: UK and France An Arms Race: India and Pakistan Military Prices Military Balance Sheets Force Acquisition I, Demand: The Biggest Bang for a Buck? Labour Weapons Procurement Technology Force Acquisition II, Supply: The Merchants of Death? The Arms Industry Evolution of the Arms Trade Regulation Military Capability: How to Win? Force Employment Morale Logistics Peacekeeping Economic Choices: Swords or Plowshares? Budget Constraints Economic Effects Technological Spin-off Economic Warfare Understanding Military Economics Acknowledgements, Abbreviations, References, Index

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Book SynopsisThe human imprint on the biosphere has become so pronounced in recent years that there has been talk of a new geological era, the 'Anthropocene'. Gathering contributions from some of the world's foremost heterodox economists, this book explores the new economic directionsandparadigmsthat are required to respond to this crisis.Table of ContentsThe Integration of Social, Ecological and Economic Knowledge; C. Spash The Fog of Economics; R. Ayres New Narratives for Sustainability: The Red Pill for Economists; M. Giampietro & K. Mayumi Social Metabolism, Environmental Cost-Shifting and Valuation Languages; J. Martinez-Alier Meanings and Significance of Property with Reference to Today's Three Major Eco-Institutional Crises; R. Steppacher & J. Gerber An Institutional and Evolutionary Critique of Natural Capital; L. Krall & J. Gowdy From Utilitarianism to Evolution in Ecological Economics; G. Hodgson Economics: The Dismal Science? S. Marglin Moving from a Failed Growth Economy to a Steady-State Economy; H. Daly Global Poverty and Financial Crisis: Are We Trapped in an Obsolete Economic Order? D. Bromley

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Book SynopsisDynamics of the Mixed Economy applies the insights of modern Austrian political economy to examine economic policy in mixed economies. It compares and contrasts standard approaches to the growth of the state (including public choice) with that of modern Austrian political economy; examines in detail the nature and operation of the interventionist process in the context of nationalization, regulation and the welfare state; analyzes conditions that produce instability under laissez-faire capitalism; argues that the interventionist process is a ''spontaneous order''; and offers several ''pattern predictions'' regarding the character and behaviour of really existing economies.Table of Contents1. The Challenge of the Mixed Economy 2. The Meaning of Interventionism 3. The Use of Knowledge in Government and Catallaxy 4. Toward a Theory of Interventionism I: The Framework 5. Toward a Theory of Interventionism II: Roads to Collectivism 6. The Instability of the Minimal State 7. Implications and Pattern Predictions 8. Whither the Mixed Economy?

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Book SynopsisWith global concerns over rising oil prices, this book examines the major issues facing the economies of the Arab Gulf today, covering all six of the Arab Gulf Cooperation Council (AGCC) states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Providing a detailed account of the central features of the economies of the Arab Gulf, this book draws out the critical trends that will shape the region in future years. It includes an in-depth analysis of topical issues such as the AGCC monetary union, intra-AGCC national labour movement, Islamic banking and programmes to finance small and medium-sized enterprises (SMEs). The book: assesses the costs and benefits of the proposed monetary union, assessing whether AGCC economic structures have converged sufficiently, and whether these economies have the internal flexibility necessary to make the union work effectively investigates intra-national labour mobility in the context of the forthcoming monetary union and identifies the most crucial features in a successful common AGCC employment strategy considers the fortunes of the prominent Islamic banks in the region examines the impact on liquidity of the external economic environment and regulatory policy contrasts and compares some of the major SME financing schemes, focusing in particular on SME financing in Oman. Table of ContentsIntroduction 1. The AGCC Monetary Union 2. Intra-national Labour Mobility between AGCC States 3. Some Aspects of Liquidity of Islamic Banks in Two AGCC States 4. Financing Small and Medium Enterprises in the AGCC States: A Case of Oman 5. Conclusion

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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