Macroeconomics Books
John Murray Press The Passion Economy
Book SynopsisAn indispensable roadmap and a refreshingly optimistic take on our economic future: Award-winning New Yorker staff writer and brilliant creator of NPR's Planet Money shows us how the 21st century economic paradigm offers unprecedented opportunities for curious, ambitious individuals to combine the things they love with their careers.Trade ReviewHis book injects some grounded, non-jargon-laden reality into the bland corporate-speak around notions of passion, engagement and purpose. * Financial Times *
£18.00
Africa World Press Safeguarding The Health Sector In Times Of
Book SynopsisA fresh look at the relationships between macroeconomic policy and the health sector. Includes country studies from India, Thailand, Mexico, Columbia and Zimbabwe.
£25.46
Lexington Books Restoring Sustainable Macroeconomic Policies in
Book SynopsisSlowing economic growth and debt fatigue continue to hamper fiscal policy in the United States. The question is whether there is an alternative path to the one projected in CBO long term forecasts, and if so, how citizens can choose this alternative path. The experiences of Germany, Sweden, and Switzerland reveal that an alternative path of sustainable debt is possible, and that citizens in a democratic society are capable of choosing that path. This book explores the potential impact of Swiss-style fiscal rules on the U.S. budget and the economy over the next three decades. The dynamic simulation analysis reveals that with these fiscal rules in place, it is possible for the U.S. to stabilize and reduce debt to sustainable levels over the forecast period. The government must preserve policy credibility by demonstrating a commitment to meet the challenges of economic shocks. The recent economic crises have provided a learning experience, and the rules-based macroeconomic framework required for this new era may differ significantly from that of the past. With new fiscal rules in place, the U.S. can restore long term economic growth. However, empirical analysis reveals how difficult this challenge will be, and why the U.S. is likely to continue to experience debt fatigue.
£30.00
Oneworld Publications Them and Us: How immigrants and locals can thrive
Book SynopsisWinner of the Diversity, Inclusion and Equality Award at the Business Book Awards 2021 ‘Underpinned by scholarship...entertaining…Legrain’s book fizzes with practical ideas.’ The Economist ‘The beauty of diversity is that innovation often comes about by serendipity. As Scott Page observed, one day in 1904, at the World Fair in St Louis, the ice cream vendor ran out of cups. Ernest Hami, a Syrian waffle vendor in the booth next door, rolled up some waffles to make cones – and the rest is history.’ Filled with data, anecdotes and optimism, Them and Us is an endorsement of cultural differences at a time of acute national introspection. By every measure, from productivity to new perspectives, immigrants bring something beneficial to society. If patriotism means wanting the best for your country, we should be welcoming immigrants with open arms.Trade Review‘Underpinned by scholarship…entertaining… Legrain’s book fizzes with practical ideas.’ * The Economist *
£999.99
C Hurst & Co Publishers Ltd Women vs Capitalism: Why We Can't Have It All in
Book SynopsisAn urgent call to reform capitalism so that it stops failing women. Although the #MeToo movement has been hugely important, empowerment of the mind will not achieve full power for women while there remains economic inequality. Leading economist Vicky Pryce urgently calls for feminists to focus attention on this pressing issue: the pay gap, the glass ceiling, and the obstacles to women working at all. She shows that gender equality is good for business and economies, but the free market is wired to perpetuate inequality; only government intervention can empower women, with proper support and reward for their work. From the gendered threat of robot labour to the lack of women in economics itself, Women vs Capitalism is a bold and timely look at an uncomfortable truth: we will not achieve equality for women without radical changes to contemporary capitalism.Trade Review‘In ['Women vs Capitalism', Vicky Pryce] maintains that the free market is failing women and that correcting this is a win-win for everyone—and also critical to our economic prosperity.’ -- Sunday Times'A depressing indictment of modern capitalism, this book is a passionate argument for a way ahead.' -- Prospect'This book shines a much-needed light on discrimination that still holds too many women back – and what we can do about it. [For] policymakers, directors and women wondering what they can do to fight back, this is a fantastic book.' -- The Observer‘Pryce marshals an impressive array of up-to-date statistics and interesting anecdotes to demonstrate the ways in which capitalism is failing women.’ -- Literary Review'[Women vs Capitalism is] a powerful manifesto for our times, relentlessly piling up the evidence that women get a raw deal in the economy.' -- Irish Times‘The points Pryce makes are relevant for all economies trying to make the best use of limited resources … Highly recommended.’ -- CHOICE‘[Vicky Pryce has] brought together a lot of data to make her case [and she] addresses head on some of the pale excuses where critics seek to blame women themselves for the issues. … What is powerful [is] her central tenet that women’s economic empowerment is critical to market efficiency and that we need government intervention.’ -- Financial Times Adviser'Superb. An authoritative manual for the men upholding capitalism while holding back women and the economy, and a guidebook for women who want to change the world.' -- Ann Pettifor, author of 'The Production of Money''Vicky Pryce is one of Britain's most distinguished economic commentators. Her impassioned criticism and rich analysis argue powerfully that women's economic equality is both a moral question, and good economic sense. A clear-sighted call for change.' -- Rachel Reeves MP'A long overdue dissection of the vital subject of gender equality, through Vicky Pryce's forensic economic lens.' -- Polly Toynbee, 'The Guardian''Gender equality is an ongoing struggle fought on several fronts. The economic case presented here by Vicky Pryce has never been made so well or so vigorously.' -- Yasmin Alibhai-Brown, author, columnist and broadcaster'Vicky Pryce lends an eloquent voice and a forensic analysis to the growing worldwide realisation that capitalism needs to change.' -- Kate Pickett, co-author of 'The Spirit Level''A shocking, lucid account of how capitalism holds women back. If we are all to have a future, government policy must fundamentally change. Now.' -- Danny Dorling, University of Oxford; author of 'All That Is Solid' and 'Peak Inequality'
£17.09
C Hurst & Co Publishers Ltd The National Debt: A Short History
Book SynopsisWhile it is central to today's politics, few people fully understand the National Debt and its role in shaping the course of British history. Without it, Britain would not have gained--and lost--two empires, nor won its wars against France and Germany. But Britain has also been moulded by attempts to break free of the Debt, from postwar Keynesian economics to today's austerity. Martin Slater writes a vivid tale coloured with some of the most dramatic incidents and personalities of Britain's past--from clashes between King and Parliament, American independence and war in Europe, to the abolition of slavery, the development of the Union and the role of leading figures such as Pitt, Gladstone, Adam Smith and Keynes. From medieval times to the 2008 financial crash and beyond, The National Debt explores the changing fortunes of the Debt, and so of Great Britain.Trade Review'An invaluable book on one of the UK’s most remarkable instruments of power: the National Debt.' 'Interesting . . . the National Debt has been used by brilliant minds such as Keynes to save the nation, and by shysters throughout the ages to kick the can and to obscure who is really paying for what.'‘[A] lively history, taking in wars, empires, constitutional change and slavery, of the National Debt from medieval times to the 2008 crash and beyond.’'Slater’s work is much more than a technical treatise. His book is an invaluable guide to the evolution of the national debt and its interaction with the economy and society.' -- Journal of Modern History‘Slater’s account of the origins of the National Debt, and of its management up to the nineteenth century, is the clearest, most illuminating and most convincing that I have read.’‘This sprightly written book surveys the history of National Debt from the Middle Ages until the financial crisis of 2008 . . . an even-handed account.’'Slater has done a superb job, combining a fantastically clear explanation of what the National Debt actually is with an entertaining account of its history. This remarkably readable book will appeal to many a concerned citizen.' -- Evan Davis'Short, clear and readable. Slater shows how the National Debt has been enveloped in a miasma of misunderstanding and misinformation, and valiantly sets out to clear up the mess.' -- Robert Skidelsky'A tremendously satisfying book. Slater does not just recount and enliven history; he also explains the evolution of economic theories that influenced politicians, divided economists, and that continue to fire up public debate. A must-read for all those concerned by austerity.' -- Ann Pettifor, author of 'The Production of Money''A comprehensive and comprehensible explanation of Britain's National Debt over the centuries. Slater provides much-needed perspective on why, and when, our government should borrow.' -- Alistair Darling'A timely reminder that, while financing the growing National Debt since 2008 has been relatively easy, the road ahead will likely be far less steady.' -- Vicky Pryce'A fascinating tour of British economic history.' -- Jonathan Portes, author of '50 Capitalism Ideas You Really Need to Know''Slater has written insightfully about one of the biggest economic issues of our times. Placing the National Debt in its historical context, this book is a must-read on whether our debt levels are too high.' -- Linda Yueh, author of 'The Great Economists'
£23.75
Rivers Oram Press Paying for Inequality: Economic Cost of Social
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£36.00
Rivers Oram Press Paying for Inequality: Economic Cost of Social
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£14.20
WorldView Publications Standardising Development: Influences on UK NGOs'
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£14.20
Walter de Gruyter Soziale Nachhaltigkeit in der Region
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£999.99
De Gruyter Moderne Geldtheorie: Essays Zu Modern Monetary
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£18.32
Walter de Gruyter Die Wirtschaft: Volkswirtschaftslehre Für Eine
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£40.46
Walter de Gruyter Geldtheorien
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£93.46
Mohr Siebeck Kontrollierte Unabhangigkeit
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£97.24
Kohlhammer W. Wirtschaftsliberalismus
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£26.10
Kohlhammer Wirtschaftliche Zeitenwende
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£25.60
Kohlhammer W. Wirtschaft Und Evolution
£22.50
£42.74
Springer Verlag, Singapore China: Surpassing the “Middle Income Trap”
Book SynopsisThis open access book explores one of the most fiercely debated issues in China: if and how China will surpass the middle income trap that has plagued many developing countries for years. This book gives readers a clear picture of China today and acts as a reference for other developing countries.China is facing many setbacks and experiencing an economic slowdown in recent years due to some serious issues, and income inequality is one such issue deferring China’s development potential by creating a middle income trap. This book thoroughly investigates both the unpromising factors and favorable conditions for China to overcome the trap. It illustrates that traps may be encountered at any stage of development and argues that political stability is the prerequisite to creating a favorable environment for economic development and addressing this “middle income trap”.Written by one of China's central planners, this book offers precious insights into the industrial policies that are transforming China and the world and will be of interest to China scholars, economists and political scientists.Table of Contents1, Defining the Middle Income Trap2, The Poverty Trap3, Developmental Challenges4, Supply Side Reform and the Middle Income Trap5, A society of moderate prosperity
£999.99
Penguin Books Ltd MoneyGPT
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£17.85
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
University of Chicago Press Nber Macroeconomics Annual 2023
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£999.99
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 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.Seeking Alpha -- 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.Financial History -- 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
£999.99
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
