Macroeconomics Books

Book SynopsisMacroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors'' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.Table of ContentsPreface. 1. Introduction. 2. Perfectly Flexible Wages. 3. Imperfect Wage Flexibility. 4. Imperfect Competition. 5. The Labor Market. 6. Macroeconomics. 7. Conclusions. Notes. References. Index.

Read more less

Book SynopsisThis innovative text ushers in a new way of examining basic economic issues. It teaches economics from a different standpoint, based on specialization and the division of labor. Resource allocation for a given level of division of labor is shown as not the only determination for demand and supply. Levels of division of labor are shown as a major factors as well.Table of ContentsPart I: Economic Environment: Introduction:. 1. What is Economics?. Analytical Framework of Economics. Neoclassical Economics vs. New Classical Economics. Structure of the Text and Different Ways to Use it. 2. Preference and Utility Function. Scientific Approach to Studies of Human Behavior. Preference and Utility Function. Convex Preference Relation, Quasi-concave Utility Function, Diminishing Marginal Rates of Substitution, and Desire for Diverse Consumption. Ordinal vs. Cardinal Theory of Utility and Diminishing Marginal Rate of Substitution vs. Diminishing Marginal Utility. 3. Production Conditions. Neoclassical Framework vs. New Classical Framework. Neoclassical Environment of Production. New Classical Production Environment. Endogenous cum Exogenous Comparative Advantage. Part II: Neoclassical Framework: . 4. Neoclassical Decision Problems. Budget Constraint and Dichotomy Between Pure Consumers and Firms. A Pure Consumer's Constrained Utility Maximization Problem. Comparative Statistics of the Pure Consumer's Utility Maximization Problem. A Pure Consumer's Expenditure Minimization Problem. Recovering Utility Function from a Demand System. Revealed Preference. A Producer's Decision Problem in a Walrasian Regime. 5. General Equilibrium in the Neoclassical Frameworks. General Equilibrium in a Walrasian Model. Neoclassical General Equilibrium Models. Comparative Statistics of Neoclassical General Equilibrium. Welfare Implications of the Neoclassical General Equilibrium Equilibrium in Neoclassical Game models. Part III: New Classical Framework: . 6. Consumer-producers' Decisions to Choose Optimum Level and Pattern of Specialization. The New Classical Framework and Transaction Costs. Configurations and Corner Solutions in the New Classical Framework. The Optimum Resource Allocation for a Given Level and Pattern of Specialization. The Optimum Level and Pattern of Specialization. Neoclassical and New Classical Laws of Supply and Elasticity of Substitution. 7. New Classical General Equilibrium and Its Welfare Implications. Neoclassical vs. New Classical General Equilibrium. How Does the Market Coordinate the Division of Labor and Utilize Network Effects. Inframarginal Comparative Statistics of New Classical General Equilibrium. Efficiency of the Invisible Hand. 8. Trade Pattern and Professional Middlemen. Why Can Professional Middleman Make Money? What Are Determinants for Business Success. A Model with Trading Activities and Heterogeneous Parameters. Decisions to Be a Professional Middleman. Market Structures and Corner Equilibria. The Equilibrium Size of the Network of Division of Labor. Emergence of Professional Middlemen and a Hierarchical Structure of Economic Organization. Determinants of Trade Pattern and Successful Business. Part IV: Institution of the Firm and Pricing through Bargaining and Contracting: . 9. Labor Market and Institution of the Firm. What is the Institution of the Firm. Is It Fair to Have Asymmetric Relationship Between Boss and Employees. Story behind the Model. Emergence of the Firm from the Division of Labor. The Distinction Between ex ante and ex post Production Functions and the New Classical Analysis of Demand and Supply. Economies of Division of Labor, Economies of the Firm, and Coase Theorem. 10. Pricing Mechanism Based on Bargaining. Bargaining Game, Strategic Behavior, Opportunistic Behavior. Nash Bargaining Game. Endogenous Transaction Costs caused by Information Asymmetry. Alternating Offer Bargaining Games. Dynamic Bargaining Game and the Division of Labor. How Does Competition for a Greater Share of Gains from the Division of Labor. Generate Endogenous Transaction Costs. How Can Endogenous Transaction Costs be Eliminated by Consideration of Reputation. Non-credible Commitment and Soft Budget Constraint. 11. Endogenous Transaction Costs and Theory of Contract, Ownership, and Residual Rights. Endogenous Transaction Costs and Moral Hazard. Neoclassical Principal-agent Models. A New Classical General Equilibrium Model of Principal-agent. The Trade off Between Endogenous Transaction Costs caused by Moral Hazard and Monitoring Cost. The Grossman-Hart-Moore Model of Optimal Ownership Structure. Part V: Trade Theory and More General New Classical Models:. 12. Emergence of International Trade from Domestic Trade and Emergence of New Products. Endogenous Trade Theory and Endogenous Number of Consumer Goods. A New Classical Trade Model with Fixed Learning Costs. How are Demand and Supply Functions Determined by Individuals' Levels of Specialization. Inframarginal Comparative Statistics of the Optimum Decisions. How is the Level of Division of Labor in Society Determined in the Market. Inframarginal Comparative Statistics of General Equilibrium and Many Concurrent Economic Phenomena. Emergence of International Trade from Domestic Trade. Comovement of Division of Labor and Consumption Variety. Trade off Between Economies of Specialization and Coordination Costs. A Neoclassical Model Endogenizing the Number of Consumption Goods on the Basis of the Trade off Between Economies of Scale and Consumption Variety. An Extended Murphy-Shleifer-Vishny Model with Compatibility between Economies of Scale and Competitive Market. 13. Exogenous and Endogenous Comparative Advantages, Division of Labor, and Trade. Endogenous vs. Exogenous Comparative Advantage. A Ricardian Model with Exogenous Comparative Technological Advantage and Transaction Costs. Analysis of Decisions vs. Analysis of Equilibrium. Economic Development and Trade Policy. Comparative Endowment Advantage and Transaction Efficiency. 14. More General New Classical Models. Theoretical Foundation of New Classical Economics. A General New Classical Model with ex ante Different Consumer-producers. The Existence of General Equilibrium. Equilibrium Organism and Efficiency of the Invisible Hand in Coordinating Division of Labor. A Smithian Model with Dual Structure. Trade Pattern and Income Distribution. Part VI: Urbanization, Population, the Trade off Between Working and Leisure:. 15. Urbanization, Dual Structure Between Urban and Rural Areas, and the Division of Labor. Why and How Cities Emerge from the Division of Labor?. Emergence of Cities and of the Dual Structure Between Urban and Rural Areas. Why Can Geographical Concentration of Transactions Improve Transaction Efficiency. Simultaneous Endogenization of Level of Division of Labor, Location Pattern of Residences, Geographical Pattern of Transactions, and Land Prices. Fujita-Krugman Model of Urbanization. 16. The Trade off Between Work and Leisure and Impacts of the Resource Endowment and Population on the Division of Labor. Why Can Division of Labor Enlarge the Scope for the Efficient Trade off Between Work and Leisure. Why Leisure Time and Per capita Consumption of Each Goods Increase as Division of Labor Develops. Why Can Crisis of Resource Shortage Promote Evolution in Division of Labor and Productivity. Implications of High Population Density for Evolution in Division of Labor through Its Effect on Per capita Investment Cost of Infrastructure. Part VII: Trade off Between Economies of Division of Labor and Coordination Reliability of the Network of Division of Labor:. 17. Economics of Property Rights and the Division of Labor. Uncertainties in Transactions and Economics of Property Rights. Trade offs among Economies of Division of Labor, Coordination Reliability, and Benefit of Competition. Endogenization of Coordination Reliability in Each Transaction. Substitution between Precision in Specifying and Enforcing Property Rights and Competition. 18. Insurance and Risk of Coordination Failure of the Network of Division of Labor. Uncertainty and Risk Aversion. A Model with Insurance and Endogenous Specialization in the Absence of Moral Hazard. The Division of Labor and Endogenous Transaction Costs caused by Complete Insurance. Part VIII: Hierarchical Structure of Division of Labor:. 19. The Division of Labor in Roundabout Production and Emergence of New Machines and Related New Technology. New Classical View vs. Neoclassical View on the Emergence of New Producer Goods and Related New Technology. A Model with Endogenous Technical Progress, Endogenous Number of Producer Goods, and Endogenous Specialization. The Efficient Number of Producer Goods and Level of Specialization. The Corner Equilibria in 9 Structures. Concurrent Changes in the Level of Division of Labor, Productivity, and Input Diversity. Ex post Production Function, Emergence of New Machines, and Endogenous Technical Progress. Changes in Economic Structure and Topological Properties of Economic Organism. Evolution in the Number of Producer Goods and Economic Development. 20. Industrialization and the Division of Labor in Roundabout Production. The Features of Industrialization. A General Equilibrium Model Endogenizing Production Roundaboutness. Corner Equilibria and Emergence of New Industry. Corner Equilibria and Emergence of New Industry. General Equilibrium and Industrialization. Changes in the Income Shares of the Industrial and Agricultural Sectors. The Number of Possible Structures of Transactions Increases More Than Proportionally as Division of Labor Evolves in Roundabout Production. 21. Hierarchical Structure of the Network of Division of Labor and Related Transactions. The Theory of Hierarchy. One Way Centralized Hierarchy. A Decentralized Hierarchy of Transactions and the Division of Labor. Configurations and Market Structures. The General Equilibrium and Its Inframarginal Comparative Statistics. Network Hierarchy of Cities and Division of Labor. Part IX: Economic Development and Economic Growth:. 22. Neoclassical Models of Economic Growth. Neoclassical vs. New Classical Growth Model and Exogenous vs. Endogenous Growth Model. The Ramsey Model and the AK Model. R&D Based Endogenous Growth Models. 23. Economic Growth Generated by Endogenous Evolution in Division of Labor. Economies of Specialized Learning by Doing and Endogenous Evolution in Division of Labor. A New Classical Dynamic Model with Learning by Doing. Optimum Speed of Learning by Doing and Evolution of Endogenous Comparative Advantage. Endogenous Evolution of the Extent of the Market, Trade Dependence, Endogenous Comparative Advantages, and Economic Structure. Empirical Evidences and Rethinking Development Economics and Endogenous Growth Theory. Appendix. The Relationship between the Control Theory and Calculus of Variations. 24. Concurrent Endogenous Evolution in Division of Labor, in the Number of Goods, and in the Institution of the Firm. How Can We Simultaneously Endogenize Evolution in Division of Labor and in the Number of Producer Goods. A Dynamic Equilibrium Model with Learning by Doing and an Endogenous Number of Producer Goods. Dynamic Equilibrium Level of Specialization and Input Variety. Concurrent Evolution of Specialization, Variety of Producer Goods, and the Institution of the Firm. Appendix. 24.1. Proof of Lemma 24.1. Appendix 24.2. Proof of Proposition 24.1. Appendix 24.3. Proof of Proposition 24.2. 25. Experiments with Structures of Division of Labor and Evolution in Organization Information Acquired by Society. How Does Organization Knowledge Acquired by Society Determine the Level of Division of Labor. A Static Model with Endogenous Length of Roundabout Production Chain and Endogenous Division of Labor. Interactions Between Dynamic Decisions and Evolution in Organization Information. Walrasian Sequential Equilibrium and Concurrent Evolution in Organization Information and Division of Labor. Part X: Macroeconomic Phenomena and Endogenous Size of Network of Division of Labor: . 26. Theory of Capital and Saving. Neoclassical Theory of Capital. New Classical Theory of Capital and Savings. Capital and Division of Labor in Roundabout Production. 27. Money and Division of Labor. Neoclassical vs. New Classical Theories of Money. A New Classical Model of Endogenous Monetary Regime. Possible Structures and Monetary Regimes. 28. New Classical Theory of Business Cycles and Unemployment. Rethinking Macroeconomics. Long-run Regular Efficient Business Cycles, Cyclical Unemployment, Long-run Economic Growth, and Division of Labor in Producing Durable Goods. A New Classical Dynamic Equilibrium Model of Business Cycles and Unemployment. Cyclical vs. non-cyclical Corner Equilibria. General Price Level, Business Cycles, and Unemployment Rate. Emergence of Firms and Fiat Money from the Division of Labor. References. Index.

Read more less

Book SynopsisThis short, concrete, and to--the--point book guides students through this vast field of conflicting opinions. The book begins from the premise that students benefit most from seeing a balanced treatment of all available views. For instance, this book provides coverage of both ad hoc and optimizing models.Trade Review"The author should be congratulated on producing a first-class graduate text. The book has a breathtaking scope, spanning traditional monetary approaches to general equilibrium models under both perfect and imperfect competition in a clear, rigorous and lucid style. It will be of enormous value to postgraduate students in international macroeconomics." Andrew Snell, University of EdinburghTable of ContentsPreface. 1. Some Institutional Background:. International Financial Markets. National Accounting Relations. The Central Bank's Balance Sheet. 2. Some Useful Time-Series Methods:. Unrestricted Vector Autoregressions. The Generalized Method of Moments. The Simulated Method of Moments. Unit Roots. Panel Unit-Root Tests. Cointegration. Filtering. 3. The Monetary Model:. Purchasing-Power Parity. The Monetary Model of the Balance of Payments. The Monetary Model under Flexible Exchange Rates. Fundamentals and Exchange Rate Volatility. Testing Monetary Model Predictions. Problems. 4. The Lucas Model:. The Barter Economy. The One-Money Monetary Economy. The Two-Money Monetary Economy. An Introduction to the Calibration Method. Calibrating the Lucas Model. Appendix: Markov Chains. Problems. 5. International Real Business Cycles:. Calibrating the One-Sector Growth Model. Calibrating a Two-Country Model. 6. Foreign Exchange Market Efficiency:. Deviations from UIP. Rational Risk Premia. Testing Euler Equations. Apparent Violations of Rationality. The "Peso Problem". Noise Traders. Problems. 7. The Real Exchange Rate:. Some Preliminary Issues. Deviations from the "Law-of-One-Price". Long-Run Determinants of the Real Exchange Rate. Long-Run Analyses of Real Exchange Rates. Problem. 8. The Mundell–Fleming Model:. A Static Mundell–Fleming Model. Dornbusch's Dynamic Mundell–Fleming Model. A Stochastic Mundell–Fleming Model. VAR Analysis of Mundell–Fleming. Appendix: Solving the Dornbusch Model. Problems. 9. The New International Macroeconomics:. The Redux Model. Pricing to market. Problems. 10. Target-Zone Models:. Fundamentals of Stochastic Calculus. The Continuous-Time Monetary Model. Infinitesimal Marginal Intervention. Discrete Intervention. Eventual Collapse. Imperfect Target-Zone Credibility. 11. Balance-of-Payments Crises:. A First-Generation Model. A Second-Generation Model. Bibliography. Author Index. Subject Index.

Read more less

Book SynopsisThe authors offer an analytic framework for measuring how people make choices, including social environment with standard goods and services in their utility functions. These functions enable analysis of how changes in social environment affect choice, and provide a way of analyzing how social environment is determined by individuals' interactions.Trade Review[Becker and Murphy] are pioneers in the quest to extend the boundaries of rational choice theory in economics… They depict human beings not as isolated individuals but as members of society, shaped by social and cultural forces… This book marks another step in bringing economic theory closer to social reality. -- David Throsby * Times Literary Supplement *This fascinating short book seeks to advance a ‘social economics’ field that would tackle such interpersonal issues head-on. It does so by addressing a diverse set of issues that includes social capital, habits and social interactions, sorting and marriage markets, segregation and integration of neighborhoods, escalation in product quality, status and inequality, and the modeling of fashions, norms, and values. -- Stephen R. G. Jones * Journal of Economic Literature *Table of ContentsAcknowledgments Part I The Effect of Social Capital on Market Behavior 1. The Importance of Social Interactions 2. Social Forces, Preferences, and Complementarity 3. Are Choices "Rational" When Social Capital Is Important? Part II The Formation of Social Capital 4. Sorting by Marriage 5. Segregation and Integration in Neighborhoods 6. The Social Market for the Great Masters and Other Collectibles with William Landes 7. Social Markets and the Escalation of Quality: The World of Veblen Revisited with Edward Glaeser 8. Status and Inequality with Ivan Werning Part III Fads, Fashions, and Norms 9. Fads and Fashion 10. The Formation of Norms and Values References Author Index Subject Index

Read more less

Book SynopsisKeynesian economics has recently seen a rebirth, most dramatically illustrated when central banks pumped billions of dollars of liquidity into the world's financial system to address the crises of confidence, illiquidity, and insolvency triggered by the sub-prime lending crisis. The contributors assess this new era in economic policy making.Trade ReviewDuring the 1990s, John Maynard Keynes, and Keynesian economics, were declared to be well and truly dead. Then came the financial and economic crises of 2008 and they were reborn as a way of understanding economies with significant unemployment. This excellent collection of essays, brought together by three prominent scholars of Keynes and Keynesian policy, will be a convenient way for those who have forgotten Keynesian economics to refresh themselves, and for others to learn for the first time. -- Craufurd Goodwin, Duke UniversityThis fascinating collection of papers addresses the current status and relevance of Keynes from a number of perspectives: the return of macroeconomic policy activism, the state of modern macroeconomics, the recent scholarship of Keynes's life and work, and some elements of Keynes's work that might be relevant to the current crisis. The authors' backgrounds are diverse and their scholarship often cutting-edge. A fine guide to the present state of play. -- D.E. Moggridge, University of TorontoIt is a basic truth in the history of economics that great ideas never die. They attain this permanence because they are shaped by both the internal demands of economic theorizing as well as the external realities of the economy. The Return to Keynes, edited by three distinguished scholars, testifies to this truth and demonstrates that doing the history of economics is a part of doing economics well. Keynesian macroeconomic policy as a tool for stabilization is now firmly fixed in the toolbox of economics. -- Yuichi Shionoya, Hitotsubashi UniversityTable of Contents* Introduction: The Return to Keynes Bradley W. Bateman, Toshiaki Hirai and Maria Cristina Marcuzzo Part I: Keynesian Economic Policy: Past, Present and Future * Keynes Returns to America Bradley W. Bateman * Japan's Long-run Stagnation and Economic Policies Yoshiyasu Ono * European Macroeconomic Policy: A Return to Active Stabilization? Hans-Michael Trautwein Part II: Interpreting Keynesian Theory and Keynesianism * From the 'Old' to the 'New' Keynesian-Neoclassical Synthesis: An Interpretation Richard Arena * Tobin's Keynesianism Robert W. Dimand * The New Neoclassical Synthesis and the Wicksell-Keynes Connection Mauro Boianovsky and Hans-Michael Trautwein Part III: Re-reading and Interpreting Keynes * An Abstruse and Mathematical Argument: The Use of Mathematical Reasoning in the General Theory Roger E. Backhouse * The General Theory: Toward the Concept of Stochastic Macro-equilibrium Hiroshi Yoshikawa * Keynes's Economics in the Making Toshiaki Hirai * Keynes, Sraffa and the Latter's "Secret Skepticism" Heinz D. Kurz * Keynes and the War of Words Gilles Dostaler Part IV: Global Crisis: Lessons from Keynes * Keynes and Modern International Finance Theory Marcello De Cecco * Keynes's Influence on Modern Economics: Some Overlooked Contributions of Keynes's Theory of Finance and Economic Policy Jan A. Kregel * Current Global Imbalances: Might Keynes Be of Help? Anna M. Carabelli and Mario A. Cedrini * References * Contributors * Index

Read more less

Book SynopsisHarold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization—above all in the Great Depression—to show how financial crises provoke backlashes against global integration.Trade ReviewNo one is better qualified than Harold James to explore the similarities and differences between recent events and the early 1930s. A model of lucid exposition, The Creation and Destruction of Value confirms that if you want to understand our current predicament, history is a much better guide than economics. -- Niall Ferguson, Harvard University, author of The Ascent of MoneyA masterly account. James commands his subject like no other. The lessons of 1931 for today's world are compelling. Like Humpty Dumpty, globalization is broken, and it will take time to put it together again. -- David Marsh, author of The Euro: The Politics of the New Global CurrencyThe reflections of Harold James, an economic historian at Princeton University and a long-time student of what makes globalization happen, would be of interest even in times more tranquil than these. But at a moment when the march of global integration has been stalled by a financial crisis unparalleled since the 1930s, Mr. James is a particularly fitting guide...At a time when economists are accused of having forgotten history, yet few historians can explain the world of bank bail-outs and the turmoil they cause, Mr. James has a rare gift for being able to marshal an impressive knowledge of economic and financial history in order to highlight previously unrecognized connections with the past. * The Economist *Unsurprisingly there have been a host of books about the banking crisis and its consequences. But they have mostly had a "whodunnit?" tone to them, seeking to explain what happened and apportion the blame, rather than giving us some feeling for how the world economy might dig itself out of the crisis and how effectively it might develop in the years to come. So Harold James' new book deserves a special welcome for giving us a framework to try to do this, for he is an historian rather than an economist...Anyone expecting his new book to explain why this current crisis will end the burst of globalization will be disappointed. His argument is more subtle and more interesting...Where he adds most value is in his effort to put the crisis into its international political context, asking some tough questions on the way. -- Hamish McRae * The Independent *From the current vantage point--rising stock prices amid a weak economic recovery and double-digit unemployment--it is too soon to know whether the current crisis will be remembered as a financial shock that failed to throw off the trajectory of globalization, or if it marks the start of a more fundamental re-ordering. James modestly and appropriately avoids trying to answer that question. But he asks all the right ones, offering a brilliant tour through the Great Depression and the current crisis. -- Edward Alden * Forbes.com *The recent U.S. financial meltdown that spread throughout the world stimulated a plethora of analyses of the causes and consequences of this catastrophe. However, few studies are as insightful as this short but important work. -- D. C. Messerschmidt * Choice *Table of Contents* Acknowledgments * Introduction * The End of Globalization: A Millennial Perspective * Which Historical Analogy Applies, 1929 or 1931? * The Crash of 2008: The Weekends That Made History * The Extent and Limit of the Financial Revolution * The Importance of Power Politics * Uncertainty of Values * Notes * Index

Read more less

Book SynopsisSocial choice theory critically assesses and rationally designs economic mechanisms for improving human well-being. Kotaro Suzumura—one of the world’s foremost thinkers in social choice theory and welfare economics—fuses abstract ideas with real-world economies to examine foundational issues of normative economics and collective decision making.Trade ReviewKotaro Suzumura is one of the foremost leaders of thought in rational decisions and social choice as well as the economics of welfare. The reach of his work is breathtaking, and I cannot think of anything that can beat this collection for its reach and profundity in exploring some of the most foundational issues in decision making, investigated at the highest level of analytical sophistication. The work is an inspiration as well as an intellectual feast. -- Amartya Sen, Harvard UniversitySuzumura’s leading position as a scholar in the theory of individual and social choice, and in the understanding of the intellectual foundations of public choice, is assured. This book shows the arc of his development. It contains a deep comprehension of the issues involved, both in their technical aspects and in their philosophical foundations. -- Kenneth J. Arrow, Stanford UniversityThe book collects the best of Kotaro Suzumura’s work on social choice and welfare economics, adding a long introduction about his influences and several essays on the history of social choice…The volume will serve as a useful collection of Suzumura’s work for social choice theorists and graduate students interested in the field, especially because it includes material that is otherwise hard to obtain. -- R. B. Emmett * Choice *

Read more less

Book SynopsisAfter 2008, private-sector spending took a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach, used in the New Deal, to harness law’s ability to function as a macroeconomic tool, stimulating or relieving demand as required under certain crisis conditions.Trade ReviewThis book challenges the economic orthodoxy which has governed tax policy over the past four decades, and reclaims John Maynard Keynes's fundamental insights for the twenty-first century. Listokin's neo-Keynesianism can transform the tax code into a powerful force for both social justice and economic prosperity over the next generation. -- Bruce Ackerman, author of We the PeopleFor decades, microeconomics has dominated the field of law and economics. Yair Listokin's book turns law's attention to macroeconomics and, in doing so, identifies crucial but overlooked strategies for fighting the next recession. Few books have an impact on theory and practice, but Listokin's Law and Macroeconomics promises to change our thinking in both arenas. -- Heather K. Gerken, Yale Law SchoolLegal scholars have been trying to ignore macroeconomics for decades, but the problems of growth, deficits, money supply, and recession won't let themselves be ignored. Fortunately, Yair Listokin's fine book illuminates the path forward. -- Eric A. Posner, University of Chicago Law School

Read more less

Book SynopsisPresents an analysis of the international cotton trade and argues for a novel understanding of global markets. This book examines the arrangements, institutions, and power relations on which cotton trading and production depend, and provides an alternative approach to the analysis of pricing mechanisms.Trade Review"All in all, an intellectually exciting book which I thoroughly enjoyed reading."--Brenda Jubin, Reading the Markets blog "Market Threads' great scholarly contribution is in highlighting and minutely describing the empirics of power in market settings."--William Davies, Journal of Cultural EconomyTable of ContentsPreface xi Acknowledgments xiii Introduction: How to Study a Global Market 1 A Review of Literature on the Market 2 Social Studies of the Market 3 New Directions in the Social Study of Markets 6 Commodity Chains, Systems of Provision, and the Social Lives of Things 9 Why Cotton? 11 How to Follow Cotton? 13 Where to Follow Cotton? 14 Summary of Arguments 16 Chapter 1: What Is a World Price? The Prosthetic and Actual Worth of Cotton 22 How Much Does an Actual Bale of Cotton Really Cost? 24 The Price Disappears Again 31 Making Sense of the Price 33 Market Reports 35 Optional Prices of Cotton 49 Conclusion 54 Chapter 2: Market Maintenance in the Worlds of Commodity Circulation 59 The World of Cotton 60 We Have on This Day Sold to You as Follows 61 The Shipment Is Brought Together 64 Two Thousand Bales to Go 66 We Hereby Confirm the Arrival of ... 75 The Market Platform: Capital, Knowledge, and Network 76 Conclusion 80 Chapter 3: Markets' Multiple Boundaries in Izmir, Turkey 84 Pit Trading in the Izmir Mercantile Exchange 85 The Rehearsal Price of the Pit 88 The Transaction Price of Postpit Trading 94 Making the Market Price of Turkish Cotton 97 Another Market Place: The Permanent Working Group on Cotton 99 Conclusion 102 Chapter 4: A Market without Exchange: Cotton Trade in Egypt 105 The World's First Cotton Futures Market and Its Historical Setting 106 Alcotexa and Cotton's Associate Price 108 We Spend All Our Time in Search of the Price 115 Three Traits of Trade 119 Cotton Comes to the Market 122 Conclusion 128 Chapter 5: Growing Cotton and Its Global Market in a Turkish Village 131 Field Preparation and Sowing in Pamukkoy 133 Mechanical and Manual Sowing 136 Irrigation 140 The Harvest 141 The Market: Exchanging Cotton in Pamukkoy 144 The Traders' Price 145 The Farmers' Price 148 Conclusion 152 Chapter 6: Cotton Fields of Power in Rural Egypt 156 Cotton Is Disappearing in Egypt 158 An Illegal Alien in the Egyptian Countryside 159 Growing Cotton in the Fields of Kafr Gaffar and ?Izbet Sabri 161 So Your Egyptians Are Kurds, No? 164 The Struggle to Survive: Farmers, Animals, and Stock 166 Financing the Plant Stock with Livestock 169 The Gamoosa Dies, the Cotton Grows 171 Research in the Wild Countryside 174 The Harvesting and Marketing of Cotton 177 Conclusion 185 Conclusion: What Is a Global Market? 188 Bridging the Global and the Regional 193 The Rural Fields of Global Markets 198 The Production and Exchange of Cotton 200 The Market Fields of Power 202 What Is to Be Done with the Market 205 Glossary 209 References 213 Index 223

Read more less

Book SynopsisToday's global economy, with most developed nations experiencing very low inflation, seems a world apart from the "Great Inflation" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest weTrade Review"[A] highly informative, well-written volume."--Choice "Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation."--World Book Industry "[A]ny economist with an interest in inflation and in the theory and practice of monetary policy more generally would do quite well to read carefully the excellent study that Brigitte Granville has given us."--Peter N. Ireland, Journal of Economic LiteratureTable of ContentsPreface ix Acronyms xv Chapter 1 The End of a Mirage More Money Increases Inflation but Not Employment 1 Chapter 2 Origins of Inflation Monetary, Fiscal, and Financial Links 33 Chapter 3 Ending Inflation Without Prolonged Recession Introducing Credibility 54 Chapter 4 The Coordination of Monetary and Fiscal Policy 93 Chapter 5 Who Is Voting for Low Inflation and Why? 125 Chapter 6 Monetary and Financial Stability Conflict or Complementarity 154 Chapter 7 Inflation in an Open World Does That Change the Rules? 186 Conclusion Adapting to Expectations 214 References 223 Index 255

Read more less

Book SynopsisVariations in the foreign exchange market influence various aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a comprehensive examination of the standard theories and research in exchange-rate economics.Trade Review"This ambitious and impressive book covers the international macroeconomics and finance literature on nominal exchange-rate determination. It will be a useful reference for those who want to understand standard theoretical models and empirical techniques, and for those who want to specialize in the microstructure of the foreign exchange markets."—Pierre-Olivier Gourinchas, University of California, Berkeley"There is no other book of this kind. Sound and interesting, it provides a rigorous treatment of exchange-rate economics. The new concepts and interpretation of exchange-rate behavior will spur more research in this area. The book will interest a broad community in international finance, practitioners in the foreign exchange market, and policymakers."—Lucio Sarno, Cass Business School, City University LondonTable of ContentsPreface ix PART I: MACRO MODELS Chapter 1: Macro Models without Frictions 3 1.1 Preliminaries 4 1.2 Empirical Characteristics of Real Exchange Rates 8 1.3 Macro Exchange-Rate Models 21 1.4 Summary 50 1.5 Bibliography 51 1.6 Review Questions 52 1.A Appendix 54 Chapter 2: Macro Models with Frictions 63 2.1 The Model 63 2.2 Sticky Prices 72 2.3 International Risk-Sharing 96 2.4 Incomplete Markets 97 2.5 Summary 116 2.6 Bibliography 117 2.7 Review Questions 119 2.A Appendix 121 Chapter 3: Empirical Macro Models 130 3.1 Present Value Models 130 3.2 Monetary Models 147 3.3 External Balance Models 158 3.4 Predicting Exchange-Rate Movements 165 3.5 Summary 171 3.6 Bibliography 172 3.7 Review Questions 173 3.A Appendix 176 PART II: MICROSTRUCTURE MODELS Chapter 4: Rational Expectations Models 183 4.1 The Model 183 4.2 Equilibrium with Common Information 186 4.3 Equilibrium with Heterogeneous Information 196 4.4 Equilibrium Problems 213 4.5 Summary 216 4.6 Bibliography 217 4.7 Review Questions 217 4.A Appendix 220 Chapter 5: Sequential Trade Models 227 5.1 The Model 227 5.2 Exchange-Rate Determination 231 5.3 Exchange-Rate Dynamics 236 5.4 Information Flows 245 5.5 Public versus Private Information 253 5.6 Uninformed Traders 255 5.7 Summary 257 5.8 Bibliography 258 5.9 Review Questions 258 Chapter 6: Currency-Trading Models 261 6.1 The Structure of the FX Market 261 6.2 The Portfolio Shifts Model 271 6.3 Extending the Portfolio Shifts Model 289 6.4 Summary 295 6.5 Bibliography 295 6.6 Review Questions 296 6.A Appendix 297 Chapter 7: Currency-Trading Models: Empirical Evidence 302 7.1 Daily Analysis 302 7.2 Intraday Analysis 314 7.3 Summary 335 7.4 Bibliography 336 7.5 Review Questions 337 7.A Appendix 338 Chapter 8: Identifying Order Flow 342 8.1 Order Flow in a Rational Expectations Model 342 8.2 Order Flow in a Limit-Order Market 352 8.3 Estimating Order Flow 359 8.4 Summary 369 8.5 Bibliography 370 8.6 Review Questions 371 8.A Appendix 372 PART III MICRO-BASED MODELS Chapter 9: Order Flows and the Macroeconomy 377 9.1 A Micro-Based Macro Model 378 9.2 Empirical Implications 389 9.3 Re-Examining the Disconnect Puzzle 395 9.4 Summary 411 9.5 Bibliography 412 9.6 Review Questions 413 9.A Appendix 415 Chapter 10: Exchange Rates, Order Flows, and Macro Data Releases 422 10.1 The Macro Perspective 422 10.2 Micro Perspective I: High-Frequency Dynamics 429 10.3 Micro Perspective II: Low-Frequency Dynamics 446 10.4 Summary 458 10.5 Bibliography 459 10.6 Review Questions 459 10.A Appendix 462 Chapter 11: Exchange-Rate Risk 464 11.1 FX Returns and Interest Rates 464 11.2 Macro Models 474 11.3 Micro-Based Models 496 11.4 Summary 512 11.5 Bibliography 513 11.6 Review Questions 514 11.A Appendix 518 References 523 Index 535

Read more less

Book SynopsisWhy are banking systems unstable in so many countries - but not in others? Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, this book demonstrates that chronic banking crises and scarce credit are not accidents due to unforeseen circumstances.Trade ReviewWinner of the 2015 PROSE Award in Business, Finance & Management, Association of American Publishers One of The Times Higher Education Supplement's Books of the Year 2014, selected by Sir Howard Davies One of Bloomberg Businessweek's Best Books of 2014, chosen by Mervyn King and Jeffrey M. Lacker One of Financial Times (FT.com) Best Economics Books of 2014, chosen by Martin Wolf Longlisted for the Financial Times and McKinsey Business Book of the Year 2014 "Brilliant... [I]f you are looking for a rich history of banking over the last couple of centuries and the role played by politics in that evolution, there is no better study. It deserves to become a classic."--Liaquat Ahamed, New York Times Book Review "Business economists Calomiris and Haber explain how imperfectly politics and commercial banks intersect, and the consequences for the rest of us... This learned inquiry deserves ample attention from scholars, regulators, and bankers themselves."--Publishers Weekly "Calomiris and Haber offer a thoughtful counter-argument to the current received wisdom."--Howard Davies, Times Higher Education "Readable, erudite, myth-busting... The authors' clear and well-documented discussion of what happened should dissuade anyone of the myth that the economic crisis of 2007-09 was caused by the profit-and-loss system of unfettered capitalism."--Gene Epstein, Barron's "Charles Calomiris and Stephen Haber make the compelling argument that a country's propensity for frequent banking crises is linked to the ability of populist elements to hold the banking sector to ransom."--Louise Bennetts, American Banker "This is a great history of political interference in bank regulation."--James Ferguson, Money Week "One reason why economists did not see the financial crisis coming is that the models most macro and financial economists deal in are free of politics. Fragile by Design offers a much-needed supplement."--Martin Sandbu, Financial Times "Will a next crisis be averted? Perhaps, if our regulators read this book."--Vicky Pryce, The Independent "Fragile by Design ... is a great book... [E]normously illuminating, and contains the most powerful and concise account of the causes of the 2008 crisis that I have seen."--Eric Posner, EricPosner.com "If you have time to read only one book about the causes of the 2008 financial collapse, read this one... Charles W. Calomiris and Stephen H. Haber ... have written an exhaustively researched and readable volume... With great literary sensibility uncommon to economists, Calomiris and Haber have performed a public service by painstakingly identifying these root causes."--Diana Furchtgott-Roth, National Review "Capital markets, regulatory institutions and the behaviour of people employed in the financial sector are neither predetermined nor universal, but rather the product of culture, history, and the political system. That is a perspective developed effectively by Profs Calomiris and Haber."--John Kay, Financial Times "[T]he methodology is universally applicable and obviously raises questions about the nature of these arrangements in a country like France... [T]his work allows us to understand better why ... the alleged remedies and reforms, from 'unconventional measures' major central banks to new regulatory structures, no way affect the old paradigms and therefore merely prepare the next crises."--Phillipe Ries, Mediapart "Exploring the ways in which politics inevitably intrude into banking regulation, Calomiris and Haber clearly describe events leading to the recent financial crisis of 2007-2009... This is an excellent work for understanding the role of credit and how the financial sector evolved in different settings."--Choice "This is a beautifully-written book. Calomiris and Haber are always thoughtful, always clear, and they have an eye for the telling metaphor and the thought provoking fact. More importantly, the book reflects the authors' mastery of a vast amount of material on the history of banking... Fragile by Design is a must-read for economic historians, a book to be put on the shelf with ... similar classics."--Hugh Rockoff, EH.Net "[I]f you want a methodology for drawing conclusions about the genesis of crises and an explanation for the differing experiences among countries, Fragile by the Design is the winner hands-down."--Vern McKinley, Cato Journal "Charles Calomiris and Stephen Haber's Fragile by Design is a magnificent study of the economics and politics of banking."--Mervyn King, Bloomberg Businessweek "Hands down the best single book for understanding the historical journey that laid the groundwork for the financial crisis."--Jeffrey Lacker, Bloomberg Businessweek "Fragile by Design is a call to action for people to seize the moment to resist crony capitalism."--Jay Weiser, Weekly Standard "One cannot help but admire Calomiris and Haber's ambition to write one of the most accessible and sophisticated books on the linkage between political institutions and national financial systems."--Caner Bakir, Public Administration "By any yardstick, Fragile by Design is a remarkable achievement and an important contribution to our understanding of the roots of the banking crises."--Grant Bishop & Anita Anand, Banking & Finance Law ReviewTable of ContentsPreface ix SECTION ONE No Banks without States, and No States without Banks 1 If Stable and Effi cient Banks Are Such a Good Idea, Why Are They So Rare? 3 2 The Game of Bank Bargains 27 3 Tools of Conquest and Survival: Why States Need Banks 60 4 Privileges with Burdens: War, Empire, and the Monopoly Structure of English Banking 84 5 Banks and Democracy: Britain in the Nineteenth and Twentieth Centuries 105 SECTION TWO The Cost of Banker-Populist Alliances: The United States versus Canada 6 Crippled by Populism: U.S. Banking from Colonial Times to 1990 153 7 The New U.S. Bank Bargain: Megabanks, Urban Activists, and the Erosion of Mortgage Standards 203 8 Leverage, Regulatory Failure, and the Subprime Crisis 256 9 Durable Partners: Politics and Banking in Canada 283 SECTION THREE Authoritarianism, Democratic Transitions, and the Game of Bank Bargains 10 Mexico: Chaos Makes Cronyism Look Good 331 11 When Autocracy Fails: Banking and Politics in Mexico since 1982 366 12 Infl ation Machines: Banking and State Finance in Imperial Brazil 390 13 The Democratic Consequences of Infl ation-Tax Banking in Brazil 415 SECTION FOUR Going beyond Structural Narratives 14 Traveling to Other Places: Is Our Sample Representative? 451 15 Reality Is a Plague on Many Houses 479 References 507 Index 549

Read more less

Book SynopsisIn The Globalization of Inequality, distinguished economist and policymaker Francois Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countriTrade ReviewA Financial Times Summer Books 2015 selection One of Financial Times (FT.com) Best Books in Economics 2015, chosen by Martin Wolf "This timely and excellent primer on income inequality both within and among nations deserves to be read by both occupiers and occupants of Wall Street."--Publishers Weekly "Globalization has unleashed powerful forces: some wonderful, some worrying. This book can take you beyond the cliches to an understanding of what is going on and what can be done about it."--Sir Paul Collier, Prospect "Readers wanting a map of the terrain should read Bourguignon. Bourguignon['s] provides an accessible overview."--Martin Wolf, Financial Times "This book is written in calm prose, but its message is urgent: continue as we are and poverty will grow on our doorsteps."--Danny Dorling, Times Higher Education "Recommended for readers seeking a brief, less technical introduction to economic inequality within and among nations."--Library Journal "Bourguignon carefully wends his way among the definitions of inequality and its multiple, sometimes conflicting measures... This book is written for the layman but is nonetheless intellectually rigorous. It sets out the causes of and some remedies for a problem that urgently needs to be solved if we are to avoid what the book's title warns against, the globalization of inequality."--Brenda Jubin, Seeking Alpha "[Bourguignon's] compact book takes readers through most of the suspected causes and possible cures for what he and many believe is a destructive phenomenon... Now that this French academic's thoughts will be reaching an English-language audience, his translators may have little time to rest. Inequality is nearly everywhere. Certainly the world's politicians will continue to need such bedtime reading."--Tim Ferguson, Forbes.com "Move over, Thomas Piketty. Anyone who has been put off by the French economist's overblown and overly long book on inequality now has a succinct alternative, The Globalization of Inequality. In a mere 189 pages, Francois Bourguignon provides a measured introduction to what is right and what is wrong about current trends in the dispersion of incomes."--Edward Hadas, Reuters BreakingViews "Bourguignon sets out the figures in careful detail, distinguishing between increases in inequality within countries and changes between countries."--Diane Coyle, Enlightened Economist "Bourguignon ... presents a thoughtful and judicious analysis of economic inequality... The book is highly accessible yet also sophisticated, drawing on a large and growing technical and empirical literature on inequality."--Foreign Affairs "Bourguignon has written a succinct, useful guide to the current state of world inequality. With words and data, he draws the useful distinction between within-country inequality and between-country inequality ... in contrast to the authors of most studies of economic problems, who do a solid job laying out the patterns of concern and considering their causes but only hand wave toward solutions, Bourguignon spends significant space considering policy approaches to reducing both forms of inequality."--Choice "The sooner we listen to Bourguignon, Piketty, Atkinson et a l, the better."-- Mark Goldring, Resurgence & Ecologist "A concise and nontechnical masterpiece of exceptional analytical and policy clarity. His professional expertise and policy involvement shine through in every chapter. Although the book is written for concerned global citizens, professional economists and other social scientists can learn much from reading it."--Gary Fields, ILR Review "A riveting read that explores the relationship between inequality and globalisation among nations and within nations."--Tapiwa Chagonda, South African Journal of International Affairs "This long essay gives as convincing a case as any for a fairer society--on grounds of economic efficiency."--Sean O'Grady, The Independent "The Globalization of Inequality has been written for the layman and it remains one of the best books on the subject."--Arab NewsTable of ContentsForeword to the English Edition vii Introduction: Globalization and Inequality 1 Chapter 1 Global Inequality 9 Appendix to Chapter 1 Detailed Evidence on the Recent Changes in Global Inequality 41 Chapter 2 Are Countries Becoming More Unequal? 47 Chapter 3 Globalization and the Forces behind the Rise in Inequality 74 Chapter 4 Toward a Fair Globalization: Prospects and Principles 117 Chapter 5 Which Policies for a Fairer Globalization? 146 Conclusion Globalizing Equality? 184 Index 191

Read more less

Book SynopsisTrade Review"Forcefully hammers out its central message with illustrative examples and provides invaluable guidance to practitioners."---Emre Yoldas, Journal of Economic Literature"The material is well structured in nine chapters and provides a good reference point to start into the topic."---Sylvia Kaufmann, Journal of Economics and StatisticsTable of ContentsSeries Editors' Introduction ix Preface xi 1 Overview 1 1.1 Introduction 1 1.2 Describing the Events 2 1.3 Using the Event Indicators ("States") 10 1.4 Prediction of Recurrent Events 12 1.5 Conclusion 13 2 Methods for Describing Oscillations, Fluctuations, and Cycles in Univariate Series 15 2.1 Introduction 15 2.2 Types of Movements in Real and Financial Series 16 2.3 Prescribed Rules for Dating Business Cycles 26 2.4 Prescribed Rules for Dating Other Types of Real Cycles 38 2.5 Prescribed Rules for Dating Financial Cycles 40 2.6 Relations between Cycles and Oscillations 41 2.7 The Nature of St and Its Modeling 45 2.8 Conclusion 50 3 Constructing Reference Cycles with Multivariate Information 51 3.1 Introduction 51 3.2 Determining the Reference Cycle via Phases 52 3.3 Combining Specific Cycle Turning Points 54 3.4 Finding Turning Points by Series Aggregation 60 3.5 Conclusion 61 4 Model-Based Rules for Describing Recurrent Events 62 4.1 Introduction 62 4.2 Dating Cycles with Univariate Series 63 4.3 Model-Based Rules for Dating Events with Multivariate Series 82 4.4 Conclusion 85 5 Measuring Recurrent Event Features in Univariate Data 86 5.1 Introduction 86 5.2 The Fraction of Time Spent in Expansions 87 5.3 Representing the Features of Phases 89 5.4 Amplitudes and Durations of Phases 90 5.5 The Shapes of Phases 94 5.6 The Diversity of Phases 99 5.7 Plucking Effects and Recovery Times 100 5.8 Duration Dependence in Phases 101 5.9 Conclusion 106 6 Measuring Synchronization of Recurrent Events in Multivariate Data 107 6.1 Introduction 107 6.2 Moment-Based Measures 108 6.3 Other Approaches to Measuring Synchronization 115 6.4 Synchronization and Model-Based Rules 116 6.5 Application to Synchronization of Industrial Production Cycles 116 6.6 Multivariate Synchronization 118 6.7 Comovement of Cycles 119 6.8 Conclusion 121 7 Accounting for Observed Cycle Features with a Range of Statistical Models 122 7.1 Introduction 122 7.2 U.S. Cycles as a Benchmark 123 7.3 The Business Cycle in a Range of Countries 129 7.4 Can U.S. Business Cycles Be Generated by Linear Models? 129 7.5 What Do Non-Linear Models Add? 132 7.6 Two Markov Switching Models 137 7.7 Using the Binary Indicators in Multivariate Systems 138 7.8 Conclusion 142 8 Using the Recurrent Event Binary States to Examine Economic Modeling Issues 143 8.1 Introduction 143 8.2 Estimating Univariate Models with Constructed Binary Data 145 8.3 What Do Variance Decompositions Tell Us About the Cycle? 150 8.4 The Role of Structural Shocks in Determining Cycle Features 152 8.5 Financial Effects and the Business Cycle 154 8.6 Conclusion 161 9 Predicting Turning Points and Recessions 163 9.1 Introduction 163 9.2 Bounding the Probability of the Occurrence of a Peak 166 9.3 Predicting Recessions with a Range of Variables 168 9.4 Changing the Event Defining Recessions and Turning Points 182 9.5 Conclusion 184 References 187 Index 205

Read more less

Book SynopsisWhy are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the politicTrade ReviewWinner of the 2015 PROSE Award in Business, Finance & Management, Association of American Publishers One of The Times Higher Education Supplement's Books of the Year 2014, selected by Sir Howard Davies One of Bloomberg Businessweek's Best Books of 2014, chosen by Mervyn King and Jeffrey M. Lacker One of Financial Times (FT.com) Best Economics Books of 2014, chosen by Martin Wolf Longlisted for the Financial Times and McKinsey Business Book of the Year 2014 "Brilliant... [I]f you are looking for a rich history of banking over the last couple of centuries and the role played by politics in that evolution, there is no better study. It deserves to become a classic."--Liaquat Ahamed, New York Times Book Review "Business economists Calomiris and Haber explain how imperfectly politics and commercial banks intersect, and the consequences for the rest of us... This learned inquiry deserves ample attention from scholars, regulators, and bankers themselves."--Publishers Weekly "Calomiris and Haber offer a thoughtful counter-argument to the current received wisdom."--Howard Davies, Times Higher Education "Readable, erudite, myth-busting... The authors' clear and well-documented discussion of what happened should dissuade anyone of the myth that the economic crisis of 2007-09 was caused by the profit-and-loss system of unfettered capitalism."--Gene Epstein, Barron's "Charles Calomiris and Stephen Haber make the compelling argument that a country's propensity for frequent banking crises is linked to the ability of populist elements to hold the banking sector to ransom."--Louise Bennetts, American Banker "This is a great history of political interference in bank regulation."--James Ferguson, Money Week "One reason why economists did not see the financial crisis coming is that the models most macro and financial economists deal in are free of politics. Fragile by Design offers a much-needed supplement."--Martin Sandbu, Financial Times "Will a next crisis be averted? Perhaps, if our regulators read this book."--Vicky Pryce, The Independent "Fragile by Design ... is a great book... [E]normously illuminating, and contains the most powerful and concise account of the causes of the 2008 crisis that I have seen."--Eric Posner, EricPosner.com "If you have time to read only one book about the causes of the 2008 financial collapse, read this one... Charles W. Calomiris and Stephen H. Haber ... have written an exhaustively researched and readable volume... With great literary sensibility uncommon to economists, Calomiris and Haber have performed a public service by painstakingly identifying these root causes."--Diana Furchtgott-Roth, National Review "Capital markets, regulatory institutions and the behaviour of people employed in the financial sector are neither predetermined nor universal, but rather the product of culture, history, and the political system. That is a perspective developed effectively by Profs Calomiris and Haber."--John Kay, Financial Times "[T]he methodology is universally applicable and obviously raises questions about the nature of these arrangements in a country like France... [T]his work allows us to understand better why ... the alleged remedies and reforms, from 'unconventional measures' major central banks to new regulatory structures, no way affect the old paradigms and therefore merely prepare the next crises."--Phillipe Ries, Mediapart "Exploring the ways in which politics inevitably intrude into banking regulation, Calomiris and Haber clearly describe events leading to the recent financial crisis of 2007-2009... This is an excellent work for understanding the role of credit and how the financial sector evolved in different settings."--Choice "This is a beautifully-written book. Calomiris and Haber are always thoughtful, always clear, and they have an eye for the telling metaphor and the thought provoking fact. More importantly, the book reflects the authors' mastery of a vast amount of material on the history of banking... Fragile by Design is a must-read for economic historians, a book to be put on the shelf with ... similar classics."--Hugh Rockoff, EH.Net "[I]f you want a methodology for drawing conclusions about the genesis of crises and an explanation for the differing experiences among countries, Fragile by the Design is the winner hands-down."--Vern McKinley, Cato Journal "Charles Calomiris and Stephen Haber's Fragile by Design is a magnificent study of the economics and politics of banking."--Mervyn King, Bloomberg Businessweek "Hands down the best single book for understanding the historical journey that laid the groundwork for the financial crisis."--Jeffrey Lacker, Bloomberg Businessweek "Fragile by Design is a call to action for people to seize the moment to resist crony capitalism."--Jay Weiser, Weekly Standard "One cannot help but admire Calomiris and Haber's ambition to write one of the most accessible and sophisticated books on the linkage between political institutions and national financial systems."--Caner Bakir, Public Administration "By any yardstick, Fragile by Design is a remarkable achievement and an important contribution to our understanding of the roots of the banking crises."--Grant Bishop & Anita Anand, Banking & Finance Law ReviewTable of ContentsPreface ix SECTION ONE No Banks without States, and No States without Banks 1 If Stable and Effi cient Banks Are Such a Good Idea, Why Are They So Rare? 3 2 The Game of Bank Bargains 27 3 Tools of Conquest and Survival: Why States Need Banks 60 4 Privileges with Burdens: War, Empire, and the Monopoly Structure of English Banking 84 5 Banks and Democracy: Britain in the Nineteenth and Twentieth Centuries 105 SECTION TWO The Cost of Banker-Populist Alliances: The United States versus Canada 6 Crippled by Populism: U.S. Banking from Colonial Times to 1990 153 7 The New U.S. Bank Bargain: Megabanks, Urban Activists, and the Erosion of Mortgage Standards 203 8 Leverage, Regulatory Failure, and the Subprime Crisis 256 9 Durable Partners: Politics and Banking in Canada 283 SECTION THREE Authoritarianism, Democratic Transitions, and the Game of Bank Bargains 10 Mexico: Chaos Makes Cronyism Look Good 331 11 When Autocracy Fails: Banking and Politics in Mexico since 1982 366 12 Infl ation Machines: Banking and State Finance in Imperial Brazil 390 13 The Democratic Consequences of Infl ation-Tax Banking in Brazil 415 SECTION FOUR Going beyond Structural Narratives 14 Traveling to Other Places: Is Our Sample Representative? 451 15 Reality Is a Plague on Many Houses 479 References 507 Index 549

Read more less

Book SynopsisDavid Card and Alan B. Krueger have already made national news with their pathbreaking research on the minimum wage. Here they present a powerful new challenge to the conventional view that higher minimum wages reduce jobs for low-wage workers. In a work that has important implications for public policy as well as for the direction of economic reseTrade Review"Our understanding of wage determination has been transformed by an intellectual revolution... Until the Card-Krueger study, most economists, myself included, assumed that raising the minimum wage would have a clear negative effect on employment. But they found, if anything, a positive effect. Their result has since been confirmed using data from many episodes. There's just no evidence that raising the minimum wage costs jobs, at least when the starting point is as low as it is in modern America."--Paul Krugman, New York Times "Card and Krueger didn't just question the conventional wisdom; they attacked it in a novel and powerful way. Instead of concocting a mathematical model and 'testing' it with advanced statistical techniques, which is what most economists call research, they decided to test the theory in the real world... The work of Card and Krueger was worth a hundred theoretical models in The American Economic Review."--John Cassidy, The New Yorker "The Card-Krueger work is essentially correct: the minimum wage at levels observed in the United States has had little or no effect on employment. At the minimum, the book has changed the burden of proof in debates over the minimum, from those who stressed the potential distributional benefits of the minimum to those who stress the potential employment losses."--Richard B. Freeman, Journal of Economic Perspectives "A very substantial book... A highly persuasive collection of evidence... An exemplary book."--J.W. Anderson, The Washington Post "David Card and Alan Krueger have written a book that represents a phenomenal amount of careful and honest research and that will be a classic in the minimum wage literature and also in the broader field of empirical labor economics... A model of how to do good believable research, this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations Review "Clearly, this book should be read by any economist who wants to stay abreast of substantive, high level debates within the profession... The book already has assumed an important position within the field of labor economics, and significant research in years to come is likely to revolve around its principle thesis."--K. A. Couch, Journal of Economics "... the nastiest, most unspeakable perversion of our service-based economy [is] the declining value of the minimum wage... The downward pressure on wages is making this a country where working literally doesn't pay... David Card and Alan Krueger show through meticulously assembled data that increasing minimum pay in the fast-food industry has no discernable effect on the number of jobs, on consumer prices, or even on employee benefits like free meals... Labor markets, like so many other phenomena in the real world, are far from perfect and do not behave according to the theories of defunct economists."--Joe Conason, The New York Observer "Myth and Measurement ... traverses its ground in great detail, studying every bump and dip in the landscape... But that's just about what the issue requires. Card and Krueger's conclusion runs so against the grain of mainstream economic thinking, not to mention the present political consensus, that overkill seems quite appropriate. That conclusion, reached through a number of separate studies, is this: The minimum wage not only doesn't kill jobs, it may even stimulate employment... Myth and Measurement should be a very important book. It essentially settles the policy debate on the minimum wage, and the economics profession should spend a good bit of time engaging in profound reflection and in testing some of the field's first principles."--Voice Literary Supplement "Card and Krueger have written a powerful book underpinned by hard facts... They explode myths and indict the prescriptions of conventional economic thinkers. Few will read this book from cover to cover, but many will quote its conclusions in the months to come."--New Statesman and Society "Myth and Measurement may well be the most important labor economics monograph of the 1990s."--Ronald G. Ehrenberg, Industrial and Labor Relations Review "This book offers the most careful and wide-ranging analysis of the empirical evidence on minimum wages in the United States that any social scientist could ask for."--Richard B. Freeman, Industrial and Labor Relations Review "Although this book raises very sharp questions about the practice of labor economics, the book itself is terrific. CK's creative careful, and above-the-board empirical work is a model of how to do good believable research and this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations ReviewTable of ContentsPreface to the Twentieth-Anniversary Edition ix Preface xxvii Chapter 1 Introduction and Overview 1 Chapter 2 Employer Responses to the Minimum Wage: Evidence from the Fast-Food Industry 20 Chapter 3 Statewide Evidence on the Effect of the 1988 California Minimum Wage 78 Chapter 4 The Effect of the Federal Minimum Wage on Low-Wage Workers: Evidence from Cross-State Comparisons 113 Chapter 5 Additional Employment Outcomes 152 Chapter 6 Evaluation of Time-Series Evidence 178 Chapter 7 Evaluation of Cross-Section and Panel-Data Evidence 208 Chapter 8 International Evidence 240 Chapter 9 How the Minimum Wage Affects the Distribution of Wages, the Distribution of Family Earnings, and Poverty 276 Chapter 10 How Much Do Employers and Shareholders Lose? 313 Chapter 11 Is There an Explanation? Alternative Models of the Labor Market and the Minimum Wage 355 Chapter 12 Conclusions and Implications 387 References 401 Index 415

Read more less

Book SynopsisTrade ReviewOne of Financial Times Best Books in Economics of the Year Selected for A Financial Times Summer Books selection One of Financial Times (FT.com) Best Books in Economics 2015, chosen by Martin Wolf A Financial Times Summer Books 2015 selection "This timely and excellent primer on income inequality both within and among nations deserves to be read by both occupiers and occupants of Wall Street."--Publishers Weekly "Globalization has unleashed powerful forces: some wonderful, some worrying. This book can take you beyond the cliches to an understanding of what is going on and what can be done about it."--Sir Paul Collier, Prospect "Readers wanting a map of the terrain should read Bourguignon... Inequality is an important and complex subject. On the biggest issue of all--global inequality--the recent news has been good. The story on inequality within countries is less appealing, however. [The Globalization of Inequality] tells this complex story well."--Martin Wolf, Financial Times "This book is written in calm prose, but its message is urgent: continue as we are and poverty will grow on our doorsteps."--Danny Dorling, Times Higher Education "Recommended for readers seeking a brief, less technical introduction to economic inequality within and among nations."--Library Journal "Bourguignon carefully wends his way among the definitions of inequality and its multiple, sometimes conflicting measures... This book is written for the layman but is nonetheless intellectually rigorous. It sets out the causes of and some remedies for a problem that urgently needs to be solved if we are to avoid what the book's title warns against, the globalization of inequality."--Brenda Jubin, Seeking Alpha "[Bourguignon's] compact book takes readers through most of the suspected causes and possible cures for what he and many believe is a destructive phenomenon... Now that this French academic's thoughts will be reaching an English-language audience, his translators may have little time to rest. Inequality is nearly everywhere. Certainly the world's politicians will continue to need such bedtime reading."--Tim Ferguson, Forbes.com "Move over, Thomas Piketty. Anyone who has been put off by the French economist's overblown and overly long book on inequality now has a succinct alternative, The Globalization of Inequality. In a mere 189 pages, Francois Bourguignon provides a measured introduction to what is right and what is wrong about current trends in the dispersion of incomes."--Edward Hadas, Reuters BreakingViews "Bourguignon sets out the figures in careful detail, distinguishing between increases in inequality within countries and changes between countries."--Diane Coyle, Enlightened Economist "Bourguignon ... presents a thoughtful and judicious analysis of economic inequality... The book is highly accessible yet also sophisticated, drawing on a large and growing technical and empirical literature on inequality."--Foreign Affairs "Bourguignon has written a succinct, useful guide to the current state of world inequality. With words and data, he draws the useful distinction between within-country inequality and between-country inequality ... in contrast to the authors of most studies of economic problems, who do a solid job laying out the patterns of concern and considering their causes but only hand wave toward solutions, Bourguignon spends significant space considering policy approaches to reducing both forms of inequality."--Choice "The sooner we listen to Bourguignon, Piketty, Atkinson et al, the better."-- Mark Goldring, Resurgence & Ecologist "A concise and nontechnical masterpiece of exceptional analytical and policy clarity. [Bourguignon's] professional expertise and policy involvement shine through in every chapter. Although the book is written for concerned global citizens, professional economists and other social scientists can learn much from reading it."--Gary Fields, ILR ReviewTable of ContentsForeword to the English Edition vii Introduction: Globalization and Inequality 1 Chapter 1 Global Inequality 9 Appendix to Chapter 1 Detailed Evidence on the Recent Changes in Global Inequality 41 Chapter 2 Are Countries Becoming More Unequal? 47 Chapter 3 Globalization and the Forces behind the Rise in Inequality 74 Chapter 4 Toward a Fair Globalization: Prospects and Principles 117 Chapter 5 Which Policies for a Fairer Globalization? 146 Conclusion Globalizing Equality? 184 Index 191

Read more less

Book Synopsis

Read more less

Book SynopsisIllustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas. This book covers work on topics such as rational inattention, information markets, and strategic games with heterogeneous information.Trade Review"The book is well structured and well written. . . . Veldkamp does an excellent job combining different streams of the literature of information choice. This book helped me a lot to give a structure to my partial knowledge on imperfect information."---Christian Merkl, Journal of Economics

Read more less

Book SynopsisWhat is the relevance of Marx's Capital to contemporary political struggles?Trade Review'The ideal introduction to Marx for a new generation of activists, and a fresh reading for Marxist scholars. Like 'Reading Capital Politically', it demonstrates that Marx’s work speaks directly to the struggles of our time' -- Silvia Federici'Shows that Marxism can be joined with feminist and workerist thought to achieve a broader and more exacting understanding of how class struggle still shapes our world's history' -- George Caffentzis, founder of Midnight Notes Collective'Stands out from [other interpretations of 'Capital'], foregrounding the resistance of waged and unwaged people alike. Brings Marx to life and shows the continuing relevance of his work' -- Brett Caraway, Professor of Media Economics and Law, University of Toronto'This essential interpretation shows how all kinds of contemporary activists can apply Marx's analysis to pull us back from an otherwise catastrophic future. A highly charged tool for revolution' -- Anitra Nelson, author of 'Small is Necessary: Shared Living on a Shared Planet' (Pluto, 2018) 'There are many books about Marx and Capital, but Harry Cleaver's achieves a unique synthesis of energy and organisation. This is a singular work by a great Marxist scholar.' -- Nick Dyer-Witheford, author of 'Cyber-Proletariat: Global Labour in the Digital Vortex''Masterfully illuminates the particulars of Marx's great work. He brings alive to readers what might otherwise appear as dry, abstract concepts, and shows how people's lives are in thrall to these ideas.' -- David Sherman, author of 'Sartre and Adorno: The Dialectics of Subjectivity'Table of ContentsAcknowledgments Sources and Citations 1. Introduction 2. Capital: A Critique of Political Economy 3. Part Eight: So-called Primitive Accumulation - Chapters 26–33 4. Part One: Commodities and Money - Chapters 1–3 5. Part Two: The Transformation of Money into Capital - Chapters 4–6 6. Part Three: The Production of Absolute Surplus-Value - Chapters 7–11 7. Part Four: The Production of Relative Surplus-Value - Chapters 12–15 8. Part Five: The Production of Absolute and Relative Surplus-Value - Chapters 16–18 9. Part Six: Wages - Chapters 19–22 10. Part Seven: The Process of Accumulation of Capital - Chapters 23–25 11. Conclusion Index

Read more less

Book SynopsisState and Society in Post--War Japan integrates the previous work of disciplinary specialists into a coherent account of how Japanese society has changed since the war.Trade Review"... a book which can be safely recommended to colleagues and students who want or need to know more about contemporary Japan." (Times Higher Education Supplement) "[a] comprehensive study" (International Review of Administrative Sciences) "an outstanding contribution. ...[this book] corrects many popular misconceptions about Japan ... a useful book because of the broad arguments that it develops." (British Journal of Industrial Relations) "A substantial example of critical empirical sociology. It should become a standard text in the sociology of Japan and of industrial society." (Reviewing Sociology)Table of ContentsAbbreviations. Acknowledgements. 1. Conflict or Consensus: Competing Images of Japan. 2. An Economic Structure of Interdependent Rivals. 3. A Flexible Labour Market. 4. A Planned Market Economy. 5. The Japanese Polity. 6. Social Divisions in Japan. 7. Continuity and Change in the Japanese Social Process. Bibliography. Index.

Read more less

Book SynopsisThe pursuit of wealth has captivated people's attention for centuries. Yet, as a topic of social research, the way in which wealth is accumulated and unequally distributed has largely been neglected, remaining hidden beneath data on income inequality. Wealth aims to address this blind spot in the academic discourse. In accessible prose, Yuval Elmelech explains how personal wealth differs fundamentally from other conventional measures of socioeconomic status and why it has become increasingly important to our understanding of social mobility and stratification. Crucially, Elmelech presents a dynamic sociological framework of wealth attainment that illuminates the effects of cumulative advantages and disadvantages over the course of an individual's life, and across generations. He describes how these advantages and disadvantages are in turn shaped by a complex interplay of multiple markets, changing demographic landscapes, and persistent inter-group wealth disparities. Blending theTrade Review"Elmelech provides an engaging and comprehensive examination of one of today's most pressing social problems. A must-read for anyone interested in wealth ownership and inequality and the policies that attempt to address asset poverty."—Lisa A. Keister, Sanford School of Public Policy, Duke University "Elmelech moves considerations of wealth from a purely economic context to encompass sociological insights about institutional, demographic, and intergenerational factors that influence household accumulations and inequality. Theoretically profound and empirically comprehensive. A fitting companion to Piketty's seminal volume, Capital."—Seymour Spilerman, Co-Director, Center for the Study of Wealth and Inequality, Columbia UniversityTable of Contents1 Introduction: Why Wealth Matters 2 The Tenets of Wealth 3 The Evolution of Wealth 4 Individuals, Families, and Generations 5 Wealth Polarization and the Demography of Wealth Inequality 6 Conclusions

Read more less

Book SynopsisThe pursuit of wealth has captivated people's attention for centuries. Yet, as a topic of social research, the way in which wealth is accumulated and unequally distributed has largely been neglected, remaining hidden beneath data on income inequality. Wealth aims to address this blind spot in the academic discourse. In accessible prose, Yuval Elmelech explains how personal wealth differs fundamentally from other conventional measures of socioeconomic status and why it has become increasingly important to our understanding of social mobility and stratification. Crucially, Elmelech presents a dynamic sociological framework of wealth attainment that illuminates the effects of cumulative advantages and disadvantages over the course of an individual's life, and across generations. He describes how these advantages and disadvantages are in turn shaped by a complex interplay of multiple markets, changing demographic landscapes, and persistent inter-group wealth disparities. Blending theoretical approaches with empirical evidence and macro-level contexts with micro-level processes, this book is an astute guide for thinking about wealth as a key determinant of social and economic wellbeing and for interrogating the role of wealth accumulation in social inequality.Trade Review"Elmelech provides an engaging and comprehensive examination of one of today's most pressing social problems. A must-read for anyone interested in wealth ownership and inequality and the policies that attempt to address asset poverty."—Lisa A. Keister, Sanford School of Public Policy, Duke University "Elmelech moves considerations of wealth from a purely economic context to encompass sociological insights about institutional, demographic, and intergenerational factors that influence household accumulations and inequality. Theoretically profound and empirically comprehensive. A fitting companion to Piketty's seminal volume, Capital."—Seymour Spilerman, Co-Director, Center for the Study of Wealth and Inequality, Columbia UniversityTable of Contents1 Introduction: Why Wealth Matters 2 The Tenets of Wealth 3 The Evolution of Wealth 4 Individuals, Families, and Generations 5 Wealth Polarization and the Demography of Wealth Inequality 6 Conclusions

Read more less

Book SynopsisFor half a century, the United States has garnered substantial political and economic benefits as a result of the dollar''s de facto role as a global currency. In recent years, however, the dollar''s preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy.What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars Trade ReviewThis book offers great value in presenting different approaches and views on the future of the dollar. And reading through a rather heterogeneous collection of contributions one cannot but agree with editors Helleiner and Kirshner that the field of dollar studies is so ridden with disagreements that it would be virtually impossible to conclude with a coherent, let alone common, view. -- Paola Subacchi * International Affairs *

Read more less

Book SynopsisFor half a century, the United States has garnered substantial political and economic benefits as a result of the dollar''s de facto role as a global currency. In recent years, however, the dollar''s preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy.What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars Trade ReviewThis book offers great value in presenting different approaches and views on the future of the dollar. And reading through a rather heterogeneous collection of contributions one cannot but agree with editors Helleiner and Kirshner that the field of dollar studies is so ridden with disagreements that it would be virtually impossible to conclude with a coherent, let alone common, view. -- Paola Subacchi * International Affairs *

Read more less

Book SynopsisReviews techniques and tools that can be used to evaluate the poverty and distributional impact of economic policy choices. This title describes the most robust techniques and tools, from the simplest to the most complex, and aims to identify best practices. It also addresses an evaluation technique and its applications.

Read more less

Book Synopsis

Read more less

Book SynopsisThe Left's Dirty Job compares the experiences of recent socialist governments in France and Spain, examining how the governments of Francois Mitterrand (1981-1995) and Felipe Gonzalez (1982-1996) provide a key test of whether a leftist approach to industrial restructuring is possible.

Read more less

Book SynopsisOver the last two decades, increasing concerns about health risks related to diets have had significant impacts on food consumption patterns in the United States and Europe. This timely book presents the results of several comparative studies of the impacts of health information on food consumption behaviour amongst various socio-economic groups, and across many different countries. It also provides economic analysis of food demand estimations, and implications for future global food systems.Table of Contents1: Introduction, Wen S Chern and Kyrre Rickertsen Part I: Emerging Health and Nutrition Issues on Food Demand 2: Health, Nutrition, and Demand for Food: An American Perspective, 3: Health, Nutrition, and Demand for Food: A European Perspective, Part II: US Experiences 4: Double Impact: Educational Attainment and the Macronutrient Intake of US Adults, 5: Assessing the Importance of Health Information on Dietary Intakes in the US, 6: A Sample Selection Model with Endogenous Health Knowledge: Egg Consumption in the United States, Part III: European Experiences 7: Health Information and Food Demand in Eastern and Western Germany, 8: Health Information and Food Demand in France, 9: The Impact of Nutrient Intake on Food Demand in Spain, 10: Health Information and Unstable Effects from Autocorrelation, Part IV: Health Information and Producer, Market, and Government Responses 11: Relative Impacts of Health Information and Advertising on Commodity Markets: US Meats, 12: The Impact of Dietary Cholesterol Concerns on Consumer Demand for Eggs in the United States, 13: Employing an Environmental Taxation Mechanism to Reduce Fat Intake, 14: How Do Markets Respond to Food Scares? Part V: Concluding Remarks 15: Assessment of Findings and Future Research,

Read more less

Book SynopsisPresenting the most important models and techniques for empirical research, this Handbook will appeal to students, researchers and academics working in empirical macroeconomics and econometrics.Table of ContentsContents: 1. Introduction Nigar Hashimzade and Michael A. Thornton 2. A Review of Econometric Concepts and Methods for Empirical Macroeconomics Kerry Patterson and Michael A. Thornton PART I: PROPERTIES OF MACROECONOMIC DATA 3. Trends, Cycles and Structural Breaks Terence C. Mills 4. Unit Roots, Non-linearities and Structural Breaks Niels Haldrup, Robinson Kruse, Timo Teräsvirta and Rasmus T. Varneskov 5. Filtering Macroeconomic Data D.S.G. Pollock PART II: MODELS FOR MACROECONOMIC DATA ANALYSIS 6. Vector Autoregressive Models Helmut Lütkepohl 7. Cointegration and Error Correction James Davidson 8. Estimation and Inference in Threshold Type Regime Switching Models Jesús Gonzalo and Jean-Yves Pitarakis 9. Testing Structural Stability in Macroeconometric Models Otilia Boldea and Alastair R. Hall 10. Dynamic Panel Data Models Badi H. Baltagi 11. Factor Models Jörg Breitung and In Choi 12. Conditional Heteroskedasticity in Macroeconomic Data: UK Inflation, Output Growth and their Uncertainties Menelaos Karanasos and Ning Zeng 13. Temporal Aggregation in Macroeconomics Michael A. Thornton and Marcus J. Chambers PART III: ESTIMATION AND EVALUATION FRAMEWORKS IN MACROECONOMICS 14. Generalized Method of Moments Alastair R. Hall 15. Maximum Likelihood Estimation of Time Series Models: The Kalman Filter and Beyond Tommaso Proietti and Alessandra Luati 16. Bayesian Methods Luc Bauwens and Dimitris Korobilis 17. Forecasting in Macroeconomics Raffaella Giacomini and Barbara Rossi PART IV: APPLICATIONS I: DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS 18. The Science and Art of DSGE Modelling: I – Construction and Bayesian Estimation Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman and Bo Yang 19. The Science and Art of DSGE Modelling: II – Model Comparisons, Model Validation, Policy Analysis and General Discussion Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman and Bo Yang 20. Generalized Method of Moments Estimation of DSGE Models Francisco J. Ruge-Murcia 21. Bayesian Estimation of DSGE Models Pablo A. Guerrón-Quintana and James M. Nason PART V: APPLICATIONS II: VECTOR AUTOREGRESSIVE MODELS 22. Structural Vector Autoregressions Lutz Kilian 23. Vector Autoregressive Models for Macroeconomic Policy Analysis Soyoung Kim PART VI: APPLICATIONS III: CALIBRATION AND SIMULATIONS 24. Calibration and Simulation of DSGE Models Paul Gomme and Damba Lkhagvasuren 25. Simulation and Estimation of Macroeconomic Models in Dynare João Madeira Index

Read more less

Book SynopsisThis well-documented book will prove to be the essential guide for researchers and graduate students in macroeconomics and political economy. It will also prove inspiring to a wider audience interested in modern Keynesian macroeconomics.Trade Review’For more than a decade, most macroeconomists convinced themselves they were witnessing a "Great Moderation". Many Keynesians saw instead the accumulation of a fragility and potential instability that have become dramatically manifest since 2007. The premise of this book is that the financial crisis and Great Recession necessitate a revival of Keynesian macroeconomics, emphasizing the central roles of effective demand, money and finance in modern capitalism. Comprising essays on all aspects of macroeconomic theory and policy, the book will prove invaluable for scholars and graduate students seeking to acquaint themselves with the frontiers of modern Keynesian macroeconomics.’ -- Mark Setterfield, Trinity College’The essays in this book are of the highest quality and give a substantial account of a strand of current heterodox thought.’ -- Victoria Chick, Wirtschaft und GesellschaftTable of ContentsContents: Introduction Eckhard Hein and Engelbert Stockhammer 1. History and Methods of Post-Keynesian Economics Marc Lavoie 2. Money, Credit and Central Banks in Post-Keynesian Economics Marc Lavoie 3. Growth and Income Distribution: A Post-Keynesian Perspective Amitava Krishna Dutt 4. Keynesian Economics and the New Consensus in Macroeconomics Philip Arestis 5. A Post-Keynesian Macroeconomic Model of Inflation, Distribution and Employment Eckhard Hein and Engelbert Stockhammer 6. The Macroeconomics of Unemployment Engelbert Stockhammer 7. Institutions, Aggregate Demand and Cross-Country Employment Performance: Alternative Theoretical Perspectives and the Evidence David R. Howell 8. European Economic and Monetary Union Policies from a Keynesian Perspective Philip Arestis 9. Open Economy Models of Distribution and Growth Robert A. Blecker 10. Globalisation, Macroeconomic Performance and Distribution Özlem Onaran 11. International Monetary and Financial Architecture Hansjörg Herr 12. ‘Financialisation’, Distribution and Growth Eckhard Hein 13. Keynesian Approaches to Financial Crisis Gary A. Dymski Index

Read more less

Book SynopsisThis critical and thought-provoking book explores the causes and consequences of Europe’s failed political and economic institutions. Most strikingly, the interplay between Europe’s political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential.Trade Review'An important and timely contribution. David Howden has brought together an excellent collection of essays which go beyond the theoretical discussion of Austrian business cycle theory, exploring instead its empirical relevance to one of the most serious financial crises in modern European history.'- Mark Pennington, Queen Mary, University of London, UK 'This is an important and refreshing book which provides an approach of current problems quite different from what is (too often) written. In my opinion it is the only correct analysis of the economic crisis and of European problems. In spite of the diversity both of contributors and topics, a common and rigorous intellectual foundation gives unity and strength to this book. It offers the clues for the best understanding of present and future economic problems.'- Pascal Salin, Emeritus Professor of Economics, University Paris-Dauphine, France 'The current European recession is being offered as an excuse for a wider, more expansive centralized Europe. Failure to recognize the true causes of the recession - failed institutions that have plagued Europe for years, and will continue to do so if permitted to continue - will prolong the current malaise, and hold Europe back from its new future. Let us hope that the current volume does much to bring this new Europe to us.' --- From the foreword by Jesus Huerta de SotoTable of ContentsContents: Foreword Jesús Huerta de Soto 1. Institutional Illusion and Financial Entrepreneurship in the European Debt Scheme Gabriel A. Giménez-Roche 2. A Stock-taking of the Impact of the Crisis Jörg Guido Hülsmann 3. The Irish Economic ‘Miracle’: Celtic Tiger or Bengal Kitten? Anthony J. Evans 4. Europe’s Unemployment Crisis: Some Hidden Relief? David Howden 5. Europe’s Crisis of Accounting Maria Alvarado, Laura Muro and Kirk Lee Tennant 6. Solvency II and the European Sovereign Debt Crisis: The Case of Misplaced Prudence Antonio Zanella 7. The Eurosystem: Costs and Tragedies Philipp Bagus 8. Fiscal Stimulus, Financial Ruin Fernando Ulrich 9. From German Rules to European Discretion: Policy’s Slippery Slope Malte Tobias Kähler 10. The Euro as a Hindrance to Recovery? A Comparative Analysis of the Czech Republic and Slovakia Jiří Schwarz and Josef Šima 11. Compounding Agricultural Poverty: How the EU’s Common Agricultural Policy is Strangling European Recovery Brian Ó Caithnia Index

Read more less

Book SynopsisThis timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity.Trade ReviewIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book. --Ronnie J. Phillips, Colorado State University, USFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called ''money-manager capitalism''. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics. --John Henry, University of Missouri-Kansas CityFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent - indeed, still ongoing - crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery. --Timothy A. Canova, Chapman University School of LawTable of ContentsContents: Preface Introduction: Instability, Prosperity and Economics After the Great Recession Charles J. Whalen PART I: FOUNDATIONS 1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes Connection Steven Kates 2. Towards a Synthesis of Institutional and Post Keynesian Economics W. Robert Brazelton and Charles J. Whalen 3. Futurity: Cornerstone of Post-Keynesian Institutionalism Glen Atkinson and Charles J. Whalen PART II: THE AMERICAN ECONOMY 4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last Resort Fadhel Kaboub 5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic Policy David A. Zalewski and Charles J. Whalen 6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory Implications Éric Tymoigne PART III: THE GLOBAL ECONOMY 7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last Resort Jan Toporowski 8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian Institutionalism John Marangos and Charles J. Whalen 9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist Analysis Yan Liang PART IV: CONCLUSION 10. The Future of Post-Keynesian Institutionalism Charles J. Whalen Index

Read more less

Book SynopsisHousing markets are at the centre of the recent global financial turmoil. In this well-researched study, a multidisciplinary group of leading analysts explores the impact of the crisis within, and between, countries.Trade Review‘Housing Markets and the Global Financial Crisis: The Uneven Impact on Households brings together a diverse set of researchers from a solid mix of countries, culminating in an accessible, methodologically sound and engaging edited collection. Given this, and as a first-attempt at examining the GFC comparatively in terms of its impacts on households, this book is a much welcomed addition to the urban studies discourse broadly, and empirical work on the GFC specifically.’ -- Dylan Simone, Urban Studies‘Housing Markets and the Global Financial Crisis is worth reading for policymakers (in central banks, governments or municipalities) who are in charge of the introduction of regulatory or fiscal measures in the housing sector. I enjoyed reading this small and handy book and recommend that researchers and political decision makers involved in housing buy it, read it and finally recommend it to others as a means of achieving a more global insight.’ -- Karin Wagner, International Journal of Housing PolicyTable of ContentsContents: Preface 1. Households, Homeownership and Neoliberalism Ray Forrest 2. Effects of the Recent Credit Cycle on Homeownership Rates Across Households: What We Know and What We Expect Doug Duncan and Cesar Costantino 3. The Credit Crunch in the UK: Understanding the Impact on Housing Markets, Policies and Households Peter Williams 4. Housing in Iceland in the Aftermath of the Global Financial Crisis Jón Rúnar Sveinsson 5. Housing Wealth, Debt and Stress Before, During and After the Celtic Tiger Michelle Norris and Nessa Winston 6. Housing in the Netherlands Before and After the Global Financial Crisis Richard Ronald and Kees Dol 7. Housing Policy and the Economic Crisis – The Case of Hungary József Hegedüs 8. The Impacts of the Global Financial Crisis on Housing and Mortgage Markets in Australia: A View from the Vulnerable Mike Berry, Tony Dalton and Anitra Nelson 9. Rebuilding Housing Polices in Response to the Current Crisis. Is Homeownership the Solution? David Thorns 10. The Global Financial Crisis and its Impact on Households: The Case of Urban Vietnam Hoang Huu Phe 11. Housing Policy Issues in South Korea Since the Global Economic Crisis: Aspects of a Construction-Industry-Dependent Society Soo-hyun Kim 12. Towards a Post-Homeowner Society? Homeownership and Economic Insecurity in Japan Yosuke Hirayama 13. Business Nearly as Usual: The Global Financial Crisis and its Impacts on Households in Hong Kong Ngai-Ming Yip 14. The Impact of the Financial Crisis on China’s Housing Market Jianping Ye and Chao Sun 15. Concluding Discussion – Where to Now? Ray Forrest Appendix: Selected Key Indicators Index

Read more less

Book SynopsisJesper Jespersen presents a treatise on the importance of the choice of methodology within macroeconomics. Given that no scientifically based macroeconomic policy recommendation should be established without an evaluation of the methods employed, this book gives a clear exposition of how proper macroeconomic analysis should be undertaken.Trade Review'Methodological practice is at the heart of divisions between schools of macroeconomic thought. Jesper Jespersen's book explains why and precisely how, and gives the reader the insight to choose between rival approaches. His own inspiration comes from Critical Realism and Popper's Three World analysis, with Keynes as the main exponent of a realist approach. The starting point of realist theory is a view of how the world is, rather than axioms, and the test is whether the theory can make, as Jespersen puts it, the "round trip back to reality", to give practical guidance to policy. This is only the focal point of a rich and attractive canvas. How I wish this book had been available when I taught methodology! And how I wish economists from all schools of thought would read it!' -- Victoria Chick, University College London, UK'This welcome volume by Jesper Jespersen offers an up-to-date realist approach to macroeconomics, drawing on recent developments in methodology, notably critical realism, as well as earlier Popperian ideas. He shows how economics in the Post-Keynesian tradition, using this approach, can address the important macro policy issues, and sets out a seven-point agenda for future theory development. This book provides an important launching-off point for addressing macroeconomic questions without the need for the abstractions as narrowly rational representative agents. Rather Jespersen explores the interdependencies between the macro and micro levels in real economic processes under conditions of uncertain knowledge.' -- Sheila Dow, University of Stirling, UKTable of ContentsContents: Preface Introduction 1. Keynes-Inspired Macroeconomic Theory in a Methodological Perspective 2. Macroeconomic Methodology: From a Critical Realist Perspective 3. The Macroeconomic Landscape: An Example of an Ontological Reflection 4. About Uncertainty, Risk and Limited Knowledge 5. Uncertainty and ’the Economy as a Whole’ 6. Equilibrium and Path-dependence from a Perspective of Uncertainty 7. The Fallacy of Composition 8. Effective Demand: A Macroeconomic Causal Relationship 9. Methodological Perspectives for Realistic Macroeconomic Research: A Summary Bibliography Index

Read more less

Book SynopsisProfessor Becker has selected seminal papers covering topics including foundations of income inequality measurement, the social welfare view of inequality and directions for future research on economic inequality.Trade Review‘. . . Like Cowell's collection, this new volume is a treasure trove. It contains classics such as Lorenz's 1905 'Methods of Measuring the Concentration of Wealth' ( - strange how disconcerting it is to see the Lorenz curve, as originally drawn, on a graph with per cent of total wealth along the horizontal axis, and per cent of population along the vertical). It also contains more recent material, including Foster and Wolfson's 2010 article 'Polarization and the Decline of the Middle Class.’Table of ContentsContents: Acknowledgements Introduction Robert A. Becker PART I THE ECONOMICS OF INCOME INEQUALITY MEASUREMENT: AN OVERVIEW 1. James E. Foster (1985), ‘Inequality Measurement’ 2. Joseph Persky (1992), ‘Retrospectives: Pareto’s Law’ PART II THE FOUNDATIONS OF INCOME INEQUALITY MEASUREMENT A. The Lorenz Curve 3. M.O. Lorenz (1905), ‘Methods of Measuring the Concentration of Wealth’ 4. Daniel B. Levine and Neil M. Singer (1970), ‘The Mathematical Relation Between the Income Density Function and the Measurement of Inequality’ 5. Joseph I. Gastwirth (1971), ‘A General Definition of the Lorenz Curve’ 6. N.C. Kakwani (1977), ‘Applications of Lorenz Curves in Economic Analysis’ 7. Rolf Aaberge (2009), ‘Ranking Intersecting Lorenz Curves’ B. The Connection Between Income Inequality and Welfare Economics 8. S. Ch. Kolm ([1969] 2001), ‘The Optimal Production of Social Justice’ 9. Anthony B. Atkinson (1970), ‘On the Measurement of Inequality’ C. Mathematical Foundations of Inequality Theory: Majorization 10. G.H. Hardy, J.E Littlewood and G. Polya (1929), ‘Some Simple Inequalities Satisfied by Convex Functions’ 11. Miodrag Tomic (2010), ‘Gauss’ Theorem Concerning the Centre of Gravity and its Application’ PART III EXTENDING THE KOLM-ATKINSON APPROACH TO INEQUALITY MEASUREMENT 12. A.B. Atkinson (2008), ‘More on the Measurement of Inequality’ 13. Anthony F. Shorrocks and James E. Foster (1987), ‘Transfer Sensitive Inequality Measures’ 14. James Davies and Michael Hoy (1994), ‘The Normative Significance of Using Third-Degree Stochastic Dominance in Comparing Income Distributions’ 15. Dominique Thon and Stein W. Wallace (2004), ‘Dalton Transfers, Inequality and Altriusm’ 16. Ronny Aboudi, Dominique Thon and Stein W. Wallace (2010), ‘Inequality Comparisons when the Populations Differ in Size’ PART IV THE SOCIAL WELFARE VIEW OF INEQUALITY A. The Welfare Approach 17. Amartya Sen (1974), ‘Informational Bases of Alternative Welfare Approaches’ 18. Camilo Dagum (1990), ‘On the Relationship Between Income Inequality Measures and Social Welfare Functions’ 19. Karl Mosler and Pietro Miliere (1996), ‘Inequality Indices and the Starshaped Principle of Transfers’ B. Axiomatics and Inequality Measurement 20. Robert Dorfman (1979), ‘A Formula for the Gini Coefficient’ 21. Dominique Thon (1982), ‘An Axiomatization of the Gini Coefficient’ 22. James E. Foster (1983), ‘An Axiomatic Characterization of the Theil Measure of Income Inequality’ 23. Satya R. Chakravarty (2007), ‘A Deprivation-based Axiomatic Characterization of the Absolute Bonferroni Index of Inequality’ PART V DECOMPOSABLE MEASURES AND GENERALIZED INEQUALITY A. Decomposable Inequality Measures 24. Francis Bourguignon (1999), ‘Decomposable Income Inequality Measures’ 25. A.F. Shorrocks (1980), ‘The Class of Additively Decomposable Inequality Measures’ 26. Anthony F. Shorrocks (1984), ‘Inequality Decomposition by Population Subgroups’ 27. Esfandiar Maasoumi (1978), ‘The Measurement and Decomposition of Multi-Dimensional Inequality’ B. Generalized Gini Indices 28. John A. Weymark (1981), ‘Generalized Gini Inequality Indices’ 29. Shlomo Yitzhaki (1983), ‘On an Extension of the Gini Inequality Index’ C. Axiomatics and Generalized Inequality Measures 30. Frank A. Cowell and Kiyoshi Kuga (1981), ‘Inequality Measurement: An Axiomatic Approach’ 31. Frank A. Cowell and Kiyoshi Kuga (1981), ‘Additivity and the Entropy Concept: An Axiomatic Approach to Inequality Measurement’ D. Multi-Dimensional Inequality Measures 32. A.B. Atkinson and F. Bourguignon (1982), ‘The Comparison of Multi-Dimensioned Distributions of Economic Status’ 33. Kay-Yuen Tsui (1995), ‘Multidimensional Generalizations of the Relative and Absolute Inequality Indices: The Atkinson-Kolm-Sen Approach’ 34. Gleb Koshevoy (1998), ‘The Lorenz Zonotope and Multivariate Majorizations’ PART VI DIRECTIONS FOR FUTURE RESEARCH ON ECONOMIC INEQUALITY 35. Joan-Maria Esteban and Debraj Ray (1994), ‘On the Measurement of Polorization’ 36. James E. Foster and Michael C. Wolfson (2010), ‘Polarization and the Decline of the Middle Class: Canada and the U.S.’

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book SynopsisThis collection examines the Ukrainian economy during the late 20th century—a period of epochal change. The papers are divided into five sections: Framework; Resources; Performance; Welfare; and External Relations, and will be of interest both to specialists and to students and others interested in Ukraine today.Trade ReviewFocusing on Ukrainian economic performance, the book is revolutionary in that it discusses various macroeconomic indicators on the basis of newly available statistics… The contributions contained in the volume suggest that the performance of the Ukrainian economy, in terms of the most important indicators, has been second-rate compared to the other former Soviet republics. -- Rahul N. Moodgal * Economic Journal *

Read more less

Book SynopsisTrade ReviewAcclaim for the first edition:‘When Emiliano asked me to endorse Anti-Blanchard Macroeconomics, I was a bit taken aback. You can guess why. But I agree with him that we should always question our assumptions, confront them with the facts, and be open to change if the facts dictate it. Questions such as whether we can expect the economy to return to health by itself, whether recessions have permanent adverse effects, whether the interest rate channel of monetary policy works, are essential ones. For the time being, I stand by the conclusions of my textbook, but I am happy and indeed eager to see them challenged.’ -- Olivier J. BlanchardTable of ContentsContents: Presentation to the first edition Mauro Gallegati Preface to the first edition Robert Skidelsky 1. Introduction 2, Blanchard’s AS–AD model 3. The alternative model 4. Blanchard’s “new approach”: the IS–LM–PC model 5. The competing approaches: theory and policy Appendix 1 Labour flexibility and unemployment Appendix 2 Contractionary fiscal policy and fiscal multipliers Appendix 3 On the pandemic trade-off between health and production Index

Read more less

Book SynopsisTrade Review‘Mengerian Economics is an intriguing book that revives, reiterates, extends and broadens Carl Menger’s groundbreaking approach to economics. The chapters expand our understanding of Menger’s work by tracing its origins in philosophy and stimulate new scholarship by showing how his legacy can further illuminate contemporary issues.’ -- Per Bylund, Oklahoma State University, USTable of ContentsContents: Foreword: Menger belongs in a museum x Mateusz Machaj 1 Carl Menger and his philosophical influences 1 Krzysztof Turowski 2 Menger’s untersuchungen and the methodological development of the Austrian School 21 Norbert Slenzok 3 Carl Menger – an unwitting revolutionary? 42 Witold Kwaśnicki† 4 Institutional spontaneity and social cooperation 78 Jakub Bożydar Wiśniewski 5 Debt and the origin of money 87 Przemysław Rapka 6 Bitcoin from Menger’s perspective 106 Łukasz Jasiński 7 Carl Menger’s contribution to capital theory 118 Eduard Braun 8 Technical changes in economic development: selected issues in the context of Austrian economics 141 Robert Ciborowski 9 Perfect competition and an imperfect world: considerations on the gender wage gap in the light of Carl Menger’s theory 155 Alicja Sielska 10 Anticommons: a very brief introduction with selected applications 168 Karol Bolko Zdybel Index 182

Read more less

Book SynopsisTrade Review‘This book usefully collects together recent papers by John Creedy about measurement of income inequality and income mobility, with the added bonus of providing novel applications to data for New Zealand. Creedy, an expert in the field, provides many instructive insights.’ -- Stephen P. Jenkins, London School of Economics and Political Science, UK, President, Society for the Study of Economic Inequality, 2021-23‘John Creedy’s distinguished career has been exemplified by careful empirical analysis and creative exploration of many thorny issues in public finance, specifically relating to economic inequality. This new book is no exception, it dives into deep questions of appropriately measuring inequality and doesn’t shy away from getting into dynamic versus static issues. I recommend it highly to anyone who wants to understand how topflight researchers in the field look at these issues.’ -- Daniel Slottje, Professor Emeritus, Southern Methodist University, USTable of Contents1. Introduction 2. Alternative Distributions and Metrics 3. Interpreting Inequality Measures 4. Inequality-Preserving Changes 5. Decomposing Inequality Changes 6. Inequality Over a Long Period 7 Regression Models of Mobility 8. Illustrating Differential Growth 9. Summary Measures of Equalising Mobility 10. Mobility as Positional Change 11. Poverty Persistence Bibliography Index

Read more less

Book SynopsisThis timely book provides 15 chapters of cutting edge academic work related to Post-Keynesian economics for the future: This includes stock-flow consistent modelling and analyses of the key challenges associated with the economic policies of sustainability.Trade Review‘This book is unique in the sense that it reflects the nascent broadening and transformation of Post Keynesian economics into questions about the contemporary consequences of economic activity and economic policy for the economy as a whole. More now than ever do the insights offered by Keynes as he portended the end of laissez-faire and the possibilities for our grandchildren come to the forefront in this collection of chapters by Jespersen, et al. The traditional divide between micro- and macroeconomics becomes blurred in favor of the distributional and environmental consequences of economic activity in the 21st century; as it should.’ -- Roy Rotheim, Skidmore College, US‘Society urgently needs effective macroeconomic theory and policy addressed to environmental sustainability and social justice, given the limitations of the mainstream macroeconomic approach. This welcome book edited by Jespersen, Olesen and Byrialsen addresses this need. It brings together an innovative and important collection of realist Post-Keynesian research which sets out an alternative approach at the levels of methodology, theory and policy.’ -- Sheila Dow, University of Stirling, UK‘‘This fascinating book by authorities in the field demonstrates the power of Post-Keynesian economic theory to shed light on some very important questions of macroeconomic policy and methodology. The 15 chapters deal convincingly with the Post-Keynesian approach to global warming, to monetary and fiscal policy, and to demand management more generally. Strongly recommended.’ -- John King, La Trobe University, AustraliaTable of ContentsContents: Preface and acknowledgements ix 1 Progressive post-Keynesian economics for the future: an introduction 1 Jesper Jespersen, Finn Olesen and Mikael Randrup Byrialsen PART I SUSTAINABLE DEVELOPMENT AND SFC MODELLING 2 Modelling transition-related shocks in the green economy 9 Andrew Jackson 3 Economic impacts of climate change: an empirical stock-flow consistent model for Viet Nam 25 Etienne Espagne and Thi Thu Ha Nguyen 4 The tensions of the “green transition” for South American economies 49 Sebastian Valdecantos 5 Conventional and unconventional economic policies in an econometric SFC model of the French economy 62 Jacques Mazier and Luis Reyes-Ortiz 6 A quarterly empirical model for the Danish economy: a stock-flow consistent approach 85 Mikael Randrup Byrialsen, Hamid Raza and Sebastian Valdecantos PART II ECONOMIC THEORY AND POLICY IMPLICATION 7 Demand-led growth and macroeconomic policy regimes in the Eurozone: implications for post-pandemic economic policies 108 Eckhard Hein 8 Phillips curves, behavioral economics and post-Keynesian macroeconomics 124 Peter Skott 9 How not to do monetary policy 140 Louis-Philippe Rochon 10 Inflation, monetary policy and the hierarchy of consumer goods 152 Thibault Laurentjoye PART III METHODOLOGY AND THEORY 11 On Keynes’s uncertainty: a tragic rational dilemma 170 Anna Maria Carabelli 12 The Principle of Effective Demand – reconsidered: ‘Anything we can actually do, we can afford’ 185 Jesper Jespersen 13 Lucas, modern macroeconomics and the post Keynesians 198 Finn Olesen 14 The General Theory as a macroeconomics of power 210 Geoff Tily 15 Economics for the future: inspiration from the writings of Karl Polanyi 228 Mogens Ove Madsen Index 242

Read more less