Macroeconomics Books

Book SynopsisTrade Review"A Financial Times Best Book of the Year: Economics""'Economies sometimes go through macro-financial crises.' Indeed, they do, as we have so painfully learned in recent decades. In this excellent and blessedly brief book, two distinguished scholars bring students and busy professionals up to date on the best thinking about how these crises originate and unfold and how policymakers need to respond. A valuable guide for those who need to understand what contemporary economics has to say on this vital topic."---Martin Wolf, Financial Times"A must-read."---Ashoka Mody, Project Syndicate"A Crash Course on Crises packs a serious punch, covering a substantial amount of theoretical ground illustrated by real-world examples drawn from four continents and almost 100 years."---Anjalika Badalai, Society of Professional Economists"Designed as both a complement to existing macroeconomic textbooks and a present-day primer for policymakers, [A Crash Course on Crises] is brief, direct and accessible. It will likely adorn the reading lists of financial economics courses for years to come."---Rémi Meehan, International Affairs

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Book SynopsisCountries with smaller governments grow faster.Tobacco taxes are the best way to cut smoking. Government regulation discourages entrepreneurship.Award-winning investigative journalist Tom Bergin digs into eight mantras widely accepted by Western governments and, by talking to the people who promote those ideas and the workers, businesspeople and consumers who have felt their impacts, finds they often don't play out as expected. Smart, funny and incisive, Free Lunch Thinking is essential reading for anyone who really wants to know how economies tick - and why they often don't._______________________________________________________________'I couldn't put it down. A thorough and nuanced examination of the evolution of supply side economics . . . I loved it.' Arthur Laffer, creator of the Laffer Curve'An entertaining and thought-provoking exploration of economic theories that have been both widely accepted and largely wrong . . . I devoured it in a couple of sittings.' Reuters Breakingviews'An insightful account of the recent history of economic thought. If you are looking for a book which challenges you without being annoying - make it this one.' Institute of Economics AffairsTrade ReviewAn essential read if you want to know how economics has erred - and how it can do better.—Gabriel Zucman, author of 'The Hidden Wealth of Nations'I couldn't put it down. A thorough and nuanced examination of the evolution of supply side economics and the debates we had around how to put the theory into practice. I loved it.—Arthur Laffer, creator of the Laffer CurveA brilliant tour de force exposing the limitations of economic theories. Bergin punctures many accepted myths and - with care and rigour - demonstrates how much accepted economic orthodoxy is based on ideology and not reality. A very readable and well-researched book that we all should read.—Margaret Hodge, former chair of the UK parliament’s Public Accounts CommitteeAn entertaining and thought-provoking exploration of economic theories that have been both widely accepted and largely wrong . . . I devoured it in a couple of sittings.—Reuters BreakingviewsFantastically provocative book . . . a really great read.—David McWilliams, economist and author

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Book SynopsisTrade Review"William D. Nordhaus, Winner of the Nobel Prize in Economics""One of Foreign Affairs' Best Books""A Project Syndicate Commentators' Best Reads of the Year""Winner of the Silver Medal in Philanthropy / Nonprofit / Sustainability, Axiom Business Book Awards""A Choice Outstanding Academic Title of the Year""Nordhaus’s green compendium is rational and balanced. . . . The author of The Spirit of Green clearly cares intensely about the climate, believes economics offers answers, and sees some welcome positive trends."---Richard Beales, Reuters Breakingviews"A compelling read, and a highly recommended up-to-date guide to the economics of the environment and climate change."---Bejoy K. Thomas, Current Science"In this superb analysis, Nordhaus (Yale Univ.), Nobel laureate in economics, contends that addressing environmental problems should not inhibit economic growth. . . . Highly recommended." * Choice *

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Book SynopsisIn How Markets Fail, veteran New Yorker staff writer John Cassidy offers a provocative take on the misguided economic thinking that produced the 2008 financial crisisnow with a new preface addressing how its lessons remain unheeded in the present.A Pulitzer Prize FinalistAn Economist Book of the Year A Businessweek Best Book of the YearFor fifty years, economists have been developing elegant theories or how markets facilitate innovation, create wealth, and allocate society''s resources efficiently. But what about when they fail, when they lead us to stock market bubbles, glaring inequality, polluted rivers, and credit crunches? In this updated and expanded edition of How Markets Fail, John Cassidy describes the rising influence of utopian economiesthe thinking that is blind to how real people act and that denies the many ways an unregulated free market can bring on disaster. Combining on-the-ground repo

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Book SynopsisTrade Review"There is little doubt that Quiggin’s Economics in Two Lessons will be an instant classic and feature on university reading lists around the world. It should also be compulsory reading for policymakers and public commentators, who all too often lack a framework for thinking clearly about the costs and benefits of markets. The good news is that Quiggin has one—and he’s happy to share."---Richard Holden, Inside Story"This is a highly readable introduction to the intellectual framework of modern policy economics, with plenty of lively examples."---Diane Coyle, Enlightened Economist"His book would be a useful supplement to a principles of economics course, with the advantage of avoiding resort to any graphs or equations . . . . [It] provides an essential completion of the basic story . . . . It is essential reading for anyone interested in the practical side of economic policymaking."---Max B. Sawicky, Jacobin"The themes are complex, but the writing is clear, and the journey is rewarding." * BizEd *"Quiggin writes well and [this] book is full of useful erudite information."---Warwick Lightfoot, Financial World"Many economists consider ‘opp cost’ to be the single most important and fundamental concept in economics, and the discipline’s most useful contribution to the betterment of mankind. Indeed, that’s the view Professor John Quiggin, of the University of Queensland, takes in his book Economics in Two Lessons, which I recommend as the best book to introduce you to economics."---Ross Gittins, Sydney Morning Herald"Quiggin reckons with the incoherence of markets-only thinking in his masterful 2019 book Economics in Two Lessons, which explores the power, limitations and dangers of using markets to solve our problems in a thoughtful and clear way."---Cory Doctorow, Boing Boing

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Book SynopsisA lapsed economist debunks the most common myths about how our economy operates - and explains how the world really works

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Book SynopsisInclude chapters such as: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. This book also features chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty.Trade Review"When the manuscript for the first edition of this book was sent to the publisher in 1977, I was only beginning to understand the ramifications of the cross-equation restrictions that the hypothesis of rational expectations imposes on an equilibrium stochastic process of a dynamic model. Some of those ramifications had leaked into the first edition of this book, but many more are present in this edition. A formula expressing these restrictions in linear models was published by Lars Hansen and me in 1980. That formula is applied repeatedly in this edition." --Preface to the Second Edition "The first edition appeared at a time when discussions of the 'policy ineffectiveness proposition' occupied much of the attention of macroeconomists. As work of John B. Taylor has made clear, the methodological and computational implications of the hypothesis of rational expectations for the theory of optimal macroeconomic policy far transcend the question of whether we accept or reject particular models embodying particular neutrality propositions. Indeed, relative to the simple early models of Barro and Sargent and Wallace, models in which government policy choices affect allocations require much more intricate exploitation of the cross-equation restrictions of rational expectations in optimally choosing government policy. The current edition contains many more examples of models in which a government faces a nontrivial policy choice than did the earlier edition." --Preface to the Second EditionTable of ContentsNonstochastic Macroeconomics: Introduction. The "Classical" Model. The Keynesian Model. Tobins Dynamic Aggregative Model. Miscellaneous Topics. Dynamic Analysis of a Keynesian Model. The Investment Schedule. Introduction to Stochastic Macroeconomics: Behavior Under Uncertainty. Implicit Labor Contracts and Sticky Wages. Difference Equations and Lag Operators. Linear Least Squares Projections (Regressions). Linear Stochastic Difference Equations. The Consumption Function. Government Debt and Taxes. Investment Under Uncertainty. Dynamic Optimal Taxation. The Phillips Curve. Optimal Monetary Policy. Aspects of the New Classical Macroeconomics. Appendix: Formulas from Trigonometry. Exercises. References. Author Index. Subject Index.

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Book SynopsisTrade ReviewA thinker for uncertain times. . . If you want to better understand populism, Trump, Brexit and the anti-establishment backlash then Taleb, of no party or clique, is your man -- Josh Glancy * Sunday Times *A great iconoclast. . . Taleb, a Wall Street trader turned essayist, is a thinker touched by genius. . . The big picture he presents is powerfully argued and offers myriad policy implications -- Matthew Syed * The Times *The most prophetic voice of all . . . Taleb is a genuinely significant philosopher . . . someone who is able to change the way we view the structure of the world through the strength, originality and veracity of his ideas alone -- John Gray * GQ *Nassim Nicholas Taleb is the Richard Wagner of uncertainty. While the Ring Cycle of the German composer/librettist portrayed the struggle of the gods in a series of operas, the Incerto series of books by the Lebanese-American author is devoted to humans -- specifically how we deal with the endemic risk in our all-too-finite existence -- Dominic Lawson * Sunday Times *As always with Taleb, this is a fascinating set of ideas. And he's right. People with skin in the game learn how the game works. Without it, they don't -- William Leith * Evening Standard *The author of The Black Swan is back with a simple warning: don't buy what your neighbour is selling unless he owns some too. The obvious application for this is investing, but Taleb has a much broader domain. In a kind of philosophical Freakonomics, he takes us from 5th-century wandering monks (banned by the church because they were too free) to Donald Trump (his imperfections showed he had skin in the game) -- Rosamund Urwin * Sunday Times Books of the Year *

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Book SynopsisThis short primer distils Ruchir Sharma''s decades of global analytic experience into ten rules for identifying nations that are poised to take off or crash.A wake-up call to economists who failed to foresee every recent crisis, including the cataclysm of 2008, 10 Rules is full of insights on signs of political, economic, and social change. Sharma explains, for example, why autocrats are bad for the economy; robots are a blessing, not a curse; and consumer prices don''t tell you all you need to know about inflation. He shows how currency crises begin with the flight of knowledgeable locals, not evil foreigners; how debt crises start in private companies, not government; and why the best news for any country is none at all.Rethinking economics as a practical art, 10 Rules is a must-read for business, political and academic leaders who want to understand the most important forces that shape a nation''s future.

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Book SynopsisTHE SUNDAY TIMES AND NEW YORK TIMES BESTSELLER ''Superb ... It is tremendous fun, tremendously told'' The Times ''A fluid intellectual thriller'' Daily Telegraph From the global bestselling author of The Big Short, the gripping story of the maverick scientists who hunted down Covid-19 ''It''s a foreboding,'' she said. ''A knowing that something is looming around the corner. Like how when the seasons change you can smell Fall in the air right before the leaves change and the wind turns cold.'' In January 2020, as people started dying from a new virus in Wuhan, China, few really understood the magnitude of what was happening. Except, that is, a small group of scientific misfits who in their different ways had been obsessed all their lives with how viruses spread and replicated - and with why the governments and the institutions that were supposed to look after us, kept making the same mistakes time and again. This group saw what nobody else did. A pandemic was coming. We weren''t prepared. The Premonition is the extraordinary story of a group who anticipated, traced and hunted the coronavirus; who understood the need to think differently, to learn from history, to question everything; and to do all of this fast, in order to act, to save lives, communities, society itself. It''s a story about the workings of the human mind; about the failures and triumphs of human judgement and imagination. It''s the story of how we got to now. ''Lewis is a master of his form'' Sunday TimesTrade ReviewWhen the stories of our times are told, there will be no more seminal documents than the books of Michael Lewis. * Guardian *He is so good everyone else may as well pack up. * Evening Standard *Michael Lewis is one of the premier chroniclers of our age. * Huffington Post *Superb ... It is tremendous fun, tremendously told. There is a lot to take from it - about the inertia of the US civil service, about the "malignant obedience" of middle managers, about how people fearful of the pandemic were treated with the "wary indulgence of the sane in the presence of the fanatic" ... Among those truths, in a familiar lesson for much of the world this year, is the danger of hubris. -- Tom Whipple * The Times *A gripping story ... This is a book about some brave, curious people who tried hard to swim against the tide. As always in a Lewis book they are brought vividly alive ... Lewis is a master of his form. -- Christina Patterson * The Sunday Times *A fluid intellectual thriller ... As always with Lewis, the book is full of fascinating facts and personal angles. -- Steven Poole * Daily Telegraph Books of the Year 2021 *[Reading The Premonition] we see a disturbing common trait emerging in our country and others: the unwillingness to prioritise people's lives over ideas and ingrained structures. -- Kazuo Ishiguro * Observer Books of the Year 2021 *It is hard to think of a writer who has had more success than Michael Lewis at turning forbiddingly complex situations into propulsive nonfiction narratives ... Without his ever having to spell it out, Lewis's message comes across very powerfully: the US government, in its institutional dysfunction, is in danger of abandoning its citizens to a private sector that is even less equipped to deal with large-scale disasters such as Covid. -- Mark O’Connell * The Guardian *

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Book SynopsisOriginally published in 1959, this monograph by an Eastern European economist boldly and openly criticized socialist central planning.Trade ReviewReview from previous edition Kornai found little evidence of comprehensive planning. Instead, he determined that the planning system consisted of quarterly gross output orders that could readily be manipulated by managers and had to be fulfilled at any price. Kornai's Overcentralization already contained the seeds of Kornai's later key findings of the dysfunctionalities of socialist planning; namely, soft budget constraints and the shortage economy. Kornai's most important finding was largely overlooked throughout the socialist world-that the planned economy could not be reformed by partial measures. * Paul R. Gregory, Public Choice *Kornai's interest in methodology arose from the inadequacy of existing economic theory, both Marxist-Leninist and Western mainstream, to help solve major topical economic problems. He used the methodology that he developed to analyse concrete economic issues. The major economic problem that he analysed was the reform of the bureaucratic-command system in his native Hungary. His PhD thesis, which was published in English translation as Overcentralization in economic administration was a detailed account of some problems of that system. He was involved in plans to reform it. However, it became very obvious that there was no economic theory that could provide guidance for reformers. Some people were attracted to market socialism, but Kornai rejected it both in theory and as a basis for improving the Hungarian economic system. * Michael Ellman, Cambridge Journal of Economics *The Hungarian Janos Kornai is the most famous, and certainly the most influential, economist to have emerged from postwar Communist Europe. His reputation is based on three books, Overcentralization, Economics of Shortage, and The Socialist System, which knocked away the intellectual foundations of the publicly owned, bureaucratically planned economy. * Robert Skidelsky *Table of ContentsList of tables I: THE SYSTEM OF INSTRUCTIONS II: INCENTIVES FOR TOP MANAGEMENTS III: SOME USEFUL AND HARMFUL TENDENCIES WHICH RESULT FROM THE JOINT EFFECTS OF PLAN INSTRUCTIONS AND INCENTIVES IV: RELATIONSHIPS BETWEEN ENTERPRISES. THE ROLE OF ENTERPRISES AS BUYERS AND SELLERS V: EXCESSIVE CENTRALIZATION AS A SOCIO POLITICAL PROBLEM VI: ATTEMPTS TO DEVELOP LOCAL INITIATIVE AND AUTONOMY FOR ENTERPRISES Notes on the Book's Previous and Subsequent History

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

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

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Book SynopsisThis collection provides an overview of India's growth experience from Independence to the recent global financial crisis from the perspective of financial economics. With a focus on growth drivers and financial stability, the volume analyses both macroeconomic and microeconomic policy reforms and suggests strategies for the future.Table of ContentsTables and Figures; Acknowledgements; Introduction; I Indian Economic Growth: The Record; 1. Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment; 2. The Role of Fiscal and Monetary Policies in India in Sustaining Growth with Stability in India; II Growth and the Financial Sector; 3. Financial Sector Development in India: Fostering Growth While Containing Risk; 4. Development of the Indian Debt Market; 5. Financial Inclusion in India: A Glass Half Empty or Three Quarters Full?; 6. Innovation and Growth: Role of the Financial Sector; III Issues in Monetary Policy; 7. Communications in Central Banks; 8. Managing the Impossible Trinity: Volatile Capital Flows and Indian Monetary Policy; IV The Global Financial Crisis; 9. Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies; 10. The Global Financial Crisis: Causes, Impact, Policy Responses and Lessons; 11. Emerging Contours of Financial Regulation; V The Way Ahead; 12. Economic Reforms in India: Where Are We and Where Do We Go; Index

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Book SynopsisThis book provides a lucid and concise introduction to the theoretical and practical aspects of macroeconomics. With India-centric examples, data, and case studies, it provides an overview of economic policies crucial to growth and development.Table of Contents1. Introduction ; 2. Measuring the Economy's Performance ; 3. Theory of Income Determination ; 4. Money, Interest, and Income ; 5. Fiscal and Monetary Policy ; 6. The Banking System, Supply of Money, and the Conduct of Monetary Policy ; 7. Opening up the Economy ; 8. Determination of the Aggregate Price Level ; 9. The Problem of Inflation ; 10. Economic Growth ; 11. Special Topics ; GLOSSARY ; REFERENCES ; INDEX

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

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

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

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

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Book SynopsisThis book examines key issues connected with the distribution of personal wealth in the UK. It studies why wealth is now such an important factor in social differences and public policy. It presents the most recent information on current wealth inequalities and a detailed discussion of trends in the distribution of wealth. It uses newly available data to compare wealth inequalities in the UK with the USA, Canada, and Sweden. It uses longitudinal data, which track the same people over time, to examine trajectories in wealth accumulation over the decade to 2005 and inequalities in inheritances over the same period. It looks at how parental wealth levels and people''s asset-holdings early in adulthood affect outcomes later in their lives. The final part looks at the way in which policies towards wealth-holding developed historically, and the contradictory ways in which a wide range of public policies relate to people''s wealth levels, including through taxation, means-testing, and the encouragement of saving, and discusses what the key issues for policy towards wealth and wealth inequalities now are. Personal wealth in the UK totalled 5.5 trillion by 2010 (9-10 trillion if occupational pension rights are included). Inheritance flows are now equivalent to 4 per cent of national income each year. All households in the wealthiest tenth have more than 75 times the wealth of any of those in the bottom tenth. Absolute differences in wealth levels have increased substantially over the last 15 years, so wealth differences represent many more years of income than in the past. This makes them of great importance to life chances. This makes the book highly relevant for public policy, but also for academic and student understanding of a crucial dimension of social difference. As well as bringing together existing information on the area, the book contains considerable new analysis on wealth inequality, inheritance, and their impacts, drawing on work which is at the forefront of recent research.Trade ReviewThe authors have put together a number of complementary chapters that are of interest and will be useful for researchers and students in a wide range of fields...an excellent contribution to the debate on wealth inequality. * Alan Southern, People, Place and Policy *Table of ContentsPART I: WEALTH AND DISTRIBUTION; PART II: PERSONAL WEALTH ACCUMULATION AND ITS IMPACTS; PART III: WEALTH AND POLICY

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Book SynopsisThis volume uses state of the art models from the frontier of macroeconomics to answer key questions about how the economy functions and how policy should be conducted. The contributions cover a wide range of issues in macroeconomics and macroeconomic policy. They combine high level mathematics with economic analysis, and highlight the need to update our mathematical toolbox in order to understand the increased complexity of the macroeconomic environment. The volume represents hard evidence of high research intensity in many fields of macroeconomics, and warns against interpreting the scope of macroeconomics too narrowly. The mainstream business cycle analysis, based on dynamic stochastic general equilibrium (DSGE) modelling of a particular type, has been criticised for its inability to predict or resolve the recent financial crisis. However, macroeconomic research on financial, information, and learning imperfections had not yet made their way into many of the pre-crisis DSGE models bTable of ContentsPART 1: FINANCIAL CRISIS AND RECOVERY ; PART 2: LEARNING, INCENTIVES, AND PUBLIC POLICY

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Book SynopsisThis book offers an excellent survey of various macroeconomic topics that feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of macroeconomic approaches by a scholar whose own contribution to the field is considerable.In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary'' models of macroeconomics - the real business cycle theory and the `structuralist school'' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy.

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

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Book SynopsisDavid Card and Alan B. Krueger have made substantial contributions to the field of Labor Economics. Their influential work focuses on policy-relevant issues and spans vast and important topics, including: unemployment, minimum wage, migration, measurement error, unions, wage differentials among various groups in the US, labor demand, social insurance, and technological change. Card and Krueger have also been extremely influential in econometrics methodology; they were at the forefront of employing an ''experimental'' approach in their research design and implementation. Both of these IZA prize winners have made significant methodological contributions on instrumental variable estimation, measurement error, regression discontinuity methods, and the use of ''natural'' experiments. This book provides an overview of their most important work and is divided two main parts: the first section focuses on school quality and the differences in wages across groups in the US; the second part conceTrade ReviewI found that the book offers a timely discussion regarding a much politicized debate around the responsibility of societies to invest more in education and on their young people. The book is a gold mine of data which can spark lively discussions among educationalists, sociologists and economists. * Iasonas Lamprianou, Work Employment and Society *Table of ContentsI: INTRODUCTION BY THE EDITORS: INGENUITY AND CREATIVITY - DAVID CARD AND ALAN B. KRUEGER; II: SCHOOL QUALITY, EARNINGS, AND BLACK-WHITE WAGE DIFFERENCES; III: MINIMUM WAGES AND EMPLOYMENT DEMAND; IV: CONCLUDING THOUGHTS

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Book SynopsisDale T. Mortensen and Christopher A. Pissarides are the recipients (with Peter Diamond) of the Nobel memorial Prize in Economics 2010. They have made path-breaking contributions to the analysis of markets with search and matching frictions, which account for much of the success of job search theory and the flows approach in becoming a leading tool for microeconomic and macroeconomic analysis of labor markets. Both scientists have gained groundbreaking insights through individual as well as joint research. Consequently, this volume not only features several papers which helped shape the equilibrium search model, including some early contributions which have initiated the research on what is known today as the search and matching model of the labor market, but it also presents a joint paper by the IZA Prize Laureates, which is a complete statement of the equilibrium search and matching model with endogenous job creation and job destruction. As part of the IZA Prize Series, the book preseTable of ContentsIntroduction by the Editors: Mortensen & Pissarides: Job Creation and Job Destruction in the Theory of Unemployment Introduction: The Flow View of the Labor Market 1: The Matching Process as a Noncooperative Bargaining Game 2: Short-Run Equilibrium Dynamics of Unemployment, Vacancies, and Real Wages 3: Unemployment and Vacancies in Britain 4: Job Creation and Job Destruction in the Theory of Unemployment 5: Equilibrium Wage Distributions: A Synthesis

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Book SynopsisHuman Development is widely recognised as the overriding goal of development, yet its realization is challenged by growing inequality, macro-economic fluctuations, and recurrent financial crises. This edited collection reflects on the work of Richard Jolly and includes contributions from leading scholars of development, all of whom have worked with Richard Jolly at varying points in his distinguished career. The volume advances thinking in the area of Human Development by discussing the evolution of its conceptualization and the policy implications, and the achievements in related key areas such as education, social protection, and employment. It juxtaposes these theoretical and (at times) real life improvements with disturbing developments in terms of growing inequality and macro-economic instability. It documents the growing income inequality which has characterized both developing and developed countries. It shows that there has been a decline in some countries and identifies the poTable of ContentsPART I: SIR RICHARD JOLLY'S CONTRIBUTION TO THE ANALYSIS OF ECONOMIC DEVELOPMENT; PART II: HUMAN DEVELOPMENT AND INEQUALITY: PROGRESS IN CONCEPTS AND POLICIES?; PART III: STRUCTURAL ADJUSTMENT, NEW MACROECONOMIC APPROACHES AND REMAINING CHALLENGES

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Book SynopsisThis is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. It is now widely accepted that politics plays a significant role in shaping the possibilities for inclusive development. However, the specific ways in which this happens across different types and forms of development, and in different contexts, remains poorly understood. This collection provides a state of the art review regarding what is currently known about the politics of inclusive development. Leading academics offer systematic reviews of how politics shapes development across multiple dimensions, including through growth, natural resource governance, poverty reduction, service delivery, social protection, justice systems, the empowerment of marginalised groups, and the role of both traditional and non-traditional donors. The volume not only provides a compTable of ContentsPART I: INTRODUCTION; PART II: THE POLITICS OF ACCUMULATION AND GROWTH; PART III: THE POLITICS OF SOCIAL AND LEGAL CITIZENSHIP: PROMOTING AND PROTECTING THE RIGHTS OF THE POOR?; PART IV: THE POLITICS OF RECOGNITION; PART V: THE TRANSNATIONAL POLITICS OF DEVELOPMENT

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Book SynopsisThe Oxford Handbook of Historical Institutionalism offers an authoritative and accessible state-of-the-art analysis of the historical institutionalism research tradition in Political Science. Devoted to the study of how temporal processes and events influence the origin and transformation of institutions that govern political and economic relations, historical institutionalism has grown considerably in the last two decades. With its attention to past, present, and potential future contributions to the research tradition, the volume represents an essential reference point for those interested in historical institutionalism. Written in accessible style by leading scholars, thirty-eight chapters detail the contributions of historical institutionalism to an expanding array of topics in the study of comparative, American, European, and international politics.Table of ContentsI. INTRODUCTION 1: Orfeo Fioretos, Tulia G. Falleti, and Adam Sheingate: Historical Institutionalism in Political Science II. FOUNDATIONS 2: Peter A. Hall: Politics as a Process Structured in Space and Time 3: Kathleen Thelen and James Conran: Institutional Change 4: James Mahoney, Khairunnisa Mohamedali, and Christoph Nguyen: Causality and Time in Historical Institutionalism 5: Giovanni Capoccia: Critical Junctures 6: Sven Steinmo: Historical Institutionalism and Experimental Methods 7: Paul Pierson: Power in Historical Institutionalism 8: Mark Blyth, Oddny Helgadottir, and William Kring: Ideas and Historical Institutionalism III. COMPARATIVE POLITICS Tulia G. Falleti: Introduction 9: Atul Kohli: States and Economic Development 10: Hillel Soifer: The Development of State Capacity 11: Rodrigo Barrenechea, Edward Gibson, and Larkin Terrie: Historical Institutionalism and Democratization Studies 12: Steven Levitsky and Lucan A. Way: Durable Authoritarianism 13: Rachel Beatty Riedl: Political Parties, Regimes, and Social Cleavages 14: Melani Cammett and Aytug Sasmaz: Social Policy in Developing Countries 15: Teri L. Caraway: Labor in Developing and Post-Communist Countries 16: Kellee Tsai: Adaptive Informal Institutions IV. AMERICAN POLITICS Adam Sheingate: Introduction 17: Desmond King: The American State and the Enduring Politics of Race 18: Daniel J. Galvin: Political Parties in American Politics 19: Sarah Staszak: Law and Courts 20: Alan M. Jacobs: Social Policy Dynamics 21: Paul Frymer: Citizenship and Race 22: Marie Gottschalk: Inequality and the Carceral State V. EUROPEAN POLITICS Orfeo Fioretos and Tulia G. Falleti: Introduction 23: R. Dan Keleman: European States in Comparative Perspective 24: Sheri Berman: Institutions and the Consolidation of Democracy in Western Europe 25: Julia Lynch and Martin Rhodes: Historical Institutionalism and the Welfare State 26: Richard Deeg and Elliot Posner: Durabilities and Changes in Financial Systems 27: Pepper D. Culpepper: Capitalism, Institutions, and Power in the Study of Business 28: Anna Gryzmala-Busse: Religion and European Politics 29: Tim Büthe: Supranationalism 30: Mark Thatcher and Cornelia Woll: Evolutionary Dynamics in Internal Market Regulation in the European Union VI. INTERNATIONAL POLITICS Orfeo Fioretos: Introduction 31: Stephen D. Krasner: The Persistence of State Sovereignty 32: G. John Ikenberry: The Rise, Character, and Evolution of International Order 33: Etel Solingen and Wilfred Wan: Critical Junctures, Developmental Pathways, and Incremental Change in Security Institutions 34: Henry Farrell and Martha Finnemore: Global Institutions Without a Global State 35: Karen J. Alter: The Evolution of International Law and Courts 36: Judith Goldstein and Robert Gulotty: The Limits of Institutional Reform in the United States and the Global Trade Regime 37: Eric Helleiner: Incremental Origins of Bretton Woods 38: Abraham L. Newman: Sequencing, Layering, and Feedbacks in Global Regulation

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Book SynopsisIn international commentary and debate on the effects of the Great Recession and austerity, Ireland has been hailed as the poster child for economic recovery and regeneration out of deep economic and fiscal contraction. While the genesis of Ireland''s financial, economic, and fiscal crisis has been covered in the literature, no systematic analysis has yet been devoted to the period of austerity, to the impact of austerity on institutions and people, or to the roots of economic recovery. In this book a group of Ireland''s leading social scientists present a multidisciplinary analysis of recession and austerity and their effects on economic, business, political, and social life. Individual chapters discuss the fiscal and economic policies implemented, the role of international, and, in particular, of EU institutions, and the effects on businesses, consumption, work, the labour market, migration, political and financial institutions, social inequality and cohesion, housing, and cultural expression. The book shows that Ireland cannot be viewed uncritically as a poster child for austerity. While fiscal contraction provided a basis for stabilizing the perilous finances of the state, economic recovery was due in the main to the long-established structure of Irish economic and business activity, to the importance of foreign direct investment and the dynamic export sector, and to recovery in the international economy. The restructuring and recovery of the financial system was aided by favourable international developments, including historically low interest rates and quantitative easing. Migration flows, nominal wage stability, the protection of social transfer payments, and the involvement of trade unions in severe public sector retrenchment - long-established features of Irish political economy - were of critical importance in the maintenance of social cohesion.Trade ReviewThe many strands of ruin and gradual but not complete recovery are dealt with in a style that is both scholarly and accessible. This richness makes it the best overall single-volume assessment of our recent political and social experience. * Paschal Donohoe, Minister for Public Expenditure and Reform, The Irish Times *Table of Contents1: William K. Roche, Philip O'Connell, and Andrea Prothero: Introduction 'Poster Child' or 'Beautiful Freak'?: Austerity and Recovery in Ireland 2: Seán Ó Riain: The Road to Austerity 3: Stephen Kinsella: Economic and Fiscal Policy 4: Frank Barry and Adele Bergin: Business 5: Gregory Connor, Thomas Flavin, and Brian O'Kelly: The Financial Sector 6: Blanaid Clarke: Banking Regulation 7: Marius C. Claudy, Andrew Keating, and Andrea Prothero: Consumption 8: Paul Teague: Ireland and the 'GIPS' Countries 9: David M. Farrell: Political Reform 10: Brigid Laffan: International Actors and Agencies 11: William K. Roche: Workplaces 12: Richard Boyle: Public Service Reform 13: Philip J. O'Connell: Unemployment and Labour Market Policy 14: Kathleen Lynch, Sarah Cantillon, and Margaret Crean: Inequality 15: Rob Kitchin, Rory Hearne, and Cian O'Callaghan: Housing 16: Irial Glynn and Philip J. O'Connell: Migration 17: Donald Taylor Black: Culture Index

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Book SynopsisCarlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession.Trade ReviewThis enlightening book is a wonderful guide to the key topics of macroeconomics: inflation, monetary policy, including at the zero lower bound, growth and innovation, inequality, exchange rates and more. Very closely connected to the real world, Carlin and Soskice's book brings a wealth of data and historical examples into the discussion in a very pedagogical way. It covers extremely well the links between risk taking, financial cycles and crises which are at the heart of our modern economies. It has also an essential and very timely chapter on commodity price shocks. This is what macroeconomics is about: first order questions, affecting the lives of billions of people, clear modelling and rigorous thinking informed by data and history. Very exciting! * Hélène Rey, Professor of Economics, London Business School *This wonderful textbook achieves a rare feat: the material is consistent with work at the current research frontier but nevertheless remains highly accessible. I first learned macroeconomics from an earlier volume of this textbook, when I was an undergraduate student twenty years ago. Now as then the core of the book is its simple 3-equation model for studying business cycles and stabilization policy. But this latest volume also takes on board many of the key developments over the last two decades. Specifically, this is the first textbook to integrate the lessons of the exploding literature on heterogeneous-agent macroeconomics and of the new HANK models. As Carlin and Soskice write: "it's time for 'inequality' to have a place in the title of a macroeconomics textbook" - I couldn't agree more! * Benjamin Moll, Professor of Economics, London School of Economics *Beautifully written and rich in data and historical examples, 'Macroeconomics' sets out the building blocks of macroeconomic modelling and guides readers to the frontier of the discipline. The book underscores the crucial role played by institutions, inequality and innovation in contemporary economies. Once you start reading it, you cannot stop it! * Silvana Tenreyro, Professor of Economics, Department of Economics, London School of Economics and External Member of the Monetary Policy Committee, Bank of England *Carlin and Soskice have written a masterful treatise on modern macroeconomics. The authors bring to life the fundamental importance of balance for the healthy functioning of an economy - not only the balance between supply and demand, but also in terms of equitable distribution of income. They carefully walk us through when finance is useful, and when its excesses can be harmful for the economy. Most importantly, the authors explain why institutions, i.e. the manner in which a society chooses to govern itself, are central to how far an economy prospers. * Atif Mian, Professor of Economics, Princeton University, Co-author of 'House of Debt' (2014, The University of Chicago Press) *Wendy Carlin and David Soskice have once more achieved a pedagogical tour de force, bringing frontier research to the undergraduate level. The increased focus on inequality, its sources and its implications, is a particularly welcome addition. * Olivier Blanchard, formerly Chief Economist, IMF, Professor of Economics, MIT, Senior Fellow, Peterson Institute *This remarkable new macroeconomics text brings upper-level undergraduates to the frontier of research and policy. The exposition is at the same time accessible, engaging, and relevant to current concerns about the broad consequences of policies -- intended and unintended. The book's attention to historical and institutional context, as well as its treatment of innovation and technical change, set it apart from other textbooks at this level. * Maurice Obstfeld, Professor of Economics, University of California Berkeley, Co-author of 'Foundations of International Macroeconomics' (1996, MIT Press) *Austerity, financial crises, quantitative easing, artificial intelligence: this book has it all. A macroeconomics text that explains the data and logic that policymakers really do use. Read this book and understand the world. * Jonathan Haskel, Professor of Economics, Imperial College London and External Member of the Bank of England's Monetary Policy Committee *This is the only undergraduate macroeconomics textbook that weaves a serious treatment of inequality into a core three-equation model, and, at the same time, it also includes an unparalleled introduction to incorporating the financial system in this framework. As such, it marks a serious departure from most macroeconomics textbooks, which tend to relegate distribution and finance to the secondary status of extensions or special topics. The accompanying simulation tool also makes the book exceptionally classroom friendly, not only by providing instructors a visual way to summarize comparative statics, but also by giving students a tool with which they can independently explore extensions of classroom discussions. * Leila E. Davis, Associate Professor of Economics, University of Massachusetts Boston *Economics students want to understand the world we live in, and no other macroeconomics textbook satisfies this desire to engage with the world's most significant issues quite like Carlin and Soskice. With its intuitive, tractable, and realistic approach, their textbook equips students to easily comprehend even the most complex macroeconomic concepts and their relationship to real-world problems like inequality and economic shocks. The 3-equation model helps students grasp how economic shocks affect the economy, while the new book's analysis of inequality gives a more thorough understanding of how policy responses can impact people's lives. The book equips the next generation of economics graduates to make a meaningful impact in the world. The new book also links to the CORE Econ Project, enabling programme leaders to create a more integrated curriculum in macroeconomics across years. * Stefania Paredes Fuentes, Associate Professor, University of Warwick *The coverage on environmental and social sustainability of production is much appreciated. * Christina Wolf, Senior Lecturer in Economics, University of Hertfordshire *Employers value graduates comfortable to deal with real world issues, using appropriate theory and data skills. Using this textbook will be an ideal way to foster such a graduate. * Marco Gundermann, Head of Economics, International Relations and Development, University of Northampton *Carlin and Soskice offer a clear, balanced, engaging, and forward-looking perspective on a wide range of topics, from short-term monetary policy to growth & innovation. Students will appreciate the authors' crystal-clear exposition, along with the careful balance of technical detail and intuitive real-world examples presented. * Ceri Davies, Associate Professor in Economics, University of Birmingham *The book's development and applications of the 3-equation model make it easy to introduce students to more advanced theoretical ideas and current policy issues. It is straightforward to pick chunks of the book and incorporate other material. Resources provided to instructors and students are very helpful. * Jennifer Smith, Associate Professor of Economics, University of Warwick *Table of ContentsIntroduction Part 1: Basics: Demand Side, Supply Side, and Policy Maker 1: The demand side 2: The supply side 3: The 3-equation model and macroeconomic policy 4: Expectations and monetary policy Part 2: Money, Banking, Monetary and Fiscal Policy 5: Money, banking, and the macro-economy 6: Monetary policy 7: Fiscal policy Part 3: Financial Instability in the Macroeconomy 8: Sources of financial sector instability 9: Financial sector risk and the global financial crisis: Applying the models 10: Financial stability policy Part 4: Open Economy Macroeconomics 11: The 3-equation model in the open economy 12: The open economy: The demand and supply sides 13: Open economy extensions I: Oil shocks, imbalances, and interdependence 14: Open economy extensions II: Fixed exchange rates and the Eurozone Part 5: The Supply Side, Technology, and Growth 15: Supply-side institutions, policies, and performance 17: Growth and innovation 18: The ICT revolution, productivity puzzle, and political economy of uneven growth Part 6: Macroeconomics With Inequality 18: Heterogeneous agent macroeconomics: Origins, progress, and challenges

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Book SynopsisThis book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. Hyun Song Shin''s work has shed light on the global financial crisis and he has been a central figure in the policy debates. The paradox of the global financial crisis is that it erupted in an era when risk management was at the core of the management of the most sophisticated financial institutions. This book explains why. The severity of the crisis is explained by financial development that put marketable assets at the heart of the financial system, and the increased sophistication of financial institutions that held and traded the assets. Step by step, the lectures build an analytical framework that take the reader through the economics behind the fluctuations in the price of risk and the boom-bust dynamics that follow. The book examines the role played by market-to-market accounting rules and securitisation in amplifying the crisis, and draws lessons for financial arcTrade ReviewIn the Great Recession, the world has looked for leading economists to offer a new and better understanding of macroeconomic instability, as Keynes did in the Great Depression. In this book, Hyun Song Shin delivers what was needed. Step by step, he develops a new comprehensive understanding of how macroeconomic booms and busts can be derived from microeconomic forces in the banking system. This book should be recognized as a major contribution to macroeconomic theory * Roger Myerson, Nobel Laureate in Economics 2007, Glen A. Lloyd Distinguished Service Professor Department of Economics, University of Chicago *This book is a must-read for students, scholars and policy makers who would like to decipher the subprime crisis. Hyun Shin has an extraordinary talent for designing simple models that explain complicated phenomena. * Jean Charles Rochet, Professor of Economics, Toulouse School of Economics (TSE) *Hyun Song Shin is one of the leading scholars on financial stability in the world. This book provides a very accessible summary of this work. It is essential reading for all academics and practitioners interested in financial crises. * Franklin Allen, Professor of Finance and Economics and Executive Director of the Brevan Howard Centre at Imperial College London *Table of Contents1: Nature of Financial Risk 2: Value-at-Risk Capital 3: Boom and Bust Driven by Value-at-Risk 4: Dynamic Hedging 5: Asset-Liability Management 6: Financial System 7: Lending Booms 8: The Case of Northern Rock 9: Securitisation and the Financial System 10: A Fresh Start

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Book SynopsisIntroducing Advanced Macroeconomics covers a rich variety of topics in growth and real business cycles and uses. Beginning with an examination of macroeconomics for the long run before considering the economy in the short run, the third edition continues to help intermediate-level students develop their understanding and technical skills so that they can become comfortable with more advanced macroeconomics material and tools.Recognizing mathematics to be a common area of vulnerability, the authors carefully explain all derivations. They also concentrate on the cornerstone models to ensure students can form a deep comprehension of how to apply and examine them.Discussion is motivated by empirical data throughout, demonstrating how real life and theory are connected, and encouraging readers to dissect model predictions and the policy issues they relate to. Guided exercises at the end of every chapter help students to build their confidence as they tackle more challenging material.DigitalTrade ReviewEngaging and precise: the best book in the market to teach serious macroeconomics to undergraduates. * Ricardo Nunes, Professor of Economics, University of Surrey *Thorough and rigorous, providing a solid grounding in modern macroeconomics. * Jonathan Perraton, Senior Lecturer in Economics, University of Sheffield *A unique combination of rigor and relevance, including informative and challenging exercises. * Klas Fregert, Associate Professor, Lund University *Table of Contents1: Macroeconomics for the long run and for the short run BOOK ONE: THE LONG RUN: ECONOMIC GROWTH, LONG RUN UNEMPLOYMENT, AND STRUCTURAL ECONOMIC POLICY 2: Some facts about prosperity and growth Part One: Work Horse Models for the Long Run 3: Capital accumulation and growth: the basic Solow model 4: Wealth accumulation and capital mobility: The Solow Model for a small open economy Part Two: Exogenous Technological Progress 5: Technology and growth: the Solow model with technological progress and growth accounting 6: Education and growth: the Solow model with human capital 7: Limits to growth? Resource scarcity and climate change Part Three: Endogenous Growth 8: Productive externalities and endogenous growth 9: R&D-based endogenous growth Part Four: Structural Unemployment 10: Some facts and introductory theory about unemployment 11: Efficiency wages and unemployment 12: Trade unions and unemployment BOOK TWO: THE SHORT RUN: ECONOMIC FLUCTUATIONS, SHORT RUN UNEMPLOYMENT, AND STABILIZATION POLICY 13: Business cycles: Facts 14: Business cycles: Costs Part Five: The Building Blocks for Short-Run Macroeconomics 15: Investment and asset prices 16: Consumption, income, interest rates, and wealth 17: Monetary policy and aggregate demand 18: Inflation, unemployment, and aggregate supply Part Six: Short-Run Macroeconomics for the Closed Economy 19: Explaining business cycles: aggregate supply and aggregate demand in action 20: Monetary and fiscal stabilization policy 21: Business cycles and stabilization policy with rational expectations 22: Limits to stabilization policy: credibility and uncertainty Part Seven: Short-Run Macroeconomics for the Open Economy 23: Aggregate demand and aggregate supply in the open economy 24: The open economy with fixed exchange rates 25: The open economy with flexible exchange rates and the choice of exchange rate regime 26: The economics of monetary union and the European sovereign debt crisis

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Book SynopsisThe issues surrounding poverty and inequality continue to be of central concern to academics, politicians and policy makers but the ways in which we seek to study and understand them continue to change over time. This accessible book seeks to provide a guide to some of the new approaches that have been developed in the light of international initiatives to reduce poverty and the notable changes in income inequality and poverty that have occurred across many western countries in recent years. These new approaches have to some degree been facilitated by the emergence of new techniques and a growing availability of data that enable cross national comparisons not only of income but also of measures of welfare such as educational achievement, nutritional status in developing countries and wealth and deprivation indicators in the developed world. Including specially commissioned research from a distinguished list of international authors, this volume makes a real contribution to the public dTable of ContentsINTRODUCTION ; 1. New Directions in the Analysis of Inequality and Poverty ; CONCEPTUAL ISSUES ; 2. Inequality is Bad for the Poor ; 3. Measurement of Income Distribution in Supranational Entities: The Case of the European Union ; 4. Beyond Conventional Measures of Income: Including Indirect Benefits and Taxes ; 5. Inequality Within the Household Reconsidered ; MULTIPLE DIMENSIONS ; 6. Inequality of Learning in Industrialised Countries ; 7. On the Multidimensionality of Poverty and Social Exclusion ; 8. Summarizing Multiple Deprivation Indicators ; 9. Robust Multidimensional Poverty Comparisons with Discrete Indicators of Well-Being ; PUBLIC POLICY ; 10. A Guaranteed Income for Europe's Children? ; 11. The Impact of Minimum Wages on the Distribution of Earnings and Employment in the USA ; 12. Minimum Wages, Training, and the Distribution of Earnings ; 13. Government Debt and the Portfolios of the Rich

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