Macroeconomics Books

Book SynopsisClimate scientists have determined that we must act now to prevent an irreversible and catastrophic climatic tipping point, beyond which neither our own nor many other species can be assumed likely to survive. On the way to that bleak ending, moreover, extreme socio-economic injustice and associated political breakdown—now well underway in nations already hard-hit by environmental crisis—can be expected to hasten as well. The time has thus come to plan carefully, thoroughly, and on a scale commensurate with the crisis we face. This book, written by one of the key architects of the Green New Deal and prefaced by Representative Alexandria Ocasio-Cortez's former Chief of Staff, indicates how to structure Green New Deal finance in a manner that advances the cross-cutting goals of maximum financial and economic inclusion, maximally democratic decision-making, and an appropriate division of roles both among all levels of government and among public and private sector decision-makers. Integrating into one complete and coherent financial architecture such bold ideas as a 'People's Fed,' an interdepartmental National Investment Council, integrated state and regional public banks, a Democratic Digital Dollar and digital Taxpayer Savings and Transaction Accounts made part of the monetary policy transmission belt, and an economy-wide Price Stabilization Fund, this book is critical reading for policymakers and citizens looking for a fresh path forward towards a revived and sustainable, progressive and productive America.Table of Contents The Green New Deal in Brief Outline What a Green New Deal Finance Plan Must Do A Green New Deal Financial Architecture Comparison to Lesser Alternatives

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Book SynopsisThis handbook presents emerging research exploring the theoretical and practical aspects of econometric techniques for the financial sector and their applications in economics. By doing so, it offers invaluable tools for predicting and weighing the risks of multiple investments by incorporating data analysis. Throughout the book the authors address a broad range of topics such as predictive analysis, monetary policy, economic growth, systemic risk and investment behavior. This book is a must-read for researchers, scholars and practitioners in the field of economics who are interested in a better understanding of current research on the application of econometric methods to financial sector data.Table of ContentsIntroduction.- Exploratory Classification of Time-Series.- Predicting the tail behaviour of financial time series exchange/Johannesburg stock exchange closing banking indices - Extreme value theory approach.- Financial Econometrics and Systemic Risk.- Monetary Policy Shocks, Financial Heterogeneity and Corporate Dynamic Investment Activity: Financial Heterogeneity and Corporate Dynamic Investment Activity.- Oil Price Scenarios: Its Economic and Fiscal Impacts on the Kuwait Economy.- Exchange Rate Sensitivity of Firm Value: Evidence from Non-Financial Firms Listed on Borsa Istanbul.- Limited Dependent Variables (Logit and Probit Models) and An Application on BIST-100: Logit and Probit Models.- Vector Autoregressive Model: Model and Analysis.-Construction of the Monetary Conditions Index with TVP-VAR Model: Empirical Evidences for Turkish Economy.- Monetary Policy Regimes, Fiscal Implications, and Policy Interactions among Developing Economies.- The impacts of transportation sector and unemployment on economic growth: Evidence from asymmetric causality.- ARCH Models and An Application on Exchange Rate Volatility: ARCH&GARCH MODELS.- Using CoGARCH Filtered Volatility in Modelling within ARDL Framework.- Performance of MS-GARCH Models: Bayesian MCMC based estimation.- Volatility Spillovers Between Oil Prices and BIST (Borsa Istanbul) Dividend Indexes: Oil Prices and Dividend Indexes.- Volatility Spillovers Between Oil Prices and BIST (Borsa Istanbul) Dividend Indexes: Oil Prices and Dividend Indexes.- Panel Data Analysis.- An Amalgamation of big data analytics with tweet feeds for Stock Market Trend Anticipating Systems- A Review: Big data analytics with tweet feeds for Stock Market Trend Anticipating Systems.- Capital Structure Adjustment Speed: Evidence from Borsa Istanbul Sub-Sectors.

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Book SynopsisThis book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated for the fourth edition, the text provides an understanding of the global economy in the wake of the COVID crisis, discussing topics such as pandemic related supply and demand-side shocks, the role of Modern Monetary Theory (MMT) in financing COVID rescue plans, the effect of the US, India, Eurozone and China’s post-COVID economies on emerging and transitioning economies, and the resurgence of inflation. This edition includes deeper coverage on the issue of budget deficit sustainability and on trade wars, especially in a global context, and revisits the life cycles of speculative asset price (SAP) bubbles, especially in the housing markets and in SPACs. The fourth edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.Table of ContentsChapter 1. Introduction and Overview of the Fourth Edition.- Chapter 2. National Income Accounts.- Chapter 3. Budget Deficits, Trade Deficits and Global Capital Flows: The National Savings Identity.- Chapter 4. Aggregate Demand: Setting the Stage for Demand-Side Stabilization.- Chapter 5. Demand-Side Stabilization: Overheating, Hard Landing, and Everything in Between.- Chapter 6. Long-Term Interest Rates, the Yield Curve, and Hyperinflation.- Chapter 7. ISLM: The Engine Room.- Chapter 8. The Classical Model.- Chapter 9. The Keynesian Model.- Chapter 10. The Supply-Side Model and the New Economy.- Chapter 11. After Covid: MMT and other Major Global Macropolicy Issues.- Chapter 12. Central Banks and Monetary Policy.

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Book SynopsisModern money, having now become a key tool of government economic policy and a source of massive tax revenues, has strayed far from its original purpose. This is doubly regrettable, as the better money functions at an individual level in satisfying demand for quality, the better it is for economic prosperity and freedom.This book presents how modern money works both in the domestic economy and globally, outlining the essence of what makes good money. How does modern money differ from this ideal? By focusing on the dichotomy between globalization on the one hand and modern money’s base in the nation state (or group of states) on the other hand, the book demonstrates how US dominance in determining monetary conditions globally has grown since the mid-1990s. The book then discusses the adverse consequences, many of which are camouflaged, of present money doctrines now so widely and radically applied, presenting novel research on how the US by pursuing bad monetary policies has been the catalyst to deepening geo-political danger. The book continues by setting out how the illusions of asset inflation will fade, most likely in the midst of economic and financial tumult. The forces which bring about that income emanate in part from the long-run costs of growing mal-investment and monopolization which occur under monetary inflation especially in the context of a digitalization revolution. Apologists for the present monetary regime rest much of their case on these illusions and on the contention that the bill for the costs comes only in the long run. This book dismantles that case. A Guide to Good Money provides readers with the sight of a pathway to a promised land of real prosperity founded on sound money beyond those lost illusions, and will be of interest to academics, students, practitioners, and central bankers.Table of ContentsIntroduction.- PART 1: THE PRESENT SCENE.- 1 Modern money - a matter of trust.- 2 Globalization without global money.- 3. The global menace of US monetary policies.- PART TWO: THE ESSENCE OF GOOD MONEY.- 4. What we mean by “good money”.- 5. Why good money has a solid anchor.- PART THREE: THE GRIP OF BAD MONEY.- 6. Asset inflation and the illusions of prosperity.- 7: Exposing the state concept of money.- 8. A short history of modern money.- 9. Symptoms and consequences of bad money.- PART FOUR: VESTED INTERESTS, POLITICS AND THE PANDEMIC.- 10: What keeps a bad system in power?.- 11. Bad money’s pyrrhic victory over the pandemic.- PART FIVE: REFORM, IDEALISM AND PROSPERITY.- 12. Two real anchors.- 13. We reply to potential questions and criticisms.- 14. Pathways to good money.- 15. Criticism, realism, idealism and reform.

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Book SynopsisThis book develops a comprehensive framework for creating sustainable new business approaches on a massive scale. It relates the power of entrepreneurship, investment and technology to four areas in which progress is urgently needed to get out of the world’s current impasse. These are: game-changing innovations in companies; a way forward for the global fashion industry that reconciles competitiveness and worker dignity; turning around the energy crisis; and restoring capital markets to being the funders of human progress and prosperity that they once were—the pieces of the puzzle that is our future. Numerous case studies and actionable guidelines show how to concretely get the job done.Table of ContentsPrologue: What's at Stake.- Part I: Big Business:Climb to Sustainability.- Part II: Upgrade Supply Chains vs. Dress to Kill.- Part III: Fixing Energy, the Mother of All Markets.- Part IV: Capital Markets, Time to Graduate from the Casino.- Epilogue: Leth's Do It!.

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Book SynopsisThis book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.Table of ContentsPreface by John Maynard Keynes Preface to the German Edition Preface to the Japanese Edition Preface to the French Edition Introduction by Paul Krugman Book I Introduction 1 The General Theory 2 The Postulates of the Classical Eco 3 The Principle of Effective Demand Book II Definitions and Ideas 4 The Choice of Units 5 Expectation as Determining Output and Employment. 6 The Definition of Income, Saving and Investment. 7 The Meaning of Saving and Investment Further Considered Book III The Propensity to Consume 8 The Propensity to Consume: I. The Objective Factors 9 The Propensity to Consume: II. The Subjective Factors 10 The Marginal Propensity to Consume and the Multiplier Book IV The Inducement to Invest 11 The Marginal Efficiency of Capital 12 The State of Long-Term Expectation 13 The General Theory of the Rate of Interest 14 The Classical Theory of the Rate of Interest 15 The Psychological and Business Incentives to Liquidity 16 Sundry Observations on the Nature of Capital 17 The Essential Properties of Interest and Money 18 The General Theory of Employment Re-Stated Book V Money-wages and Prices 19 Changes in Money-wages 20 The Employment Function 21 The Theory of Prices.- Book VI Short Notes Suggested by the General Theory 22 Notes on the Trade Cycle 23 Notes on Mercantilism, The Usury Laws, Stamped Money and Theories Of Under-Consumption 24 Concluding Notes on the Social Philosophy Towards which the General Theory Might Lead Afterword by Robert Skidelsky

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Book SynopsisMacroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.Table of ContentsIntroduction.- 1. Macroeconomics.- 2. Mathematical Tool: Dynamical Systems.- 3. Book Layout.- Part I: Models with Flexible Prices.- Chapter 1 - The Representative Agent Model.- 1. Basic Model.- 2. Economy with a Government.- 3. Monetary Economy.- 3.1 Monetary Policy Rule: Money Stock Control.- 3.2 Monetary Policy Rule: Nominal Interest Rate Control.- 4. Real Business Cycles.- 5. Exercises.- Chapter 2 - The Open-Economy Representative Agent Model.- 1. Goods Aggregation.- 2. Constant Rate of Time Preference.- 3. Variable Rate of Time Preference.- 3. Interest Rate Risk Premium.- 4. The New Keynesian IS Curve.- 5. Exercises.- Chapter 3 - Overlapping Generations.- 1. Infinite-Live Overlapping Generations.- 2. Economy with a Government.- 3. Open Economy.- 4. Open Economy New Keynesian IS Curve.- 5. Finite-Lice Overlapping Generations.- 6. Exercises.- Chapter 4 - The Solow Growth Model.- 1. The Solow Model.- 2. The Solow Model with Human Capital.- 3. The Solow Model in the Small Open Economy.- 4. Growth Accounting.- 5. Exercises.- Chapter 5 - Economic Growth: Endogenous Savings and Growth.- 1. The Ramsey-Cass-Koopmans Model.- 2. Overlapping Generations Model.- 3. Endogenous Growth Models: An Introduction.- 4. The AK Model.- 5. The Acemoglu-Ventura AK Model of an Open Economy.- 6. The Lucas Human Capital Model.- 7. Romer’s Varieties of Inputs Model.- 8. Aghion and Howit’s Schumpeterian Model.- 9. Exercises.- Part II: Models with Sticky Prices.- Chapter 6 - Keynesian Models: The IS and LM Curves, the Taylor Rule, and the Phillips Curve.- 1. The Keynesian IS Curve.- 2. The New Keynesian IS Curve.- 2.1. Consumer Preferences.- 2.2. Consumer Equilibrium: The Euler Equation.- 2.3. The New Keynesian IS Curve: Discrete Variables.- 2.4. New Keynesian IS Curve: Continuous Variables.- 3. Natural Interest Rate.- 4. The LM Curve.- 5. The LM Curve: Microfoundations.- 5.1. Money in the Utility Function (MIU).- 5.2. Cash in Advance Constraint (CIA).- 5.3. Transaction Cost.- 6. The Taylor Rule.- 7. The Phillips Curve.- 8. The New Keynesian Phillips Curve.- 9. Exercises.- Chapter 7 - Economic Fluctuation and Stabilization.- 1. Keynesian Model: Inflation Inertia.- 2. Keynesian Model: No Inflation Inertia.- 3. New Keynesian Model.- 4. Encompassing Keynesian Model.- 5. Friedman’s Model.- 6. Exercises.- Chapter 8 - Open Economy Macroeconomics.- 1. Arbitrage Pricing of Goods and Services.- 1.1. Absolute Purchasing Power Parity.- 1.2. Relative Purchasing Power Parity.- 1.3. Tradable and Non-Tradable Goods.- 1.4. Terms of Trade and Real Exchange Rate.- 2. Interest Rate Arbitrage.- 2.1. Uncovered Interest Rate Parity.- 2.2. Exchange Rate Determination.- 2.3 Covered Interest Rate Parity.- 2. 4. Uncovered Real Interest Rate Parity.- 3. The Marshall-Lerner Condition.- 4. Open Economy IS Curve.- 4.1 Keynesian IS Curve.- 4.2. New Keynesian IS Curve.- 5. Natural Exchange Rate.- 6. Open Economy Taylor Rule.- 7. Open Economy Phillips Curve.- 7.1 Keynesian Phillips Curve.- 7.2 New Keynesian Phillips Curve.- 8. Exercises.- Chapter 9 - Economic Fluctuation and Stabilization in an Open Economy.- 1. Mundell-Fleming-Dornbusch Model: Fixed Exchange Rate.- 2. Extended Mundell-Fleming-Dornbusch Model: Fixed Exchange Rate.- 3. New Keynesian Model: Fixed Exchange Rate.- 4. Mundell-Fleming-Dornbusch Model: Flexible Exchange Rate.- 5. Extended Mundell-Fleming-Dornbusch Model: Flexible Exchange Rate.- 6. New Keynesian Model: Flexible Exchange Rate.- 7. Exercises.- Part III: Models of Monetary and Fiscal Policies.- Chapter 10 - The Government Budget Constraint.- 1. Treasury and Central Bank Accounts Consolidation.- 2. 2. Public Debt Sustainability.- 2.1. Constant Primary Deficit (Surplus).- 2.2. Variable Primary Deficit (Surplus).- 3. Inflation Tax.- 4. Hyperinflation.- 4.1. Bubble.- 4.2. Multiple Equilibria.- 4.3. Fiscal Crisis and Rigidity.- 4.4. Intertemporal Approach: Fiscal Crisis and Rational Expectations.- 5. Ricardian Equivalence.- 6. Fiscal Theory of the Price Level.- 7. Sustainable Monetary Regime.- 8. Exercises.- Chapter 11 - Monetary Theory and Policy.- 1. Price of Money.- 1.1 Bubbles vs. Fundamentals.- 1.2 Multiple Equilibria.- 1.3 Indeterminacy.- 2. Optimum Quantity of Money.- 3. Zero Lower-Bound Nominal Interest Rate.- 4. Dynamic Inconsistency.- 5. Interest Rate Smoothing.- 5.1 Keynesian Model.- 7.2 New Keynesian Model.- 6. Inflation Targeting.- 7. Operational Monetary Policy Procedures.- 8. The Term Structure of Interest Rates.- 9. Exercises.- Part IV: Mathematical Appendix.- Appendix A - Differential Equations.- 1. First-Order Linear Differential Equation.- 2. Second-Order Linear Differential Equation.- 3. First-Order Linear Differential Equations System.- 4. Linear System of n First-Order Differential Equations.- 5. Initial and Terminal Conditions of the Differential Equations System’s Solution.- 6. Hysteresis.- 7. Exercises.- Appendix B - Optimal Control Theory.- 1. Optimal Control: Basic Problem.- 2. Hamiltonian and Transversality Condition.- 3. Optimal Control with a Discount Rate and Infinite Horizon.- 4. Linear Optimal Control.- 5. Comparative Dynamics.- 5.1 Permanent Change: Unanticipated vs. Anticipated.- 5.2 Transitory Change: Unanticipated vs. Anticipated.- 6. Exercises.- Appendix C - Finite Differences Equations.- 1. First-Order Finite Differences Equation.- 2. Forward- and Backward-Looking Models.- 3. Keynesian Model.- 4. New Keynesian Model.- 5. Encompassing Keynesian Model.- 6. Hybrid Models.- 7. Hybrid New Keynesian Model.- 8 Exercises

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Book SynopsisModern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. In particular, the book discusses issues that are often neglected in existing work on computational methods, e.g. how to find a good initial value. In part II, the authors discuss methods in order to solve heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model. In an accompanying home page to this book, computer codes to all applications can be downloaded. Trade ReviewFrom the reviews of the second edition:“The book is devoted to the presentation of such methods applied to solving a variety of discrete stochastic and deterministic DGE models in infinite time horizon. The way the book is written enables to use it as a lecture book for courses on computational methods in macroeconomics or modern dynamic equilibrium modeling for graduate students. There are given many useful practical hints on using the methods in practice - this makes the book very valuable for practical users of DGE models.” (Piotr Mackowiak, Zentralblatt MATH, Vol. 1200, 2011)Table of ContentsRepresentative Agent Models.- Basic Models.- Perturbation Methods.- Deterministic Extended Path.- Discrete State Space Methods.- Parameterized Expectations.- Projection Methods.- Heterogeneous Agent Models.- Computation of Stationary Distributions.- Dynamics of the Distribution function.- Deterministic Overlapping Generations Models.- Stochastic Overlapping Generations Models.- Tools.- Numerical Methods.- Various Other Tools.

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Book SynopsisThe development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split between partial and conflicting representations of international e- nomic interactions. Diverse trade models have co-existed but not in a structured relationship with each other. Economic students are introduced to international economic interactions with severally incompatible theories in the same course. In order to overcome incoherence among multiple theories, we need a general theoretical framework in a unified manner to draw together all of the disparate branches of trade theory into a single - ganized system of knowledge. This book provides a powerful – but easy to operate - engine of analysis that sheds light not only on trade theory per se, but on many other dim- sions that interact with trade, including inequality, saving propensities, education, research policy, and knowledge. Building and analyzing various tractable and flexible models within a compact whole, the book helps the reader to visualize economic life as an endless succession of physical ca- tal accumulation, human capital accumulation, innovation wrought by competition, monopoly and government intervention. The book starts with the traditional static trade theories. Then, it develops dynamic models with capital and knowledge under perfect competition and/or monopolistic competition. The uniqueness of the book is about modeling trade dyn- ics.Table of ContentsInternational Trade and Trade Theory.- Classical International Trade Theories.- Trade with Imperfect Competition.- Trade with Factor Mobility.- Money, Exchange Rate, and Trade.- Growth of Small Open-Economies with Capital Accumulation.- One-Sector Global Growth Models with Capital Accumulation.- Growth, Trade Patten and Structure.- Growth and Trade with Capital and Knowledge.- Trade Dynamics with Innovation and Monopolistic Competition.- Growth, Money and Trade.- Trade Patterns and Dynamics.

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Book SynopsisThis book is a collection of state-of-the-art papers on the properties of business cycles and financial analysis. The individual contributions cover new advances in Markov-switching models with applications to business cycle research and finance. The introduction surveys the existing methods and new results of the last decade. Individual chapters study features of the U. S. and European business cycles with particular focus on the role of monetary policy, oil shocks and co­ movements among key variables. The short-run versus long-run consequences of an economic recession are also discussed. Another area that is featured is an extensive analysis of currency crises and the possibility of bubbles or fads in stock prices. A concluding chapter offers useful new results on testing for this kind of regime-switching behaviour. Overall, the book provides a state-of-the-art over­ view of new directions in methods and results for estimation and inference based on the use of Markov-switching time-series analysis. A special feature of the book is that it includes an illustration of a wide range of applications based on a common methodology. It is expected that the theme of the book will be of particular interest to the macroeconomics readers as well as econometrics professionals, scholars and graduate students. We wish to express our gratitude to the authors for their strong contributions and the reviewers for their assistance and careful attention to detail in their reports.Table of ContentsI Introduction and Overview.- New directions in business cycle research and financial analysis.- II The Business Cycle in the U.S..- Permanent and transitory components of recessions.- Can oil shocks explain asymmetries in the US Business Cycle?.- Markov switching in disaggregate unemployment rates.- III The Business Cycle in Other Countries.- A Markov-switching vector equilibrium correction model of the UK labour market.- Plucking models of business cycle fluctuations: Evidence from the G-7 countries.- IV Financial Applications.- Is there an asymmetric effect of monetary policy over time? A Bayesian analysis using Austrian data.- A regime-switching approach to the study of speculative attacks: A focus on EMS crises.- Fads or bubbles?.- Improving GARCH volatility forecasts with regime-switching GARCH.- V Methodological Contribution.- Power issues when testing the Markov switching model with the sup likelihood ratio test using U.S. Output.- List of Referees.

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Book Synopsis“Criticism of capitalism“ – is it really politically fair and theoretically sound to address important politico-economic issues of our time by use of a terminology that still stems from the times of the Cold War? Money is the other topic. “Toward gold throng all, To gold cling all, Yes, all!” In times of money, which is intrinsically worthless and may therefore be provided in arbitrary amounts by a society, is it really adequate that we still (like Goethe did for gold) regard these petty paper slips as the scarcest resource of them all? In this book, Kaiser provides the reader with surprisingly new insights into the fascinating phenomena of capital and money.Table of ContentsPart I: Exchange Contracts and the Walrasian Paradigm.- 1. The Paradigm in the Philosophy of Science.- 2. The Walrasian Paradigm in Contemporary Economics.- 3. Basic Elements of an Exchange-Systematized Walrasian Paradigm.- 4. First Potential Applications of an Exchange-Systematized Walrasian Paradigm .- Part II: An Exchange-Contractual Analysis of Private and Public Wealth.- 5. Origins and Significance of a Famous Debate.- 6. Inner Exchange Contracts.- 7. Outer Financial Contracts.- 8. Multiple Exchange Equilibrium and the Balance Sheet.- 9. Degeneration of Money.- 10. Appendix to Part II.- Part III: An External Monetary Calculus for the Homo Oeconomicus.- 11. On the External Arrangement of the Monetary Calculus.- 12. The Desired Amount of Money Holding as a Reflex of Benefits and Costs.- 13. Analysis of an Expansionary Monetary Impulse.- Part IV: Summary and Outlook.- 14. Summary.- 15. Outlook.

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Book SynopsisIn 1968, Sveriges Riksbank (Sweden's central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, according to the same principles as for the Nobel Prizes that have been awarded since 1901. This volume is a collection of the Nobel lectures delivered by the Nobel laureates, together with their biographies and the presentation speeches, for the period 2011-2015.List of laureates and their award citations:(2011) 'for his analysis of consumption, poverty, and welfare'.

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Book SynopsisThis book studies China’s international relations, development strategies and development path. It provides an objective and in-depth analysis of areas including international relations in the context of China’s population and resource environment, ways to strengthen China’s external competitiveness, strategies for economic security and China’s trade currency, Sino-US relations in the 21st Century, geopolitical strategy and great renaissance of Chinese culture. The book analyzes the difficulties, challenges and unique features of China’s economic and social development. Further, it examines long-term and short-term social and economic issues as well as the difficulties in dealing with the issues. It provides objective and realistic suggestions for realizing China’s dream of the great rejuvenation of the nation. It is a valuable source of reference for researchers and practitioners interested in China’s development. Table of ContentsChapter I Introduction1. Difficult Road to Renaissance 2. China’s International Relations and Strategies and its development 3. An Analysis of China’s International Relations from Economic Perspective: A New Logical Framework Part I The International Relations of Population Resources and EnvironmentChapter II Development: Global Strategy of the Balance of Population Potential and Resource1. Being defeated without fighting: Chinese Ethnic Civil Quality Decline2. Main Resource Demands and Gaps3. Global Strategy of the Population and Resource in the futureChapter III Global Warming and China’s Development 1. The Position of China in the Negotiation of Global Climate2. China’s Strategies3. Discussion on China’s Environment Strategy in 21st Century Part II Strengthening the External Competitiveness of ChinaChapter IV The Current situation and Gaps of China’s Competitiveness in Science and Technology1. The Position of the Science and Technology Competitiveness of China in the World 2. Surpassing Strategies in Science and Technology 3. Summary and Forecast: Innovation-orientated Country and the Pattern of National Competitiveness Part III China’s Trade and Monetary StrategiesChapter V China’s Trade in Economic Globalization 1. Four Keys to the Climbing the value chain Strategies2. Trade Strategies for Realizing a Mutually BeneficialChapter VI China’s Development and World Monetary System in the future1. The Trend for Currency Appreciation2. Strategies for RMB Appreciation and Avoiding Exchange Rate Losses3. RMB Internationalization4. World Monetary System Comes into BeingPart IV Sino-U.S. in the 21st Century and Geopolitical strategyChapter VII Interest Conflict between the U.S. and China and Strategies for dealing with it.1. Forecast for the Interest Conflict between the U.S. and China2. The Strategies of China and the U.S. for National Interests.3. China’s Game Strategies to the U.S.Chapter VIII Gains and Costs from the Sino-American Game 1. What the U.S. Gains from the Sino-African Game Strategies2. Costs of the War between China and the U.S. 3. Costs and Benefits of the Game Strategies in the Cooperation of China, the U.S. and Africa4. Third Party Profits in the Game Strategies in the Cooperation of China, the U.S. and Africa5. Conclustion: Cooperative Game Strategies between the U.S. and China<Chapter IX China’s Geo Environment and Relation Strategy1. China’s Order of National Benefits in the World 2. Policies of China’s Geo Strategies Part V The Peaceful Revival of Chinese CivilizationChapter X Soft Power and Chinese Civilization 1. Evaluation of China’s Cultural Soft Power: Strengths and Weaknesses2. Goals and Strategies of China’s Cultural Development in the first half of 21st Century3. Specific Strategies in China’s Cultural Development in the Future4. ConclusionChapter XI The Road for Peaceful Development and the Renaissance of Chinese Ethnic 1. Road for Development2. Great Renaissance for Chinese Ethnic

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Book SynopsisThis festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions.- Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers.- Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume.- Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments.- Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USATable of ContentsA New Keynesian AD-AS Model for India, Incorporating the effect of Covid-19 Pandemic.- Indian Economics: Tragedy of a Forsaken Legacy.- Changing Contours of Union-State Relations.- Disinvestment and Privatisation of Central Public Sector Enterprises in India: Need And Progress.- Fiscal Stimulus and the Ghost of Keynes: An Evolutionary Chronicle.- The Global Financial Crisis and Discontent in Macroeconomics: A Revisit by a Pedestrian Keynesian.- Trade, Unemployment and Inequality in Product Variety Models - An Analytical Survey.- Evolution of Debt and Deficit in BRICS countries: Covid-19 shock and post-Covid prospects.- Do Absorptive Capacities matter for FPI-Growth Nexus? Evidence from Cross-country Analysis.- Corruption and Economic Growth: Empirical Evidence from BRICS Nations.

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Book SynopsisIn the Eighth Edition of this classic text on the financial history of bubbles and crashes, Robert McCauley joins with Robert Aliber in building on Charles Kindleberger's renowned work. McCauley draws on his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21st Century global lender of last resort. He also updates the book's coverage of the recent property bubble in China, as well as providing new perspectives on the US housing bubble of 2003-2006, and the Japanese bubble of the late 1980s. And he gives new attention to the social psychology that leads people to take the risk of investing in Ponzi schemes and asset price bubbles. For the first time in this revised and updated edition, figures highlight key points to ensure that today’s generation of finance and economic researchers, students, practitioners and policy-makers—as well as investors looking to avoid crashes—have access to this panoramic history of financial crisis.Table of Contents1: Financial Crises: a Hardy Perennial.- 2: The Anatomy of a Typical Crisis.-3: Speculative Manias.- 4: Fueling the Flames: the Expansion of Credit.- 5: The Critical Stage – When the Bubble Is About To Pop.- 6: Bernie Madoff: Frauds, Swindles, and the Credit Cycle.- 7: Domestic Contagion: Twin Peaks?.- 8: International Contagion 1618–1933.- 9: Bubble Contagion: Mexico City to Tokyo to Bangkok to New York, London, and Reykjavik.- 10: Policy Responses: Benign Neglect, Exhortation, and Bank Holidays.- 11: The Domestic Lender of Last Resort.- 12: The International Lender of Last Resort before 2000.-13: The 21st Century International Lender of Last Resort.- 14: Bitcoin: Worse than a Ponzi.- 15 The Lessons of History.

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Book SynopsisAs individuals, we depend on the services that governments provide. Collectively, we look to them to tackle the big problems - from long-term climate and demographic change to short-term crises like pandemics or war. Funding this activity, and managing the required finances sustainably, is difficult – and getting more so. But governments don't provide – or use – basic financial information that every business is required to maintain. They ignore the value of public assets and most liabilities. This leads to inefficiency and bad decision-making and piles up problems for the future. Governments need to create balance sheets that properly reflect assets and liabilities, and to understand their future obligations and revenue prospects. Net Worth – both today and for the future – should be the measure of financial strength and success.Only if this information is put at the centre of government financial decision-making can the present challenges to public finances around the world be addressed effectively, and in a way that is fair to future generations.The good news is that there are ways to deal with these problems and make government finances more resilient and fairer to future generations. The facts, and the solutions, are non-partisan, and so is this book. Responsible leaders of any political persuasion need to understand the issues and the tools that can enable them to deliver policy within these constraints. Table of ContentsPART 1. PURPOSE AND PROLOGUE1. Owning and Owing2. From Warfare to Welfare in Three Generations PART 2. ACCOUNTING FOR GOVERNMENT3. Why Government Accounting Matters4. What Does the Government Balance Sheet Look Like?5. Why Accrual Accounting Matters6. Accrual Accounting – How it Works in Practice7. Central Banks and the Public Sector Balance Sheet8. Looking to the Future: The Comprehensive Balance Sheet9. Comparison of Public Sector Balance Sheets10. Comparison of Comprehensive Balance Sheets11. Review of Fiscal Rules PART 3. MANAGING PUBLIC COMMERCIAL ASSETS AND LIABILITIES12. Finding, Understanding and Valuing Public Commercial Assets13. The Asset Map: A Shortcut to Understanding Property Holdings Better14. Institutionalising Asset Management15. What Should Governments Do with Public Commercial Assets16. Managing Assets Better: The Role of Public Wealth Funds17. Pensions and Other Liabilities: The Benefits of Disclosure and Management PART 4. PAST, PRESENT AND FUTURE18. Balance Sheets, Culture and National Achievement in Europe 1560 - 183419. How Accounting Can Save Democracy20. Implementing Change

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Book SynopsisFor a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik''s argument is a fundamental ''trilemma'': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governmentsTrade ReviewReview from previous edition This book takes on the biggest issue of our time - globalization - and eloquently enlarges the debate about the extent and limits of global cooperation * Gordon Brown, MP *In this powerfully argued book, Dani Rodrik makes the case for country-specific paths to economic development and saner, more sustainable forms of growth. A provocative look at the excesses of hyper-globalization, The Globalization Paradox should be required reading for those who seek to prevent the financial crises and unfair trade practices that feed the backlash against open markets * Nouriel Roubini, co-author of Crisis Economics: A Crash Course in the Future of Finance *Dani Rodrik may be globalization's most prominent - and most thoughtful - gadfly. In The Globalization Paradox, he wonders aloud whether extreme globalization undermines democracy - and vice-versa. Read it and you'll wonder, too * Alan S. Blinder, former Vice Chairman of the Board of Governors of the U.S. Federal Reserve *His excellent new book is a sequel to an earlier book about the often disruptive impact of international trade on national labor markets and social policies. The new book develops and extends this theme to include financial globalization... Rodrik concludes by considering how the world economy might be reformed * Robert Rowthorn, Finance and Development *His message is nuanced and rigorous, drawing on history, logic and the latest economic data, he manages to convey it in simple, powerful prose tht any reader can follow * Steven Pearlstein, The Washington Post *Simply the best recent treatment of the globalization dilemma. . . he gives us nothing less than a general theory of globalization, development, democracy, and the state. The book provides the pleasure of following a thoughtful, critical mind working through a complex puzzle. Rodrik writes in highly friendly and nontechnical prose, blending a wide-ranging knowledge of economic history and politics and a gentle, occasionally incredulous, skepticism about the narrow and distorting lens of his fellow economists * Robert Kuttner, The American Prospect *Table of ContentsIntroduction: Recasting Globalization's Narrative ; 1. Of States and Markets: Globalization in History's Mirror ; 2. The Rise and Fall of the First Great Globalization ; 3. Why Doesn't Everyone Get the Case for Free Trade? ; 4. Bretton Woods, GATT, and the WTO: Trade in a Politicized World ; 5. Financial Globalization Follies ; 6. The Foxes and Hedgehogs of Finance ; 7. Poor Countries in a Rich World ; 8. Trade Fundamentalism in the Tropics ; 9. The Political Trilemma of the World Economy ; 10. Is Global Governance Feasible? Is It Desirable? ; 11. Designing Capitalism ; 12. A Sane Globalization ; Afterword: A Bedtime Story for Grown-ups

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Book SynopsisTrade ReviewWinner of the 2017 PROSE Award in Economics, Association of American Publishers Selected for Canada's Financial Post Best Personal Finance and Economics Books of 2016 One of Bloomberg's Best Books of 2016 One of Financial Times (FT.com) Best Economics Books of 2016 Longlisted for the Financial Times and McKinsey Business Book of the Year 2016 "In a brilliant and lucid new book, The Curse of Cash, the Harvard economist Kenneth Rogoff gives a fascinating and thorough account of the argument against cash."--John Lanchester, New York Times Magazine "An excellent book on the history and the origins of cash, which also goes into much depth on the issue of cash constraining monetary policy."--Jon Hartley, Forbes.com "The great accomplishment of his book is that his arguments are convincing... It's clear and coherent, and even if you disagree with him in the end, chances are you'll think a little bit differently about something of which most of us give no thought whatsoever."--Bethany McLean, Washington Post "Convincing... It's clear and coherent, and even if you disagree with Rogoff in the end, chances are you'll think a little bit differently about something to which most of us give no thought whatsoever."--Bethany McLean, Washington Post "[A] fascinating economic manifesto... [An] absorbing exploration of the uses, and misuses, of currency, and its intractability in controlling modern economies."--Publishers Weekly "Economist Rogoff, the former chief economist of the International Monetary Fund, offers a detailed case for eliminating paper money... For both the elimination of paper money and the employment of negative interest rates to combat deflationary recessions, Rogoff painstakingly presents both the advantages and the drawbacks... Provocative."--Library Journal "In a witty new book, The Curse of Cash, economist Kenneth Rogoff argues the human race would be better off without paper money. He's onto something."--Hiawatha Bray, Boston Globe "[The Curse of Cash] makes the case for encouraging the U.S. government to drastically scale back on $100 bills in circulation. The book ... offers a thought-provoking theory for phasing out paper money, not eliminating it."--Susan Tompor, Detroit Free Press "Meticulously written, [The Curse of Cash] covers everything needed for such a monetary reform. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors to refute or defuse them."--Peter Garber, Finance & Development "Rogoff is always worth listening to... Where Rogoff is on very solid ground is when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times "Rogoff is always worth listening to... [He] is on very solid ground ... when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times "Rogoff makes a compelling case for the crime-fighting power of his idea."--David Nicklaus, St. Louis Post Dispatch "[Rogoff] understands that getting rid of cash ... is not exactly an easy sell. So Rogoff builds the case against cash, loading up on all the things wrong with paper money... Rogoff's case against cash is so cogently argued that it's hard to believe that we haven't already gotten rid of paper bills and coins--or at least larger bills."--Mark Gimein, Strategy+Business.com "An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around. It also exposes some well-worn pub truths as urban myths."--Patrick Hosking, The Times "An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around."--Patrick Hosking, The Times "Ken Rogoff, the Harvard economist, who argues in [his] new book that we should start to phase out cash is, for me, on the money."--Ben Chu, Independent "This book is a rare bird indeed: accessible, absorbing and often deadpan funny."--Brian Bethune, Maclean's "[The Curse of Cash] is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald "Lively and clearly written."--Geoffrey Wood, Central Banking Journal "Recommended for readers who seek a greater understanding of negative interest rates and the possibility of eliminating cash."--Choice "You may not have any in your wallet, but $100 bills make up an astonishing 80 percent of the U.S. currency in circulation. In his new book, The Curse of Cash, Kenneth Rogoff ... proposes a plan to phase out most paper currency in the United States and other economically advanced nations, keeping only low-denomination notes to create what he terms a 'less-cash' society."--MIT Technology Review "Like a chess player playing many opponents simultaneously, Rogoff views 'the curse of cash' through several prisms, and offers a compelling rationale of the merits of a 'less cash' economy."--Venky Vembu, The Hindu "The Curse of Cash is a well-argued book and Rogoff is a good economist."--Pierre Lemieux, RegulationTable of ContentsPreface ix 1 Introduction and Overview 1 PART I: The Dark Side of Paper Currency: Tax and Regulatory Evasion, Crime, and Security Issues 2 The Early Development of Coins and Paper Currency 15 3 Size and Composition of Global Currency Supplies, and the Share Held Abroad 31 4 Holdings of Currency in the Domestic, Legal, Tax-Paying Economy 48 5 Currency Demand in the Underground Economy 58 6 Seigniorage 80 7 A Plan for Phasing Out Most Paper Currency 92 PART II: Negative Interest Rates 8 The Cost of the Zero Bound Constraint 119 9 Higher Inflation Targets, Nominal GDP, Escape Clauses, and Fiscal Policy 147 10 Other Paths to Negative Interest Rates 158 11 Other Possible Downsides to Negative Nominal Policy Rates 175 12 Negative Interest Rates as a Violation of Trust and a Step Away from Rule-Based Systems 182 PART III: International Dimensions and Digital Currencies 13 International Dimensions to Phasing Out Paper Currency 199 14 Digital Currencies and Gold 208 Afterword to the Paperback Edition 217 Final Thoughts 237 Acknowledgments 241 Appendix 245 Notes 253 References 277 Index 293

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Book SynopsisTrade ReviewWinner of the 2017 PROSE Award in Economics, Association of American Publishers Selected for Canada's Financial Post Best Personal Finance and Economics Books of 2016 One of Financial Times (FT.com) Best Economics Books of 2016 One of Bloomberg's Best Books of 2016 Longlisted for the Financial Times and McKinsey Business Book of the Year 2016 "In a brilliant and lucid new book, The Curse of Cash, the Harvard economist Kenneth Rogoff gives a fascinating and thorough account of the argument against cash."--John Lanchester, New York Times Magazine "An excellent book on the history and the origins of cash, which also goes into much depth on the issue of cash constraining monetary policy."--Jon Hartley, Forbes.com "The great accomplishment of his book is that his arguments are convincing... It's clear and coherent, and even if you disagree with him in the end, chances are you'll think a little bit differently about something of which most of us give no thought whatsoever."--Bethany McLean, Washington Post "[A] fascinating economic manifesto... [The Curse of Cash] is an absorbing exploration of the uses, and misuses, of currency, and its intractability in controlling modern economies."--Publishers Weekly "Economist Rogoff, the former chief economist of the International Monetary Fund, offers a detailed case for eliminating paper money... For both the elimination of paper money and the employment of negative interest rates to combat deflationary recessions, Rogoff painstakingly presents both the advantages and the drawbacks... Provocative."--Library Journal "In a witty new book, The Curse of Cash, economist Kenneth Rogoff argues the human race would be better off without paper money. He's onto something."--Hiawatha Bray, Boston Globe "[The Curse of Cash] makes the case for encouraging the U.S. government to drastically scale back on $100 bills in circulation. The book ... offers a thought-provoking theory for phasing out paper money, not eliminating it."--Susan Tompor, Detroit Free Press "Meticulously written, [The Curse of Cash] covers everything needed for such a monetary reform. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors to refute or defuse them."--Peter Garber, Finance & Development "Rogoff is always worth listening to... Where Rogoff is on very solid ground is when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times "Rogoff makes a compelling case for the crime-fighting power of his idea."--David Nicklaus, St. Louis Post Dispatch "[Rogoff] understands that getting rid of cash ... is not exactly an easy sell. So Rogoff builds the case against cash, loading up on all the things wrong with paper money... Rogoff's case against cash is so cogently argued that it's hard to believe that we haven't already gotten rid of paper bills and coins--or at least larger bills."--Mark Gimein, Strategy+Business.com "An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around. It also exposes some well-worn pub truths as urban myths."--Patrick Hosking, The Times "Ken Rogoff, the Harvard economist, who argues in [his] new book that we should start to phase out cash is, for me, on the money."--Ben Chu, Independent "This book is a rare bird indeed: accessible, absorbing and often deadpan funny."--Brian Bethune, Maclean's "The idea is not as crazy as it may sound. In a recent book, The Curse of Cash, Rogoff, says boring old paper (or plastic, in our case) bank notes are a major barrier to monetary policy--changing interest rates--fulfilling its potential. The book ... is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald "[The Curse of Cash] is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald "Lively and clearly written."--Geoffrey Wood, Central Banking Journal "Recommended for readers who seek a greater understanding of negative interest rates and the possibility of eliminating cash."--Choice "You may not have any in your wallet, but $100 bills make up an astonishing 80 percent of the U.S. currency in circulation. In his new book, The Curse of Cash, Kenneth Rogoff ... proposes a plan to phase out most paper currency in the United States and other economically advanced nations, keeping only low-denomination notes to create what he terms a 'less-cash' society."--MIT Technology Review "Like a chess player playing many opponents simultaneously, Rogoff views 'the curse of cash' through several prisms, and offers a compelling rationale of the merits of a 'less cash' economy."--Venky Vembu, The Hindu "The Curse of Cash is a well-argued book and Rogoff is a good economist."--Pierre Lemieux, Regulation,Table of ContentsPreface ix Chapter 1: Introduction and Overview 1 PART I: The Dark Side of Paper Currency: Tax and Regulatory Evasion, Crime, and Security Issues Chapter 2: The Early Development of Coins and Paper Currency 15 Chapter 3: Size and Composition of Global Currency Supplies, and the Share Held Abroad 31 Chapter 4: Holdings of Currency in the Domestic, Legal, Tax-Paying Economy 48 Chapter 5: Currency Demand in the Underground Economy 58 Chapter 6: Seigniorage 80 Chapter 7: A Plan for Phasing Out Most Paper Currency 92 PART II: Negative Interest Rates Chapter 8: The Cost of the Zero Bound Constraint 119 Chapter 9: Higher Inflation Targets, Nominal GDP, Escape Clauses, and Fiscal Policy 147 Chapter 10: Other Paths to Negative Interest Rates 158 Chapter 11: Other Possible Downsides to Negative Nominal Policy Rates 175 Chapter 12: Negative Interest Rates as a Violation of Trust and a Step Away from Rule-Based Systems 182 PART III: International Dimensions and Digital Currencies Chapter 13: International Dimensions to Phasing Out Paper Currency 199 Chapter 14: Digital Currencies and Gold 208 Final Thoughts 217 Acknowledgments 221 Appendix 225 Notes 233 References 257 Index 273

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Book SynopsisThe world is a better place than it used to be. People are wealthier and healthier. Yet the escapes from destitution by so many have left gaping inequalities between people and between nations. This book tells the story of how, some parts of the world began to experience sustained progress, and set the stage for unequal world.Trade ReviewAngus Deaton, Winner of the 2015 Nobel Prize in Economics Winner of the 2013 William G. Bowen Award, Industrial Relations Section of Princeton University One of Bloomberg Businessweek's Best Books of 2015, chosen by John Snow One of Bloomberg/Businessweek Best Books of 2013, selected by Christopher L. Eisgruber (president of Princeton University) One of Forbes Magazine's Best Books of 2013 Honorable Mention for the 2013 PROSE Award in Economics, Association of American Publishers Shortlisted for the 2014 Spear's Book Awards in Financial History Longlisted for the 2013 Business Book of the Year Award, Financial Times/Goldman Sachs A "Best Business Book of the Year for 2013" selected on LinkedIn by Matthew Bishop, Economics Editor of The Economist Featured in The Sunday Times 2013 Holiday Roundup "If you want to learn about why human welfare overall has gone up so much over time, you should read The Great Escape: Health, Wealth, and the Origins of Inequality."--Bill Gates "[O]ne of the most succinct guides to conditions in today's world... The story Deaton tells--the most inspiring human story of all--should give all of us reason for optimism, so long as we are willing to listen to its moral."--David Leonhardt, New York Times Book Review "[A]n illuminating and inspiring history of how mankind's longevity and prosperity have soared to breathtaking heights in modern times... [Deaton's] book gives a stirring overview of the economic progress and medical milestones that, starting with the Industrial Revolution and accelerating after World War II, have caused life expectancies to soar."--Fred Andrews, New York Times "[A]n engaging and sure-footed guide to the 'endless dance between progress and inequality ...'"--Martha C. Nussbaum, New Republic "Is the world becoming a fairer as well as a richer place? Few economists are better equipped to answer this question than Angus Deaton of Princeton University, who has thought hard about measuring international well-being and is not afraid to roam through history. Refreshingly, Mr Deaton also reaches beyond a purely economic narrative to encompass often neglected dimensions of progress such as better health... [T]he theme requires a big canvas and bold brushwork, and Mr Deaton capably offers both."--Economist "[E]loquently written and deeply researched... For those interested in world poverty, it is unquestionably the most important book on development assistance to appear in a long time."--Kenneth Rogoff, Project Syndicate "A truly elegant exploration... It offers an erudite sojourn through history, all the way to the domestic and international policy issues pressing in on us today. Unusual for scholarly works in economics, this book is rendered in easily accessible prose, supported by fascinating statistics presented graphically."--Uwe E. Reinhardt, NYTimes.com's Economix blog "[A] masterful account."--Anne-Marie Slaughter, CNN.com "As the title of his book suggests, Deaton sketches out the story of how many people have escaped from poverty and early death. It is a powerful tale. In Deaton's hands, the all too frequently forgotten accomplishments of the last century are given prominence that is both refreshing and welcome."--Edward Hadas, Reuters BreakingViews "The Great Escape combines, to a rare degree, technical sophistication, moral urgency, the wisdom of experience, and an engaging and accessible style. It will deepen both your appreciation of the miracle of modern economic growth and your conviction that the benefits can and should be much more widely enjoyed."--Clive Crook, Bloomberg News "This is a book that deserves to be read by as many people as possible, so that the poverty debates we have in India go beyond ideological grandstanding and the usual television dramatics... The recent years have seen several leading economic thinkers write excellent books for the ordinary reader, and the new Deaton book is firmly in that category."--Niranjan Rajadhyaksha, Mint "Deaton's lucid book celebrates the riches brought by growth while judiciously explaining why some people are always 'left behind'. He draws a distinction between the inequalities that are opened up by advances in knowledge and those caused by flawed political systems... The book's rich historical and geographical context adds to the power of this message."--John McDermott, Financial Times "In The Great Escape, he dons the hat of an economic historian to provide a fresh perspective on the march of human progress (and its pitfalls) that should inform our current debate about income inequality."--Konrad Yakabuski, Globe & Mail "It's a privilege to know the author of one of the most important books I've read, not least because it acts as entry point into other significant related books, research and debates... Deaton's work reflects this combined pursuit of economics and ethics, manifested through research in to the wealth and health of nations."--John Atherton, Crucible "It would make for delightful reading for economists, donors and policy makers."--Charan Singh, Business Standard "[A] fantastic book about the origins of global poverty. Deaton's humanitarian credentials are unimpeachable, yet he thinks almost all non-health related foreign aid is making global poverty worse. He proposes a variety of alternatives, like massive investments in medical research and cracking down on the small arms trade, that might actually help."--Zack Beauchamp, Think Progress "[T]hese are wonderful essays, each combining the essential Deaton ingredients of theoretical insight, careful analysis of evidence and graceful writing. There are thought-provoking chapters on the history of health improvements and what has driven them; on material well-being in the US; and on the damage caused by aid to developing countries. Deaton has dedicated many years to thinking about each of these issues, with a long list of academic papers to show for it. Here, he seems to step back and reflect on what he has learned, offering us a sage's wisdom."--Kitty Stewart, Times Higher Education "The Great Escape is a thoughtful work, extensively illustrated with data, from a distinguished economist who tackles a central controversy of our time in a style refreshingly free of ideological baggage."--John Kay, Prospect "Angus Deaton has written a wonderful book, The Great Escape: Health, Wealth, and the Origins of Inequality... Deaton's book is a magisterial overview of health, income, and wealth from the industrial revolution to the present, taking in countries poor and rich. Not just jargon-free but equation-free, the book is written with a beautifully lucid style... [P]owerfully argued and convincing."--Michael Marmot, Lancet "Splendid."--Judith Sloan, Australian "In his new book, The Great Escape: Health, Wealth, and the Origins of Inequality, economist Angus Deaton questions the usefulness of all aid, and describes how the greater proportion of the world's poor are found not in Africa but in the booming, yet radically unequal, economies of China and India."--Paul Theroux, Barron's "The Princeton economist makes a compelling case against the naysayers of economic growth, marshalling a wealth of data and clear- eyed observations to explain how growth allows people to live more freely... Mr. Deaton's seemingly inexhaustible knowledge of all things historical is bound to edify even the most erudite of readers."--Andrew Lewis, Pittsburgh Post-Gazette "[C]areful and magisterial."--Pooja Bhatia, Ozy Media "[A] genuine contribution to the emerging literature on rethinking development."--Andrew Hilton, Financial World "Deaton ... is perhaps the single most level-headed student of economic development in the world today... The Great Escape is an extended meditation on the sources and consequences of inequality."--David Warsh, EconomicPrincipals.com "Tops my list of must-read books for 2013. Deaton tackles big topics--global improvements to health and well-being, worrisome levels of inequality within nations and between them, and the challenges to curing poverty through foreign aid. His powerful, provocative argument combines careful analysis, humane insight, lucid prose, and a fearless willingness to challenge conventional wisdom. Whether you agree or disagree with its conclusions, this book will force you to rethink your positions about some of the world's most urgent problems."--Christopher L. Eisgruber, president of Princeton University, Bloomberg Businessweek "The book deserves to be read by all, especially by the students of economic development."--Tirthankar Roy, Economic & Political Weekly "Professor Deaton hits the psychological nail on the head when he suggests that aid is 'more about satisfying our own need to help.' He identifies the related issue of 'aid illusion'--the belief that poverty in poor countries can be solved by rich people transferring money."--Peter Foster, Financial Post "This is a fascinating book on health, wealth and inequality."--Bibek Debroy, Businessworld "Development economist Deaton draws on his lifelong interest in and considerable knowledge of economic development to tell the story of modernization and the rise from worldwide poverty. Chapters illustrating demographic and economic trends utilize well-crafted charts and graphs to depict the rising paths that countries, first the US and western Europe and more recently China and India, have taken as their populations improve their health, education, and income-making abilities."--Choice "The Great Escape is an eloquent and passionate description of what sickness and health look like for the world's populations and economies. Deaton's history of health and wealth offers a compelling narrative for both the general reader and academics alike. It raises a range of questions of why some countries falter, why others succeed and what can be done to close gaps between them."--John Parman, EH.Net "The Great Escape is a good place to start if you are looking to increase your own understanding of inequality as you attempt to add more light than heat to the debates... I found the book humbling, disquieting, and lacking in easy answers to complex questions--precisely why I also found it thoughtful and useful."--W. Steven Barnett, Business Economics "Deaton's book ends up making a powerful contribution to economists' evolving understanding of the importance of institutions."--David N. Weil, Journal of Economic Literature "In The Great Escape Angus Deaton has provided an insightful, thought-provoking and highly readable overview of the progress of human wellbeing. There is much that both general and specialist audiences will learn from it--I recommend it highly."--Jeff Borland, Economic Record "[A] wonderful book."--Martin Wolf, Financial Times "This book is a timely reminder that the conditions that facilitated this progress were created not only through the progress of health science, but through a political effort to ensure that science benefited all."--Sara Davies, International Affairs "Deaton takes the reader on a richly detailed tour through a landscape of historical narrative, science, data from across the world, and scholarly debate. And he is a superb guide: erudite, lucid, humane, and witty."--David Weil, Journal of Economic Literature "In The Great Escape Angus Deaton has provided an insightful, thought-provoking and highly readable overview of the progress of human well being. There is much that both general and specialist audiences will learn from it - I recommend it highly."--Jeff B. Orland, Economic Record "Deaton takes the reader on a richly detailed tour through a landscape of historical narrative, science, data from across the world, and scholarly debate. And he is a superb guide: erudite, lucid, humane, and witty... Deaton's book ends up making a powerful contribution to economists' evolving understanding of the importance of institutions."--David N. Weil, Journal of Economic Literature "Deaton's The Great Escape is an uplifting and refreshing read for all who are tired of the many books on economic gloom and environmental doom."--Rolf A.E. Mueller, Quarterly Journal of International Agriculture "Highly accessible."--Jeremy Warner, Daily Telegraph "The Great Escape by Angus Deaton, the Scotsman who got this year's Nobel Prize in economics, is an extremely thoughtful overview of economic development and what goes into it. In ways the book is a stirring tale of the long march since the Industrial Revolution out of generalized poverty to the much more prosperous world we know today, with close attention to the relationship between rising prosperity and generally improved health conditions. Well-written by a superb economist with great command of analysis and data. I recommend it highly."--John Snow, former Treasury Secretary, one of Bloomberg's Best Books of 2015 "The Great Escape ... is a thoughtful and optimistic consideration on why some nations are wealthy, and thus healthy, and why others are not."--Trey Carson, Review of Austrian EconomicsTable of ContentsPreface ix Introduction: What This Book Is About 1 1 The Wellbeing of the World 23 PART I LIFE AND DEATH 2 From Prehistory to 1945 59 3 Escaping Death in the Tropics 101 4 Health in the Modern World 126 PART II MONEY 5 Material Wellbeing in the United States 167 6 Globalization and the Greatest Escape 218 PART III HELP 7 How to Help Those Left Behind 267 Postscript: What Comes Next? 325 Notes 331 Index 351

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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 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 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 SynopsisAn examination of Liquidity Crunch in triggering and characterizing financial crises.Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of “liquidity crunch” in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch.Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centralit

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Book SynopsisWhen Pax Americana began to disintegrate in the late 1960s, economic leaders in corporate America joined with their counterparts in Western Europe and Japan to develop a self-interested strategy for dealing with the political and social impacts of a changing global economy. As Marchak shows, the political agenda of the emerging New Right the dismantling of the welfare state was supported by corporate-funded think-tanks which influenced public policy and by media campaigns which swayed public opinion. The New Right promoted the resurgence of laissez-faire political and economic ideas which Marchak traces back to the theories of Adam Smith. Marchak describes the changes such strategies created in the world economy and examines their effects on the United States and Canada, Western and Eastern Europe, Japan, the newly industrializing nations, and the increasingly impoverished third world countries. She includes chapters on the silicon revolution, Japanese expansion, the automobile inTrade Review"This study usefully and interestingly draws together many of the fast changing strands of the international political economy from the 1960s to the early 1990s. It is a book of considerable academic merit." M.J. Grieve, International Affairs. "Marchak's well-written interpretative essay relating free market ideology ('the New Right') to global change in the structure of capitalism is brilliantly conceived ... The historical perspective on global political economy and the ideology of free markets will interest specialists." R.J.S. Ross, Choice. "The Integrated Circus is bursting with ideas and constitutes an impressive tour de force. The author's erudition is everywhere evident. I know of no other study which likewise situates the new right so well into the context of global political economy." Mel Watkins, Department of Economics, University of Toronto. "Marchak's intertwining of events and ideology is impressive. The book would stand alone in a crowded field in the way it juxtaposes ideological and historical developments. It is an informed sociological analysis of an important phenomenon of our times." Henry Veltmeyer, Department of Sociology, Saint Mary's University.

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Book SynopsisFacing and overcoming destabilizing challenges associated with the historical phenomenon of boom-and-bust economies.Trade Review"Boom and Bust Again is stuffed with valuable information and ideas for improving the way the provincial government manages Alberta's wealth. The many contributors are not only talented, most of them have hard-won experience with Alberta's booms and busts. So the economic theory presented here is tempered like good steel by the hot and cold of Alberta's economic performance over many decades. Every chapter is valuable. I hope the next volume focuses on related issues, including an in-depth analysis of personal and corporate taxes, profits, and royalties." Kevin Taft, September 2013"As the Alberta economy is stressed and government deficits rise, our new government--with its different perspective--needs to address the issues raised in this collection and implement some of the advice offered, as it has already done in stabilizing expenditures. The public needs to be better informed and willing to pay the taxes necessary to pay for the quality public services it expects. This work is a positive addition to accomplish these goals." -- Greg Flanagan * Alberta Views *"[Boom and Bust Again] paints a bleak picture: Alberta's public finances are overly dependent on volatile non-renewable energy resources, we are failing future generations by failing to save enough from these depleting resources,and taxes alone are too low to pay for the services we currently demand.... The authors are clear about what we need from the government: more evidence-based decision making, better communication with the electorate and stakeholders and a commitment to savings..." -- David K. Stewart * Alberta Views *

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Book SynopsisThe macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007â9 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various marTable of ContentsList of figures; List of tables; Notation; Preface; 1. Financial crises and the macroeconomy; Part I. The Nonlinear Dynamics of Credit and Debt Default: 2. Currency crises, credit crunches and large output loss; 3. Mortgage loans, debt default and the emergence of banking crises; 4. Debt deflation and the descent into economic depression; Part II. Theoretical Foundations for Structural Macroeconometric Model Building: 5. Keynesian macroeconometric model building: a point of departure; 6. Intensive form and steady state calculations; 7. Partial feedback structures and stability issues; Part III. Debt Crises: Firms, Banks and the Housing Markets: 8. Debt deflation: from low- to high-order macrosystems; 9. Debt default, bankruptcy of firms, and banks' performances; 10. Japan's institutional configuration and its financial crisis; 11. Housing investment cycles, workers' debt and debt default; Bibliography.

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Book SynopsisThis new theory of economic policy accommodates and responds to conflicts between strategic actions by public and private agents. It is an essential tool for understanding the real impact of policy neutrality, rational expectations, time inconsistency and policy announcements, and suggests institution designs with optimal chances of success.Table of ContentsList of figures; List of tables; Preface; Common symbols; 1. An overview: the realm of economic policy; Part I. The Classical Theory of Economic Policy: 2. Statics; 3. Dynamics; Part II. From the Classical to the New Theory of Economic Policy: 4. The Lucas critique; 5. Policy games: an introduction; Part III. The New Theory of Economic Policy: Statics: 6. A theory of strategic conflict: foundations; 7. From individual players to system controllability; 8. Conflicts and coordination among groups; 9. Announcements as a coordination mechanism; Part IV. The New Theory of Economic Policy: Dynamics: 10. Controllability in a strategic dynamic setting; 11. Dynamic policy games with rational expectations; 12. Credibility, dynamic controllability and rational expectations; 13. Expectations and target coordination: institutional aspects; 14. A summary and round-up of conclusions; References.

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Book SynopsisThis book supports policy-makers, regulators, advisors, and consultants in realizing the EU Digital Agenda targets for 2020 in the field of telecommunications. Based on a set of longitudinal country case studies, it combines qualitative and quantitative analysis to provide an in-depth analysis of broadband developments in twelve different European countries.Trade Review'After two decades of regulatory convergence the major global regions have pursued more differentiated paths during the past decade. In contrast to the US which adopted a framework steeped in minimally regulated markets and the government-centric approaches of many Asian nations, the EU has pursued a hybrid model combining competition, regulation and forms of industrial policy intervention. The national diversity that exists within the common European framework constitutes a natural experiment from which important lessons can be learned. The case studies assembled and expertly analyzed in this volume provide unique insights into the diversity of policy models across the EU, the effects of these choices for sector performance, and options for pursuing the ambitious goals of the Digital Agenda for Europe.' Johannes M. Bauer, Michigan State University and Chair, Telecommunications Policy Research Conference, 2010–13'The authors are to be congratulated on producing such a rigorous and subtle analysis of the commonalities and the differences between Europe's national broadband markets - competitive markets are good but bringing broadband to everyone will require pragmatic public and private approaches. The analysis here provides policy makers with the solid foundation needed for wise future policy to stimulate broadband investment and take-up.' Colin Blackman, Editor, info and Director, Digital Forum, Centre for European Policy Studies'One of the most important messages from the research in this book is that for the next stage of broadband infrastructure and digital economy development, there is no single policy pathway to success. Each country's unique legacy may be the most important factor in determining the set of policies and practices necessary to meet the EU Digital Agenda objectives. A common model of policy reform, such as the liberalization model that has been widely applied with significant success in the past, is no longer sufficient. The most important determinants of success will be government policies and industry investment programs that build on each country's historical and cultural development, and its current economic and governmental structure.' Jørgen Abild Andersen, Chairman, OECD Committee on Digital Economy Policy and former Director General, National IT and Telecom Agency, Denmark, 1991–2011'It is refreshing to see an analysis that focuses on the 'market dynamics' of broadband growth in Europe, and how it affects policy implementation in different countries. The well-documented conclusion that achieving the EU 2020 broadband targets requires country-specific policy implementation strategies is an important message for both market players and policymakers. The next step is the recognition that this can best be done with a single European telecom regulator.' Ben Verwaayen, former CEO of KPN, BT and Alcatel-LucentTable of ContentsForeword; Preface; 1. Introduction Wolter Lemstra and William H. Melody; 2. Research context and perspective Wolter Lemstra and William H. Melody; Part I. European Union Context: 3. The influence of European Union policies and regulation Richard Cawley; Part II. Case Studies: 4. The Netherlands Wolter Lemstra; 5. Belgium: Flanders Marlies van der Wee, Sofie Verbrugge and Reinhard Laroy; 6. Denmark Anders Henten and Morten Falch; 7. Sweden Marco Forzati and Crister Mattson; 8. Germany Juan Rendon Schneir and Olga Batura; 9. United Kingdom Richard Cadman; 10. Italy Davide Gallino, Claudio Leporelli and Alberto Nucciarelli; 11. France Audrey Loridan-Baudrier; 12. Spain Claudio Feijóo, José-Luis Gómez-Barroso, Rafael Coomonte and Sergio Ramos; 13. Greece Anastasia Constantelou; 14. Poland Iwona Windekilde and Piotr Ładny; 15. Latvia Andris Virtmanis and Edvins Karnitis; Part III. Analysis: 16. Cross-case analysis Wolter Lemstra and William H. Melody; Appendices: Appendix 1. Glossary Wolter Lemstra; Appendix 2. Quantitative analysis of broadband performance Wolter Lemstra; Index.

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Book SynopsisAlthough the economy has always been changing, ever more innovations now seem to accelerate the transformation process. Are there any laws governing the incessant global change? Does it accord with our intentions and desires and make us happier? Do our institutions and our democracies cope with the challenges? How does economic theory explain what is going on? In this volume, experts in the field discuss the advances that evolutionary economics has made in exploring questions like these. The broad range of topics include a review of the development of the field: its conceptual and methodological characteristics are outlined; problems posed by macroeconomic evolution and the institutional challenges are highlighted; and, last but not least, the implications of the evolution of the economy for wellbeing and sustainability are addressed. Taken together, the contributions demonstrate the potential of an evolutionary paradigm for making sense of economic change and for assessing its consequTrade Review'This welcome collection of essays offers a rich perspective on the history and philosophy of evolutionary economics. It delves deep into core themes such as generalized Darwinism, institutions and bounded rationality, long-run economic development and evolutionary welfare theory, while also offering original applications to land use conflicts and unsustainable consumption.' Jeroen van den Bergh, ICREA Research Professor, Universitat Autònoma de Barcelona'As Ulrich Witt and Andreas Chai put it in their introduction, it is time for some stocktaking concerning progress in evolutionary economics. This excellent collection of essays performs that task admirably: a number of leading authors review developments in the field with erudition and careful criticism. This is a milestone volume.' Geoffrey M. Hodgson, University of Hertfordshire'Evolutionary economics is in transition following a very productive and enlightening era when Nelson and Winter's 'replicator dynamics' perspective was its reference point. The past decade has witnessed the rise of competing perspectives such as: rule based complex systems; game theoretical micro-foundations; general Darwinian theory; socio-biological models, where biology is not just used as an analogy. Although there is general agreement that economic evolution should be modelled, explicitly, as a historical process, methodological differences have become more marked. In this volume a very prominent set of contributors explain their different positions. The result is a very interesting and stimulating set of essays that are well-written and accessible to both evolutionary and mainstream economists and their students. Anyone who wishes to know what the key issues and debates are in evolutionary economics today need look no further than this excellent volume.' John Foster, University of Queensland'More than one century after Thorsten Veblen coined the label evolutionary economics there is still no consensus on what constitutes the core of an evolutionary approach in economics. This volume will be welcome by readers interested in learning about the current state of the field and its prospective development. The essays collected represent the principal versions of evolutionary thinking in contemporary economics, covering methodological, theoretical and normative issues. The editors' Introduction provides helpful guidance in tracing the history of the field, placing the collected essays into a broader context and pointing to prospects for theoretical convergence and integration.' Viktor J. Vanberg, University of Freiburg, GermanyTable of ContentsPart I. Introduction: 1. Evolutionary economics: taking stock of its progress and emerging challenges Ulrich Witt and Andreas Chai; Part II. Conceptual and Methodological Problems: 2. Missed connections and opportunities foregone: a counterfactual history of twentieth century economics Brian J. Loasby; 3. Science, technology, and knowledge: what historians can learn from an evolutionary approach Joel Mokyr; 4. Generalized Darwinism in evolutionary economics: the devil is in the details Jack Vromen; Part III. Perspectives on Evolutionary Macroeconomics: 5. Macroeconomic evolution: long run development and short run policies Richard H. Day; 6. Evolutionary micro-founded technical change and the Kaldor-Verdoorn law: estimates from an artificial world André Lorentz; Part IV. Advances in Explaining and Assessing Institutional Evolution: 7. Democracy, rationality and religion Dennis C. Mueller; 8. On the evolution of organizational governance: divided governance and survival in the long run Roger D. Congleton; 9. Strategic interaction and externalities: FD-games and pollution Reinoud Joosten; 10. Fairness in urban land use: an evolutionary contribution to law and economics Christian Schubert; Part V. Evolutionary Perspectives on Welfare and Sustainability: 11. As innovations drive economic change, do they also improve our welfare? Martin Binder and Ulrich Witt; 12. Sustainable consumption patterns and the malleability of consumer preferences: an evolutionary perspective Andreas Chai.

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