Monetary economics Books

Book SynopsisIn the aftermath of the debates between Keynesians and monetarists, this book provides a lucid, concise overview of the most recent developments in monetary theory. Professor Visser has written an up-to-date survey which discusses major issues such as crowding out, the new classical macroeconomics, the breakdown of the stable money demand function, buffer stocks and currency substitution.Currency problems in general have come to the fore after the collapse of the Bretton-Woods system. The book addresses topical issues including Hayek's proposal to denationalize money as well as theoretical issues, such as the search for the microfoundations of monetary theory. This is an important, up-to-date survey of recent developments in monetary theory, and the economic reasoning which underlies it. The use of mathematics has been kept to a minimum.

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Book SynopsisFrederic Mishkin's work has been dedicated to understanding the relationship between money, interest rates and inflation, an integral part of the monetary transmission process. The 15 essays in this collection - unabashedly empirical and rigorous - include much of Professor Mishkin's most frequently cited work.Money, Interest Rates and Inflation offers a coherent and informative assessment of how monetary policy affects the economy. In addition, the essays in this collection illustrate how rational expectations econometrics can be used in empirical research on a broad range of topics and issues. The introductory essay provides an overview of Professor Mishkin's work and the unifying themes which have influenced his thought.The book will be of interest to researchers and graduate students in the areas of econometrics, finance and monetary-macroeconomics.Trade Review'Although most monetary specialists will be familiar with Mishkin's work this is still a volume to acquire and essential for libraries.' -- R. Sedgwick, The Economic JournalTable of ContentsPart 1 Money and interest rates: monetary policy and long-term interest rates - an efficient markets approach; monetary policy and short-term interest rates - an efficient markets-rational expectations approach. Part 2 Real interest rates and inflation: the real rate of interest - an empirical investigation; inflation and real interest rates on assets with different risk characteristics; the real interest rate - a multi-country empirical study; are real interest rates equal across countries? an empirical investigation of international party conditions; the international linkage of real interest rates - the European-US connection; monetary policy regime shifts and the unusual behaviour of real interest rates; understanding real interest rates; can future market data be used to understand the behaviour of real interest rates?. Part 3 The information in the term structure about future inflation and interest rates: the information in the term structure - some futher results; what does the term structure tell us about future inflation?; the information in the longer-maturity term structure about future inflation; a multi-country study of the information in the term structure about future inflation; a multi-country comparison of term structure forecasts as long horizons.

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Book SynopsisDebt, Deficits and Exchange Rates presents recent work by Helmut Reisen on current international monetary problems in East Asia and Latin America. Written over the last four years, these papers are readily accessible and of immediate policy relevance. The first part is concerned with the debt problems of developing countries, including the growth of domestic public debt, means of hedging a country's debt portfolio against key currency fluctuations, evidence on the debt overhang hypothesis, an evaluation of the Brady Plan, and how to attract foreign direct investment. This is followed by essays on financial opening which discuss the impact of alternative exchange rate regimes during financial integration, the degree of financial openness in Korea and Taiwan, an appropriate strategy for the liberalization of capital flows, and the relationship between financial opening and capital flows. The final part underlines the need for exchange rate management. Issues considered include New Zealand's experience with a pure float, the use of the theory of optimal currency areas to assess whether Asian countries should peg to the Yen, institutional features of macroeconomic management in Asia, and how Latin America should respond to heavy capital flows.Bringing together under one cover a wealth of analysis, comment and argument by a leading international scholar, this volume will be welcomed by students, teachers and policymakers as an important contribution to understanding international monetary problems in the developing world.Trade Review'The collection of essays would provide an excellent supplement to course texts by emphasising the practical applications of theoretical ideas to contemporary international issues.' -- Nick Snowden, The Economic Journal'. . . this volume provides an interesting collection of papers for those seeking a better understanding of the financial aspects of LDEs' relations with the rest of the world and, in particular, for those wishing to explore the vastly different experience with foreign borrowing of East Asia, on the one hand, and Latin America, on the other.' -- Ross McLeod, Asian-Pacific Economic Literature

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Book SynopsisThis two volume set brings together a key selection of papers written by Jacques J. Polak over the last 50 years in the fields of economics, econometrics and finance. Presented under five broad headings, the collection begins with his work on international and national business cycles - a subject on which the author worked with Nobel Prize winner Jan Tinbergen - problems of international trade and balance of payments adjustment. Later sections examine exchange rates and how they affect the balance of payments, inflation and hyperinflation; the monetary approach to the balance of payments, a subject that the author pioneered in the IMF and that became the framework of the conditionality of IMF credits; and international liquidity, with particular reference to the special drawing right (SDR). The final section features the author's essays on the international monetary system itself, including topics such as the international co ordination of national economic policies, the changes over time in the objectives of national policy making in the main industrial countries and reform of the system.Economic Theory and Financial Policy will be welcomed by researchers, students and practitioners concerned with economics, government finance, banking and international economic relations.Trade Review'In terms of the number of countries and people it has affected, Polak's work is the most important piece of macroeconomics since Keynes. As such it merits substantial respect.' -- Lance Taylor, New School for Social Research, US'This collection contains a wealth of insights for theoreticians and policymakers alike, and is a must for readers interested in international economic and monetary theory and policy.' -- Manuel Guitian, Finance and Development'The two volumes containing the selected essays of the godfather of the IMF Research Department are remarkably up to date and refreshing. . . . highly recommended reading in the history of our science and contain a number of intellectual achievements which have lost nothing of their relevance.' -- Casper De Vries, Economic JournalTable of ContentsPart 1 Business cycles, trade and the balance of payments. Part 2 Exchange rates. Part 3 The monetary approach to the balance of payments. Part 4 International liquidity. Part 5 The international monetary system.

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Book SynopsisMonetarism and the Methodology of Economics is a collection of 14 original essays in honour of Thomas Mayer focusing on the themes of monetarism, the transmission mechanism for monetary policy, the political economy of monetary policy and the methodology of empirical economics.This volume addresses the many areas where Thomas Mayer has made a major contribution and brings together a distinguished group of contributors including King Banaian, Mark Blaug, Martin Bronfenbrenner, Richard C.K. Burdekin, Thomas F. Cargill, Milton Friedman, C.A.E. Goodhart, D. Wade Hands, Abraham Hirsch, Kevin D. Hoover, David Laidler, Thomas Mayer, James L. Pierce, Steven M. Sheffrin, Richard J. Sweeney, Thomas D. Willett, Wing Thye Woo. An autobiographical essay by Thomas Mayer and a short appreciation by Kevin Hoover and Steven Sheffrin are included in this volume, together with a bibliography of Mayer's economic writings.Trade Review'It is an excellent and well written group of essays, superbly edited by two of Mayer's colleagues, Kevin Hoover and Steven Sheffrin. . . in many ways this volume mirrors Mayer's vision of how economics ought to be practiced. What a thoughtful way to honor a meticulous, scholarly, and prolific colleague.' -- James R. Wible, Eastern Economic JournalTable of ContentsPart 1 Reflections: Thomas Mayer: an appreciation, Kevin D. Hoover and Steven M. Sheffrin; getting older, but not much wiser, Thomas Mayer. Part 2 Monetarism: monetarism - the good, the bad and the ugly, James L. Pierce; is the quantity theory of money true? Mark Blaug Part 3 The transmission mechanism: Say's law extended - an expository approach, Martin Bronfenbrenner; why do agents hold money, and why does it matter? David Laidler; money supply control - base or interest rates? C.A.E. Goodhart; monetary policy, wealth effects and the transmission mechanism, Richard J. Sweeney; using existing financial repression to blunt the Dutch disease - a missed opportunity in Indonesia, Womg Thye Woo; identifying monetary and credit shocks, Steven M. Sheffrin. Part 3 The political economy of monetary policy: monetary system for a free society, ,ilton Friedman; on the political economy of central bank independence, King Banaian, Richard C.K. Burdekin, and Thomas D. Willet; the bank of Japan and federal reserve - an essay on central bank independence, Thomas F. Cargill. Part 4 The Methodology of empirical macroeconomics: John Stuart Mill and the problem of induction, Abraham Hirsch; the methodology of empirical science economics - a closer look, D.Wade Hands; in defence of data mining - some preliminary thoughts, Kevin D. Hoover.

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Book SynopsisExchange Rates and the Monetary System comprises a careful selection of Peter B. Kenen's acclaimed papers on international monetary economics written over the past thirty years. The volume includes Professor Kenen's theoretical and empirical essays on the functioning of the international monetary system, policy co-ordination and exchange rate management, the debt problem, monetary integration in Western Europe and economic reform in Eastern Europe. A detailed introduction places Professor Kenen's papers in context and outlines the development of his thought as well as his experience of international policy making and policy co-ordination, beginning with the Kennedy administration and including recent visits to institutions such as the International Monetary Fund and the Bank of England.Divided into sections which deal specifically with theory, measurement and policy prescription, this volume offers a comprehensive assessment of international monetary economics by a scholar who has made significant contributions to both theory and policy.Trade Review'The contributions to this volume are highly relevant and well worth reading.' -- Kees Koedijk, Economic Journal

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Book SynopsisThis two volume set reprints 28 papers on fiscal and monetary policy interpreted broadly enough to include such issues as the effects of government debt and intergenerational accounting. It emphasizes problems that are not specific to a particular country but are relevant for all developed market economies. Fiscal and Monetary Policy is divided into three parts; the first deals with the problems that are common to both fiscal and monetary policies; the second deals with fiscal policy and the third with monetary policy.Fiscal and Monetary Policy includes important articles on the effects of lags on the feasibility of stabilization policy, time inconsistency, the motivation of monetary and fiscal authorities, the Lucas critique, Ricardian equivalence, the choice of monetary targets, feedback rules, international aspects of monetary policy and the appropriate role of government in the monetary system.Table of ContentsCONTENTS ACKNOWLEDGEMENTS INTRODUCTION VOLUME 1 1. Milton Friedman (1953), ‘The Effects of a Full-Employment Policy on Economic Stability: A Formal Analysis’ 2. Arthur M. Okun (1972), ‘Fiscal-Monetary Activism: Some Analytical Issues’ 3. Robert E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’ 4. Stanley Fischer (1980), ‘Dynamic Inconsistency, Cooperation and the Benevolent Dissembling Government’ 5. Robert J. Barro and David B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’ 6. David Alan Aschauer (1985), ‘Fiscal Policy and Aggregate Demand’ 7. John J. Seater (1993), ‘Ricardian Equivalence’ 8. Olivier J. Blanchard (1985), ‘Debt, Deficits, and Finite Horizons’ 9. James M. Poterba and Lawrence H. Summers (1987), ‘Finite Lifetimes and the Effects of Budget Deficits on national Saving’ 10. Franco Modigliani (1961), ‘Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt’ 11. Alan S. Blinder and Robert M. Solow (1973), ‘Does Fiscal Policy Matter?’ 12. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’ 13. Michael R. Darby (1984), ‘Some Pleasant Monetarist Arithmetic’ 14. Kevin D. Hoover and Steven M. Sheffrin (1992), ‘Causation, Spending, and Taxes: Sand in the Sandbox or Tax Collector for the Welfare State?’ 15. B. T. McCallum and J. K. Whitaker (1979), ‘The Effectiveness of Fiscal Feedback Rules and Automatic Stabilizers under Rational Expectations’ 16. Alan J. Auerbach, Jagadeesh Gokhale, and Lawrence J. Kotlikoff (1993), ‘Generational Accounts and Lifetime Tax Rates, 1900-1991’ VOLUME 2 1. Milton Friedman (1968), ‘The Role of Monetary Policy’ 2. Karl Brunner (1983), ‘The Pragmatic and Intellectual Tradition of Monetary Policy making and the International Monetary Order’ 3. Lawrence K. Roos (1986), ‘Inherent Conflicts of U. S. Monetary Policymaking’ 4. Robert L. Hillel (1990), ‘The Political Economy of Monetary Policy’ 5. Alex Cukierman and Allan H. Meltzer (1986), ‘A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information’ 6. William Poole (1970), ‘Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model’ 7. Benjamin M. Friedman (1977), ‘The Inefficiency of Short-Run Monetary Targets for Monetary Policy’ 8. Thomas Mayer (1990), ‘GNP targeting - what are the issues?’ 9. James Tobin (1983), ‘Monetary Policy: Rules, Targets, and Shocks’ 10. Jacob A. Frenkel, Morris Goldstein and Paul R. Masson (1989), ‘International Dimensions of Monetary Policy: Coordination versus Autonomy’ 11. Milton Friedman and Anna J. Schwartz (1986), ‘Has Government any Role in Money?’ 12. Charles Goodhart (1989), ‘The Conduct of Monetary Policy’

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Book SynopsisMonetary Theory and Monetary Policy is the second collection of essays by Karl Brunner - one of the most prominent monetary economists of the twentieth century. It demonstrates the importance of economic analysis for the development of appropriate economic policies.The book opens with a preface by Thomas Lys which provides the reader with an account of both Karl Brunner's personal and academic life. This is developed further in an introduction by Allan H. Meltzer, who focuses on Brunner's intellectual development. Issues discussed in this collection include the question of whether monetarism has failed, monetary policy, persistent inflation, deficits and interest rates, high-powered money, the monetary base, the money supply, international monetary order and the question of whether supply-side economics is sufficient for comprehensive policymaking.This selection will be welcomed by academics, students and policymakers interested in monetary economics and the work of Karl Brunner.Trade Review'. . . Monetary Theory and Monetary Policy, containing both fundamental ideas and practical applications in terms of the SOMC position papers, can be highly recommended to any student of monetary economics.' -- Debashis Acharya, Kyklos 'Without exception the papers show a subtle, powerful, and clear economic mind at work. Reading these essays would be of benefit to every economist.'– Geoffrey Wood, The Economic JournalTable of ContentsContents: Introduction (A.H. Meltzer) 1. Conversation with a Monetarist 2. Has Monetarism Failed? 3. Monetary Policy and Monetary Order 4. The ‘Four Disciplines’ and the ‘Two Encouragements’: Comments on President Carter’s Anti-inflation Program 5. Selected Shadow Open Market Committee Position Papers, 1979–87 6. The Drift into Persistent Inflation 7. Deficits, Interest Rates, and Monetary Policy 8. Technological Change: Challenge and Consequences 9. Will the Fred ever see its ‘Shadow’? 10. The Disarray in Macroeconomics 11. High-powered Money and the Monetary Base 12. Money Supply 13. The Pragmatic and Intellectual Tradition of Monetary Policymaking and the International Monetary Order 14. Is ‘Supply-side Economics’ Enough? 15. The Case Against Monetary Activism Index

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Book SynopsisThe editors of this important collection bring together a selection of previously published articles which outline the role of the money supply in the economic process from a post Keynesian perspective, paying particular attention to the writings of Kaldor.The volume begins with literature which evolved since the Radcliffe Report, whilst the remaining chapters are divided into sections on the Post Keynesian Critique of the Monetarist Positions, Reactions to the 'Monetarist Experiment' and The Recent Post Keynesian Debate.Trade Review'. . . an interesting mix of papers on a clearly defined theme, some of which served as a nostalgic reminder of how dramatically monetary policy debates have changed since the 1970s, let alone the 1950s.' -- Roger E. Backhouse, The Economic JournalTable of ContentsPart I: THE YEARS OF THE RADCLIFFE REPORT 1. Hyman P. Minsky (1957), ‘Central Banking and Money Market Changes’ 2. Richard Kahn (1958), ‘Memorandum of Evidence Submitted to the Radcliffe Committee’ 3. Nicholas Kaldor (1958), ‘Monetary Policy, Economic Stability and Growth’ 4. John G. Gurley (1960), ‘The Radcliffe Report and Evidence’ 5. Nicholas Kaldor (1960), ‘The Radcliffe Report’ 6. R. S. Sayers (1960), ‘Monetary Thought and Monetary Policy in England’ Part II: The Post Keynesian Critique of the Rising Monetarist Positions 7. Milton Friedman (1968), ‘The Role of Monetary Policy’ 8. Karl Brunner (1970), ‘The "Monetarist Revolution” in Monetary Theory’ 9. A. B. Cramp (1970), ‘Does Money Matter?’ 10. Nicholas Friedman (1970), ‘The New Monetarism’ Milton Friedman (1970), ‘The New Monetarism: Comment’ Nicholas Kaldor (1970), ‘Reply’ 11. James Tobin (1970), ‘Money and Income: Post Hoc Ergo Propter Hoc?’ Milton Friedman(1970), ‘Comment on Tobin’ James Tobin (1970, ‘Rejoinder’ 12. Paul Davidson and Sidney Weintraub (1973), ‘Money as Cause and Effect’ Part III: Reactions to the ‘Monetarist Experiment’ 13. Nicholas Kaldor (1980), ‘Monetarism and UK Monetary Policy’ 14. Milton Friedman (1982), ‘Monetary Policy: Theory and Practice’ 15. Milton Friedman (1984), ‘Lessons from the 1979-82 Monetary Policy Experiment’ 16. Nicholas Kaldor (1985), ‘How Monetarism Failed’ 17. Benjamin M. Friedman (1988), ‘Lessons on Monetary Policy from the 1980s’ 18. Phillip Cagan (1989), ‘The Uncertain Future of Monetary Policy’ Part IV: The Recent Post Keynesian Debate 19. Basil J. Moore (1983), ‘Unpacking the Post Keynesian Black Box: Bank Lending and the Money Supply’ 20. Marc Lavoie (1984), ‘The Endogenous Flow of Credit and the Post Keynesian Theory of Money’ 21. Victoria Chick (1986), ‘The Evolution of the Banking System and the Theory of Saving, Investment and Interest’ 22. J. A. Kregel (1986), ‘Shylock and Hamlet or Are there Bulls and Bears in the Circuit?’ 23. Paul Davidson (1988), ‘Endogenous Money, the Production Process, and Inflation Analysis’ 24. Basil J. Moore (1988), ‘The Endogenous Money Supply’ 25. Alexander C. Dow and Sheila C. Dow (1989), ‘Endogenous Money Creation and Idle Balances’ 26. Charles Goodhart (1989), ‘Has Moore Become Too Horizontal?’ 27. Marc Jarsulic (1989), ‘Endogenous Credit and Endogenous Business Cycles’ 28. Stephen Rousseas (1989), ‘On the Endogeneity of Money Once More’ 29. Augusto Graziani (1989), ‘The Theory of the Monetary Circuit’ 30. H. P. Minsky (1991), ‘The Endogeneity of Money’ 31. Christopher J. Niggle (1991), ‘The Endogenous Money Supply Theory: An Institutionalist Appraisal’ 32. Marco Musella and Carlo Panico (1993), ‘Kaldor on Endogenous Money and Interest Rates’

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Book SynopsisFinancial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates.Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.Financial Innovation, Banking and Monetary Aggregates will be welcomed by economists and financiers for questioning traditional assumptions about the usefulness of monetary aggregates and for its discussion of the wider implications of financial innovation in the banking sector.Trade Review'The book is likely to become a useful companion to anyone who has an interest in the empirical application of Divisia models.'Table of ContentsContents: 1. Monetary Aggregates and Monetary Policy: Some Introductory Remarks (A. Mullineux) 2. Financial Innovation and Monetary Aggregates in the UK, 1977–1933 (J.L. Ford and A. Mullineux) 3. Measuring Money with a Divisia Index: An Application to Italy (E. Gaiotti) 4. Monetary Aggregates in Switzerland (H. Genberg and S. Neftci) 5. Financial Deregulation and Divisia Monetary Aggregates in Japan ( K. Hirayama and Ml. Kasuya) 6. Financial Innovations, Banking and Monetary Aggregation: The Case of the United States (M.T. Belongia) 7. Divisia in Germany (W. Gaab) 8. Divisia Monetary Aggregates: A Survey in the Case of France (S. Lecarpentier)

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Book SynopsisThe integration of international capital markets, propelled by the information technology revolution and the creation of a variety of new financial instruments, is central to the major economic changes taking place throughout the world. This key issue in global finance is theoretically and empirically addressed in this major new book. Haluk Akdogan’s innovative study uses asset pricing theories to test the status of international capital market integration. This book differs fundamentally from other studies of integration in two respects. First, it is based entirely upon financial theory rather than the pure theory of international trade, and second, it develops several different empirical models of capital market integration. These models are empirically tested using the modern capital asset pricing approach and drawing on data taken from 26 stock markets all over the world. Addressing an issue of great public and scholarly interest, The Integration of International Capital Markets will be welcomed as a comprehensive and authoritative financial-theoretical examination of capital market integration. Advanced students and academic researchers in international trade, international economics and finance, as well as international portfolio managers and finance professionals, will find much here to stimulate and interest them.Trade Review’Overall there is much in Akdogan’s study to interest those concerned with international portfolio investment.’ -- Rodney Wilson, Journal of International Banking Law’This original and authoritative study uses asset-pricing theories to test the status of international capital market integration.’ -- Aslib Book GuideTable of ContentsContents: Part I: Statistics and Institutions 1. Introduction 2. World Capital Markets: Statistics and Institutions 3. Integration of Capital Markets: An Institutional Introduction 4. Non Asset Pricing Models of Integration Part II: Financial Theory of Integration 5. Asset Pricing Models 6. International Asset Pricing and Financial Theory of Integration 7. Arbitrage Pricing Theory of Integration 8. The Role of Controls on Integration Part III: Empirical Tests 9. Integration of European Capital Markets: An Institutional Review 10. Empirical Model and Test for EC Integration 11. A Multi-Factor Model 12. Market Size, and the Issue of Segmentation 13. Geographical Asset Pricing 14. Summary and Conclusions

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Book SynopsisEconometrics, Macroeconomics and Economic Policy presents eighteen papers by Carl Christ focusing on econometric models, their evaluation and history, and the interactions between monetary and fiscal policy.Professor Christ’s pioneering contributions to econometrics, monetary and fiscal policies and the government’s budget constraint are thoroughly covered in this volume. Other areas addressed include monetary economics, monetary policy, macroeconomic model building, and the role of the economist in economic policy making. The book also features an original new introduction by the author and a detailed bibliography.Econometricians and macroeconomists will welcome this outstanding volume in which Professor Christ argues firmly for the importance of testing econometric equations and models against new data, as well as for exploring the impact of the policies of central government.Trade Review’Reading this collection is like communicating with an aged uncle and in general, whilst one may find the models a little long in the tooth, the insights Christ offers and the way he approaches macroeconomics make this a volume worth looking at more than once.’ -- Geoffrey Williams, The Economic JournalTable of ContentsContents: Acknowledgements Introduction Part I: The History of Econometrics Part II: Econometrics and its Assessment Part III: The Government Budget Restraint and its Implications Part IV: Monetary Economic and Monetary Policy Part V: Reflections on Economics Modelling and on Economic Policy Index

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Book SynopsisCentral bank independence is a key issue for political and monetary authorities in many countries. In Institutions and Monetary Policy, Eric Schaling looks at the impact of different central banks on price stability and macroeconomic performance, and their optimal degree of legislative independence.After introducing and surveying the rules versus discretion debate in monetary policy, Eric Schaling then investigates the relationship between domestic monetary institutions and macroeconomic performance. The author compares central bank independence in twelve industrial countries - Australia, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Sweden and Switzerland - and prepares an index of his results. The relationship between central bank independence, inflation and output growth is extensively discussed and a series of propositions tested for the same set of countries over the period from 1972 to 1991. Normative issues are investigated in the later part of the book including the optimal degree of central bank independence in relation to, first, the inflation rate and, second, wage formation in a totally unionized economy.Institutions and Monetary Policy will be welcomed by scholars and policymakers concerned with the increasingly important role of institutions in monetary policy and the relation between degrees of central bank independence and political and economic outcomes.Trade Review'. . . a rigorous and scholarly analysis of the nature of central bank independence (CBI). Luckily for the non-mathematical reader, there are clear explanations, laying out the argument that is developed in fully worked mathematical models: but much is strictly for the technically competent.' -- Central BankingTable of ContentsContents: Acknowledgements Part I: Introduction Part II: A History of the Rules versus Discretion Debate A: Institutions and Macroeconomic Performance Part III: Central Bank Independence in Twelve Industrial Countries Part IV: Central Bank Independence: Theory and Evidence Part V: Central Bank Independence, Monetary Accommodation and Inflation Persistence B: Optimal Commitment in Monetary Policy Part X: Inflation, Growth and the Optimal Degree of Central Bank Independence Part XI: Wage Formation, Monetary Targeting and the Optimal Degree of Central Bank Independence Part XII: Summary and Concluding Remarks References Summary in Dutch

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Book SynopsisMoney and credit are key themes of Allan H. Meltzer's ground-breaking work which is celebrated in this outstanding collection of his essays and papers. Money, Credit and Policy covers the demand for money, the relation of money to output, the role of credit and debt, regulation of financial institutions, the influence of uncertainty and macroeconomic policy. Focusing on the relations between money and credit, and in turn their relationship to output, prices and inflation, this volume includes Meltzer's early work on the demand for money - in which he suggested that the much-discussed instability of the demand for money arises from the use of Keynesian demand equations - as well as his recent contributions on trade, credit and intermediation. Among the many important papers featured in this volume, there is an analysis of why the Federal Reserve of the 1930s persisted in its deflationary policy stance for years, despite its effects, and a discussion of the limits of stabilization policy. The concluding section considers the effects of uncertainty and the reasons for the rise and fall of the dollar during the 1980s, reflecting Meltzer's continuing interest in practical policy issues.Trade Review'. . . the book represents a convenient collection of Meltzer's work which will prove useful to academics and libraries. . .' -- Paul Mizen, The Economic Journal'The account of the work of the Shadow Open Market Committee, as well as the quality of the papers represented here, remind us of the sheer quality and professionalism of the best - of whatever ideological stripe - in American economics.' -- Michael Artis, The Manchester SchoolTable of ContentsContents: Introduction Part I: The Demand for Money Part II: Money Supply and Output Part III: Credit and Money Part IV: Financial Regulation Part V: Uncertainty Part VI: Macro Policy Index

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Book SynopsisThe process of transition from a centrally planned economy to one driven primarily by market forces has been a source of controversy and debate. Although the pace and approach has varied we are now beginning to understand some of the essential ingredients necessary for a successful transition.These changes have produced a tremendous quantity of literature which can make it difficult to grasp the most important issues. This book focuses on the key questions and problems facing the monetary and financial sectors of transitional economies, specifically in Hungary, Poland and the Czech Republic. It examines many of the reforms, why these proved necessary, and their impact in the early stages of transition. The authors focus on four main themes: the removal of state intervention and its effect on liquidity and the availability of credit the failure of credit markets and the implications for corporate finance< the role of property rights and the importance of bankruptcy in a well-functioning market economy effects of the separation of the central bank from commercial lending functions, and its consequences for the overall operation of monetary policy in a transitional economy. Money and Finance in the Transition to a Market Economy will be essential reading for those wishing to learn more about the financial and monetary implications of the transition to a market economy in the Central and Eastern European countries. It will be welcomed by graduates, academics, researchers and policymakers alike.Table of ContentsContents: Preface 1. State Desertion and Credit Market Failure in the Transition 2. Constraints on Enterprise Liquidity and their Impact on Monetary Policy 3. Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch 4. The Economics of Bankruptcy in the Transition to a Market Economy 5. Changing Structure of Household Portfolios in Emerging Market Economies 6. Financial Intermediation and Industrial Restructuring in Central and Eastern Europe 7. The Gradual Approach to Banking Reform and the Anatomy of the Bad Loans Problem 8. The Banking Sector and Macroeconomic Performance: A Current Assessment 9. Central Bank Independence in the Early Stages of the Transition 10. Stabilization and Convertibilty in the Transition: The Legacies of the Twin Deficits References Index

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Book SynopsisThe problems associated with chronically high inflation and hyper inflation continue to preoccupy policy makers and economists. In Great Inflations of the 20th Century, Pierre Siklos has gathered together major papers by a distinguished group of scholars who use historical episodes to understand and explain a key issue.Beginning with general surveys of historical experiences of hyperinflation and cases of chronic inflation, this volume continues with papers on the conditions which are conducive to generating high inflation. The link between monetary policy and inflation is examined through empirical studies of inflationary episodes in Germany, Hungary and Bolivia. The final part looks at how policy makers can seek to end high inflation with the smallest possible economic cost.Bringing together in one accessible volume a series of acclaimed contributions to the field, Great Inflations of the 20th Century will be a key reference resource for interested scholars and policy makers concerned with the myriad of issues surrounding the beginning and end of high or chronic inflation.Trade Review'. . . the book contains an interesting collection of articles. . .'Table of ContentsContents: Preface List of Table List of Figures List of Contribution Part I: Surveys Part II: Conditions Conductive to High Inflation Part III: Empircal Studies of the Money-Prices Nexus Part IV: The Ending of Hyperinflation

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Book SynopsisThis book presents the most important published articles of Martin Shubik who has made a path-breaking contribution to game theory and political economy. The volume shows how game theory can be used to explore fundamental problems in economics, political science and operations research.The book opens with an introduction to the career of Martin Shubik and the influences which have shaped his research. In this, and the chapters which follow, Martin Shubik stresses the importance of formulative models as playable games and the treatment of information to describe decision making among individuals, using examples from industrial organization. He demonstrates that games are a fruitful way to extend our knowledge of competition among the few. In addition, he considers the importance of gaming in economics and business suggesting that experimental games can be used to illustrate problems and principles in multi-person decision making.This book will be welcomed by economists, game theorists, political scientists, and operations researchers.Trade Review'Martin Shubik has been one of the great pioneers in the application of game theory to economic problems. His work sheds considerable light on fundamental institutions such as the price system and money.'Table of ContentsContents: Introduction Part I: Political Economy Part II: Oligopoly Part III: Gaming Part IV: Game Theory and Operations Research Index

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Book SynopsisCentral bank intervention in foreign currency markets is widely regarded as ineffective by economists, policy makers and financiers, yet many central banks continue to enter the market in periods of turbulence. In Foreign Exchange Intervention, Geert Almekinders explains why central banks continue to carry out foreign exchange interventions despite their poor track record.Using confidential daily intervention data from the Bundesbank and the Federal Reserve for the period 1985 to 1990, the author shows how both banks were unable, despite repeated attempts, to reverse unwanted currency movements successfully. Dr Almekinders develops a positive theory of intervention - drawing on game theory - to show how central banks which lack political independence are sometimes forced to engage in surprise interventions which are rendered ineffective by rational speculators who anticipate their moves. The author also makes extensive use of modern statistical models of exchange rates to examine the decision making process of central banks. The book includes comprehensive surveys of existing theoretical and empirical investigations of foreign exchange intervention.Foreign Exchange Intervention will be welcomed by academic researchers and students, as well as economists and analysts in the financial sector, for its comprehensive surveys of previous scholarship, the use of hitherto unavailable data from the Bundesbank and the Federal Reserve, and the policy conclusions which derive from the book’s theoretical and empirical insights.Trade Review’The subject matter of this book is timely and the information contained in this book is indispensable for academicians, practitioners, and policymakers. It is welcomed addition to the literature on foreign exchange interventions.’ -- Kashi Nath Tiwari, Southern Economic JournalTable of ContentsContents: 1. Introduction 2. Theories on the Scope for Foreign Exchange Intervention 3. Empirical Investigations into the Objectives and Effectiveness of Intervention: A Survey 4. Objectives of Daily Bundesbank and Federal Reserve Intervention in the DM/$ Market – Part I 5. Objectives of Daily Bundesbank and Federal Reserve Intervention in the DM/$ – Market – Part II 6. Effectiveness of Daily Bundesbank and Federal Reserve Intervention in the DM/$ Market 7. A Positive Theory of Central Bank Intervention 8. Summary and Concluding Remarks References Index

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Book SynopsisKeynes, Money and the Open Economy is the first of three volumes celebrating Paul Davidson's path-breaking achievements and his seminal role in the foundation and development of post Keynesian economics. The book presents state-of-the-art contributions by leading economists which draw on Davidson's pioneering work in the fields of macroeconomic and monetary theory and policy, employment and income distribution, history of economic thought, methodology and international economics.Trade Review'This two-volume set provides ample testimony to the importance of Paul Davidson's contributions to the development of post Keynesian economics over nearly forty years.' -- J.A. Kregel, The Economic JournalTable of ContentsContents: Introduction (P. Arestis) 1. The General Theory of Employment, Interest and Money: Three Views (G.C. Harcourt, C. Sardoni) 2. Keynes, Einstein and Scientific Revolution (J.K. Galbraith) 3. AS/AD, AE/AP, IS/LM and Z (D. Colander) 4. Keynes’s Philosophy and Post Keynesian Monetary Theory (S.C. Dow) 5. Money, Finance and Interest Rates: Some Post Keynesian Reflections (M. Sawyer) 6. Paul Davidson’s Rediscovery of Keynes’s Finance Motive and the Liquidity Preference Versus Loanable Funds Debate (F.J. Cardim de Carvalho) 7. Money as a ‘Time Machine’ in the New Financial World (G.A. Dymski) 8. Endogenous Money and the ‘State of Trade’ (P. Howells) 9. Davidson on the Labour Market in a Monetary Production Economy (J. Deprez) 10. European Monetary Integration: A Post Keynesian Critique and Some Proposals (P. Arestis, M. Sawyer) 11. International Trade and the Real World (R.A. Blecker), Paul Davidson: A Bibliography Index

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Book SynopsisThis book provides the first comprehensive and accessible account of the evolution of exchange rate regimes in the twentieth century. It presents a chronological, non-technical history and in doing so manages to link the past with the present to shed new light on the merits of different exchange rate systems.Since the golden age before the First World War, the international monetary system has experienced several changes in exchange rate regimes, alternating between fixed and floating rate systems interspersed with managed or dirty floats. The authors examine and assess the evolution of exchange rate regimes since the First World War to the present day. They discuss the forces that have brought about change in order to determine how different regimes affected the economic environment. They consider the merits or otherwise of the respective regimes and assess the evidence and arguments for and against fixed and floating exchange rate systems.Exchange Rate Regimes in the Twentieth Century provides a coherent and manageable analysis of a complex subject. It will prove invaluable to both undergraduates and postgraduates studying economic history, international economics and international studies.Trade Review'This book provides an accessible survey of the substantial literature that has now accumulated on exchange-rate regimes in the twentieth century . . . a welcome addition to the literature.'Table of ContentsContents: Preface Introduction 1. The Restoration of Monetary Stability in the 1920s 2. The New Gold Standard and its Disintegration 3. Life after Gold: Currency Regimes of the 1930s 4. The Bretton Woods Era 5. The Aftermath of Bretton Woods 6. The Evolution of the European Monetary System 7. Do Monetary Systems Matter? References Index

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Book SynopsisThis major three volume collection celebrates the legacy of Robert E. Lucas, Jr., winner of the Nobel Memorial Prize in Economic Science in 1994, founder of the New Classical School and one of the most influential macroeconomists of the late twentieth century. The Legacy of Robert Lucas, Jr. presents the eleven most influential articles on macroeconomics by Robert Lucas, Jr. together with articles by a wide variety of other key economists who extend, develop, criticize, or are otherwise significantly influenced by Lucas's seminal ideas.Table of ContentsContents: Volume I: Acknowledgements • Introduction Kevin D. Hoover Part I: Foundations of the New Classical Macroeconomics A Lucas at the Beginning of the New Classical Macroeconomics 1. Robert E. Lucas, Jr. and Leonard A. Rapping (1969), ‘Real Wages, Employment, and Inflation’ 2. Robert E. Lucas, Jr. (1972), ‘Econometric Testing of the Natural Rate Hypothesis’ 3. Robert E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’ 4. Robert E. Lucas, Jr. (1973), ‘Some International Evidence on Output-Inflation Tradeoffs’ 5. Robert E. Lucas, Jr. (1975), ‘An Equilibrium Model of the Business Cycle’ 6. Robert E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’ B Rational Expectations 7. Roman Frydman (1982), ‘Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium’ 8. Robert M. Townsend (1983), ‘Forecasting the Forecasts of Others’ 9. Michael C. Lovell (1986), ‘Tests of the Rational Expectations Hypothesis’ 10. Charles R. Plott and Shyam Sunder (1988), ‘Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets’ 11. Roger Guesnerie (1992), ‘An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis’ C Intertemporal Substitution 12. Joseph G. Altonji (1982), ‘The Intertemporal Substitution Model of Labour Market Fluctuations: An Empirical Analysis’ 13. N. Gregory Mankiw, Julio J. Rotemberg and Lawrence H. Summers (1985), ‘Intertemporal Substitution in Macroeconomics’ 14. Richard Rogerson and Peter Rupert (1991), ‘New Estimates of Intertemporal Substitution: The Effect of Corner Solutions for Year-Round Workers’ D Natural Rate Hypothesis 15. Fischer Black (1974), ‘Uniqueness of the Price Level in Monetary Growth Models with Rational Expectations’ 16. Thomas J. Sargent (1976), ‘The Observational Equivalence of Natural and Unnatural Rate Theories of Macroeconomics’ 17. John B. Taylor (1980), ‘Aggregate Dynamics and Staggered Contracts’ 18. M.H. Pesaran (1982), ‘A Critique of the Proposed Tests of the Natural Rate–Rational Expectations Hypothesis’ Name Index Volume II: Acknowledgements E Empirical Testing of the Natural Rate Hypothesis 1. B.T. McCallum (1976), ‘Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates’ 2. Thomas J. Sargent (1976), ‘A Classical Macroeconometric Model for the United State’ 3. Robert J. Barro (1977), ‘Unanticipated Money Growth and Unemployment in the United States’ 4. Robert J. Barro and Zvi Hercowitz (1980), ‘Money Stock Revisions and Unanticipated Money Growth’ 5. Leonardo Leiderman (1980), ‘Macroeconometric Testing of the Rational Expectations and Structural Neutrality Hypotheses for the United States’ 6. John Y. Campbell and N. Gregory Mankiw (1987), ‘Are Output Fluctuations Transitory?’ F Policy Ineffectiveness 7. Thomas J. Sargent and Neil Wallace (1975), ‘“Rational” Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule’ 8. Thomas J. Sargent and Neil Wallace (1976), ‘Rational Expectations and the Theory of Economic Policy’ 9. John B. Taylor (1975), ‘Monetary Policy during a Transition to Rational Expectations’ 10. Stanley Fischer (1977), ‘Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule’ 11. Frederic S. Mishkin (1982), ‘Does Anticipated Monetary Policy Matter? An Econometric Investigation’ 12. Robert J. Barro and David B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’ G Business Cycles 13. Robert J. Barro (1980), ‘A Capital Market in an Equilibrium Business Cycle Mode’ 14. Finn E. Kydland and Edward C. Prescott (1982), ‘Time to Build and Aggregate Fluctuations’ 15. Alan C. Stockman and Ai Tee Koh (1986), ‘Open-Economy Implications of Two Models of Business Fluctuations’ 16. Albert Marcet and Thomas J. Sargent (1989), ‘Convergence of Least-Squares Learning in Environments with Hidden State Variables and Private Information’ H Econometrics and Policy Non-Invariance 17. Kenneth F. Wallis (1980), ‘Econometric Implications of the Rational Expectations Hypothesis’ 18. Lars Peter Hansen and Thomas J. Sargent (1980), ‘Formulating and Estimating Dynamic Linear Rational Expectations Models’ 19. Thomas J. Sargent (1981), ‘Interpreting Economic Time Series’ 20. Lars Peter Hansen and Kenneth J. Singleton (1982), ‘Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models’ 21. Salih Neftci and Thomas J. Sargent (1978), ‘A Little Bit of Evidence on the Natural Rate Hypothesis from the U.S.’ 22. Olivier J. Blanchard (1984), ‘The Lucas Critique and the Volcker Deflation’ 23. Christopher A. Sims (1986), ‘Are Forecasting Models Usable for Policy Analysis?’ 24. Preston J. Miller and William T. Roberds (1991), ‘The Quantitative Significance of the Lucas Critique’ 25. Carlo Favero and David F. Hendry (1992), ‘Testing the Lucas Critique: A Review’ 26. Roger E.A. Farmer (1992), ‘A Comment on “Testing the Lucas Critique: A Review”’ 27. Grayham E. Mizon (1992), ‘Comment’ 28. Carlo Favero and David F. Hendry (1992), ‘Reply’ 29. Stephen F. LeRoy (1995), ‘On Policy Regimes’ Name Index Volume III: Acknowledgements Part I: Dynamic Optimization 1. Robert E. Lucas, Jr. and Edward C. Prescott (1971), ‘Investment Under Uncertainty’ 2. William A. Brock and Michael J.P. Magill (1979), ‘Dynamics Under Uncertainty’ 3. Thomas J. Sargent (1989), ‘Two Models of Measurements and the Investment Accelerator’ 4. Andrew B. Abel and Janice C. Eberly (1994), ‘A Unified Model of Investment Under Uncertainty’ Part II: Asset Pricing 5. Robert E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’ 6. Robert E. Lucas, Jr. (1982), ‘Interest Rates and Currency Prices in a Two-Country World’ 7. Lars Peter Hansen and Kenneth J. Singleton (1983), ‘Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns’ 8. Robert J. Hodrick and Sanjay Srivastava (1984), ‘An Investigation of Risk and Return in Forward Foreign Exchange’ 9. Rajnish Mehra and Edward C. Prescott (1985), ‘The Equity Premium: A Puzzle’ 10. Robert M. Townsend (1987), ‘Asset-Return Anomalies in a Monetary Economy’ 11. W. Brian Arthur (1991), ‘Designing Economic Agents that Act Like Human Agents: A Behavioral Approach to Bounded Rationality’ 12. Lars E.O. Svensson (1985), ‘Money and Asset Prices in a Cash-in-Advance Economy’ Part III: Monetary and Fiscal Policy 13. Robert E. Lucas, Jr. and Nancy L. Stokey (1983), ‘Optimal Fiscal and Monetary Policy in an Economy without Capital’ 14. Mats Persson, Torsten Persson and Lars E.O. Svensson (1987), ‘Time Consistency of Fiscal and Monetary Policy’ 15. V.V. Chari and Patrick J. Kehoe (1993), ‘Sustainable Plans and Debt’ 16. Alberto Alesina and Guido Tabellini (1990), ‘A Positive Theory of Fiscal Deficits and Government Debt’ 17. Nancy L. Stokey (1991), ‘Credible Public Policy’ 18. David Romer (1993), ‘Why Should Governments Issue Bonds?’ Part IV: Endogenous Growth 19. Robert E. Lucas, Jr. (1988), ‘On the Mechanics of Economic Development’ 20. Robert J. Barro (1990), ‘Government Spending in a Simple Model of Endogenous Growth’ 21. Larry E. Jones, Rodolfo E. Manuelli and Peter E. Rossi (1993), ‘Optimal Taxation in Models of Endogenous Growth’ 22. Robert G. King and Ross Levine (1993), ‘Finance and Growth: Schumpeter Might Be Right’ 23. Robert J. Barro and Jong-Wha Lee (1993), ‘International Comparisons of Educational Attainment’ 24. Charles I. Jones (1995), ‘Time Series Tests of Endogenous Growth Models’ Name Index

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Book SynopsisMilton Friedman is beyond question the most famous living economist of the 20th century. He is closely associated with the doctrine of 'monetarism' which has been adopted by many governments around the world.This important two volume collection presents a major study of Milton Friedman's outstanding contribution to economics as a teacher at the University of Chicago. It shows how Friedman's distinctive ideas about money, markets and economic theory, communicated in the classroom and in thesis committees, influenced an entire generation of economists. It also reveals his influence on graduate-education practices at the University of Chicago and elsewhere.Trade Review'Hammond's introduction is learned, balanced and insightful, and, in conjunction with the Dwyer, Fand, Timberlake and Becker contributions, it provides a broad background from which to interpret Friedman's pedagogical impact.' -- A.W. Bob Coats, Economic RecordTable of ContentsContents: Acknowledgements • Introduction Volume I: Part I: Students’ Reflections on their Teacher 1. Gerald P. Dwyer, Jr. (1999), ‘How was Milton Friedman Distinctive as a Teacher?’ 2. David I. Fand (1999), ‘Friedman’s Price Theory: Economics 300 at the University of Chicago in 1947–1951’ 3. Richard H. Timberlake (1999), ‘Observations on a Constant Teacher by a Graduate Student Emeritus’ 4. Gary S. Becker (1991), ‘Milton Friedman 1912–’ Part II: The Legacy in Students’ Scholarship 5. G. Warren Nutter (1969), ‘Growth of Monopoly: 1899–1939’ 6. E.J. Mishan (1952), ‘Toward a General Theory of Price, Income, and Money’ 7. William Hamburger (1955), ‘The Relation of Consumption to Wealth and the Wage Rate’ 8. Phillip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’ 9. Eugene M. Lerner (1955), ‘Money, Prices, and Wages in the Confederacy, 1861–65’ 10. Richard T. Selden (1956), ‘Monetary Velocity in the United States’ 11. Gary S. Becker (1957), ‘The Forces Determining Discrimination in the Market Place’ and ‘Effective Discrimination’ 12. John J. Klein (1960), ‘Price-Level and Money-Denomination Movements’ 13. Norman V. Breckner (1958), ‘Liquidity and Farm Investment Outlays’ 14. Boris P. Pesek (1958), ‘Monetary Reforms and Monetary Equilibrium’ 15. George Macesich (1960), ‘Sources of Monetary Disturbances in the United States’ 16. James K. Kindahl (1961), ‘Economic Factors in Specie Resumption: The United States, 1865–79’ 17. Richard H. Timberlake (1993), ‘The Specie Circular and the Distribution of the Surplus’ 18. John V. Deaver (1970), ‘The Chilean Inflation and the Demand for Money’ 19. A. James Meigs (1962), ‘Development of the Hypotheses’ 20. David Meiselman (1962), ‘An Operational Test of the Expectations Hypotheses’ Name Index Volume II: 1. Edgar L. Feige (1964), ‘Estimation of Demand Functions for Financial Assets’ 2. George R. Morrison (1966), ‘The Theory and its Implementation’ 3. Sam Peltzman (1965), ‘Entry in Commercial Banking’ 4. Adolfo Cesar Diz (1970), ‘Money and Prices in Argentina, 1935–1962’ 5. Michael W. Keran (1970), ‘Monetary Policy and the Business Cycle in Postwar Japan’ 6. Morris Perlman (1970), ‘International Differences in Liquid Assets Portfolios’ 7. Miguel Sidrauski (1967), ‘Rational Choice and Patterns of Growth in a Monetary Economy’ 8. William E. Gibson (1970), ‘Interest Rates and Monetary Policy’ 9. Douglas K. Adie (1970), ‘English Bank Deposits before 1844’ 10. Benjamin Klein (1974), ‘Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money’ 11. Michael R. Darby (1972), ‘The Allocation of Transitory Income Among Consumers’ Assets’ 12. Edi Karni (1972), ‘Inflation and Real Interest Rate: A Long-Term Analysis’ 13. Robert D. Laurent (1974), ‘Currency in Circulation and the Real Value of Notes’ 14. Michael David Bordo (1975), ‘The Income Effects of the Sources of Monetary Change: An Historical Approach’ 15. Warren L. Coats, Jr. (1973), ‘Regulation D and the Vault Cash Game’ 16. Richard V.L. Cooper (1974), ‘Efficient Capital Markets and the Quantity Theory of Money’ 17. Leonardo Auernheimer (1974), ‘The Honest Government’s Guide to the Revenue from the Creation of Money’ 18. James R. Lothian (1976), ‘The Demand for High-Powered Money’ 19. Benjamin Eden (1976), ‘On the Specification of the Demand for Money: The Real Rate of Return versus the Rate of Inflation’ 20. Jo Anna Gray (1978), ‘On Indexation and Contract Length’ 21. Alan C. Stockman (1980), ‘A Theory of Exchange Rate Determination’ 22. Gerald P. Dwyer, Jr. (1984), ‘The Gibson Paradox: A Cross-Country Analysis’ Name Index

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Book SynopsisFiscal Policy and Interest Rates in the European Union is a comprehensive study concerned with the potential effects of fiscal policy on financial markets in the European Union. It takes into account the gradual liberalization of capital movements throughout Western Europe and the institutional framework of the European monetary system. Klaas Knot takes a fresh approach to the impact of budget deficits on interest rates, especially in relation to international financial integration, and concludes that the increases in European budget deficits since the early 1970s have raised interest rates in the long term throughout the Union. In conclusion he argues that balanced budget deficits are necessary to maintain low interest rates.This important new book will be of interest to students, academics and policymakers concerned with monetary and public economics.Trade Review'The literature survey nature of some of the chapters in the book will prove invaluable to final year and postgraduate students, as well as to researchers new to the fields of interest and exchange rate determination.' -- Bob Sedgewick, Economic JournalTable of ContentsContents: 1. Introduction and Outline 2. Fiscal Policy: Theory, Determinants and Measurement 3. European Capital Markets: Deficit and Interest Rates 4. Deficit Announcements and Interest Rates in Germany 5. Interest Rate Differentials and Exchange Rate Policies in the European Monetary System 6. Fundamental Determinants of Interest Rate Differentials in the EMS 7. Summary and Conclusion Bibliography Indexes

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Book SynopsisThis comprehensive book presents an original reconstruction of the different interpretations of the Phillips curve. The authors demonstrate through an in-depth analysis how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post Keynesian literature.In the first part of the book the authors focus on the origins of the Phillips curve and they critically analyse Richard Lipsey's interpretation and approach to the Phillips curve. They then explore the neoclassical and monetarist interpretation, paying special attention to the evolution of monetarism and the Keynesian critique of this approach. The Kaleckian, Keynesian and Marxist interpretations of the Phillips trade-off are then presented. Here the authors show how the relationship between inflation, unemployment and money described in these approaches accurately reflects the fundamental features of today's capitalist economies. In the final section a new Phillips curve is constructed, taking into account the non-accelerating inflation rate of unemployment and the hysteresis of it.Inflation, Unemployment and Money will be of interest to macroeconomists, post Keynesians and monetary and financial economists.Table of ContentsContents: Preface 1. The Origins: Phillips’s and Lipsey’s Contribution 2. Keynesians and Monetarists on the Phillips Curve 3. Neoclassical Interpretations of the Phillips Curve and the Microfoundations of Macroeconomics 4. The Phillips Curve and Stagflation 5. Unorthodox Interpretations of the Phillips Curve 6. Phillips Curve, Hysteresis and Keynesian Theory Bibliography Index

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Book SynopsisThis volume presents a collection of the most important published articles in the field, including influential papers by key economists on terms of primary products, commodity price instability, stabilization programmes, trade shocks, futures markets and sectoral studies.The Economics of Commodity Markets will be an essential reference guide for students and researchers specializing in international trade and development.Table of ContentsContents: Acknowledgements • Introduction Part I: Terms of Trade of Primary Products 1. R. Prebisch (1950), The Economic Development of Latin America and its Principal Problems 2. H.W. Singer (1950), ‘The Distribution of Gains Between Investing and Borrowing Countries’ 3. John Spraos (1980), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures’ 4. D. Sapsford (1985), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures: A Comment and Some Additional Evidence’ 5. Enzo R. Grilli and Maw Cheng Yang (1988), ‘Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows’ 6. Pier Giorgio Ardeni and Brian Wright (1992), ‘The Prebisch-Singer Hypothesis: A Reappraisal Independent of Stationarity Hypotheses’ 7. Michael Bleaney and David Greenaway (1993), ‘Long-run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries’ Part II: Commodity Price Instability 8. Alasdair I. Macbean (1966), ‘The Prima Facie Case’ 9. Robert S. Pindyck and Julio J. Rotemberg (1990), ‘The Excess Co-Movement of Commodity Prices’ 10. Angus Deaton and Guy Laroque (1992), ‘On the Behaviour of Commodity Prices’ 11. Alfred Maizels (1992), ‘The Commodity Price Collapse of the 1980s’ and The Impact on the Developing Countries’ 12. S.J. Leybourne, T.A. Lloyd and G.V. Reed (1994), ‘The Excess Co-movement of Commodity Prices Revisited’ Part III: Stabilization Programmes 13. J.M. Keynes (1938), ‘The Policy of Government Storage of Food-Stuffs and Raw Materials’ 14. Richard Just, Ernst Lutz, Andrew Schmitz and Stephen Turnovsky (1978), ‘The Distribution of Welfare Gains from Price Stabilization: An International Perspective’ 15. David M.G. Newbery and Joseph E. Stiglitz (1981), ‘Summary of Findings’ 16. S.M. Ravi Kanbur (1984), ‘How to Analyse Commodity Price Stabilisation? A Review Article’ 17. Christopher L. Gilbert (1996), ‘International Commodity Agreements: An Obituary Notice’ 18. Brian D. Wright and Jeffrey C. Williams (1982), ‘The Economic Role of Commodity Storage’ Part IV: Trade Shocks 19. W.M. Corden (1984), ‘Booming Sector and Dutch Disease Economics: Survey and Consolidation’ 20. Wilfred Beckerman and Tim Jenkinson (1986), ‘What Stopped the Inflation? Unemployment or Commodity Prices?’ 21. Christopher L. Gilbert (1990), ‘Primary Commodity Prices and Inflation’ 22. David Bevan, Paul Collier and Jan Willem Gunning (1993), ‘Trade Shocks in Developing Countries: Consequences and Policy Responses’ Part V: Futures Markets 23. Ronald I. McKinnon (1967), ‘Futures Markets, Buffer Stocks, and Income Stability for Primary Producers’ 24. Christopher L. Gilbert (1985), ‘Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation’ 25. Gordon Gemmill (1985), ‘Forward Contracts or International Buffer Stocks? A Study of their Relative Efficiencies in Stabilising Commodity Export Earnings’ Part VI: Sectoral Studies 26. Takamasa Akiyama and Panayotis N. Varangis (1990), ‘The Impact of the International Coffee Agreement on Producing Countries’ 27. Ronald W. Anderson and Christopher L. Gilbert (1988), ‘Commodity Agreements and Commodity Markets: Lessons from Tin’ 28. Brent Borrell and Ronald C. Duncan (1992), ‘A Survey of the Costs of World Sugar Policies’ 29. Kees Burger and Hidde P. Smit (1989), ‘Long-Term and Short-Term Analysis of the Natural Rubber Market’ 30. Ke-Young Chu and Thomas K. Morrison (1984), ‘The 1981-82 Recession and Non-Oil Primary Commodity Prices’ 31. Walter C. Labys (1975), ‘Introduction: A Taxonomy of Commodity Models and Their Policy Applications’ Name Index

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Book SynopsisMoney and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called 'monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the 'buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy.David Laidler has also prepared a personal memoir to accompany his volume which gives a revealing account of his academic career and influences, and places each essay in its original intellectual context. Money and Macroeconomics presents in one volume David Laidler's most important contributions to monetary economics. It will be invaluable to monetary and financial economists as well as policy makers and historians of economic thought.Table of ContentsContents: Economics as a Way of Life – A Personal Memoir 1. ‘The Rate of Interest and the Demand for Money – Some Empirical Evidence’ 2. ‘The Results and Implications of Recent Empirical Work on the Aggregate Demand Function for Money in the United States’ 3. ‘The Permanent-Income Concept in a Macro-economic Model’ 4. ‘Money, Wealth and Time Preference in a Stationary Economy’ 5. ‘The Phillips Curve, Expectations and Incomes Policy’ 6. ‘The Current Inflation – Explanations and Policies’ 7. ‘Monetarist Models of Inflation in Closed and Open Economies’ 8. ‘Information, Money and the Macroeconomics of Inflation’ 9. ‘Monetarism: An Interpretation and an Assessment’ 10. ‘A Small Macro-model of the Post-War United States’ 11. ‘On the Demand for Money and the Real Balance Effect’ 12. ‘Did Macroeconomics need the Rational Expectations Revolution?’ 13. ‘The “Buffer Stock” Notion in Monetary Economics 14. ‘Taking Money Seriously’ 15. ‘What Remains of the Case for Flexible Exchange Rates?’ 16. ‘The Quantity Theory is Always and Everywhere Controversial – Why?’ 17. ‘Price Stability and the Monetary Order’ 18. ‘Monetarism – the Unfinished Business’ Index

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Book SynopsisBanking in Transition Economies is a modern analysis of banking in the transition economies of Central and Eastern Europe and includes a detailed examination of banking in the first five years of transition as well as policy recommendations for banking reform in the region.This authoritative book presents an extensive investigation of changes in the structure of the banking industry and the progress of privatization, particularly in Hungary, Poland and the Czech Republic. Privatization and the restructuring of 'problem banks' are analysed as well as the strategy for re-capitalization and bank failure, and the role of foreign banks in bringing reform to the region. The book offers policy prescriptions for the transition from a passive banking structure to an active financial sector supporting the development of the industrial sector, and for the role of the state after privatization.This book will be of great importance to bankers in Central and Eastern Europe and economists interested in the process of transition, as well as financial and monetary economists.Trade Review'. . . the book by Bonin, Mizsei, Szekely and Wachtel gives a very detailed and informed account of four policy areas highly relevant to banking in transition economies . . . The rather selective nature of the book makes it a valuable source of information and input for the work of both policymakers in the region and academic researchers.'Table of ContentsContents: 1. Towards Market-Oriented Banking for the Economies in Transition: A Summary of Policy Recommendations 2. Bank Privatization in Hungary, Poland and the Czech Republic 3. The Role of Foreign Banks in Economies in Transition 4. Regulation of Bank Failures 5. Retail Banking in Central and Eastern Europe Index

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Book SynopsisDoes Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation. Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman's monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment.This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.Trade Review'To regulate or not to regulate has been one of the most vexing issues of the century. . . . Does Financial Deregulation Work? is a welcome addition to this complex debate. . . . Coggins does a convincing and painstaking job of presenting the case for strict regulation of the financial system.'Table of ContentsContents: 1. An Introduction to the Deregulation Controversy 2. The Deregulationist Program 3. The Deregulationist Assumptions 4. Six Alternative Assumptions for Firms 5. Six Alternative Assumptions for Financial Markets 6. Performance of the Deregulationist Program under the Alternative Assumptions 7. Two Case Studies 8. A New Approach to Regulation Suggested by the Alternative Assumptions Index

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Book SynopsisThis book represents the full spectrum of Alan Walters's contribution to economics over thirty years, from academic debate to close involvement in British policy making. It includes not only his earlier contributions to applied monetary economics but also his work on political economy which generated much interest following his appointment as economic adviser to Margaret Thatcher. The volume charts the development of Alan Walters's thinking on money, monetary policy and macroeconomics. It makes special reference to his work on the demand for money and the money multiplier, money and the business cycle and the political economy of money. The book opens with an introduction by Kent Matthews in which he provides an overview of Alan Walters's work in the context of the so-called 'monetarist counter-revolution'. He also offers an introductory discussion on each of the essays, which include: the quantity theory of money, consistent expectations, the time lag effects of money, supply-side policies, foreign exchange rates and anti-inflation policies. These essays offer important policy prescriptions, some of which are particularly timely in the light of increasing European economic and monetary integration.The Economics and Politics of Money will be welcomed by business and government as well as professional economists, social scientists and researchers interested in monetary economics and political economy.Table of ContentsContents: Introduction by Kent Matthews Part I: The Demand for Money and the Money Multiplier Part II: Money and the Business Cycle Part III: Political Economy Index

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Book SynopsisThis timely book provides an innovative examination of financial integration in the European Union - an issue that has become of paramount importance in view of the commencement of European Economic and Monetary Union.The author begins by assessing three different methods of financial integration in the European Union: interest parity conditions, savings-investment correlations and consumption correlations. He goes on to examine the fundamental determinants of financial integration and analyses the factors likely to influence the movement of capital within the European Union. The blend of empirical and theoretical research provides the reader with a comprehensive account of the progress made in integrating financial markets in the European Union.Integrating Financial Markets in the European Union will be essential reading for students and scholars of monetary economics, international finance and European integration. It will also prove useful to practitioners and policymakers working in central banking and government.Trade Review'. . . scholars of monetary economics and international finance specialising in European integration will find the book timely and useful.'Table of ContentsContents: 1. Integrating Financial Markets in the European Union: An Introduction Part I: The Measurement of Financial Integration 2. The Price Approach to Financial Integration: Decomposing European Money Market Interest Differentials 3. The Quantity Approach to Financial Integration: The Feldstein-Horioka Criterion Revisited 4. Financial Integration in Europe: Evidence from Euler Equation Tests Part II: The Determination of Financial Integration 5. The Fundamental Determinants of Financial Integration in the European Union 6. Short-term and Long-term Government Debt and Nonresident Interest Withholding Taxes Part III: Conclusion 7. Summary and Conclusions

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Book SynopsisThis book is an authoritative collection of the most important published articles on key issues in securities markets including market design, the sources of the bid ask spread, and the short term movement of prices. The articles trace the development of this relatively new field of market microstructure while at the same time reflecting the latest ideas. At a time when securities markets are undergoing dramatic change, this two volume set provides important guidance to students, users and regulators of securities markets.Table of ContentsContents: Volume I: Introduction Part I: Beginnings Part II: Microstructure Theory Without Asymmetric Information Part III: Microstructure Theory With Asymmetric Information Part IV: Patterns of Short-Run Price Behavior Part V: Evidence on the Bid Ask Spread and its Sources Index • Volume II: Part I: Price Impacts of Trading Part II: Theory of Market Design Part III: Evidence on Market Design and Trading Costs Part IV: Other Markets Part V: Market Microstructure and Asset Pricing Index

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Book SynopsisThis book provides an up-to-date analysis of some of the key issues facing the European Union on the (potentially rocky) road towards monetary union and enlargement. A wide range of topics is covered from a diverse and critical perspective.After addressing general questions concerning the deepening and widening of European integration, the authors include theoretical and empirical analyses of the implementation of EMU and its feasibility. They also consider convergence and development within the European Union, and the lessons to be learnt from the Nordic enlargement, as well as the experience of the Southern periphery. While the economic dimension is pervasive, the development of European Monetary Union will also be highly dependent on internal political developments and inter-member bargaining.Table of ContentsContents: Introduction Part I: Is Europe Ready for EMU? 1. The European Monetary Union in transition 2. Configurations and prospects for European integration and monetary unification 3. The EMS interest rates 4. Expected devaluations in the ERM 5. Stability of a monetary union Part II: Policy and Political Aspects of European Integration 6. Value-added tax and the internal market in the EU 7. Greek agriculture under the CAP 8. Economic integration and development 9. Primary convergence and European monetary integration 10. Capital flows, foreign exchange reserves and aggregate demand Part III: Lessons from the Nordic Enlargement and the Experience of the Southern Periphery 11. Swedish integration with the European Union 12. Did the ERM stabilize real exchange rates?

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Book SynopsisMoney and Banking provides an original and comprehensive interpretation of the debate on banking and the nature of money in Keynes's time from a post Keynesian point of view. The book traces the pre-history of monetary circuit theory and its challenge to mainstream analysis in the first four decades of the century, contrasting the neoclassical approach with the monetary theory of production. The author comprehensively examines and reconstructs the contributions of both well-known and more neglected authors to the debate on the nature of money and the function of the banks, from the viewpoint of a circuit theorist. He concludes with a comprehensive account of heterodox analyses of the creation of money by banks, beginning with Wicksell and ending with British and American proponents of 'free banking'.Trade Review'Realfonzo's book is wide-ranging and well documented. It usefully traces back the historical origins of the monetary circuit and analyses a number of themes that are still central to the contemporary theoretical debate.'Table of ContentsContents: 1. The Neoclassical Model and the Monetary Theory of Production 2. The Nature of Money 3. Banks as Pure Intermediaries 4. Banks and the Deposit Multiplier 5. The ‘Flexible’ Multiplier and Potential Bank Credit 6. Creation of Money by the Banks 7. Concluding Remarks

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Book SynopsisThis book critically examines the progress made on macroeconomic stabilization and financial sector reform in the transition economies of Central and Eastern Europe. It relates microeconomic experiences to the broader macroeconomic context of reform, and emphasises that macro reform is underpinned by micro and institutional reform, especially in the financial sphere.Key features include: bank and enterprise restructuring and the progress towards the resolution of banking and bad debt problems implications of bank and enterprise restructuring for corporate governance and company performance an evaluation of bank-enterprise relationships exchange rates and capital flows, with an analysis of the capital inflow problem and the performance of fixed exchange rate regimes in the post-stabilization phase of the transition detailed surveys of individual firm and bank behaviour and performance during the reform process. The book will be welcomed by scholars and practitioners interested in monetary and financial economics, the economics of transition and comparative economic systems.Table of ContentsContents: Foreword: Keynote Speech by Vahur Kraft, President, Bank of Estonia Preface 1. Introductory Overview Part I: Bank and Enterprise Restructuring 2. The Polish Bank and Enterprise Restructuring Programme 3. Enterprise Restructuring and Changes in the Business Environment in Estonia 4. Financial Contracts and Relations in the Small and Medium-Sized Enterprise Sector in Poland 5. Financing Small and Medium-Sized Enterprises in Poland, 1989–1994 6. Entry Conditions, Structure and Performance in Banking Sectors in Central and Eastern Europe 7. Financial Reforms in Poland Part II: Exchange Rate Regimes and Capital Flows 8. Fixed Exchange Rate Regime in the Stages of Transition 9. Macroeconomic Policy and Capital Flows 10. The Magnitude and Determinants of Capital Flight in Eastern Europe 11. Sterilization of Capital Inflows in Transition Economies Part III: Macroeconomic Effects of Financial Reforms and Panel Discussion 12. Simulation Experiments of the Macroeconomic Effects of Financial Reforms in Poland and Estonia 13. The Continuing Debate Index

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Book SynopsisThis important collection of previously published articles and papers, together with an original introduction by the editor, provides both a comprehensive overview of the subject and a more detailed examination of the issues. Topics covered include: the objectives and effectiveness of foreign exchange intervention; the portfolio-balance and expectations channel; new approaches to foreign exchange intervention; technical analysis, private information and game-theoretic models.Table of ContentsContents: Introduction Part I: The Objectives of Foreign Exchange Intervention Part II: The Effectiveness of Foreign Exchange Intervention Part III: New Approaches to Foreign Exchange Intervention Index

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Book SynopsisThe preparation for European Monetary Union and the significant drop in inflation characterize the 1990s for European monetary policymakers. In the near future, the European Central Bank will be given the responsibility to fight inflation in the Euro area. This timely book analyses technical, empirical and international monetary policy considerations relevant to the European Central Bank in choosing an appropriate monetary strategy for achieving price stability. The dynamics of inflation and the choice of a monetary strategy are the binding ingredients of this book. To identify the most effective policy for the European Central Bank, the author uses the experiences of a number of industrialized countries, namely, Germany, the Netherlands, Belgium and France, the United States, Canada and New Zealand. It is concluded that monetary targeting would be most effective in fighting inflation. The author also examines in detail the success of economic convergence in Europe and the qualification for participation in the Economic and Monetary Union. He concludes that there has been a remarkable convergence in inflation profiles over the last few decades but hardly any real convergence in the other major economic fields.This volume takes a fresh and original approach in investigating whether monetary or direct inflation targeting is appropriate for the European Central Bank. It will be of great relevance to monetary policy makers both in Europe and the rest of the world. It will also be of interest to academics and students of monetary economics and econometrics.Trade Review'Inflation Patterns and Monetary Policy presents a complete empirical analysis of one of the most interesting questions in EMU. It features interesting technical details and is highly readable.' -- Christoph Harff, Weltwirtschaftliches ArchivTable of ContentsContents: 1. Introduction 2. The P*- Framework: Theory and Backgrounds 3. Testing the P*- Model for Four Initial ERM Members 4. Money and Prices in a Small EMU 5. Monetary Spillover Effects from the ERM to Austria 6. Direct Inflation Targeting: Conceptual and Empirical Considerations 7. About the Ins and Outs 8. Summary and Concluding Remarks References Index

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Book SynopsisIn this invaluable book, Martin Fase, a notable academic and practitioner, draws together his most important contributions to monetary economics over two decades, using empirical evidence to assert his unique style in designing monetary policy. One of the main themes of Professor Fase's work, covered in the first part of the book, is the empirical analysis of the demand for money. For traditional monetary aggregates and Divisia aggregates the author investigates the dynamics, stability and determinants of money demand on a sectoral, national and Europe-wide level. The second part of the book uses empirical evidence to address a variety of monetary issues, including the system approach to money demand, the demand for bank loans, payment patterns and the demand for banknotes and coins. These chapters support the author's assertion that both the aggregate and disaggregate analyses of money demand are necessary for the design of a successful monetary policy in a European Monetary Union.On Money and Credit in Europe will be of great value to scholars and practitioners of monetary and financial economics, the economics of European integration and money and banking.Table of ContentsContents: Introduction Part I: Aggregate Money Demand Part II: Monetary Disaggregation: Asset Demand, Bank Credit, Notes and Coins Index

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Book SynopsisThis timely book provides a comprehensive analysis of the post-war evolution of financial markets and financial regulation in Japan, with special emphasis being placed on the period since 1975.Max Hall, a leading specialist in financial regulation, provides a full and detailed coverage of the causes and nature of the recent liberalization of financial markets adopted in Japan as well as its consequences for public policy. He also examines the recent reforms of Japan's central bank, the Bank of Japan, and offers an in-depth discussion of the current weaknesses of the Japanese banking sector. By providing a critical overview of the local financial system and detailed discussion of the evolution of financial markets in Japan, the book sheds new light on the institutional problems at the heart of the current crisis. The politics, as well as the economics, of the financial liberation programme are scrutinised to provide a comprehensive analysis of financial reform.Trade Review'Most readers of this journal will be well aware of the recent (and ongoing) deregulatory reforms of the Japanese financial sector but very few will appreciate the economic and legislative histories leading up to the "Big Bang" programme of financial reform. This book will be invaluable in plugging that gap in understanding. . . This book must be essential reading for anyone seeking a fuller understanding and an independent assessment of Japan's financial reforms.' -- Joanna Gray, Journal of Financial Regulation and Compliance'Max Hall has written an authoritative account of financial developments and banking reforms in Japan over the last three, or four, decades, recording how this complex story has unfolded up till 1998. As in so many other facets of Japanese life, there is often a large gap between the rhetoric of public announcements and the underlying reality; Max Hall has such a profound understanding of his subject that he can guide us sure-footedly through the maze of the relationships between the Ministry of Finance (MoF), the Bank of Japan (BoJ) and the banks, not to speak of the various assortment of politicians, for example in the Jusen imbroglio. This is the most thorough and comprehensive book on the Japanese financial system and its problems available in the English language. It will be an essential reference book for all those wishing to understand the travails, strengths and weaknesses of this system, whether from an academic, practitioner or policy-related standpoint.' -- Charles A.E. Goodhart, London School of Economics and Political Science, UKTable of ContentsContents: Part I: Financial Structure and the Reform Debate 1. The Japanese Financial System 2. Pressures for Reform Part II: Financial Reform 3. Financial Deregulation 4. Financial Reform Under the ‘Big Bang’ Programme 5. Supervisory Reform 6. Reform of the Bank of Japan Part III: The Consequences of Financial Reform for Public Policy 7. Implications of Financial Liberalisation for the Conduct of Monetary Policy 8. Implications of Financial Liberalisation for Prudential Policy Index

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Book SynopsisRobert W. Clower has had a profound effect on the theory and practice of economics. The distinguished group of contributors to this book celebrates his seminal contribution to economic methodology and theory by providing key accounts of important themes in the area of money, markets and method.The volume begins with a number of papers dealing with Robert Clower's work and his views on methodology. The contributors then discuss Keynes's General Theory and its relationship to conventional Keynesian macroeconomic theory as well as the origins of the General Theory itself, a subject that has been central to Clower's writings. The analysis is then expanded to concentrate on how institutions matter in thin markets. Finally, the authors analyse ways in which adaptive behaviour influences the stability of markets in the context of trading relationships, repeated games and retail stores.Trade Review'What [this book] has, to a greater degree than most conference volumes or Festschrifts, are pieces that provoke thought, stimulate further research, make one wish to read more works by these authors, and reminds one how much insight, stimulus, and pleasure is to be gained by re-reading Robert Clower's essays.' -- Robert W. Dimand, History of Economic Ideas'The volume is well edited and clearly organized, and includes an informative list of contributors, noting their affiliations and a brief description of their work. . . . This volume succeeds as a fine and fitting tribute to the birthday honoree. Its essays present a significant development of this family of arguments.' -- Ross M. Starr, Journal of Economic LiteratureTable of ContentsContents: Introduction Part I: Monetary Theory and Methodology 1. Clower’s Intellectual Voyage: The ‘Ariadne’s Thread’ of Continuity Through Changes 2. Microfoundations: Adaptive or Optimizing? 3. Clower on Axiomatics 4. New Tools for Making Economics as Inductive Science Part II: Keynes’s General Theory 5. From Keynes to Hicks – An Aberration? IS–LM and the Analytical Nucleus of the General Theory 6. Variations on a Two-Interest-Rate Theme 7. Thick Markets and Thin Theories: R.W. Clower and the Economics of J.M. Keynes Part III: Market Behaviour 8. Price Formation and Exchange in Thin Markets: A Laboratory Comparison of Institutions 9. Conformism and Multiple Sycophantic Equilibria 10. Asymmetric Contests: A Resolution of the Tullock Paradox Part IV: Market Stability 11. The Institutional Foundations of the Multiplier Process 12. Learning and the Stock-Flow Model 13. Price Setting in a Schematic Model of Inductive Learning Index

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Book SynopsisThis book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence.The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided.This book will appeal to researchers, academics and policymakers in the fields of monetary policy, financial economics, money and banking and political economy.Trade Review'Lippi's book offers a number of very interesting extensions of the literature on central bank independence and credibility of monetary policy. The author combines a good knowledge of this topic with interesting new insights. No doubt, this book will be very useful for scholars in this rapidly developing research area.' -- Jakob de Haan, University of Groningen, The NetherlandsTable of ContentsContents: Preface 1. Central Bank Independence, Targets and Credibility: Motivation and Overview Part I: Extensions of the Credibility Model 2. Credibility and Imperfect Monetary Control 3. Rules versus Discretion with Two Policy Instruments 4. Distributional Motives and the Inflationary Bias 5. Policy Delegation and Elections Part II: Central Bank Independence and Targets 6. On Central Bank Independence and the Stability of Policy Targets 7. Central Bank Independence and Conservatism Part III: Some Evidence 8. Policy Targets, Economic Performance and Central Bank Independence References Index With W. Letterie and O.H. Swank

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Book SynopsisThis book outlines the development of the theory of exchange, paying particular attention to formal models produced during the last half of the 19th century. This is achieved in two ways, by providing an introductory survey of the development of the theory and by reproducing extracts from some of the major contributors.John Creedy examines Cournot's analysis of trade between regions and Walras's model of exchange with a utility maximising foundation. He also analyses the developments in England during this time including Mill's treatment of international trade, which simulated Whewell and Marshall's work on a non-utility framework. In addition, the author considers the pioneering contribution of Jevons who had a major influence on Edgeworth, who in turn managed to synthesise many of the theories as well as producing his own important innovations. Finally, the developments made by Launhardt and Wicksell to the modern theory of exchange are discussed. What emerges from John Creedy's account is that these models are formally similar, but often disguised as different approaches by the different emphasis placed on certain parts of the model by the individual contributors.This pioneering book will be of interest to those working in the fields of the history of economics, international trade and microeconomics.Trade Review'Those desirous of learning more about the theory of exchange in the formative period of marginalist economics can benefit considerably from Creedy's essays, here conveniently reprinted in the one place. Those who lack the originals on their bookshelves, whose work Creedy discusses, or who cannot easily obtain them from their university libraries, will find the selections reprinted in the companion volume quite handy. In short, these are useful collections to order for your library and to place on the reading list of your history of economics course if it deals in depth with the early marginalists. This is a quality contribution from a good specialist historian of economics.' -- Peter Groenewegen, History of Economics ReviewTable of ContentsContents: Part I: Introduction 1. Introduction and Outline Part II: Development of the Theory 2. Non-utility Approaches 3. Utility Approaches Part III: Selections from the Texts 4. The Demand Function 5. International Trade Models 6. Formal Exchange Models 7. Marshall and Edgeworth 8. Later Expositions Bibliography Index

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Book SynopsisThis unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period and the great inflation of the late 1960s and 1970s. It is the first detailed analysis, using Federal Reserve documents, of the thinking behind the inflationary monetary policy during this period.The book examines documentary evidence, including minutes, memos and reports and interviews with people who were closely involved in making policy decisions, to explain the monetary policy that led to this inflation. Thomas Mayer considers forecasting errors and wage and price controls in his attempt to explain why the inflation occurred and places some of the blame on ineffective operating procedures, institutional inefficiencies, and political pressures on the Federal Reserve. The author concludes that much of the responsibility for the mistaken policies lies with academic economists who underestimated the dangers of inflation and encouraged the Federal Reserve to focus on an unattainable employment goal.Monetary Policy and the Great Inflation in the United States will be welcomed by economists, political scientists and economic historians interested in monetary policyTrade Review'Thomas Mayer writes beautifully. Although his book treats difficult issues, one can read it with pleasure. He deals with the problem of why inflation soared in the sixties and seventies. At the same time, he offers the reader general insights gained from a lifetime of observation of how 19 members of the Federal Open Market Committee (FOMC) sit around a table and make monetary policy.' -- Robert Hetzel, Journal of Economic Literature'. . . a fascinating book about the causes of the 1965-79 "Great Inflation" in the US. . . . Recommended for public, academic, and professional collections.' -- R.J. Phillips, Choice'Mayer has filled a considerable gap in our knowledge with this path-breaking study . . . No one in future should write on this topic without consulting it.' -- David Laidler, Economic Record'Monetary Policy and the Great Inflation in the United States is a very enlightening description of how monetary policy led to the Great Inflation. Professor Mayer displays his typically thorough analytical skills and clear writing style while describing a wealth of source level evidence regarding the thought process of monetary policymakers.' -- Stephen J. Perez, EH.NET'His [Thomas Mayer's] research shows both how easily monetary policy can be led astray by dubious economic theories, and how difficult it is to change direction once a policy has been established . . . This book contains much information and insight about Federal Reserve policy making . . . I recommend it to readers interested in the macroeconomic history of the 1970s or the history of Federal Reserve policy making in general.' -- David C. Wheelock, Journal of Economic HistoryTable of ContentsContents: 1. Introduction 2. Forecasts of Macroeconomic Variables 3. Controlling the Monetary Aggregates 4. Cognitive Errors 5. Political Pressures 6. Controls and the Committee on Interest and Dividends 7. Economists’ Thinking and the FOMC 8. Conclusion Appendix A: The Federal Open Market Committee Appendix B: Supply Shocks in the 1973–5 Period Appendix C: Background of FOMC Participants Cited References Glossary Index

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Book SynopsisThe Foundations of Monetary Economics presents an authoritative collection of key articles on monetary economics - one of the most contentious areas of economics. David Laidler - who has himself made important contributions - has selected those articles which are essential to an understanding of the origin and development of monetary economics.This important three-volume collection includes classic papers from the late 19th and early 20th centuries but places the emphasis on those papers written in the last half century. Particular weight is given to work that pays explicit attention to money's role in processes of exchange. Topics include the origins of money; cash in advance; overlapping generations and legal restrictions; theories of the demand for money; empirical studies of the demand for money; money, prices and output; money in general equilibrium and disequilibrium; money and clearing markets; credit market effects; monetary explanations of the cycle; money and the Great Depression; money and growth; monetary policy and the price level; rational expectations and monetary policy; central banking; free banking and the new monetary economics.Trade Review'This three-volume set can be strongly recommended, because it will be an authoritative source for all those interested in political economy, monetary policy and the history of monetary thought, who will also benefit from not having to search for many until now dispersed articles, which are not readily accessible in every library.' -- Sergio Rossi, KyklosTable of ContentsContents: Acknowledgements • Introduction Volume I: Part I: The Origins of Money 1. Karl Menger (sic) (1892), ‘On the Origin of Money’ 2. Karl Brunner and Allan H. Meltzer (1971), ‘The Uses of Money: Money in the Theory of an Exchange Economy’ 3. Joseph M. Ostroy (1973), ‘The Informational Efficiency of Monetary Exchange’ 4. Robert A. Jones (1976), ‘The Origin and Development of Media of Exchange’ 5. Armen A. Alchian (1977), ‘Why Money?’ 6. Nobuhiro Kiyotaki and Randall Wright (1989), ‘On Money as a Medium of Exchange’ 7. Toni Gravelle (1996), ‘What is Old is New Again’ Part II: Cash in Advance 8. Robert Clower (1967), ‘A Reconsideration of the Microfoundations of Monetary Theory’ 9. Meir Kohn (1981), ‘In Defense of the Finance Constraint’ Part III: Overlapping Generations and Legal Restrictions 10. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’ 11. Bennett T. McCallum (1983), ‘The Role of Overlapping-Generations Models in Monetary Economics’ 12. Neil Wallace (1988), ‘A Suggestion for Oversimplifying the Theory of Money’ Part IV: Theories of the Damand for Money 13. F.Y. Edgeworth, Esq., M.A. (1888), ‘The Mathematical Theory of Banking’ 14. A.C. Pigou (1917), ‘The Value of Money’ 15. S.P. Chambers (1934-1935), ‘Fluctuations in Capital and the Demand for Money’ 16. J.R. Hicks (1935), ‘A Suggestion for Simplifying the Theory of Money’ 17. J.C. Gilbert (1953), ‘The Demand for Money: The Development of an Economic Concept’ 18. Milton Friedman (1956), ‘The Quantity Theory of Money-A Restatement’ 19. William J. Baumol (1952), ‘The Transactions Demand for Cash: An Inventory Theoretic Approach’ 20. J. Tobin (1958), ‘Liquidity Preference as Behavior Towards Risk’ 21. Merton H. Miller and Daniel Orr (1966), ‘A Model of the Demand for Money by Firms’ 22. Maurice D. Weinrobe (1972), ‘A Simple Model of the Precautionary Demand for Money’ 23. M.R. Gray and J.M. Parkin (1973), ‘Portfolio Diversification as Optimal Precautionary Behaviour’ 24. Lars E.O. Svensson (1985), ‘Money and Asset Prices in a Cash-in-Advance Economy’ Part V: Empirical Studies of the Demand for Money 25. A.J. Brown (1939), ‘Interest, Prices, and the Demand Schedule for Idle Money’ 26. Allan H. Meltzer (1963), ‘The Demand for Money: The Evidence from the Time Series’ 27. Edgar L. Feige (1967), ‘Expectations and Adjustments in the Monetary Sector’ 28. Michael D. Bordo and Lars Jonung (1990), ‘The Long-Run Behavior of Velocity: The Institutional Approach Revisited’ 29. William A. Barnett, Douglas Fisher and Apostolos Serletis (1992), ‘Consumer Theory and the Demand for Money’ Name Index Volume II: Part I: Money, Prices and Output 1. Knut Wicksell (1907), ‘The Influence of the Rate of Interest on Prices’ 2. R.F. Harrod (1937), ‘Mr. Keynes and Traditional Theory’ 3. J.R. Hicks (1937), ‘Mr Keynes and the “Classics”: A Suggested Interpretation’ 4. Franco Modigliani (1944), ‘Liquidity Preference and the Theory of Interest and Money’ 5. Don Patinkin (1952), ‘Price Flexibility and Full Employment’ Part II: Money in General Equilibrium and Disequilibrium 6. G.C. Archibald and R.G. Lipsey (1958), ‘Monetary and Value Theory: A Critique of Lange and Patinkin’ 7. James Tobin (1969), ‘A General Equilibrium Approach To Monetary Theory’ 8. Robert J. Barro and Herschel I. Grossman (1971), ‘A General Disequilibrium Model of Income and Employment’ 9. P.W. Howitt (1974), ‘Stability and the Quantity Theory’ 10. Axel Leijonhufvud (1973), ‘Effective Demand Failures’ 11. Peter D. Jonson (1976), ‘Money, Prices and Output: An Integrative Essay’ Part III: Money and Clearing Markets 12. Robert E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’ 13. Timothy D. Lane (1990), ‘Costly Portfolio Adjustment and the Short-Run Demand for Money’ Part IV: Credit Market Effects 14. Joseph E. Stiglitz and Andrew Weiss (1981), ‘Credit Rationing in Markets with Imperfect Information’ 15. Ben S. Bernanke and Alan S. Blinder (1988), ‘Credit, Money, and Aggregate Demand’ Part V: Monetary Explanations of the Cycle 16. Irving Fisher (1923), ‘The Business Cycle Largely A “Dance of the Dollar”’ 17. D.H. Robertson (1928), ‘Theories of Banking Policy’ 18. R.G. Hawtrey (1929), ‘The Monetary Theory of the Trade Cycle’ 19. Friedrich A. Von Hayek (1939), ‘Price Expectations, Monetary Disturbances and Malinvestments’ 20. Clark Warburton (1952), ‘The Misplaced Emphasis in Contemporary Business-Fluctuation Theory’ 21. Milton Friedman and Anna J. Schwartz (1963), ‘Money and Business Cycles’ 22. Robert E. Lucas, Jr. (1977), ‘Understanding Business Cycles’ 23. Leland B. Yeager (1986), ‘The Significance of Monetary Disequilibrium’ Part VI: Money and the Great Depression 24. Irving Fisher (1933), ‘The Debt-Deflation Theory of Great Depressions’ 25. Lauchlin Currie (1934), ‘The Failure of Monetary Policy to Prevent the Depression of 1929-32’ 26. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression’ Name Index Volume III: Part I: Money and Growth 1. James Tobin (1965), ‘Money and Economic Growth’ 2. Miguel Sidrauski (1967), ‘Rational Choice and Patterns of Growth in a Monetary Economy’ 3. Joel Fried (1973), ‘Money, Exchange and Growth’ Part II: Money and Welfare 4. Martin J. Bailey (1956), ‘The Welfare Cost of Inflationary Finance’ 5. Harry G. Johnson (1969), ‘Inside Money, Outside Money, Income, Wealth, and Welfare In Monetary Theory’ 6. A. Leijonhufvud (1977), ‘Costs and Consequences of Inflation’ 7. Dwight Jaffee and Ephraim Kleiman (1977), ‘The Welfare Implications of Uneven Inflation’ Part III: Monetary Policy and the Price Level 8. Alfred Marshall (1925), ‘Remedies for Fluctuations in General Prices (1887)’ 9. Irving Fisher (1913), ‘A Remedy for the Rising Cost of Living: Standardizing the Dollar’ 10. Henry C. Simons (1936), ‘Rules Versus Authorities in Monetary Policy’ 11. Milton Friedman (1968), ‘The Role of Monetary Policy’ Part IV: Rational Expectations and Monetary Policy 12. Thomas J. Sargent and Neil Wallace (1976), ‘Rational Expectations and the Theory of Economic Policy’ 13. Edmund S. Phelps and John B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’ 14. Stanley Fischer (1977), ‘Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule’ 15. Peter Howitt (1981), ‘Activist Monetary Policy under Rational Expectations’ Part V: Central Banking 16. Michael Parkin and Robin Bade (1977), ‘Central-Bank Laws and Monetary Policies: A Preliminary Investigation’ 17. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’ 18. Robert J. Barro and David B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’ 19. Robert J. Barro (1986), ‘Recent Developments in the Theory of Rules Versus Discretion’ 20. Carl E. Walsh (1995), ‘Optimal Contracts for Central Bankers’ 21. Bennett T. McCallum (1995), ‘Two Fallacies Concerning Central-Bank Independence’ 22. Stanley Fischer (1994), ‘Modern Central Banking’ Part VI: Free Banking and the New Monetary Economics 23. Benjamin Klein (1974), ‘The Competitive Supply of Money’ 24. Eugene F. Fama (1980), ‘Banking in the Theory of Finance’ 25. Kevin D. Hoover (1988), ‘Money, Prices and Finance in the New Monetary Economics’ 26. George A. Selgin and Lawrence H. White (1994), ‘How Would the Invisible Hand Handle Money?’ Name Index

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Book SynopsisThis series is intended to serve as an introduction to the Indian Economy from the Post Reform of 1991. The author makes an endeavor to present how India’s economic fortunes dwindled over the centuries. This first volume begins with an analysis of the history, evolution, and growth of the Indian economy through several periods along with their positive and negative aspects.The author attempts to bring fairly interesting snapshots to highlight how the Indian economy has evolved over the years. The book provides history; traces the evolution of the economy during the early Muslim period and the Mughal Empire as well as during the British regime (1761 to 1947); and analyzes the impact of the British regime and the growth of the economy between 1947 and 1990. Points of analysis include policy framework—state and market; NITI Aayog—a think tank; the Indian polity—fiscal federalism; democracy and development; the economic policy regime prior to 1991; and economic reforms. The penultimate chapter looks at the future direction and task ahead of the economy. Finally, Indian economic thought is analyzed. There is plenty to discuss!

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Book SynopsisIndia evokes many images because the country is extremely heterogeneous in its resource endowments, climate, languages, and infrastructure. India provides a rich tapestry of economic and social milieu: the 22 officially recognized languages spoken by the population, with their many dialects; the caste system; and its hoary history with its rich culture and traditions.India possesses a wide and varied resource base, although domestic sources supply only a third of the country’s oil requirements at present. India’s economic performance has attracted considerable commentary and controversy. Since 1950, India’s approach to economic development has been within the framework of a mixed economy, which has resulted from both pragmatic and political considerations.The objective of this book is to provide an understanding of the economy with its nature and structure, dominance of unorganized sector, natural resources, economic and social infrastructure, demographic features, poverty, unemployment, inequality, national income, saving and investment, role of noneconomic factors, and sources of data. Despite being a part of the eight-volume series on the Indian economy, this second volume in the series is in the nature of an introductory essay designed to provide a succinct nontechnical exposition of India’s economic structure, performance, and policies.

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Book SynopsisIn 1991, India adopted liberal and free-market principles and liberalized its economy. The economic reforms provided the market orientation to the economy to improve efficiency and productivity. The country's economic growth progressed with a relatively moderate increase in per-capita income. The economic reform has brought the challenge and the economy is in an adjustment mode the important factor is the smooth implementation of reforms.Currently India is called a developing economy. Macroeconomic variables help in obtaining a picture of major structural changes in India's economy. Such changes accompany economic development. The economy of India is the fifth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. According to the IMF, on a per-capita-income basis, India ranked 142nd by nominal GDP and 126th by GDP (PPP) in 2018.India is the 21st largest exporter and the 11th largest importer in the world. For the sake of analysis the book will be divided into the following seven parts: Part I Anatomy of Indian Economy; Part II Agriculture Reforms; Part III Industrial Reforms; Part IV Financial Sector Reforms; Part V Fiscal and Monetary Policy Reforms; Part VI External Sector Reforms; Part VII Contemporary Issues in Indian Economy.

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Book Synopsis

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