Monetary economics Books

Book SynopsisA Wall Street Journal bestsellerFinancial expert, investment advisor and New York Times bestselling author James Rickards shows why and how global financial markets are being artificially inflated--and what smart investors can do to protect their assets What goes up, must come down. As any student of financial history knows, the dizzying heights of the stock market can't continue indefinitely--especially since asset prices have been artificially inflated by investor optimism around the Trump administration, ruinously low interest rates, and the infiltration of behavioral economics into our financial lives. The elites are prepared, but what's the average investor to do? James Rickards, the author of the prescient books Currency Wars, The Death of Money, and The Road to Ruin, lays out the true risks to our financial system, and offers invaluable advice on how best to weather the storm. You'll learn, for instance:

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Book SynopsisMoney has the power to make nations and fuel wars. It is both the subject of diplomacy and the tool of those seeking to overthrow hostile regimes at home and abroad. Germany's hyperinflation following the First World War has entered the public consciousness as an extreme example of what can happen to a currency in conflict. What is not widely known is that it is by no means the worst case of war-induced hyperinflation.Hostile Money looks at the impact of war and revolution on national currencies from Rome's civil war in the first century BC to the twenty-first-century invasions of Afghanistan and Iraq by American-led forces and the economic sanctions and cyberwarfare of today.Trade ReviewA pleasure to read ... Impressively erudite, [Paul Wilson] never lets his command of detail hold up the story, so that the reader is swept up in the stormy history of money’s role in some of the greatest social, political and military conflicts from ancient Rome to the cyber warfare of the 21st century -- Robert Pringle, author of THE MONEY TRAP

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Book SynopsisIt will be of interest to scholars and students of classical antiquity and the Middle Ages, as well as to professional and amateur numismatists.Trade ReviewThis thought-provoking work... should be important reading for scholars in a variety of disciplines. It challenges, for example, the long-held belief that a large-scale drain of Roman specie went to India and the East in the early centuries of the Roman Empire and the concept that the western provinces of the Roman Empire were never completely monetized. These reinterpretations and others, presented forcefully with careful documentation, should arouse the attention of anyone interested in ancient or medieval history, economics, or numismatics. HistoryTable of ContentsAcknowledgmentsChapter 1. Coins, the Money of the Roman EconomyChapter 2. Monetization of Roman Italy, 500–200 B.C.Chapter 3. The Denarius and Overseas Expansion, 200–30 B.C.Chapter 4. The Augustan Coinage, 30 B.C.–A.D 235Chapter 5. Currencies of the Roman East, 30 B.C.–A.D 200Chapter 6. The Great Debasement and Reform, A.D. 193–305Chapter 7. Imperial Regulation and Reform, A.D.. 305–498Chapter 8. The Loss of Roman Monetary Ways, A.D. 400–700Chapter 9. Government's Aims and NeedsChapter 10. Coins in the Cities and Markets of the Roman WorldChapter 11. Coins, Prices, and WagesChapter 12. Roman Coins Beyond the Imperial FrontiersAppendix: Weights and Measures in the Roman WorldPlatesAbbreviationsNotesGlossarySelect BibliographyIndex

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Book SynopsisSharply and clearly argued, Wolf's prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."Table of ContentsSeries Editor's ForewordPreface1. Learning Lessons2. Blessings and Perils of Liberal Finance3. Financial Crises in the Era of Globalization4. From Crises to Imbalances5. From Crises to Imbalances6. Toward Adjustment and Domestic Reform7. Toward Global Reform8. From Imbalances to the Subprime Financial CrisisNotesReferencesIndex

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Book SynopsisTwenty years ago, John Taylor proposed a simple idea to guide monetary policy. Quickly the idea spread, not only through academia, but also to the trading floors of Wall Street and the Federal Reserve's boardroom in Washington. Now, two decades later, the Taylor rule remains a focal point for discussions of monetary policy around the world.Table of ContentsPreface by Richard W. Fisher Introduction by Evan F. Koenig, Robert Leeson, and George A. Kahn I. TAYLOR\u2019S APPROACH TO MONETARY THEORY AND POLICY 1. Monetary Policy Rules: from Adam Smith to John Taylor by Pier Francesco Asso, Robert Leeson 2. The Taylor Rule and the Practice of Central Banking by George A. Kahn 3. A Comparison with Milton Friedman by Edward Nelson 4. Two Basic Principles by Robert E. Lucas II. FROM THE GREAT MODERATION TO THE GREAT DEVIATION 5. The Great Moderation by Ben S. Bernanke 6. The Great Deviation by John B. Taylor 7. It\u2019s Not So Simple by Donald L. Kohn III. NEW CHALLENGES IN THE DECADE AHEAD 8. Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice by Michael Woodford 9. The Dual Nature of Forecast Targeting and Instrument Rules by John B. Taylor 10. Evaluating Monetary Policy by Lars E. O. Svensson IV. TAYLOR\u2019S INFLUENCE ON POLICYMAKING: FIRSTHAND ACCOUNTS 11. Overview by Ben S. Bernanke 12. The View from Inside the Fed by Janet Yellen 13. The View from Inside the European Central Bank by Otmar Issing 14. The View from Central Banks in Emerging Markets by Guillermo Ortiz 15. A View from the Financial Markets by John P. Lipsky APPENDIX The Pursuit of Policy Rules: A Conversation between Robert Leeson and John B. Taylor About the Contributing Authors Index

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Book SynopsisIn this wide-ranging collection of essays first published between 2007 and 2014, Charles Wolf Jr. shares his insights on the world's economies, including those of China, the United States, Japan, Korea, India, and others. First appearing in such periodicals as in Forbes, the Wall Street Journal, and the Weekly Standard, among others, these chapters take on a range of questions about the global economy. Wolf discusses the paradoxes and puzzles within China's political economy and in its interactions with the United States. He analyzes the shortcomings of Keynesian economics as a response to the 2008 recession, as well as the weaknesses of policies and actions inferred from the theory, and compares those weaknesses with those of austerity policies intended to limit government spending and indebtedness. He also offers his views on economic inequality and where its principal sources may truly lay, China's currency and the continuing controversy about whether and when it may become a major

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Book SynopsisBrings together discussions and presentations from the Hoover Institution's annual monetary policy conference. The conference participants discuss long-run monetary issues facing the world economy, with an emphasis on deep, unresolved structural questions. The authors ask a range of questions that get to the heart of twenty-first-century monetary policy.

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Book SynopsisDistinguished economist Michael Bordo argues for the importance of monetary stability and monetary rules, offering theoretical, empirical, and historical perspectives to support his case. He shows how the pursuit of stable monetary policy produces low and stable inflation, stable real performance, and encourages financial stability.

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Book SynopsisAs the Federal Reserve System conducts its latest review of the strategies, tools, and communication practices it deploys to pursue its dual-mandate goals of maximum employment and price stability, this book emerges as an especially timely volume. It examines key policy issues, offering perspectives on US monetary policy tools and instruments.

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Book SynopsisLow interest rates and high money growth are inappropriate given high inflation and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers in this volume illustrate the debate about the reasons for this mismatch, as well as how to get back on track.Table of Contents Preface: Michael D. Bordo, John H. Cochrane, and John B. Taylor 1. Introductory Remarks: Condoleezza Rice What Monetary Policy Rules and Strategies Say 2. Perspectives on US Monetary Policy: Richard H. Clarida 3. A Labor Market View on Inflation: Lawrence H. Summers 4. It's Time to Get Back to Rules-Based Monetary Policy: John B. Taylor Introductory Remarks: Tom Stephenson General Discussion: Robert Hall, Terry Anderson, Krishna Guha, Ellen Meade Fiscal Policy and Other Explanations 5. Inflation Past, Present, and Future: Fiscal Shocks, Fed Response, and Fiscal Limits: John H. Cochrane 6. How Monetary Policy Got So Far behind the Curve: The Role of Fiscal Policy: Tyler Goodspeed 7. Current Market Perspectives: Beth Hammack Introductory Remarks: Charles I. PlosserGeneral Discussion: Krishna Guha, Mickey D. Levy, James Bullard, Richard H. Clarida, Markos Kounalakis The Fed's Delayed Exits from Monetary Ease 8. The Fed's Monetary Policy Exit Once Again behind the Curve: Michael D. Bordo and Mickey D. Levy Discussant Remarks: Jennifer BurnsIntroductory Remarks: Kevin WarshGeneral Discussion: Ricardo Reis, Richard H. Clarida, James BullardInflation Risks 9. The Burst of High Inflation in 2021-22: How and Why Did We Get Here?: Ricardo Reis Discussant Remarks: Volker Wieland Introductory Remarks: Arvind Krishnamurthy General Discussion: Robert Hall, James Bullard, Patrick Kehoe, Marc Katz, Elena PastorinoWorld Wars: Fiscal-Monetary Consequences 10. Financing Big US Federal Expenditures Surges: COVID-19 and Earlier US Wars: George J. Hall and Thomas J. Sargent Discussant Remarks: Ellen R. McGrattan Introductory Remarks: John Lipsky General Discussion: James Bullard, Krishna Guha, Michael D. Bordo, William Nelson, Robert Hall, John H. Cochrane, Patrick Kehoe Toward a Monetary Policy Strategy 11. Is the Fed Behind the Curve? Two Interpretations: James Bullard 12. Strategy and Execution in US Monetary Policy 2021-22: Randal Quarles 13. Reflections on Monetary Policy in 2021: Christopher J. Waller Introductory Remarks: Joshua Rauh General Discussion: David H. Papell, Mickey D. Levy, Tyler Goodspeed, John Gunn, John H. Cochrane, Nick Timiraos, Andrew Levin, William Nelson 14. Inflation Blues: The Fortieth-Anniversary Revival? Monika Piazzesi General Discussion: James Bullard, Krishna Guha, Arvind Krishnamurthy, Axel Merk, David H. Papell About the Contributors About the Hoover Institution's Working Group on Economic Policy Index

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Book SynopsisReviews the traditional case for flexible exchange rates and countercyclical - that is, expansionary during recessions and contractionary in booms - monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks.

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Book SynopsisThe Depository Institutions Deregulation and Monetary Control Act of 1980 has been the most comprehensive attempt at financial and monetary reform since the 1930s. Based on the authors' experience, this study explores the act's historical antecedents, its purpose, and its potential effects on the financial system.

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Book SynopsisHow has the Chinese economy been able to expand as rapidly as it has? What governmental policies enable it to sustain an annual growth rate that is at the forefront of the newly industrializing countries? These centrally important questions guide Schive's study of the economic modernization of Taiwan.

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Book SynopsisThe rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to internationalize the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers.Table of ContentsForeword ix Preface xiii List of Acronyms and Key Terms xvii CHAPTER 1 The New Global Role for the Renminbi 1 A Longstanding—but Failing—Path 4 Allowing Renminbi Markets to Flourish 9 Political Tailwinds for Internationalisation 13 Challenges and Consolidation Risks 19 The Renminbi in a Multipolar World 23 CHAPTER 2 Linking the Offshore and the Onshore Renminbi Markets 25 International Transactions in a Domestic Currency 25 The Starting Point for Renminbi Internationalisation 31 Investability: Opportunities and Challenges 40 Timing Convertibility 45 PBoC and Exchange Rate Policy 50 The Advantages of the Offshore Renminbi 53 CHAPTER 3 The Birth and Evolution of the Offshore Renminbi Market in Hong Kong 57 A Chronological Look at Key Policy Liberalisations 59 More on Renminbi Trade Settlement in the Post–Big Bang Era 79 From Renminbi Trade Settlement to Offshore Renminbi Deposits 93 CHAPTER 4 New Markets—New Jargon, New Opportunities 101 The Chinese Yuan in FX Spot 101 A New Diversity of Forward Markets 109 Opportunities in the CNH Markets 112 Tracking Returns in CNH Deposits 121 The Dim Sum Bond Market Matures 126 CHAPTER 5 Geographical Expansion of the Offshore Renminbi Universe 131 From Hong Kong to Haiwai through Trade 133 Renminbi in London and the Hub-and-Spokes Model 139 Direct Renminbi Cooperation with Mainland China 142 Shanghai’s Aspiration and Infrastructure Overhaul 147 Hong Kong Is Still in Pole Position 151 CHAPTER 6 Drivers for Internationalisation 163 Public Policy: “Replacing” USD 168 Economics: China’s Role in the Global Economy 174 For Investors: Appreciation—but, More Importantly, Diversification 178 For Corporations: Fairer and More Transparent Pricing 182 For Official Reserve Managers: A New Route to Stability? 187 CHAPTER 7 The Rise of the Renminbi and Its Policy Implications 193 The Renminbi’s Rise: A Threat to the Hong Kong Dollar? 193 The Renminbi’s Rise: A Regional FX Anchor 198 The Renminbi’s Rise: The SDR and the IMF 206 The Renminbi’s Rise: The US Dollar in a Multipolar World 213 Afterword: The Life Overseas with the Rising Renminbi 217 Appendix: The CNH Timeline 223 Bibliography 229 About the Authors 231 Index 233

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Book SynopsisThe bestselling author of The Death of Money and Currency Wars reveals the global elites' dark effort to hide a coming catastrophe from investors in The Road to Ruin, now a National Bestseller.   A drumbeat is sounding among the global elites. The signs of a worldwide financial meltdown are unmistakable. This time, the elites have an audacious plan to protect themselves from the fallout: hoarding cash now and locking down the global financial system when a crisis hits.   Since 2014, international monetary agencies have been issuing warnings to a small group of finance ministers, banks, and private equity funds: the U.S. government’s cowardly choices not to prosecute J.P. Morgan and its ilk, and to bloat the economy with a $4 trillion injection of easy credit, are driving us headlong toward a cliff.   As Rickards shows in this frightening, meticulously researched book, governments around the world have no compunction about conspiring against their citizens. They will have stockpiled hard assets when stock exchanges are closed, ATMs shut down, money market funds frozen, asset managers instructed not to sell securities, negative interest rates imposed, and cash withdrawals denied.   If you want to plan for the risks ahead, you will need Rickards’s cutting-edge synthesis of behavioral economics, history, and complexity theory. It’s a guidebook to thinking smarter, acting faster, and living with the comfort­ing knowledge that your wealth is secure.   The global elites don’t want this book to exist. Their plan to herd us like sheep to the slaughter when a global crisis erupts—and, of course, to maintain their wealth—works only if we remain complacent and unaware. Thanks to The Road to Ruin, we don’t need to be.If you are curious about what the financial Götterdämmerung might look like you’ve certainly come to the right place... Rickards believes -- and provides tantalizing snippets of private conversations with those who dwell in the very eye-in-the-pyramid -- that the current world monetary and financial system is on the verge of insolvency and that the world financial elites already have a successor system for which they are laying the groundwork. --Ralph Benko, Forbes

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Book SynopsisDas Persönlichkeitsideal hat sich durch die Massenkommunikation bereits im 20. Jahrhundert verändert. In der Rechtsordnung wurden entsprechende Konzepte des Persönlichkeitsschutzes entwickelt. Durch das Word Wide Web sind neue, netzbezogene Phänomene und Bedrohungen entstanden. Die im Zeitalter der (analogen) Massenmedien gebildeten Paradigmen des Persönlichkeitsschutzes sind daher auf ihre Netztauglichkeit zu überprüfen.

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Book SynopsisVerfolgt die Politik gegenwärtig die falschen Rezepte zur Überwindung der Finanzkrise und Stabilisierung des Euro? Thomas Mayer empfiehlt in seiner Hayek-Vorlesung 2012 weniger Konstruktivismus in der Wirtschaftspolitik, einen besseren Ordnungsrahmen für das Spiel der Marktkräfte, die Verbindung von Souveränität und Haftung bei den Staatsfinanzen der EWU-Länder und (in der EWU und anderswo) entpolitisiertes Geld. Er erläutert, wie die Einsichten der österreichischen Schule in die Verbindungen zwischen Realwirtschaft und Finanzsektor in der Vergangenheit von der Politik und dem akademischen Mainstream weitgehend ignoriert wurden, zum Schaden für unser Gemeinwesen. Daraus scheint man auch heute nichts gelernt zu haben. Der Trend geht zu noch mehr Konstruktivismus, mehr Staat, der Vergemeinschaftung der finanziellen Haftung in der EWU und zur Politisierung des Geldes.

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Book SynopsisDie Finanzkrise und die spätestens seit 2010 einsetzende Eurokrise haben die Frage nach der Rolle des Staates in einer Marktwirtschaft im Allgemeinen und auf den Finanzmärkten im Besonderen wieder auf die Tagesordnung der gesellschaftlichen Diskussion gesetzt. Der "laisser-faire-Kapitalismus" der Finanzmärkte steht zunehmend in der Kritik, das richtige Maß staatlicher Intervention und deren Ausgestaltung im Einzelnen bleiben aber umstritten. Alexander Thiele untersucht in diesem Zusammenhang erstmals umfassend den grundgesetzlichen Rahmen für mögliche nationale Reformen der staatlichen Finanzaufsicht. Er kommt dabei zu dem Ergebnis, dass der nationale Gesetzgeber insoweit nur wenigen konkreten verfassungsrechtlichen Vorgaben unterliegt. Dieser hat mithin einen weiten Spielraum für die Ausgestaltung "seiner" Aufsicht, der auch durch europäische und internationale Regelungen kaum begrenzt wird.

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Book SynopsisStehen die Europäische Union und die westliche Welt vor einer Zeitenwende? Ist die Vision einer "immer engeren Union der Völker Europas" noch überzeugend? Welche Antworten kann die Union auf die Pandemie, den Klimawandel, den Brexit, die sicherheitspolitischen und digitalen Herausforderungen oder den sich verschärfenden internationalen Wettbewerb finden und wie kann sie die Konflikte über den europäischen Rechtsstaat, die gemeinsamen Schulden und die Zukunft des Euro bewältigen? Welche Rolle kann und sollte die EU in einer sich verändernden Welt spielen? Welche Regeln und Werte sollten die europäische Politik leiten? Diesen Fragen widmen sich im vorliegenden Band 18 Autoren - Praktiker und Wissenschaftler - aus acht Ländern und fünf Fachdisziplinen.

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