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'This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. Their critique has devastating implications for orthodox macroeconomics.'- Anwar Shaikh, New School for Social Research, US'This is a very important book. Proofs that aggregate production functions do not exist have been around for more than 50 years. This casts doubt not only on macroeconomic theory but also on empirical work and policy. Yet, this has not deterred macro-economists. The authors show in great detail that the apparent 'fit' of such functions to value-based data is a tautology and not a proof that such aggregates exist. One hopes that the profession will finally take note.'- Franklin M. Fisher, Massachusetts Institute of Technology, US'Felipe and McCombie have gathered all of the compelling arguments denying the existence of aggregate production functions and showing that econometric estimates based on these fail to measure what they purport to quantify: they are artefacts. Their critique, which ought to be read by any economist doing empirical work, is destructive of nearly all that is important to mainstream economics: NAIRU and potential output measures, measures of wage elasticities, of output elasticities and of total factor productivity growth.'- Marc Lavoie, University of Ottawa, CanadaThis authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.The authors explain why, despite the serious aggregation problems that surround it, aggregate production functions often give plausible statistical results. This is due to the use of constant-price value data, rather than the theoretically correct physical data, together with an underlying accounting identity that relates the data definitionally. It is in this sense that the aggregate production function is 'not even wrong': it is not a behavioral relationship capable of being statistically refuted. The book examines the history of the production function and shows how certain seminal works on neoclassical growth theory, labor demand functions and estimates of the mark-up, among others, suffer from this fundamental problem.The book represents a fundamental critique of the aggregate production function and will be of interest to all macroeconomists.Contents: Prologue: 'Not Even Wrong' Introduction 1. Some Problems with the Aggregate Production Function 2. The Aggregate Production Function: Behavioural Relationship or Accounting Identity? 3. Simulation Studies, the Aggregate Production Function and the Accounting Identity 4. 'Are There Laws of Production?' The Work of Cobb and Douglas and its Early Reception 5. Solow's Technical Change and the Aggregate Production Function', and the Accounting Identity 6. What does Total Factor Productivity Actually Measure? Further Observations on the Solow Model 7. Why Are Some Countries Richer than Others? A Sceptical View of Mankiw-Romer-Weil's Test of the Neoclassical Growth Model 8. Some Problems with the Neoclassical Dual-Sector Growth Model 9. Is Capital Special? The Role of the Growth of Capital and its Externality Effect in Economic Growth 10. Problems Posed by the Accounting Identity for the Estimation of the Degree of Market Power and the Mark-up 11. Are Estimates of Labour Demand Functions Mere Statistical Artefacts? 12. Why Have the Criticisms of the Aggregate Production Function Generally Been Ignored? On Further Misunderstandings and Misinterpretations of the Implications of the Accounting Identity References Index

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'In the Research Handbook of Expatriates, Yvonne McNulty and Jan Selmer have created a seminal work that should be on the bookshelf of all social scientists who work in the field of expatriation. More senior scholars will appreciate the ''deep dive'' each chapter takes into the literature, each one acting as a reservoir they can draw from to powerfully inform their future research efforts. Doctoral students and newly minted PhDs will find this book to be especially valuable - the final chapter of the book alone provides inestimable career and ''how-to-publish'' guidance for them in the field of expatriation. The coverage of the history, construct, milieu, research methodologies, and issues is the best I have come across in a single volume in over 30 years of working in the field. In short, this is a monumental contribution to the study of expatriates and global mobility.'- Mark E. Mendenhall, University of Tennessee'McNulty and Selmer's edited volume does a wonderful job of consolidating and integrating everything we know about expatriates and their different types. This long-overdue Handbook, featuring chapters by top researchers, lays a trail for scholars to further advance the study of expatriates.'- Joyce Osland, San Jose State University'McNulty and Selmer's edited book of readings on virtually all aspects of expatriates deserves a prominent place in the library of researchers and practitioners interested in this subject. The Handbook provides a historical overview as well as the latest trends in expatriate studies and concludes with useful guidelines on how to conduct as well as improve the quality of research in this field.'- Rosalie L. Tung, Simon Fraser University, CanadaConstituting a comprehensive and carefully designed collection of contributions, the Research Handbook of Expatriates provides a nuanced and up-to-date discussion of expatriates. Theoretically broad and groundbreaking, it offers important and contemporary insights into emerging areas of research warranting future consideration.Drawing upon a range of perspectives from the field’s most distinguished academics, contributions review the history of the literature in relation to expatriates, from the development of the expatriate construct through to the current state of research on business expatriates. Subsequent chapters progress into detailed examinations of the various types of business expatriates including LGBT, self-initiated expatriates, female assignees, inpatriates, international business travellers and commuters, and millennials. Other themes include expatriate performance, adjustment, expatriates to and from developing countries, global talent management, and expatriates’ safety and security. The Research Handbook also covers expatriates in diverse communities such as education, military, missionary, sports and ‘Aidland’, and provides additional commentaries relating to methodological issues, research with practitioners, case studies, biculturals and ATCKs, and global families. The Research Handbook concludes with publishing advice for PhD and early career researchers.Stimulating insightful new areas of study, this collection is a must read for academics and scholars in the field of expatriate research, international management, global human resource management and business administration. It also offers a wealth of guidance for executives and recruiters along with expatriates and professionals who may expatriate.Contributors: M. Andresen, C. Brewster, L. Care, J.-L. Cerdin, L. Clarke, D.G. Collings, M. Collins, A. Corbin, M. Crowley-Henry, M. Dickmann, H. Dolles, R. Donohue, C. Doss, B. Egilsson, A. Fee, K.L. Fisher, K.J. Hanek, A. Haslberger, T. Hippler, K. Hutchings, M. Isichei, J. Lauring, L. Mäkelä, R. McPhail, S. Michailova, M. Moeller, B. Oberholster

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In 1990, IndustryWeek magazine established a prestigious new competition, the America's Best Plants Award, designed to recognize and honor the top manufacturing operations in the nation. To date, sixty-two companies—from such well-known names as Hewlett-Packard, Sony Electronics, Steelcase, and Xerox to smaller companies such as Zytec, John Crane Belfab, and Lord Corporation—have earned the illustrious designation of being one of America's Best Plants. Now these award-winning plants are profiled in America's Best, a unique reference that takes an in-depth look at leading-edge manufacturing practices. Detailing the individual components of world-class manufacturing, while providing personal experience from the field, America's Best offers practical guidelines that will help managers make strategic decisions regarding their own organizations. The book begins with the nine essential components of world-class manufacturing, their individual make-up, and how they interact with each other. These components—customer focus, quality, agility, employee involvement, strong supplier relations, technology, new product development, green manufacturing, community involvement—come together to create the basis of manufacturing excellence and will serve as a road map for improving your organization, your products, and your people. Profiles of each of the 62 Best Plant winners celebrate individual excellence in the field. Highlighting these profiles are on-site visit reports by IndustryWeek editors; detailed coverage of the many unique programs, tools, and techniques currently in use at each plant; and a listing of contact information for individual plants. Also included is a complete set of the winners' statistical measurements for use in benchmarking your own organization, as well as an assessment survey to help you determine how your plant measures up against the best. Filled with helpful data, advice, "lessons," and firsthand stories from Best Plant leaders and employees, America's Best will be essential reading for managers in executive suites to the shop floor who are charged with the success of their manufacturing organization. "A clear and exciting depiction of the dramatic changes taking place in manufacturing and the innovative approaches used to sustain world-class excellence." — Jerry J. Jasinowski President, National Association of Manufacturers "Highly readable and packed with relevant examples of what makes the best, best." — Carla O'Dell, PhD President, American Productivity & Quality Center "A rousing standing ovation for Ted Kinni and the editors of IndustryWeek. America's Best is a benchmark book, and Kinni and colleagues have pulled off an Olympian feat. . . . If you've set a course for excellence, you must read this book." — Jim Kouzes, coauthor The Leadership Challenge and Credibility, Chairman and CEO The Tom Peters Group/Learning Systems Advanced Filtration Systems, Inc. Air Products & Chemicals, Inc. Allen-Bradley Company Baxter Healthcare Corp. Chesebrough-Pond's USA Co. Cincinnati Milacron, Inc. Coherent, Inc. Continental General Tire, Inc. Copeland Corporation Corning, Inc. Dana Corporation Digital Equipment Corp. Edy's Grand Ice Cream Engelhard Corporation Exxon Chemical Co. Fisher-Rosemount, Inc. Ford Electronics & Refrigeration Corp. Ford Motor Co. The Foxboro Company GE Fanuc Automation NA, Inc. General Electric General Motors General Motors Corp., Cadillac Gilbarco, Inc. Hewlett-Packard Company Honeywell, Inc. IBM Corporation John Crane Belfab Johnson & Johnson Medical, Inc. Kennametal, Inc. Lockheed Martin Corp. Lord Corporation Marlow Industries, Inc. MEMC Electronic Materials Mettler-Toledo, Inc. Milwaukee Electric Tool Motorola, Inc. New United Motor Mfg., Inc. Nippondenso Mfg., USA, Inc. Northrop Grumman Corp. Pella Corporation Rockwell International Siemens Automotive Sony Electronics, Inc. SPX Corporation Steelcase, Inc. Stone Construction Equipment, Inc. Super Sack Manufacturing Symbiosis Corporation Tennessee Eastman Company Texas Instruments, Inc. The Timken Company TRW Vehicle Safety Systems, Inc. Unisys Corporation Varian Associates, Inc. Wilson Sporting Goods Company XEL Communications, Inc. Xerox Corporation Zytec Corporation

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This is a one-of-a-kind reference for anyone with a serious interest in mathematics. Edited by Timothy Gowers, a recipient of the Fields Medal, it presents nearly two hundred entries, written especially for this book by some of the world's leading mathematicians, that introduce basic mathematical tools and vocabulary; trace the development of modern mathematics; explain essential terms and concepts; examine core ideas in major areas of mathematics; describe the achievements of scores of famous mathematicians; explore the impact of mathematics on other disciplines such as biology, finance, and music--and much, much more. Unparalleled in its depth of coverage, The Princeton Companion to Mathematics surveys the most active and exciting branches of pure mathematics. Accessible in style, this is an indispensable resource for undergraduate and graduate students in mathematics as well as for researchers and scholars seeking to understand areas outside their specialties. * Features nearly 200 entries, organized thematically and written by an international team of distinguished contributors* Presents major ideas and branches of pure mathematics in a clear, accessible style* Defines and explains important mathematical concepts, methods, theorems, and open problems* Introduces the language of mathematics and the goals of mathematical research* Covers number theory, algebra, analysis, geometry, logic, probability, and more* Traces the history and development of modern mathematics* Profiles more than ninety-five mathematicians who influenced those working today* Explores the influence of mathematics on other disciplines* Includes bibliographies, cross-references, and a comprehensive index Contributors incude: Graham Allan, Noga Alon, George Andrews, Tom Archibald, Sir Michael Atiyah, David Aubin, Joan Bagaria, Keith Ball, June Barrow-Green, Alan Beardon, David D. Ben-Zvi, Vitaly Bergelson, Nicholas Bingham, Bela Bollobas, Henk Bos, Bodil Branner, Martin R. Bridson, John P. Burgess, Kevin Buzzard, Peter J. Cameron, Jean-Luc Chabert, Eugenia Cheng, Clifford C. Cocks, Alain Connes, Leo Corry, Wolfgang Coy, Tony Crilly, Serafina Cuomo, Mihalis Dafermos, Partha Dasgupta, Ingrid Daubechies, Joseph W. Dauben, John W. Dawson Jr., Francois de Gandt, Persi Diaconis, Jordan S. Ellenberg, Lawrence C. Evans, Florence Fasanelli, Anita Burdman Feferman, Solomon Feferman, Charles Fefferman, Della Fenster, Jose Ferreiros, David Fisher, Terry Gannon, A. Gardiner, Charles C. Gillispie, Oded Goldreich, Catherine Goldstein, Fernando Q. Gouvea, Timothy Gowers, Andrew Granville, Ivor Grattan-Guinness, Jeremy Gray, Ben Green, Ian Grojnowski, Niccolo Guicciardini, Michael Harris, Ulf Hashagen, Nigel Higson, Andrew Hodges, F. E. A. Johnson, Mark Joshi, Kiran S. Kedlaya, Frank Kelly, Sergiu Klainerman, Jon Kleinberg, Israel Kleiner, Jacek Klinowski, Eberhard Knobloch, Janos Kollar, T. W. Korner, Michael Krivelevich, Peter D. Lax, Imre Leader, Jean-Francois Le Gall, W. B. R. Lickorish, Martin W. Liebeck, Jesper Lutzen, Des MacHale, Alan L. Mackay, Shahn Majid, Lech Maligranda, David Marker, Jean Mawhin, Barry Mazur, Dusa McDuff, Colin McLarty, Bojan Mohar, Peter M. Neumann, Catherine Nolan, James Norris, Brian Osserman, Richard S. Palais, Marco Panza, Karen Hunger Parshall, Gabriel P. Paternain, Jeanne Peiffer, Carl Pomerance, Helmut Pulte, Bruce Reed, Michael C. Reed, Adrian Rice, Eleanor Robson, Igor Rodnianski, John Roe, Mark Ronan, Edward Sandifer, Tilman Sauer, Norbert Schappacher, Andrzej Schinzel, Erhard Scholz, Reinhard Siegmund-Schultze, Gordon Slade, David J. Spiegelhalter, Jacqueline Stedall, Arild Stubhaug, Madhu Sudan, Terence Tao, Jamie Tappenden, C. H. Taubes, Rudiger Thiele, Burt Totaro, Lloyd N. Trefethen, Dirk van Dalen, Richard Weber, Dominic Welsh, Avi Wigderson, Herbert Wilf, David Wilkins, B. Yandell, Eric Zaslow, Doron Zeilberger

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A breathtaking review which covers the major approaches and actors in the governance of climate change this carefully edited book includes essays from dozens of scholars who are shaping our understanding of responses to the real and existential risks of a warming world. The book is especially strong in its discussion of how critical social theory can help us understand the politics of climate change, in its histories of climate policy, and in the multiple perspectives it provides on the international climate regime across sectors, institutions, countries and scales. I was impressed by the diversity of authors, including the number of women contributors, and by the efforts to connect research to political action.'- Diana Liverman, University of Arizona, US'Bäckstrand and Lövbrand have crafted a remarkable volume, gathering over fifty cutting-edge scholars engaging every aspect of climate governance-what it has been, what it is, and what it could and should be. This is truly a one-stop shop for grasping the diversity of research on climate governance. It will engage students exploring the field, scholars seeking to understand the state of the art, and practitioners looking to make sense of the challenges of responding to this most crucial of global issues.'- Matthew Hoffman, University of Toronto, Canada'As the ambit of climate governance has expanded out from the UN to encompass myriad actors at multiple levels, so too has the challenge of understanding the whole. This comprehensive and expertly edited Handbook provides the alpha and omega of climate governance scholarship. I confidently predict that it will become the standard reference for years to come.'- Andy Jordan, University of East Anglia, UKThe 2009 United Nations climate conference in Copenhagen is often represented as a turning point in global climate politics, when the diplomatic efforts to negotiate a successor agreement to the Kyoto Protocol failed and was replaced by a fragmented and decentralized climate governance order. In the post-Copenhagen landscape the top-down universal approach to climate governance has gradually given way to a more complex, hybrid and dispersed political landscape involving multiple actors, arenas and sites.Drawing upon contributions from more than 50 internationally renowned scholars, the Handbook assesses the state and direction of climate governance at multilateral, EU, national and local levels. The volume mobilizes multiple scholarly traditions ranging from grand theorizing to close empirical studies of micro-political practices, and spans the ideational and the material, the historical and the contemporary, the normative and the critical. The resulting collection of chapters represents the state of the art and most recent thinking in the rich and expanding scholarship on climate politics and governance.Contributors: C.E. Adler, P. Aldunce, D. Alegría, A. Anderson, S. Andresen, C. Åsberg, K. Bäckstrand, I. Bailey, G. Bang, S. Beck, M. Betsill, H. Betts, F. Biermann, R. Bórquez, M. Boström, H. Bulkeley, D. Ciplet, J. de Koning, L. Dilling, R.S. Dimitrov, K. Dingwerth, C. Dupont, R. Eckersley, F. Fischer, D.R. Fisher, T. Forsyth, V. Galaz, A.M. Galli, J.F. Green, R. Grundmann, A. Gupta, J. Gupta, A. Hansson, P.G. Harris, S. Hayes, K. Hochstetler, M. Hulme, K. Indvik, V. Jankovic, S. Jasanoff, C. Karlsson, M. Khan, M. Klintman, A. Kronsell, M. Lederer, B.-O. Linnér, R.D. Lipschutz, E. Lövbrand, H. Lovell, M. Mason, S. Matti, J. McGee, A. Neimanis, P. Newell, S. Oberthür, A. Oels, C. Okereke, E.A. Page, C.F. Parker, A. Persson, S. Rayner, T. Rayner, P. Revell, J.T. Roberts, H. Schroeder, B. Siebenhüner, M.M. Skutsch, P. Stalley, H. Stevenson, J. Stripple, E. Turnhout, H. van Asselt, E. Viola, J. Vogler, J. Wettestad, V. Wibeck, F. Zelli

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An Advanced Course in Fly Fishing The mission of The Little Red Book of Fly Fishing was to demystify and un-complicate the tricks and tips that make a great trout fisher. There are no complicated physics lessons in that book. Rather, The Little Red Book of Fly Fishing offered a simple, digestible primer on the basic elements of fly fishing: the cast, presentation, reading water, and selecting flies. In this, The Little Black Book of Fly Fishing, authors Kirk Deeter and Chris Hunt take you to the next level, building upon what Deeter and Charlie Meyers did in The Little Red Book. The Little Black Book will helps fly fishers build upon what they learned in the Little Red Book. Read this valuable, thought-provoking guidebook, and you'll be at the point where you'll be catching fish when no one else is, and you'll know exactly why you are. Advanced casting, presentation, reading the water, fly selection, and much more, including proper gear selection, are all covered. The table of contents, below, explains it all. The Little Black Book of Fly Fishing Acknowledgments Foreword Introduction Part 1: CASTING A double-haul is really important, and not just in the salt Teaching someone new? Start with Tenkara Everybody needs a casting lesson. Everybody. Casting longer leaders ‘Casting’ nymphs under indicators Get a practice rod How to cast a 15-foot leader (and why you should) Casting at taillights The cast killer Your casting stroke follow joints by size Challenge your cast Great casts are the ones that get bit Score your casts like golf strokes; fewer is better The sand-save cast A reach cast is worth a thousand mends Five feet short on purpose (the linear false cast) Be Lefty in the salt, and Rajeff in the fresh Give yourself a “D” Beating wind Don’t out-kick your coverage Part 2: PRESENTATION Fast strip for saltwater predators A swirl, not a rise Casting streamers upstream Carp: Not just for city kids Step out of your comfort zone What are the birds after? The potato chip fakeout Why natives matter But I still love brown trout best Micro-drag: where you stand matters You’ll never beat a fish into submission Take it to the lake Float tubes and garbage cans Food never attacks fish A case for the dry-fly snob Go Deep in the name of fish research Roll fish for fun They’re in skinny water for a reason The cafeteria line The escape hatch Part 3: READING WATER (AND FISH) The stripset Covering water Skate and twitch big flies in low light Rod tip down for streamers Weight an unweighted fly with fly-tying beads instead of split-shot Urban angling Get in shape. Stay in shape. Dry your fly first, apply floatant second Most fish (and some bugs) face upstream—present accordingly Head up, game over Step when you streamer Babysit your flies ID the “player” and get after it Gin clear water Flat calm water Developing “TSP” (trout sensory perception) A fish doesn’t see like humans do Walk on The 10 second rule Like a dog on a leash Tip up or tip down? The keys to spotting fish The full-court press usually fails Use the whole spice cabinet River personalities and handshakes What the cloud layers tell you Knowing what they are not doing is equally important as knowing what they are Upwelling v. the straight seam The speed of the strike is proportionate to the depth of the water (in rivers) See this, do that Part 4: FLIES UV resin in home-tied flies Nymphs on the swing Multi-purpose flies Sparse for saltwater UV parachute posts Tip the fly for tying parachute posts Caddis: the most dishonest fly ever Wire or tinsel for dry flies The “pellet fly” you can feel good about Practice, practice, practice Peacock herl … and why it works The mystery of the Purple Prince Nymph Profile is everything The Adams family Lethal mice The Mole Fly miracle Bob Behnke on colors Terrestrials are opportunity bugs The end of the duck Colors change with depth Un-matching the hatch The monkey poo fly Part 5: MISC. (Everything from gear, to fighting fish and angler ethics) Fly reels for trout are just line holders Fly reels matter for saltwater fish Faster rods aren’t always better You get what you pay for Pride cometh before the fall Sheet-metal screws Wire for predators Quick-dry attire for the flats ABC. Anything But Cotton Snip your tippet at an angle Rod weight depends on fly types The best loop knot… perfection 7X tippet is BS Colors and camo above the surface Guitars and fly rods Bucket list places Tiger snakes and long hemostats It’s a long way to the top if you wanna rock ‘n roll Score fishing like cricket It’s okay to fail I cheer for the fish

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We are two decades into this new century, and now live in a world more uncertain than certain. In this new “abnormal,” our ability to sustain far into the future, to realize our dreams and our potentialities, and to progress, depends on seeing leadership in a whole new way. Rebel leadership is that new way. There’s a growing pattern of not just individual leaders, but entire cultures rebelling against old and ineffectual ways that have long defined what it means to lead. At the heart of rebel leadership is the emergence of five patterns seen in leading organizations across sectors. Together, these patterns outline a framework for how to successfully meet this turbulent new century and thrive. Rebel Leadership will not only reveal these patterns, but will teach the reader how to tap into the power of this framework and make it their own. More precisely, Rebel Leadership will teach readers: • What lies at the heart of success, no matter how much the environmental conditions might change • How leadership is counterintuitively at its most powerful when it moves across individuals and cultures • That, inevitably, there is only one truly sustainable competitive advantage in uncertain times • Where leaders can find the best source for lowering risk in a changing world • Why a long-term view has less to do with the long-term and far more to do with this moment than you’d ever imagine “There are few skills as important as leadership—a skill we must constantly relearn, every one of us, now more than ever. This book is your guide and compass.” Kevin Guskiewicz, Chancellor, University of North Carolina at Chapel Hill “There is no more timely or more important book for those who lead in these uncertain times. Uncertainty is our new normal, or as Robertson writes, our new abnormal—leaders either accept it or they perish. This brilliant, forward-thinking book, its vivid examples, and deep insights, will help you to not only survive uncertainty, but to thrive in it.” Tom Koulopoulos, author, Revealing the Invisible and The Gen Z Effect “We live in times of change and rapid adjustment. Many aspects of how we do things will require sensible and well-thought-through revisions. Our approach to leadership must change as well. The question is how. Larry Robertson’s newest book gives that question the needed time and attention it deserves. The result is at once insightful, revealing, and instructive. The lessons are relatable and powerful. The stories make you feel a part of them. And when you finish, you don’t just feel prepared to lead in a new way, you realize he’s already launched you on your journey. Read this book.” Milena Z. Fisher, Ph.D., President, Co-Founder, The Creativity Post “Bob Marley was a Soul Rebel. Ruth Ginsburg was a Gender Rebel. In his new, must-read, book, Larry Robertson challenges us all to embrace ‘Rebel Leadership.’ In the post-Covid era, we’ll need to run toward new ideas about how to create lasting change, and as usual, Larry charts a course we can follow with daring and audacity.” Robert Egger, Founding Board Member, World Central Kitchen “Rebel Leadership offers a refreshing approach to leading in an environment where we can no longer wait to ride out the waves of uncertainty. With a blend of surprising insights, actionable ideas, and vivid storytelling, it’s a must-read for leaders looking for new ways to navigate an ever-changing business landscape.” Teri Evans, former Columnist Desk Editor, Inc. Magazine “Whatever role you fill, whatever game you play, to be at your best, you’ve got to take a bigger view. Seeing beyond your own position, but also beyond the game itself, is so important—never more so than today. When that’s your habit, you see more options, make better decisions, and set yourself up to lead with excellence—no matter what role you play. In Rebel Leadership, Larry Robertson takes the meaning of all this to a whole new level. You’ll come away inspired and wiser for the read. It’s a book worthy of your time and attention, no matter what game you play.” Terry Malone, Football Coach, New Orleans Saints, Michigan Wolverines, Bowling Green Falcons “Leadership isn’t a title needing to be filled. More than ever, it is a true responsibility, both individual and collective. The ripple effects of the choices we make matter as never before. Larry Robertson’s Rebel Leadership reflects this understanding, and opens our minds up to a new and necessary way to approach leadership. He sheds important light on why some organizations are thriving in this new and deeply unpredictable landscape, and offers important and rarified insights into the true sources of organizational power and adaptability. The book will change your view, but more importantly, it will increase your return on leadership.” Janeen Gelbart, CEO, Co-founder, Indiggo/Return on Leadership® “As change and uncertainty accelerate, today’s organizations risk being engulfed by chaos or denying reality. Rebel Leadership gives us the framework to actively engage and build a more adaptable and agile culture in which to thrive. With page-turning prose and compelling stories and examples, Rebel Leadership gives you a new, better, and more impactful view of leadership.” Tripp Eldredge, President, CEO, DMR/Interactive

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In response to the Global Financial Crisis and the COVID-19 pandemic, central banks have used all available instruments in their monetary policy tool-kit to avoid financial market disruptions and a collapse in real economic activities. These actions have expanded the size of their balance sheets and altered the composition of the asset-side. This edited book highlights how these assets are managed, providing an intellectual and practical contribution to an under-researched field of central bank responsibilities. It first reviews the sources and uses of domestic and international assets and how they complement—or possibly conflict with—the implementation of monetary policy goals. Next, the book examines the asset management mandate in a balance sheet context before turning to the investment decision-making process from strategic and tactical asset allocation to investment strategies, risk management, governance, reporting and control. Finally, it presents new developments in the field of managing assets at central banks. The individual chapters are written by central bankers, academics, and representatives from International Financial Institutions, each representing a particular aspect of the asset management practice.Practical and powerful insights from a hall of fame of investors, central bankers and scholars, are packed into this one volume. If you could have only one book on central bank asset management, this would be it. —Peter R. Fisher, Clinical Professor, Tuck School of Business at DartmouthJacob Bjorheim draws on his long experience in sovereign asset management to pull together a rich collection of insights from a broad range of expertise. Asset management at central banks has evolved and expanded considerably over the past decade. This book is a timely source of information and guidance. —Guy Debelle, Deputy Governor, Reserve Bank of AustraliaCentral bank balance sheets have grown at a tremendous pace over the last decade and a half. Drawing on contributions from scholars and experienced central bankers from around the world, this timely and insightful book sheds light on how central banks are, and should be, managing their growing balance sheets. —Kjell G. Nyborg, Chaired Professor of Finance, University of Zurich, Author of Collateral Frameworks: The Open Secret of Central BanksCentral banks and monetary authorities are charged with, and being held accountable for, managing portfolios of foreign currency assets of unprecedented size. The essays in this admirable book, written by some of the worlds most highly experienced officials, cover the full range of why and how this is currently being done and how new developments are affecting old practices. Interesting conceptually and immensely useful practically. —William White, Senior Fellow at the C.D. Howe Institute, former Head of the Monetary and Economic Department with the Bank for International Settlements (BIS) and chairman of the Economic and Development Review Committee at the OECDAn excellent and timely review of modern international reserve management, which ought to be read by everyone working with, or simply interested in, international asset management and finance as well as monetary and economic policy. The spectrum of authors is broad and their combined insight is very valuable. —Tom A. Fearnley, Investment Director, Norwegian Ministry of FinanceWith “Asset Management at Central Banks and Monetary Authorities”, Jacob Bjorheim has achieved an editorial tour de force. The book assembles the insightful views of the leading experts in the field, both from an academic and practitioners’ perspective. It bridges the gap between the macroeconomics of central banks and the financial management of their reserves. A must read to understand how central banks are special in the group of institutional investors. —Eric Bouyé, Head of Asset Allocation and Quantitative Strategies, Treasury Department, The World BankThe balance sheet is a large and important toolbox for any central bank and specifically the foreign exchange reserves constitute one the more powerful of these tools. This book provides excellent insight in the various perspectives of managing reserves at a central bank. —Heidi Elmér, Director of Markets Department, Severiges RiksbankThe world of international reserves has changed since the global financial crisis. In this volume, Jacob Bjorheim has assembled a stellar cast of experts to explain how and what that means for reserves management. With chapter authors like Andrew Ang, Jennifer Johnson-Calari, Robert McCauley, Ravi Menon, Simon Potter and Philip Turner, it is a book that every reserve manager must read. —Eli Remolona, Professor of Finance and Director of Central Banking, Asia School of Business in collaboration with MIT SloanJacob Bjorheim has succeeded in bringing together a first-class team of experts, and organising their contributions in an articulated journey from the central banks’ policy mandate to their asset management practices. An indispensable post-crisis update of the subject and a a required reading for anyone professionally involved with central bank’s asset management, or simply curious about a topic benefitting otherwise from limited research. —Louis de Montpellier, Former Global Head, Official Institutions Group, SSGA, and former Deputy Head, Banking Department, Bank for International Settlements (BIS), BaselAt last, a book that shares with a wider audience, deep insight in a unique, challenging and ethical approach of asset management developed and implemented in the secretive world of central banks. If you wonder how to manage funds that stand ready for use at short notice in times of stress then this book is for you. Two features make it such a valuable read and a must-have reference: First, the very comprehensive list of themes covered from a rich diversity of angles. Second, the very impressive list of prominent institutions and authors that have contributed and shared their analysis and practical approaches of the issues presented. What is better than to get the information directly from first-hand practitioners, experts and managers themselves in their own words? —Jean-Pierre Matt, Former Head of Financial Analysis at the Bank for International Settlements (BIS) and founder of QuanteisThis book holds the promise to become the go-to guide for anyone wishing to learn more about the management of official foreign exchange reserves. Central bankers in particular, but also those providing services to central banks, will find benefit from the broad scope in subject matter and varied perspectives being presented. I am yet to see a compendium on official reserve management with similar reach in subject matter. —Leon Myburgh, Former Head Financial Markets Department, South African Reserve Bank (SARB), PretoriaThis is an immensely timely book at a time when central bank operations, and their balance sheets, remain “larger for longer”. Following the Financial Crisis 10 years ago, and with the Covid-19 Recession about to break, central bank balance sheets are at the forefront of the authorities’ response to economic issues as never before. Yet the management of their now large-scale assets remains a little known and little studied area. The authors of this book combine extensive technical and practical experience, and their observations will fill an important gap in the literature at a critical time. —Freyr Hermannsson, Former Head of Treasury, Central Bank of Iceland, Reykjavík

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