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Frederic 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.
This key reference collection focuses on the international monetary system. It includes seminal contributions on issues such as exchange rate systems, recycling, adjustment mechanisms, debtor-creditor relations, international monetary policy coordination and seigniorage. While focusing on the international system it includes important work on domestic policy making that affects this system.
For more than 20 years, William Lazonick has been one of the world's leading analysts of the dynamics of industrial development and change in international economic leadership. This impressive volume presents a coherent selection of Professor Lazonick's most important work on industrial development in Britain and the United States. The first part of the book contains articles on the decline of the British economy, including a recent summary of the debates on the British cotton textile industry and international competition. The second part focuses on labour, management and technology in the rise and recent decline of the US economy, and includes an up-to-date summary essay on organizational capabilities in American industry. Professor Lazonick's essays make historical analysis relevant to the present and put economic analysis back in touch with evolving reality. This approach, together with his unique combination of historical, statistical and theoretical methodologies, will ensure that this volume proves invaluable to economists and historians alike.
Protectionism has been an enduring feature in the world economy even though economic theory can prove that free trade is a superior regime. Protectionism is, of course, caused primarily by interest groups who lose out under free trade and are able to organize to protect their interests. This major reference collection brings together some different theoretical approaches to the issue of commercial policy and how it is constructed. It also illuminates some of the complexities behind alternating phases of comparatively free trade and protectionism in the world economy over the last two centuries. Individual country studies bring out some variety in the experience, both in the origins of protectionist policies and of their impact. The conclusions add up to a considerable indictment of protectionism.
Over the past two decades the new classical macroeconomics has become the single most coherent school of macroeconomic thought. Always controversial, it has nonetheless captured centre-stage, and has become the standard by which competing schools of thought are judged. These volumes contain the most important and influential articles of the new classical school, as well as some important articles critical of new classical thinking. The volumes are arranged thematically, beginning with the rational expectations hypothesis and the application of general equilibrium to labour markets, and continuing with various new classical arguments for the ineffectiveness of government policy. The core of the volumes is Lucas's famous critique of econometric policy evaluation and responses to it in the areas of econometric technique, monetary theory and business-cycle theory. The final section covers the rapidly developing area of models of growth with increasing returns.
This major reference collection presents in an accessible form the key articles and papers on the theory and history of financial crises. It includes both classic and contemporary writings on domestic financial crises, the transmission of crises between countries and the resolution of crises by both private and government authorities acting as lender of last resort. The book is divided into five sections. Section I on theories of financial crises presents two rival approaches to financial crises; the monetarist approach and the Fisher-Kindleberger-Minsky approach. It also includes recent Rational Expectations approaches. Section II contains readings on financial crises in US history while Section III presents case studies for other countries. Section IV contains readings on the international transmission of financial crises. Section V concludes with a number of articles on the resolution of financial crises. Financial crises have been a topic of perennial interest - perhaps as old as economic science. This landmark book makes a singular contribution by presenting the most significant literature on this important topic in an accessible form.
This book provides a concise yet rigorous discussion of the main issues in modern macroeconomics. In particular, it examines the controversy over the role and conduct of macroeconomic stabilization policy. While the book is written in such a way as to allow students to read individual chapters in isolation, according to their interests and needs, the book follows a structured direction. After providing a review of mainstream macro-models and the chief areas of controversy between Keynesian, Monetarist and New Classical approaches to stabilization policy, subsequent chapters focus on selected key controversies: the balance of payments and exchange rates; inflation and unemployment; money and economic activity; fiscal policy and aggregate demand; and business cycles. The approach adopted by the authors make this book highly responsive to teaching and student needs. This authoritative state-of-the-art survey of modern macroeconomics will be essential reading for intermediate level courses in macroeconomics.
As corruption continues to be a persistent problem in India, concerned citizens believe empowered police agencies independent of political control are effective ways to deal with corrupt officials and politicians. What is corruption and how is it facilitated? What are the appropriate agencies to combat corruption professionally in India? Why are these not effective in deterring corrupt practices? Are the alternative solutions to tackle corruption successful? This book seeks to engage with these questions, discuss and analyze them, and conduct a thorough analysis of law, bureaucratic organizations, official data, case studies and comparative international institutions. It analyzes vast data to argue that a corrupt state only maintains the facade of rule of law but will not permit any inquiry beyond that of individual deviance. Using criminological perspectives, it presents a novel mechanism, the 'Doctrine of Good Housekeeping', for public officials to combat and prevent corruption within their own institutions.
These volumes focus on the most significant developments in macroeconomic theory since the late 1960s. Professor Phelps presents important recent articles and papers in both the Keynesian and monetarist tradition as well as work by adherents to new classical, neoclassical and supply side economics. Recent Developments in Macroeconomics will be an essential reference source for students, instructors and researchers concerned with new initiatives at the frontier of modern macroeconomic theory.
This volume is concerned with periods of very rapid inflation in the period before 1950 and shifts the emphasis from hyperinflation as commonly defined to a wider range of experience. It examines the source and origins of these inflationary episodes, how they started and what measures were used to bring them to an end. The experience of the last twenty years, when the entire world has been on fiat money and inflation has burgeoned, sometimes in excess of 100 per cent per annum, has led economists to reflect on historical examples of this phenomena. The extreme nature of episodes such as the German inflation of the early 1920s ensures that they offer a special kind of evidence on money and prices that is of considerable interest at the present time. Much of the material here is very recent, as relatively little contemporary attention was given to inflations and much of the best scholarship has only appeared in the last twenty years. However, this volume also provides the reader with access to the reflections of contemporary economists, such as Joan Robinson and Gordon Tullock.
Monetarism has had a major impact on the thinking of political leaders and the conduct of economic policy during the last decade. These two volumes trace the origin and development of monetarism from the work of David Hume and Irving Fisher through to the very recent research by eminent contemporary economists including among others Milton Friedman, Robert Lucas, Rudiger Dornbusch and Thomas Sargent. Wide-ranging and comprehensive in scope, the book covers both the theoretical and empirical aspects of monetarism as well as its implications for economic policy.
This book presents a holistic exploration of the banking systems in Africa. Considering the central role that banks play in most developing countries and the vastly different trends and challenges they face, the book provides a crucial understanding of the specific environments in which banks operate. It addresses specific banking issues relevant to developing countries in general and Africa in particular, and explores the various dynamics of money and banking that separate Africa from the rest of the world. The authors build upon extensive Africa-based research and university teaching, and illustrate each topic with examples and cases from the continent. Written in an accessible style while retaining its practicality and relevance, it is an essential read for professionals, students, and other readers interested in policies affecting the banking sector's development in Africa.
MACROECONOMICS: PRINCIPLES AND POLICY, 12, International Edition teaches the principles of economics, including current economic situations, and is an essential resource for faculty and students looking for a solid introduction using policy-based information for examples and applications.
A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martin Uribe and Stephanie Schmitt-Grohe factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. * Detailed exploration of international business-cycle analysis* Coverage of financial frictions as drivers and transmitters of business cycles and global crises* Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy* Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability* Chapters include exercises and replication codes
As the prevailing winds of the global economy have changed, so Britain has been buffeted from boom to bust and back again. But how much is our country's economic landscape shaped by the huge forces of international capital - and the hope that 'something will turn up' - and how much by the individual men and women at the heart of our economic policy? David Smith forged his career as Britain's leading economic journalist during the country's traumatic transition from the 'workshop of the world' in the Midlands where he grew up, to an economy built on the sometimes shaky foundations of services and the City. Something Will Turn Up is his account of the chancellors, prime ministers, Bank of England governors and senior officials he has encountered and interviewed over the last five decades, and their impact on the realities of modern British life since the war. Smith leads us through the mire of government policy and long-term trends with wit and clarity to paint a vivid, personal picture of how we got to now - and where we might go from here.
Lectures in Macroeconomics: A Capitalist Economy Without Unemployment provides a systematic account of the principle of aggregate demand based on the work of Polish economist Michal Kalecki, best known as one of the originators of the Keynesian Revolution in macroeconomics.The lectures demonstrate the importance of aggregate demand in determining total output and employment in the capitalist economy. They show how the investment decisions of firms affect economic growth, arguing that due to the unstable nature of investment it is important that the government has a central role in stabilizing the economy. This English translation of Kazimierz Laski's final work brings up to date fundamental concepts to give a picture of the twenty-first capitalist economy, and the obstacles that must be overcome in bringing it to full employment. It introduces the role of money and finance in the contemporary capitalist economy, as well as the central role of the labour market and wages. The analysis is illustrated with statistics and discussion around the evolution of capitalist economies and the rise of economic inequality since the Second World War, culminating in the 2008 crisis and the economic deflation affecting Europe since that crisis. Lectures in Macroeconomics remarks critically upon the neo-classical approach to economics that has brought about slow economic growth, unemployment, and inequality.
Money has been an important part of modernity ever since it was exchanged for goods centuries ago. The evolution of systematically standardized monetized exchanges expedited trade between localities across space, standardized exchanges over time, and transformed work into wage labor. Money also generated the possibilities for specialization which were not possible under a system of barter, and solidified the emergence and development of the modern epoch. The contemporary changes in monetised exchanges, such as the electrification and globalization of monetary processes and financial markets, are unequivocal indicators of contemporary globalization. They are also some of the most important, and far-reaching, social changes of our time. Understanding and managing global financial flows and their impact of social spaces and people, is one of the most complex and difficult tasks facing politicians and social theorists today. Helping to meet the challenges posed by these changes, this important volume focuses on three questions central to the interplay between globalization, valorization and marginalization.
The 2008 financial crisis led to more and more frequent political attacks on central banks. The recent spotlight on central bank independence is reminiscent of the fiery debates amongst Germany's political elites in 1949 on the same issue; debates that were sparked by the establishment of West Germany in that year. Simon Mee shows how, with the establishment of West Germany's central bank - today's Deutsche Bundesbank - the country's monetary history became a political football, as central bankers, politicians, industrialists and trade unionists all vied for influence over the legal provisions that set out the remit of the future monetary authority. The author reveals how a specific version of inter-war history, one that stresses the lessons learned from Germany's periods of inflation, was weaponised and attached to a political, contemporary argument for an independent central bank. The book challenges assumptions around the evolution of central bank independence with continued relevance today.
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