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Books in Macroeconomic and monetary economics

This portfolio offers insights into monetary policy, inflation, economic growth, and financial stability. It supports central banks, policymakers, and researchers in understanding macroeconomic dynamics and policy impacts. Featuring advanced models, empirical analysis, and case studies, these resources contribute to effective economic management and financial stability.

  • Keynesian Behavioral Macroeconomics

    • 1st Edition
    • Theodore Koutsobinas
    • English
    Keynesian Behavioral Macroeconomics analyzes Keynes’s landmark contributions in behavioral economics and develops a new and fresh genre of macroeconomic analysis. It compels us to consider seriously the earlier-generation warnings about the impact of investors’ animal spirits and financiers’ liquidity-presence using cognitive-based and social psychology heuristics. Innovative in its subject matter, approach, theoretical development and policy prescriptions, this constructivist pluralist approach can contribute to important debates. This fresh look in macroeconomics can fruitfully be applied by macroeconomists, policymakers, and market participants to prevent effective demand shortages, stimulate the economy, preserve job creation, and impact redistribution, sustainability and social inclusion.In this timely book, Theodore Koutsobinas develops a synthesis of Keynes’s macroeconomic theory with contemporary developments in behavioral macroeconomics to analyze urgent real-world challenges, and he proposes successful solutions for macroeconomic policy. This volume uniquely explains how Keynes’s magnificent, crucial, but long-forgotten dynamics can be analyzed on the basis of behavioral foundations to explain amplified global finance cycles, booms and busts, and macroeconomic instability with harmful effects on incomes and jobs.

  • Handbook of Digital Currency

    Bitcoin, Innovation, Financial Instruments, and Big Data
    • 2nd Edition
    • David Lee Kuo Chuen
    • English
    Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data, Second Edition offers readers new ways to learn about subjects outside their specialties and provides authoritative background and tools for those whose primary source of information is journal articles. Encompassing currencies, payment methods, and computer communication protocols, digital currencies are growing in use and importance. The book's comprehensive view of the field covers history, technical, IT, finance, economics, legal, tax, and the regulatory environment. For those coming from different backgrounds with different questions in mind, this new edition is an essential starting point.

  • Handbook of Economic Stagnation

    • 1st Edition
    • Randall Wray + 1 more
    • English
    Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on by unsustainable asset price bubbles. Once the bubbles burst, stagnation returns. This book's fresh, comprehensive approach to the topic makes it the premier source for anyone affected by these cycles.

  • The Friedman-Lucas Transition in Macroeconomics

    A Structuralist Approach
    • 1st Edition
    • Peter Galbács
    • English
    The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

  • A Great Leap Forward

    Heterodox Economic Policy for the 21st Century
    • 1st Edition
    • Randall Wray
    • English
    A Great Leap Forward: Heterodox Economic Policy for the 21st Century investigates economic policy from a heterodox and progressive perspective. Author Randall Wray uses relatively short chapters arranged around several macroeconomic policy themes to present an integrated survey of progressive policy on topics of interest today that are likely to remain topics of interest for many years.

  • Measuring Economic Growth and Productivity

    Foundations, KLEMS Production Models, and Extensions
    • 1st Edition
    • Barbara Fraumeni
    • English
    Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions presents new insights into the causes, mechanisms and results of growth in national and regional accounts. It demonstrates the versatility and usefulness of the KLEMS databases, which generate internationally comparable industry-level data on outputs, inputs and productivity. By rethinking economic development beyond existing measurements, the book's contributors align the measurement of growth and productivity to contemporary global challenges, addressing the need for measurements as well as the Gross Domestic Product. All contributors in this foundational volume are recognized experts in their fields, all inspired by the path-breaking research of Dale W. Jorgenson.

  • Handbook of US Consumer Economics

    • 1st Edition
    • Andrew Haughwout + 1 more
    • English
    Handbook of U.S. Consumer Economics presents a deep understanding on key, current topics and a primer on the landscape of contemporary research on the U.S. consumer. This volume reveals new insights into household decision-making on consumption and saving, borrowing and investing, portfolio allocation, demand of professional advice, and retirement choices. Nearly 70% of U.S. gross domestic product is devoted to consumption, making an understanding of the consumer a first order issue in macroeconomics. After all, understanding how households played an important role in the boom and bust cycle that led to the financial crisis and recent great recession is a key metric.

  • Handbook of Environmental Economics

    • 1st Edition
    • Volume 4
    • English
    Handbook in Environmental Economics, Volume 4, the latest in this ongoing series, highlights new advances in the field, with this new volume presenting timely chapters on Modeling Ecosystems and Economic Systems, Framing Sustainability Policy Questions: Who Leads – Ecology or Economics?, Valuing Natural Capital Within an Integrated Economic Ecological, Developing Economies, Urbanization, Climate Change and Health, Viewing Environmental Policy Instruments for Domestic and International Perspective, Quasi experimental Estimation of Environmental Policies, Environment Macro, The Rules for Formal and Informal Institutions in Managing Environmental Resources, and How Should Uncertainty Be Integrated into the Methods for Policy Evaluation?

  • Applied Macroeconomics for Public Policy

    • 1st Edition
    • Rafael Yanushevsky + 1 more
    • English
    Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns.

  • A Spiral Approach to Financial Mathematics

    • 1st Edition
    • Nathan Tintle + 2 more
    • English
    A Spiral Approach to Financial Mathematics lays a foundation of intuitive analysis of financial concepts early in the course, followed by a more detailed and nuanced treatment in later chapters. It introduces major financial concepts through real situations, integrates active learning, student focused explorations and examples with Excel spreadsheets and straightforward financial calculations. It is organized so sections can be read independently or through in-class guided-discovery activities and/or interactive lectures. Focusing on conceptual understanding to maximize comprehension and retention, using modern financial analysis tools and utilizing active learning, the book offers a modern approach that eliminates tedious and time-consuming calculations initially without underestimating the ability of readers.

  • Taxation, Technology, and the User Cost of Capital

    • 1st Edition
    • Volume 182
    • E. Biørn
    • English
    The definition and measurement of the cost of using real capital as an input in production has been much discussed and approached in several ways in earlier literature. This present study attempts to give a unified treatment of the cost of capital services, with emphasis on its relation to the corporate tax system on the one hand, and to the production technology of the firm on the other. It provides a thorough discussion of capital as a factor of production, relating the measurement of the price of capital services to the measurement of capital stock.A parallel treatment of capital and its service price with a neo-classical technology and with a putty-clay technology is presented. The book also discusses and unifies different concepts of neutrality of income taxation presented in the public finance literature. Illustrations based on data for the manufacturing sector of the Norwegian economy are given, relating partly to the actual tax system and partly to more or less hypothetical tax reforms. The study is intended to serve as a reference for researchers in econometric model building, corporate investment behaviour, tax analysis, and national accounting.

  • Macroeconomic Medium-Term Models in the Nordic Countries

    • 1st Edition
    • Volume 164
    • O. Bjerkholt + 1 more
    • English
    This is the first major joint presentation of macroeconomic models of Denmark, Finland, Norway and Sweden. Its origin is a selection of the presentations at a seminar on macroeconomic modelling in the Nordic countries held in Lyngby, Denmark, 8-9 October 1984, sponsored by the Nordic Ministries of Finance.The book is concentrated around a thorough presentation of the main macroeconomic medium-term models used in government planning and policy-making in each of the four countries. These models are: in Denmark, ADAM, developed by the Central Statistical Office, in Finland, KESSU, developed within the Ministry of Finance, in Norway, MODAG, developed by the Central Bureau of Statistics, and in Sweden, EMMA, developed within the Ministry of Finance.An introduction to Nordic macroeconomic models is provided, as well as significant features of the institutional use of models within governments in these countries. On the basis of the data presented in the book, the effects of devaluation, wage increases and fiscal policy in the Nordic economies can be compared with each other as well as with other small open economies.

  • Risk and Return for Regulated Industries

    • 1st Edition
    • Bente Villadsen + 3 more
    • English
    Risk and Return for Regulated Industries provides a much-needed, comprehensive review of how cost of capital risk arises and can be measured, how the special risks regulated industries face affect fair return, and the challenges that regulated industries are likely to face in the future. Rather than following the trend of broad industry introductions or textbook style reviews of utility finance, it covers the topics of most interest to regulators, regulated companies, regulatory lawyers, and rate-of-return analysts in all countries. Accordingly, the book also includes case studies about various countries and discussions of the lessons international regulatory procedures can offer.

  • Handbook of Macroeconomics

    • 1st Edition
    • Volume 2B
    • John B. Taylor + 1 more
    • English
    Handbook of Macroeconomics surveys all major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues. It courageously examines why existing models failed during the financial crisis, and also addresses well-deserved criticism head on. With contributions from the world's chief macroeconomists, its reevaluation of macroeconomic scholarship and speculation on its future constitute an investment worth making.

  • Handbook of Macroeconomics

    • 1st Edition
    • Volume 2A
    • John B. Taylor + 1 more
    • English
    Handbook of Macroeconomics surveys all major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues. It courageously examines why existing models failed during the financial crisis, and also addresses well-deserved criticism head on. With contributions from the world's chief macroeconomists, its reevaluation of macroeconomic scholarship and speculation on its future constitute an investment worth making.

  • Macroeconomic Impacts of Energy Shocks

    • 1st Edition
    • Volume 163
    • H.G. Huntington + 2 more
    • English
    Large-scale macroeconomic models have been used extensively to analyze a wide range of important economic issues. They were originally developed to study the economy's response to monetary and fiscal policies. During the 1970s these models were expanded and revised to track the inflationary processes and to incorporate key energy variables so that they could be used to examine the impacts of energy price shocks.This study compares the responses of 14 prominent macroeconomic models to supply-side shocks in the form of sudden energy price increases or decreases and to policies for lessening the impacts of price jumps. Four energy price shocks were examined: oil price increases of 50 and 20 percent, an oil price reduction of 20 percent, and an 80 percent increase in domestic natural gas prices. Five policy responses were considered for offsetting the GNP impacts of the larger oil price increase: monetary accommodation, an income tax rate reduction, an increase in the investment tax credit for equipment, a reduction in the employer's payroll tax rate, and an oil stockpile release.The study was conducted by a working group comprised of about 40 modelers and potential model users from universities, business, and government. As in previous EMF studies, the group pursued two broad goals. Firstly, they sought to understand the models themselves by identifying important similarities as well as structural differences. Secondly, they sought to use the models to sharpen their understanding of energy shocks and of the related policy issues. Their conclusions appear as the first chapter in this volume, the remaining chapters providing more technical treatment of the key structural differences among the participating models as well as their use for evaluating energy policies.This volume is addressed particularly to those interested in the energy shock issue, as well as to those with a broader interest in macroeconomic models and policies.

  • The International Monetary System

    An Essay in Interpretation
    • 1st Edition
    • E. Hoffmeyer
    • English
    This book interprets the historical evolution of how and why the international monetary system has been transformed. The strategies of the major decision-makers are defined and described, and an analysis made of how these strategies were adapted. The structure of the analysis differs from other such contributions, in that it does not concentrate on the way in which disturbances have developed, but rather on describing the pattern of reaction of policy makers to disturbances, and in particular on the political element in the decisions. This structure of analysis makes relevance criteria somewhat different from most academic literature on the international monetary system. A substantial amount of evidence is presented that has hitherto been largely neglected by experts; for example the sterling support schemes, the gold pool transactions, the use of the swap network, Schiller's preparation of the German block floating, the intervention pattern among key currencies, and the views arising from the minutes of the Federal Open Market Committee.In order to facilitate comparison with other presentations careful documentation is provided of the points made. Apart from the literature referred to in the Bibliography, all material used - comprising documents, memoranda, publications and communiqués - has been organized in a computer index containing about 500 entries. Background material covered by one or more of these entries is available to the interested reader.

  • Pricing and Price Regulation

    An Economic Theory for Public Enterprises and Public Utilities
    • 1st Edition
    • Volume 34
    • D. Bös
    • English
    This clear, precisely written text presents an important branch of the modern, micro-economically based theory of industrial organization and of public finance, utilizing calculus only.Answers are provided to some pertinent economic questions, such as the pricing policies of vote-seeking politicians, of empire-building bureaucrats and of out-put-maximizing and energy-saving public utilities. These policies are compared with the welfare economic benchmark rules e.g. on marginal cost pricing and Ramsey pricing. Great significance is attached to price regulation.The book elucidates the recent replacement of rate of return regulation by price-cap regulation. It also explains why many simple rules like yardstick regulation fail to achieve optimal prices, which shows how complicated it is to induce managers to truthfully reveal their private information. How this can be achieved properly is shown in various principal-agent models on regulation with uncertain costs, uncertain demand and with soft budget constraints.

  • Handbook of Digital Currency

    Bitcoin, Innovation, Financial Instruments, and Big Data
    • 1st Edition
    • English
    Incorporating currencies, payment methods, and protocols that computers use to talk to each other, digital currencies are poised to grow in use and importance. The Handbook of Digital Currency gives readers a way to learn about subjects outside their specialties and provides authoritative background and tools for those whose primary source of information is journal articles. Taking a cross-country perspective, its comprehensive view of the field includes history, technicality, IT, finance, economics, legal, tax and regulatory environment. For those who come from different backgrounds with different questions in mind, The Handbook of Digital Currency is an essential starting point.

  • China’s Venture Capital Market

    Current Legal Problems and Prospective Reforms
    • 1st Edition
    • Lin Zhang
    • English
    The venture capital market in China has been developing for over twenty years. Over this period, the legal frameworks surrounding China’s venture capital have evolved significantly. China’s Venture Capital Market addresses this important topic and argues for further improvements in legal frameworks for venture capital in China. The book consists of five chapters, each covering an aspect of venture capital in China. The first chapter profiles the venture capital market. The second, third and fourth chapters consider the legal problems and suggest reform measures for fundraising in, operation of and exit from Chinese venture capital. The book concludes by asking how long it will take for reform measures to take place in China.

  • Applied Consumption Analysis

    • 2nd Edition
    • Volume 5
    • L. Phlips
    • English
    This volume links the abstract theory of demand with its econometric implementation. Exercises lead the reader from elementary utility maximization to the most sophisticated recent techniques, highlighting the main steps in the historical evolution of the subject. The first part presents a brief discussion of duality and flexible forms, and in particular of Deaton and Muellbauer's ``almost ideal demand system''. Part two includes the author's work on true wage indexes, and on intertemporal utility maximization.

  • Price Expectations in Rising Inflation

    • 1st Edition
    • Volume 152
    • I. Visco
    • English
    It is claimed in this book that expectations should not necessarily be treated as unobservable variables and that there is much to be learned from survey data. A unique data set is examined, the output of surveys conducted twice a year since 1952, among informed Italian businessmen and economic experts. The predictive accuracy, rationality and determinants of inflation expectations are investigated, following an extensive analysis of measurement issues.The estimate of inflation expectations are evaluated for both wholesale and consumer price changes, comparing them with those held by respondents to other surveys for different countries and with the forecasts generated by alternative predictors of the inflation process. The expectations considered in the study are shown to be remarkably accurate, anticipating all major price changes, even if during the years of high and rising inflation which have followed the first oil crisis they appear to underestimate on a number of occasions the inflation rates actually experienced, as the alternative predictors also do.An accurate testing of the rational expectations hypothesis is conducted, rejecting it over the entire sample period but not for the period of mild, but variable inflation which preceded the first oil crises.It is shown that a mixed adaptive-regressive model, with both error-learning and return-to-normality components adapts very well to the data considered in this study and that inflation expectations are also influenced by an uncertainty component which affects the adaptive coefficient. Furthermore, regression towards normality is slowed down when industrial capacity is utilized above normal, and vice-versa. Many other issues such as the dispersion of individual answers, the problems of aggregation and measurement error are also considered and an extensive bibliography of other works where use is made of direct information on expectations, is included.

  • Economic Modeling in the Nordic Countries

    • 1st Edition
    • Volume 210
    • L. Bergman + 1 more
    • English
    A selection of macroeconomic models used, or intended for, economic forecasting or policy analysis in the four Nordic countries (Denmark, Finland, Norway and Sweden), is presented in this volume. New features and model applications are discussed and the models used by the Ministries of Finance are evaluated, with special attention to the role of relative prices and their treatment of the supply side. In addition there is a systematic comparison of results from model simulations on the main macroeconomic models in the four Nordic countries. The papers fall naturally into two sections. In Part One the focus is on the short-to-medium term models; in Part Two the focus switches to a presentation of three models that may all be classified as applied general equilibrium (AGE) models.

  • The Structure of Earnings and the Measurement of Income Inequality in the U.S

    • 1st Edition
    • Volume 184
    • Daniel J. Slottje
    • English
    The various issues involved in measuring income inequality in the U.S. are analyzed in this book. In describing the level of inequality inherent in a particular graduation it is important which income recipient and which data set is used and also the measure of income inequality used as the appropriate summary statistic.Recent trends in labor markets are examined and the book attempts to trace the impact of these trends on the distribution of income for various age, race and occupational cohorts, and across states. Some new methods for analyzing inequality in a multidimensional framework are also discussed. This book provides one of the most comprehensive treatments of income inequality available to date.

  • Price Level Measurement

    • 1st Edition
    • Volume 196
    • W.E. Diewert
    • English
    Among the theoretical issues covered in this volume are the "economic" and the "axiomatic" or "test" approaches to the problem of constructing and choosing among alternative cost-of-living index formulas; "bounds" and "econometric" alternatives for developing empirically computable approximations of theoretically desirable indexes; recommendations concerning the incorporation of leisure time in measures of the cost-of-living; and the formulation of social and group cost-of-living indexes. The Jorgenson-Slesnick paper also presents a far-reaching empirical study of price changes in the U.S.The importance of this book to those with an interest in economic theory is obvious. However, this book also holds out the opportunity and challenge to applied researchers to gain a deeper understanding of the index numbers of which they make daily use.

  • Stabilization Policy in France and the Federal Republic of Germany

    • 1st Edition
    • Volume 153
    • G. de Ménil + 1 more
    • English
    The object of this book is to compare the macroeconomic characteristics of the French and German economies. It focusses on the effect of stabilization policy and of international disturbances and tries to find out the trade-offs of economic policy. The study is based on a simulation analysis using large-scale econometric models of the two countries. Instead of using models as black boxes the dynamic structures are compared in considerable detail. This entails decomposing the models into blocs of strategic sets of equations. Comparing bloc by bloc allows one to distinguish between the contribution of various economic processes (price-wage dynamics, monetary mechanism, multiplier-accelerat... interaction) to macroeconomic performance.Main features: Franco-German comparison of macroeconomic response to policy measures and international shocks; Evaluation of policy trade-offs; Detailed institutional and historical background to macro-policy in France and Germany.

  • Handbook of Monetary Economics 3A

    • 1st Edition
    • Volume 3A
    • English
    What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.

  • Handbook of Monetary Economics

    • 1st Edition
    • Volume 3B
    • Benjamin M. Friedman + 1 more
    • English
    What are the goals of monetary policy and how are they transmitted? Top scholars summarize recent evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions. Their investigations lead to questions about standard presumptions about the rationality of asset markets and renewed interest in fiscal-monetary connections. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.

  • Handbook of Monetary Economics vols 3A+3B Set

    • 1st Edition
    • Volume 3
    • Benjamin M. Friedman + 1 more
    • English
    How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.

  • Multifractal Volatility

    Theory, Forecasting, and Pricing
    • 1st Edition
    • Laurent E. Calvet + 1 more
    • English
    Calvet and Fisher present a powerful, new technique for volatility forecasting that draws on insights from the use of multifractals in the natural sciences and mathematics and provides a unified treatment of the use of multifractal techniques in finance. A large existing literature (e.g., Engle, 1982; Rossi, 1995) models volatility as an average of past shocks, possibly with a noise component. This approach often has difficulty capturing sharp discontinuities and large changes in financial volatility. Their research has shown the advantages of modelling volatility as subject to abrupt regime changes of heterogeneous durations. Using the intuition that some economic phenomena are long-lasting while others are more transient, they permit regimes to have varying degrees of persistence. By drawing on insights from the use of multifractals in the natural sciences and mathematics, they show how to construct high-dimensional regime-switching models that are easy to estimate, and substantially outperform some of the best traditional forecasting models such as GARCH. The goal of Multifractal Volatility is to popularize the approach by presenting these exciting new developments to a wider audience. They emphasize both theoretical and empirical applications, beginning with a style that is easily accessible and intuitive in early chapters, and extending to the most rigorous continuous-time and equilibrium pricing formulations in final chapters.

  • The Institutional Economics of Market-Based Climate Policy

    • 1st Edition
    • Volume 7
    • E. Woerdman
    • English
    The objective of this book is to analyze the institutional barriers to implementing market-based climate policy, as well as to provide some opportunities to overcome them. The approach is that of institutional economics, with special emphasis on political transaction costs and path dependence.Instead of rejecting the neoclassical approach, this book uses it where fruitful and shows when and why it is necessary to employ a new or neo-institutionalist approach. The result is that equity is considered next to efficiency, that the evolution and possible lock-in of both formal and informal climate institutions are studied, and that attention is paid to the politics and law of economic instruments for climate policy, including some new empirical analyses.The research topics of this book include the set-up costs of a permit trading system, the risk that credit trading becomes locked-in, the potential legal problem of grandfathering in terms of actional subsidies under WTO law or state aid under EC law, and the changing attitudes of various European officials towards restricting the use of the Kyoto Mechanisms.

  • Inflation, Employment and Business Fluctuations

    • 1st Edition
    • Volume 35C
    • Bozzano G Luisa
    • English
    A Textbook on Macroeconomic Knowledge and Analysis

  • Handbook of Income Distribution

    • 1st Edition
    • Volume 1
    • Anthony B. Atkinson + 1 more
    • English
    Distributional issues may not have always been among the main concerns of the economic profession. Today, in the beginning of the 2000s, the position is different. During the last quarter of a century, economic growth proved to be unsteady and rather slow on average. The situation of those at the bottom ceased to improve regularly as in the preceding fast growth and full-employment period. Europe has seen prolonged unemployment and there has been widening wage dispersion in a number of OECD countries. Rising affluence in rich countries coexists, in a number of such countries, with the persistence of poverty. As a consequence, it is difficult nowadays to think of an issue ranking high in the public economic debate without some strong explicit distributive implications. Monetary policy, fiscal policy, taxes, monetary or trade union, privatisation, price and competition regulation, the future of the Welfare State are all issues which are now often perceived as conflictual because of their strong redistributive content.Economists have responded quickly to the renewed general interest in distribution, and the contents of this Handbook are very different from those which would have been included had it been written ten or twenty years ago. It has now become common to have income distribution variables playing a pivotal role in economic models. The recent interest in the relationship between growth and distribution is a good example of this. The surge of political economy in the contemporary literature is also a route by which distribution is coming to re-occupy the place it deserves. Within economics itself, the development of models of imperfect information and informational asymmetries have not only provided a means of resolving the puzzle as to why identical workers get paid different amounts, but have also caused reconsideration of the efficiency of market outcomes. These models indicate that there may not necessarily be an efficiency/equity trade-off; it may be possible to make progress on both fronts.The introduction and subsequent 14 chapters of this Handbook cover in detail all these new developments, insisting at the same time on how they tie with the previous literature on income distribution. The overall perspective is intentionally broad. As with landscapes, adopting various points of view on a given issue may often be the only way of perceiving its essence or reality. Accordingly, income distribution issues in the various chapters of this volume are considered under their theoretical or their empirical side, under a normative or a positive angle, in connection with redistribution policy, in a micro or macro-economic context, in different institutional settings, at various point of space, in a historical or contemporaneous perspective. Specialized readers will go directly to the chapter dealing with the issue or using the approach they are interested in. For them, this Handbook will be a clear and sure reference. To more patient readers who will go through various chapters of this volume, this Handbook should provide the multi-faceted view that seems necessary for a deep understanding of most issues in the field of distribution.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

  • Managing Currency Risk Using Foreign Exchange Options

    • 1st Edition
    • Alan Hicks
    • English
    Building on the success of his bestselling Foreign Exchange Options, Alan Hicks has produced this new and invaluable guide to the use of currency options for corporate treasurers and other financial executives. Setting the principal OTC instruments within the company’s risk management framework, he provides an authoritative guide to the characteristics, advantages and uses of currency options in the management and control of foreign exchange risk. Alan Hicks’ unique experience allows him to concentrate on the practical application of options as experienced in the real world of foreign exchange, illustrated by the use of case study material throughout the book.

  • Principles of Macroeconometric Modeling

    • 1st Edition
    • Volume 36
    • L.R. Klein + 2 more
    • English
    Two important new developments have occurred that have significant impact on the evolution of econometrics, namely, the end of the Cold War and the emergence of the information revolution in nearly all economies of the world.The information revolution has had significant effect on data flows, making them much more timely, accessible, and descriptive of more parts of the economy. At the same time, it has changed the industrial structure of many economies, giving rise to increasing importance of the tertiary sectors (e.g. services). The new generation of hardware and software enables econometricians to handle larger and more complex problems, especially those that are data intensive and computer intrusive.These major events require reconsideration and redrafting of some of the materials of the original edition.The present volume retains the original structure of "Lectures on Microeconomic Theory" and takes up principles of constructing dynamic macroeconometric models and their use in economic analyses and forecasting, while introducing many updates, revisions and extensions. The description of the econometric methodology has been limited to specific applications of time series analysis, and the title has been changed to "Principles of Macroeconometric Modeling".The first four chapters discuss the principles of specifying equations of structural macromodels, covering both developed marked economies, transition economies and world-wide models. The remaining chapters cover some major issues in the use of macromodels. The point of departure is model simulation, especially of the prevailing non-linear models, which is followed by model validation. The analysis of model dynamics covers economic fluctuations and the relevant implications of non-stationarity. The use of macromodels in policy analysis is presented next; it includes multiplier analysis and scenario simulations. The monograph ends up with forecasting being a special case of simulation analysis.

  • Framework, Households and Firms

    • 1st Edition
    • Volume 35A
    • Bozzano G Luisa
    • English

  • Economic Growth and Short-Term Equilibrium

    • 1st Edition
    • Volume 35B
    • Bozzano G Luisa
    • English

  • Money and the Global Economy

    • 1st Edition
    • Alexander Reed
    • English
    In the global economy, goods, services, investments, loans, information and people move across national borders with growing freedom and rapidly increasing volumes. Each time such an individual event occurs, parts of two or more nation's moneys change ownership. This book describes the significance of these monetary exchanges, their mechanics, and how money itself affects these cross-border events.

  • Handbook of Monetary Economics

    • 1st Edition
    • Benjamin M. Friedman + 1 more
    • English
    Due to the fundamental two-way interaction between the theoretical and the empirical aspects of monetary economics, together with the relationship of both to matters of public policy, any organization of material comprehensively spanning the subject is bound to be arbitrary. The 23 surveys commissioned for this Handbook have been arranged in a way that the editors feel reflects some of the most important logical divisions within the field and together they present a comprehensive account of the current state of the art. The Handbook is an indispensable reference work which should be part of every professional collection, and which makes ideal supplementary reading for graduate economics students on advanced courses.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

  • Handbook of Monetary Economics

    • 1st Edition
    • Volume 2
    • B.M. Friedman + 1 more
    • English
    Due to the fundamental two-way interaction between the theoretical and the empirical aspects of monetary economics, together with the relationship of both to matters of public policy, any organization of material comprehensively spanning the subject is bound to be arbitrary. The 23 surveys commissioned for this Handbook have been arranged in a way that the editors feel reflects some of the most important logical divisions within the field and together they present a comprehensive account of the current state of the art. The Handbook is an indispensable reference work which should be part of every professional collection, and which makes ideal supplementary reading for graduate economics students on advanced courses.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

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