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Books in Macroeconomic and monetary economics

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Economics of Public Finance

  • 3rd Edition
  • October 10, 2014
  • C. T. Sandford
  • English
  • eBook
    9 7 8 - 1 - 4 8 3 2 - 9 7 1 4 - 9
The latest edition of this valuable book updates all previous material and incorporates much new material. It includes a consideration of the problems of and methods for controlling public spending, the relative merits of income tax and a direct expenditure tax, the changes required in the income tax unit, the petroleum revenue tax, the compliance costs of VAT and other new developments which have occurred since the second edition was published in 1978.

Applied Consumption Analysis

  • 2nd Edition
  • Volume 5
  • July 14, 2014
  • L. Phlips
  • English
  • eBook
    9 7 8 - 1 - 4 8 3 2 - 9 8 7 0 - 2
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
  • June 28, 2014
  • I. Visco
  • English
  • eBook
    9 7 8 - 1 - 4 8 3 2 - 9 5 8 3 - 1
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.

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

  • 1st Edition
  • Volume 184
  • June 28, 2014
  • Daniel J. Slottje
  • English
  • eBook
    9 7 8 - 1 - 4 8 3 2 - 9 6 4 0 - 1
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.

Economic Modeling in the Nordic Countries

  • 1st Edition
  • Volume 210
  • June 28, 2014
  • L. Bergman + 1 more
  • English
  • eBook
    9 7 8 - 1 - 4 8 3 2 - 9 4 8 7 - 2
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.

Stabilization Policy in France and the Federal Republic of Germany

  • 1st Edition
  • Volume 153
  • October 22, 2013
  • G. de Ménil + 1 more
  • English
  • eBook
    9 7 8 - 1 - 4 8 3 2 - 9 0 7 7 - 5
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-accelerator 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
  • November 17, 2010
  • Benjamin M. Friedman + 1 more
  • English
  • Hardback
    9 7 8 - 0 - 4 4 4 - 5 3 2 3 8 - 1
  • eBook
    9 7 8 - 0 - 0 8 - 0 9 3 2 7 0 - 5
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
  • November 16, 2010
  • Benjamin M. Friedman + 1 more
  • English
  • Hardback
    9 7 8 - 0 - 4 4 4 - 5 3 4 5 4 - 5
  • eBook
    9 7 8 - 0 - 4 4 4 - 5 3 4 5 5 - 2
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
  • November 10, 2010
  • Benjamin M. Friedman + 1 more
  • English
  • eBook
    9 7 8 - 0 - 4 4 4 - 5 3 4 7 1 - 2
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

  • 1st Edition
  • September 2, 2008
  • Laurent E. Calvet + 1 more
  • English
  • Hardback
    9 7 8 - 0 - 1 2 - 1 5 0 0 1 3 - 9
  • eBook
    9 7 8 - 0 - 0 8 - 0 5 5 9 9 6 - 4
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.

Related subjects

Consumption saving production employment and investment

General aggregative models

Macroeconomic and monetary economics general

Macroeconomic aspects of public finance macroeconomic policy and general outlook

Monetary policy central banking and the supply of money

Prices business fluctuations and cycles