Macroeconomic models and assumptions have traditionally been evaluated using non-experimental "field" data. However, in many instances the field data necessary to evaluate such models and assumptions are not available. Recently, researchers have begun to explore ways of implementing micro-founded macroeconomic models in the controlled conditions of the experimental laboratory as an alternative means of gathering the data necessary to address the empirical relevance of macroeconomic models and assumptions as well as to understand questions of equilibrium selection or policy prescriptions. This volume is the first-ever collection of laboratory studies aimed at understanding macroeconomic phenomena. The chapters, by leading researchers in the field, explore consumption behavior, expectation formation, monetary economics and central bank policy in a variety of different macroeconomic models. Readers will come away with a better understanding of how to implement macroeconomic models in the laboratory and the valuable insights that laboratory research can bring to our understanding of macroeconomics.

The book expresses the views of the contributors about the present and future of Central America. Only by becoming more efficient in productivity, or by exporting non-traditional products, can this region meet the challenge ahead. Central American countries are accepting the challenge by diversifying their economies and accepting the advice of the world in terms of privatization, freedom of trade, capital, and free movement of labor. Central America needs a market for all of its products, and understanding for its new economic structure.

The objectives of this study, first published in 1982, are to elaborate a micro-economic model which adequately explains the interrelationships among economic forces determining the distribution of income in a peasant economy in the early stages of transition to industrialization. It also examines the development of the 'dual economy', an economy composed of a large peasant agricultural sector with its ancillary handicraft sector, both traditional in techniques and institutions, and a small but growing modern industrial sector.

In a time of unprecedented economic uncertainty, this book provides empirical guidance to the economy and what to expect in the near and distant future. Beginning with a historic look at major contributions to economic indicators and business cycles starting with Wesley Clair Mitchell (1913) to Burns and Mitchell (1946), to Moore (1961) and Zarnowitz (1992), this book explores time series forecasting and economic cycles, which are currently maintained and enhanced by The Conference Board. Given their highly statistically significant relationship with GDP and the unemployment rate, these relationships are particularly useful for practitioners to help predict business cycles.

Focusing on the problem of indigenous spoliation in developing countries, this work explores the controversial issue of spoliation by national officials of the wealth of the states of which they are custodians. Due to constraints of the state system and the lack of appropriate substantive municipal law, efforts to punish those responsible for the economic rape of entire nations and to recover spoliated funds have been frustrated and rendered insubstantial. Taking a multidisciplinary approach and on the basis of data generated from empirical, cross-national research, this study makes the case for indigenous spoliation as a violation of international law. Substantially revised and updated to take account of recent legal and political developments, the second edition will be a valuable resource for academics, practitioners, NGOs, and policymakers.

Applied International Economics, 5th edition, offers a modern and accessible treatment of international economics, shifting the emphasis from pure theory to the application of theory by using the standard tools of economic analysis. This new and streamlined edition makes the real-world application of international economics even more clear than previous editions, and focuses on the basics that students will need in order to analyze information on the world economy throughout their future careers. The new edition has been refocused, revised, and thoroughly updated. Key features include: Expanded coverage of China's role in the world economy. New material on how changes in trade flows can be decomposed into the extensive and intensive margins of trade. New material on the use of Section 301 of U.S. trade law and the U.S.-China trade dispute. Updated coverage of Brexit. A new focus on the sole use of the Mundell-Fleming model to analyze balance of payments issues. Improved linkages between the concepts of purchasing power parity and the real exchange rate. Written in a thorough and engaging style, the book covers topics at a level appropriate for students specializing in business or international relations, as well as economics students. Along with a wealth of case studies and real-life examples, the book offers extensive pedagogical tools that include a companion website, end-of-chapter summaries, and explanations of key concepts and terms. For instructors, PowerPoint presentations and an extensive test bank are available.

Originally published in 1984 Theories of Welfare looks at theories of social administration developed in different social science disciplines. The book ranges widely and gives concise coverage to the historical and intellectual background in which the theory emerged, the implicit or explicit value assumptions, and account of the most important theoretical concepts and the major criticisms of them, an indication of the relevance to social administration and a guide to further reading.

This is the first title in The Growth of the World Economy series and collects together the most significant research and scholarship on a crucial period in the growth of international trade, from the fifteenth to the seventeenth centuries. This three hundred year span saw a dramatic expansion in the volume of world trade. Trade during this period became more truly international due to the rise of the nation-state in Europe. Articles are written by leading scholars around the world and take up such topics as the emergence of new world trade routes, trade in particular goods and commodities, European trade policies and mercantilism. With its focus on the beginnings of world trade, Trade in the Pre-Modern Era, 1400-1700 will be an indispensable reference source for all researchers concerned with the initial development of both international trade and the expansion of the world economy.

What are the long-term structural features of the Egyptian economy? What are the factors that have facilitated or inhibited its performance? This crucial and timely work answers these questions and more by examining the most important economic decisions to have impacted the Egyptian economy since 1952 and the political factors behind them. Drawing on Khalid Ikram's extensive knowledge of economic policymaking at the highest levels, The Political Economy of Reforms in Egypt, 1952-2015 lays out the enduring features of the Egyptian economy and its performance since 1952 before presenting an account of policy-making, growth and structural change under the country's successive presidents to the present day. Topics covered include agrarian reforms; the Aswan High Dam; the move towards Arab socialism and a planned economy; the reversal of strategy and the infitah; fiscal, monetary, and exchange-rate policies; consumer subsidies; external debt crises; negotiations between Egypt and international donors and financial institutions; privatization; labor and employment; and poverty and income distribution. The analysis concludes with an examination of institutional reforms and development strategies to tackle the Egyptian economy's structural problems and lay the foundation for sustained and rapid growth. Written from the point of view of a 'participant-observer, ' this book will be indispensable to students of political economy, to scholars of Egypt and the Middle East, and to the general reader who wishes to understand, especially from the wealth of insider information provided, how domestic and international politics and economics can interact to shape decisions that promote, or prevent, economic reforms.

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.

The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

China's growth miracle over the past 30 years has propelled it to become the world's second largest economy and potentially the largest in the following years. This book examines China's experience on economic reform, trying to find the reasons for the sustainable and rapid development and provide insights into the study of economic theories. From the perspective of political economics, this book elaborates on China's socialist market economy which was officially confirmed as the goal of the country's economic reform in 1992. It expounds on China's economic model, the relationship between socialism and market economy, as well as the establishment and improvement of socialist market economy in China, deepening the studies in the laws governing China's economic development. Then, it explores the gradual reform, the reform of state-owned enterprises, and the relationship between governments and market, all of which are crucial to the success of China's economic reform. Finally, based on the analysis above, this book discusses the reasons for the constant and rapid development of China's economy. With detailed analysis on the reform experience and theoretical implications, this book will appeal to scholars and students studying China's economy, and contribute to the development of economic theories.

Expectations, Employment and Prices brings Keynesian economics into the 21st century by providing a new paradigm that explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from Keynes' General Theory of Employment Interest and Money by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. Roger Farmer directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions for the 21st century.

Globalizing Responsibility: The Political Rationalities of Ethical Consumption presents an innovative reinterpretation of the forces that have shaped the remarkable growth of ethical consumption. * Develops a theoretically informed new approach to shape our understanding of the pragmatic nature of ethical action in consumption processes * Provides empirical research on everyday consumers, social networks, and campaigns * Fills a gap in research on the topic with its distinctive focus on fair trade consumption * Locates ethical consumption within a range of social theoretical debates -on neoliberalism, governmentality, and globalisation * Challenges the moralism of much of the analysis of ethical consumption, which sees it as a retreat from proper citizenly politics and an expression of individualised consumerism

As an important macroeconomic variant, the fiscal revenue and expenditure can influence the operation of the whole economic and social activities by changing the existing GDP distribution pattern, affecting the consumption and investment of enterprises and people, etc. Thus, fiscal policy has always been a primary instrument of macroeconomic regulation. This book imports fiscal policy into the framework of macroeconomic analysis and through the analysis of the former, it unfolds the major changes of China's macroeconomic operation in the past 20 years. This book begins with China's rejoining the General Agreement on Tariffs and Trade (GATT) in the 1990s which enabled China to deepen the reform and join the international market finally. It elaborates on the challenges China's taxation would be confronted with after rejoining the GATT, including the decrease of tax revenue and higher requirements for tax reform. Then this book combs China's fiscal policies under various economic situations chronologically-tax policy under the background of deflation, proactive fiscal policy at the beginning of 21st century, macroeconomic policy options facing a complicated and volatile economy, etc. How to deal with the ! Degreesnew normal!+/- of development China's economy has entered is also addressed. This book will appeal to scholars and students of economics and China's economic studies.

Economic transformation in traditional development economics refers to the transition from an agricultural society to an industrial one. Based on the practical conditions and the experience since reform and opening up in the late 1970s, the author observes that the path China's economy takes is a dual transformation, namely, developmental transformation from an agricultural society to an industrial economy, and institutional transformation from planned economy to market economy. Centering on property ownership reform which is the supreme reform of the dual transformation, this book discusses land ownership approval, stock-holding system reform and the maintaining ownership of private enterprises, etc. Besides, the book expounds on the urbanization in China, believing that it is not only the outcome of the dual transformation but also the booster that will help China's economy continue to develop at a high speed. Independent innovation and industrial upgrading which is the key to the enhancement of enterprises' competitiveness is also covered. The combination or overlapping of the two types of transformations in China has had no precedent in history, and it has not been discussed in traditional development economics. Scholars and students in China's economic studies and development economics studies will be attracted by this book. In addition, this book will be a valuable reference for other developing countries which are undergoing economic transformation.

Inflation plays a central role in macroeconomic and financial policy regulation, and its dynamic formation has gradually become a popular research topic in this field. This book comprehensively studies the dynamic mechanism of inflation in China from the perspective of New Keynesian economics. By combining the dynamic trajectory of price changes since China's reform and opening-up under Deng Xiaoping as well as the underlying economic operating characteristics, the book deploys a multifaceted approach to understand the mechanism of inflation dynamics. The author explores the microfoundations of inflation dynamics, and underlines their importance in the context of modern monetary policy. In particular, he builds upon the traditional New Keynesian Phillips curve to include factors of globalization and financialization within the inflation formation regime of modern China. As the book explores the dynamic mechanism of China's inflation from different perspectives including inflation cycle theory, price index internal conduction, price index chain transmission, capital rotation, and industry inflation mechanisms, international readers will gain a full understanding of China's inflation, monetary policy, and economy.

The concept of money illusion, a recently resurrected phenomenon of behavioral economics, is a real fact of economic life, the potential role of which should no longer be dismissed. Despite money illusion being utterly suppressed by mainstream economists, small deviations from rationality, together with trends in behavioral economics, alleviate the denial of money illusion induced by the rational expectations revolution. This book argues that money illusion seems to be a ubiquitous phenomenon, affecting various areas such as financial markets, housing markets, labor markets, consumption-saving decisions, and even development at the aggregate level induced by coordination issues. Furthermore, in light of the educational efforts of central banks and other institutions, it is worth considering whether solid economic training would provide guidance for the public regarding their decision-making and thereby alleviate the effects of money illusion. The emerging field of experimental economics provides a unique opportunity for us to verify the presence of money illusion. Specifically, attention is devoted to the experimental investigation of reduction in the direct and indirect effects of money illusion with respect to the level of economic literacy acquired through economic education. Economic Literacy and Money Illusion will be of interest to the general audience and to those who are interested in behavioral economics, economics education, and experimental economics, as well as to policy makers and institutions. Last but not least, it will help develop students' interest in alternative economic theories. NB. The research and writing of this book was made possible with the support of the University of Economics, Prague, Faculty of Economics, Department of Economics.

Islamic Macroeconomics proposes an Islamic model that offers significant prospects for economic growth and durable macroeconomic stability, and which is immune to the defects of the economic models prevailing both in developed and developing countries. An Islamic model advocates a limited government confined to its natural duties of defence, justice, education, health, infrastructure, regulation, and welfare of the vulnerable population. It prohibits interest-based debt and money, and requires full liberalization of all markets including labor, financial, commodity, trade, and foreign exchange markets. The government should be Sharia-compliant in its taxation power and regulatory intervention; it ought to reduce unproductive spending in favor of productive spending. This book is essential reading for students and academics of Islamic economics and finance, economists, practitioners, and researchers.

Financial markets are not predictable, let alone controllable. The one thing traders and investors can control is their trading tactics, where some can have higher probability of profitability than others. This book explains, by using phase analysis, why some of the indicators, and trading tactics would work better than others, and why some indicators and trading tactics would perform poorly. Emphasis is placed on Awesome Oscillator and Accelerator Oscillator, which are based on Simple Moving Average, a popular tool employed by traders. They are then compared to Moving Average Convergence-Divergence (MACD) and MACD Histogram (MACDH), which are based on exponential moving averages. By varying the parameters of MACD and MACDH, one can change the phase or time delay, and possibly make a larger profit. This book is for practitioners, and includes all MATLAB programs used in the book.

This fifth volume in the International Papers in Political Economy (IPPE) series focuses on the theme of path dependency and macroeconomics in terms of both theory and applications. The volume examines how path dependency is linked with notions of fundamental uncertainty, non-ergodicity and hysteresis.

This volume contains new important research on banking institutions and performance in transition economies, economic growth and inequality and exchange rate economics and international finance. Topics include exchange rate exposure of firms, the relationship between monetary policy and house price shocks, economic interdependence of south-eastern European countries, China's exchange rate policy and economic growth, inequality and financial sector. Among the questions answered are: Is exchange rate volatility a significant determinant of average firm level exposure? Can we identify shocks that can be interpreted as loose monetary shocks, low inflation shocks, banks credit shocks and house price shocks? What are the main factors driving the relationship between banks and companies in transition economies? Does it matter for forecasting GDP growth whether the economy is in tranquil times or during a period of turbulence? Has economic growth played any role in reducing inequality in South Africa? Are global bilateral investment holdings characterized by strong persistence? And finally, Is China's international competitiveness fluctuates in consistency with PPP equilibrium?

This book exposes, for the first time in modern scholarship, the role that the rise of the Carry Trade played in British financial crises between 1825 and 1866, how in reaction the Bank of England improved its management of monetary policy after 1866 and how those lessons have been forgotten since the 1970s. Britain is one of the few major capitalist economies in the world to have avoided policy-induced systemic financial crises for more than 100 years of its history-between 1866 and 1973. Beforehand, it suffered a series of serious banking panics, in 1825, 1837, 1847, 1857-58 and 1866. Since the 1970s banking instability has returned again, with the global financial crisis of 2007-09 hitting Britain hard. Economists and policymakers have asked what can be learnt from Britain's experience of the disappearance and reappearance of crises to help efforts to prevent future ones. This book answers that question with a major reassessment of Britain's financial history over the past two centuries. It does so by applying the long-neglected ideas of the British Banking School to explain how crises can occur because of the Carry Trade. This book is essential reading for economists and historians of modern Britain, practitioners and policymakers, as well as anyone who is affected by financial crises and their consequences.

This two volume Handbook contains chapters on the main areas to which Post-Keynesians have made sustained and important contributions. These include theories of accumulation, distribution, pricing, money and finance, international trade and capital flows, the environment, methodological issues, criticism of mainstream economics and Post-Keynesian policies. The Introduction outlines what is in the two volumes, in the process placing Post-Keynesian procedures and contributions in appropriate contexts.