This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics ? New Classical and Keynesian ? and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include:? a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions? the Lucas critique of standard methods for evaluating policy design? debt sustainability and austerity vs. stimulation debate? optimal inflation rates? tax reform and growth analysis? alternative monetary policies for pursuing price stability? theories of unemployment.Students and instructors will find additional useful resources on the book?s companion website, including practice questions for each chapter.

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.

This volume spans economics, history, sociology, law, graphic design, religion, environmental science, politics and more to offer a transdisciplinary examination of debt. From this perspective, many of our most pressing social and environmental crises are explored to raise critical questions about debt's problems and possibilities. Who do we owe? Where are the offsetting credits? Why do such persistent deficits in care permeate so much of our lives? Can we imagine new approaches to balance sheets, measures of value, and justice to reconcile these deficits? Often regarded as a constraint on our ability to meet the challenges of our day, this volume reimagines debt as a social construct capable of empowering people to organize and produce sustainable prosperity for all. This text is ideal for provoking classroom discussions that not only point out the gravity of the crises we face in the twenty-first century, but also seeks to set readers' minds free to create innovative solutions.

Macroeconomic policies have come under justifiable scrutiny because of their powerful and pervasive impacts throughout the economy. This book examines the sustainability of growth-oriented macroeconomic strategies, starting from early ideas linking macroeconomic policies, growth and sustainability. A comprehensive and up-to-date literature review and theoretical framework are presented, including both macroeconomic and microeconomic analyses of the linkages between the economy and the environment. Brazil and Chile are used as case studies to illuminate and analyse the impacts and effects of differing macroeconomic policies. A variety of analytical models are used to assess these two very different countries. One important conclusion reached is that the combination of growth and economic imperfections that lead to unsustainable outcomes is characterized by not only economic, but also environmental and >social problems. A variety of policy remedies are discussed to make development more sustainable by reshaping the structure of growth. Macroeconomists, environmental and development economists as well as policy analysts and project managers in the international development community will find much to engage them within this book. Development agencies, NGOs and graduate students interested in both the theory and applications of economic growth and sustainable development issues will also find the book of great interest.

This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the European Central Bank and the Stability and Growth Pact.Macroeconomic policy is often hotly debated within the EU. However, the majority of policy discussions have started from a shared view of how the economy works. This shared neo-classical view is also known as the 'Brussels-Frankfurt consensus'. According to that consensus, European labour markets are too rigid in comparison to the US labour market. Hence, the prevalent view is that the European unemployment problem can be solved by increasing incentives; improving the returns on schooling and redefining the role and the necessity of labour market institutions. In this volume the authors argue that it is not at all clear which institutions cause labour market rigidities and to what extent. They note that the problem of unemployment requires a much broader set of solutions, including active labour market policies, policies concerning schooling and the development of skills. Growth and Cohesion in the European Union also highlights that these microeconomic policies will not in themselves provide the solution to what is essentially a macroeconomic problem. First and foremost the role of aggregate demand in the determination of unemployment has to be placed at the forefront of the debate. The extensive discussion of a broad variety of topics in the field of macroeconomic policy will ensure this book finds a welcome readership amongst researchers and academics of European studies and macroeconomics. Policy advisors will also find much to engage them as the book provides a critical view on the Brussels-Frankfurt consensus, currently so dominant amongst European policymakers.

Economics Confronts the Economy is a challenging and unorthodox look at contemporary economic analysis. Philip Klein presents a highly reasoned and yet personal view of the state of economics today. While his views may be contentious to some, it is an accessible book that will provoke discussion and debate to a wide readership. Professor Klein begins with the assumption that the basic function of economic theory is to provide a sound guide for public policy in assisting society in defining what it means by 'economic progress'. In the words of Thorstein Veblen it involves economic activity as explicit steps to be taken at any given time to enable the economy to play its most effective role in 'enhancing human life'. The book argues that modern mainstream economics is failing in this task in terms of what it teaches young economists, what it contributes to public policy debates and what it has done to the field of economics. This book will have a wide audience throughout the many and varied fields of economics including heterodox economics, micro- and macroeconomics, history of economic thought and economic policy.

Since the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics. The updated second edition includes: Explanation of the historical development of the subject Introduction to traditional macro-classical/adaptive expectations Demonstration of how rational expectations are handled in macro models and in finance An explanation of the importance of structural, micro-founded models Key examples of structural models examined in detail, and with extension to the open economy Discussion of policy implications throughout Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.

Economic Growth is an advanced undergraudate text written specifically for one semester courses in growth theory and for first year graduate students to refresh their knowledge. It should also be of great use for scholars and professional economists as the text contains many references to practical policy issues. The author condenses the fundamental issues of growth theory and covers the new ideas in a highly entertaining text, written in a clear and accessible style.

East Asian countries - currently the most dynamic region of the global economy - have recently pursued trade liberalization through the adoption of various forms of bilateral and plurilateral Free Trade Agreements (FTAs). The book explores the key issues and possible outcomes arising from this departure from the region's traditional multilateral approach to trade liberalization. Implications of this new approach for the region as a whole, and key participating individual economies and blocs of economies, are emphasized. New East Asian Regionalism includes up-to-date analysis of the most recent developments in FTAs between countries in East Asia, as well as those involving countries from outside the region. Furthermore, the book includes invaluable projections on economic and welfare outcomes of regional trade agreements, using the very latest empirical techniques, and data. The book also considers the implications arising from closer financial integration in the region. This book will be warmly welcomed by scholars of regional science, international economics and business, as well as Asian studies. Policymakers at both the national government and international organization level will also find this book of great interest.

This book is about three key dimensions in economics-globalization, migration and the welfare state-that are of enduring interest. These issues are particularly important to consider at the present moment given the strains posed by the pandemic: there is at least a temporary setback to trade-globalization and migration, and the cost of fighting the pandemic will strain the ability of governments to provide welfare state services in a style and scope to which many of their citizens have become accustomed. The book explains the changing function of the welfare state in the presence of intensified globalization, or de-globalization, forces. The welfare state's policy-maker attitudes toward openness and migration depend on open-economy fundamentals, and the income class it represents. The author demonstrates the interactions between migration, globalization and macroeconomic policy in practice, using real-world unique episodes, with Israel deemed as well-functioning trifecta, and the US and Europe as imperfectly functioning trifecta.

This 6-page laminated guide consists of basic macroeconomics concepts and principles, which can be used in school, home or in work place. Topics covered include: supply & demand, market equilibrium & measuring, output/income & price level, inflation & unemployment, consumption & savings, fiscal policies and much more.

This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU's institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU's budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book's basic premise is that one cannot fully understand EMU's fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability. Analysing all aspects of EMU's fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.

This book outlines the connection between the principles of proportionality of state intervention and strategies made by the European Union. It describes underlining reasons for the occurrence of the global economic recession and available intervention options for governments to the EU markets.This book works out several possibilities EU countries use with the help of state intervention to actively intervene in the market economy. The author critically assesses the proportionality of interventions in the markets of EU members. With regard to the European economic recession, the book highlights the background of the global financial and external debt crisis. In this context, possible measures for growth promotion processes of the EU are also described.The book will appeal to lecturers and students of economics disciplines worldwide, political advisors of EU member states and decision-makers of the European Central Bank; as well as, in principle, all interested readers who would like to learn more about fiscal policy in the European Union.

In The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics - the Neo-Austrian, mainstream, post Keynesian and Marxian traditions - and by seeking to understand their methodological foundations in their own terms. In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics. The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.

This outstanding text, a follow-up to the authors' award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources. Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory. Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues. The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economics and provides an essential reference for practitioners of applied welfare economics.

This book shares essential insights into the implementation of monetary policy in various East Asian countries. Highlighting case studies from China, Taiwan, Korea, Japan and Singapore, leading economists and practitioners from central banks illustrate how dependent effective monetary policy is on the institutional and financial market environment, as well as on successful implementation and communication. The respective contributions cover various aspects of monetary policy implementation, such as: How is inflation targeting handled? For what purposes and how do central banks operate on financial markets, and what are the (at times unintended) effects? How do currency market interventions help achieve the monetary policy targets set by individual countries or areas? In addition, Asian experiences are contrasted with those from the Eurozone.

Sustainable Consumption is unique, not just in its inter-disciplinary and substantive subject matter (changing networks of utility consumption and production), but because it examines empirically the key theoretical debates underpinning the social sciences at the beginning of the 21st century. This book shifts the focus of sustainable consumption away from the individual consumer and their lifestyles, and examines how existing systems of provision constrain how people consume and how sustainability is conceived in popular and policy-related discourses. The authors address a number of relevant and topical issues including: the relationship between production and consumption, with a focus on how each sphere configures the other; the escalation of choice and the emergence of differentiation in service provision and lifestyle orientation; the constraints on consumption that are embedded both in systems of provision and in the collective routines of everyday life; and the differential capacities of states, public agencies, social movements and commercial companies to facilitate sustainable consumption. In tackling these issues, the book advances the sustainable consumption agenda by highlighting the ways in which socio-technical and market regulatory arrangements at the systemic level increase opportunities for the gradual re-orientation of consumption habits across social groups and over time. This book offers a comprehensive evaluation of sustainable consumption in the context of infrastructure provision. The interdisciplinary nature and rigorous analysis will make it essential reading for scholars, students and policymakers interested in sustainability, sociology, culture, consumption patterns and the environment.

In the global financial crisis, competitiveness gaps between Euro area countries caused additional strain. This book discusses the various dimensions of competitiveness, with a special focus on emerging Central, Eastern and Southeastern European countries. For Europe to proceed with convergence and to resist global competitive pressures, it argues that policies to boost productivity and innovation are vital. With products becoming ever more technically sophisticated and global interconnectedness on a relentless rise, it also demonstrates that quality, customer orientation and participation in global production networks and global value chains are at least as important as relative costs and prices. This book delves into the literature and dissects the complexity of competitiveness, aiming to offer tangible policy advice focussed on how well the European economy is performing and how it could improve. The key findings of the book, from a mix of academics and policymakers, constitute a state-of-the-art assessment of competitiveness that may change traditional perceptions of how economies can return to a path of sustainable growth. Comprehensive and forward-looking, this enlightening book will appeal to academics, researchers and policymakers with a particular interest in European economies and economic integration. Contributors include: D. Andrews, B.B. Bakker, I. Begg, M. Belka, K. Benkovskis, Z. Darvas, A. de Serres, M. Gradzewicz, D. Hanzl-Weiss, B.S. Javorcik, A. Kosior, K. Krogulski, M. Landesmann, E. Nowotny, B. Pinto, D. Ritzberger Grunwald, M. Rubaszek, P. Samecki, M. Silgoner, P. Sinclair, K. Vondra, B. Vujcic, J. Woerz, L. Yueh

All the major financial centres have experienced a rise in anti-money laundering rules and regulations. Initially, anti-money laundering laws were used as a weapon in the war on drugs, whilst more recently they have been deployed in the ongoing fight against terrorism. These developments, the authors reveal, have had serious consequences for banks and other financial institutions - affecting not only profit margins but also the way in which business is conducted. Topical and pertinent issues addressed in this book include questions such as, has all the recent legislative activity really put a stop to the problem? Are the international rules being implemented as carefully as they should? How level is the playing field in cross border banking? The regimes and implementation of anti-money laundering laws and regulations of four major, cross border, financial centres are also examined in depth: Switzerland, Singapore, the UK, and the USA. Going beyond the purely descriptive, there are comparative analyses of these countries against existing international standards - with illuminating results. This new book is full of original insight and analysis and will be an invaluable resource for lawyers, both scholarly and practitioner based, with an interest in economic crime as well as policymakers and compliance officers within banks and other financial institutions.

This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.

The growing levels of income inequality, an explosion of global financial flows, and a worldwide decline of economic growth have combined to challenge accepted economic wisdom. Utilizing a heterodox approach, Pablo G. Bortz provides a fresh look for understanding the interaction between these three factors while identifying challenges and possible alternatives for an expansionary and progressive economic policy. Reviewing several schools of thought, Inequality, Growth and 'Hot' Money explores the risks generated by capital flows and the limitations they impose on progressive economic policies. Professor Bortz then provides instruments and alternatives to pursue an expansionary and equalitarian program, including theoretical contributions to enrich heterodox and progressive economics. Standout features of this book include a review of the challenges that financial flows pose for developing countries; a redefinition of the role of capital controls; a policy approach that separates interest rate policies from a broader credit policy; and a rejection of the negative relationship between a more egalitarian income distribution and sustained economic expansion. Expanding the Kaleckian approach to include financial flows, this accessible introduction to heterodox growth models will be appreciated by graduate students and committed heterodox economists. Research departments at official institutions such as central banks may also be interested, specifically in the book's models and policy prescription.

Empty shelves, petrol station queues and energy shortages: crises more familiar to those who lived through the 1960s and 1970s have now become a reality for many as global shipping times are squeezed, containers lie unopened at docks and supply shortages push up inflation, increasing the cost of consumer goods from milk to cars to building materials. In Sold Out, James Rickards explains why the shelves are empty, who broke the supply chain and why shortages will persist.

He breaks down the history and structure of business around the world to offer readers a behind-the-scenes look at what's really going on, and what they can do to mitigate the worst of what's to come.

Drawing on his financial expertise, he explains that consumers and investors need to be nimble to come through this unprecedented turn of events in good shape. Luckily, Rickards is on hand to provide the tools readers need to look ahead, monitor key trends and insulate against risks.

This compelling research review touches on the contemporary debates in macroeconomics that have consequentially emerged as a result of government debt. Should governments tolerate high public debt or become more indebted given the now prevailing low interest rates? Or is high public debt bad for private sector confidence and growth, by feeding uncertainty, expectation of future tax hikes and an imminent collapse in the wake of the next crisis? This review presents a collection of articles reflecting on these complex and intriguing topics. This review will be useful for policy makers and academics alike, while being particularly suited for those wishing to explore this exciting research area further.

Lance Taylor is widely considered to be one of the pre-eminent development economists in the world and is known for his work on development planning, macroeconomics of development, stabilization policy, and the global economy. He has also been the major force behind structuralist economics, which is seen by many to be a major alternative to orthodox development economics and policy prescriptions. The essays in this volume, written by well-known scholars in their own right, make contributions to each of these areas while honoring the contributions made by Lance Taylor. Professional economists, researchers and policy makers interested in development economics, political economy, global political economy and viable alternatives to mainstream thought will find this collection a valuable addition to their libraries.