Money, Coordination and Prices explains the phenomenon of nominal price rigidity as a characteristic of a monetary economy by means of an innovative combination of insights, using several strands of economic thought, to analyse the monetary economy. The work connects neoclassical and New Keynesian explanations of the use of money and nominal price rigidity and provides heterodox analyses of the two phenomena. The author integrates the mainstream approach with views from institutional and evolutionary economics, as well as post Keynesian economics. Analyses include: * theories of money and nominal price stickiness * conventions and institutions in coordination problems * trust in a monetary economy * the stability of the monetary economy * the monetary economy as an open self-organizing system. This book will appeal to institutional, monetary, post Keynesian and neoclassical/mainstream economists and academics alike.

This comprehensive and far-reaching book describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period. The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913. The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.

This study explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to one another. It builds the case for the pension-improving benefits of global asset diversification, and analyses the implications of financial reform.

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.

The globalisation of the world economy is one of the major concepts of our time and is likely to influence thinking and policy making well into the 21st century. Although officially welcomed as a major contribution to world welfare it is held by many to be responsible for low wages and mass unemployment. This book questions the seemingly inevitable progress of globalisation and the role of the state as a powerless institution in a globalised economy. Issues discussed include: * trade liberalisation and the role of the World Trade Organisation in providing global responses to global issues * the globalisation of finance; in particular the integration of capital markets * the role of EMU in limiting the social protection level in member states * the effect of globalisation on the structure of the modern nation-state * a challenge to the conventional image of globalisation, which is viewed as being far less widespread than we are led to believe This book will be of interest to scholars of the international economics, international political economy and international finance.

This outstanding collection of Michael Brennan's writing spans almost thirty years and reflects the rapid development and growing importance of the field of finance over this period.The papers cover corporate finance, option pricing and derivative markets, international finance and the role of information in financial markets. The chapters on corporate finance include Brennan's seminal 1970 paper on the effects of personal taxation on financial market equilibrium, an analysis of consistency in utility rate regulation and the classic piece on the application of options analysis to natural resource investments. The chapters on option pricing range from the earliest analysis of the American put option to a synthesis of methods of valuing derivatives, portfolio insurance and the effect of derivatives on trading volume and welfare. More recent papers include empirical asset pricing studies and an innovative proposal to strip the dividends from the S&P500 portfolio. Michael Brennan has been at the forefront of recent developments in financial economics and financial management and this collection of his work will be warmly welcomed by those working in finance, monetary economics, banking and financial sector research.

One of the basic issues of accounting is to augment, or extend the conventional net national product measure so as to obtain a better indicator of welfare. This book extends the usual analysis of social accounting by including technological change, externalities and uncertainty. This important new book analyses welfare measurement, sustainability and 'green accounting' within general equilibrium models. A large part of the book is devoted to welfare measurement in the presence of technological change and external effects which complicate 'green accounting' to a considerable extent. In addition to environmental externalities, the authors also discuss external effects arising from investments in human capital and their implications for welfare measurement. Other areas examined are welfare measurement under uncertainty and examples of cost-benefit analyses of environmental and other policies. The book will be required reading for graduate students and professional economists interested in macroeconomics, environmental and resource economics.

Income distribution is one of the most important issues related to social change and is a central question in public policy. Despite this, income distribution is often neglected by mainstream economics. This important book seeks to rectify this by presenting a number of heterodox approaches to income distribution. The book approaches the subject from a variety of different schools of thought and focuses on some of the broader topics within income distribution as well as its significance for national policy. It addresses the social order of society as dictated by income, as well as institutional arrangements and their impact on income distribution theory and policy. The authors discuss current thinking as well as considering empirical findings on income distribution and how these are affected by different stages of economic development. The Economics of Income Distribution will be welcomed by economists, sociologists and political scientists interested in public policy issues relating to income distribution.

This important and accessible book focuses on the problems confronting public authorities in transitional economies. It is based on a large, diversified and first-hand body of empirical research, which is analysed in terms of mainstream industrial economic theory.A distinguished group of authors explores the long-term prospects for industrial growth, the accumulation of technology and the overall framework of economic restructuring and industrial reform. They cover the role of government in emerging market economies and agencies such as the Treuhandanstalt in Germany. They also trace other major issues such as restructuring and privatization, industrial strategy and trade policy, tax reform and incomes policy and productivity growth. Industrial Economics for Countries in Transition will be essential reading for policymakers in developing countries and will also appeal to students and economists concerned with economic and industrial development.

From Nobel Prize-winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events-and why financial panics can spread like epidemic viruses Stories people tell-about financial confidence or panic, housing booms, or Bitcoin-can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril-and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior-what he calls "narrative economics"-may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.

With a population of 1.2 billion and nearly two decades of spectacular growth, China promises to become one of the world's largest economic powers and consumer markets in the next century. A salient feature of the contemporary Chinese economy is the significance of state intervention toward business in the form of 'preferential policies'. Thanks to these policies, a firm's location, ownership type and area of business largely determine whether it should receive privileges of disadvantages in the regulated business environment. The fast changing preferential policies have had great influence on a wide range of economic activities, including foreign direct investment. The extent, complexity and variety of these policies are bewildering to both investors and academics who study the Chinese economy.State Intervention and Business in China is a systematic study of China's preferential economic policies. Dr Lu and Dr Tang present these policies in three categories, namely, the investor-oriented, the region-oriented, and the industry-oriented policies. The authors give a clear account of policies including: preferential tax rates, state bank loans, trade protection and subsidies, and licensing schemes. The book provides the in-depth political economy analyses that reveal the sources and functions of these policies. By offering empirical observations on the impact of state intervention on regional development and economic structures, this book sheds new light on the prospects for China's economic policy making. State Intervention and Business in China will be indispensably for scholars and specialists who are interested in contemporary Chinese economy and society. It is also a valuable guide for doing business in China.

This unique book focuses on the central issues in macroeconomics - examining some of the lively theoretical controversies troubling contemporary economists - in order to establish a genuine basis for communication between the alternative theoretical traditions.The past two decades have witnessed the emergence of several competing approaches to macroeconomic analysis: post Keynesian economics, Kaleckian analysis, neo-Ricardian theory, the neo-Austrian school, the Rational Expectations School etc. This book presents new work by 14 respected economists from nine different countries who address a series of unresolved yet well-defined issues in monetary theory and policy, market structure and accumulation, and problems of effective demand and the theory of distribution. The main purpose of Macroeconomic Theory is to identify areas of common ground among the various theoretical approaches. The excitement of that dialogue and the intellectual vitality generated are captured for the reader in a volume that will be essential for an understanding of modern macroeconomic theory.

'Kurz and Salvadori have done researchers on Ricardo a great service with their compilation of these essays.' - EH.Net 'Do we have to know today what Ricardo wrote two hundred years ago? Can we still learn from him? Of course, we can! The book edited by Heinz D. Kurz and Neri Salvadori provides highly instructive insights into the work and importance of David Ricardo, the ''economists' economist'', as Paul Samuelson dubbed him.' - Frankfurter Allgemeine Zeitung Arguably one of the most important economists who has lived, Ricardo's impact on the economics profession is immense. This unique and comprehensive Companion elucidates his significance and continuing legacy. Ricardo made major contributions to all fields of the subject, from monetary issues to value and income distribution, from capital accumulation, technical progress and economic growth to foreign trade and international specialization, and from taxes to public debt. What he called the main problem of political economy, the distribution of income and wealth, is again back on the political and economic agenda with a vengeance. Leading experts in the field explore his influence and offer novel interpretations of received doctrines. The concise yet comprehensive entries are arranged alphabetically for ease of use with cross references and suggestions for further reading. The Companion will serve as the standard reference work for all those engaged in the field of classical economics. It will also be essential reading for scholars and researchers interested in the history of economic thought, macroeconomics and political economy. Contributors include: R. Arena, T. Aspromourgos, M.S. Asslander, R.E. Backhouse, I. Barens, E. Bellino, C. Bidard, S. Blankenburg, C. Casarosa, R. Ciccone, S. Cremaschi, M. Dardi, G. Deleplace, T. Dome, G. Erreygers, G. Faccarello, R. Faucci, D. Fiaschi, S. Fratini, G. Freni, C. Gehrke, A.F. Gilbert, G. Gilibert, P. Groenewegen, D. Haas, H. Hagemann, A. Heertje, J.E. King, H. Klausinger, H.D. Kurz, A. Maneschi, M.C. Marcuzzo, F. Meacci, M. Milgate, G. Mongiovi, F. Moseley, D.P.O'Brien, A. Opocher, A. Palumbo, S. Parrinello, C. Perrotta, M. Pivetti, P.L. Porta, A. Quadrio Curzio, S.A.T. Rizvi, A. Rosselli, C. Rotondi, N. Salvadori, R. Signorino, N. Sigot, M. Smith, A. Stirati, R. Sturn, P. Trabucchi, H.-M. Trautwein, P. Tubaro, K. Watarai

The Chinese Economy in Transition provides an analysis of the economic reforms introduced under Deng Xiaoping. It attempts to answer the question: what was the economic system that the Chinese were trying to reform and what approach have they adopted to reform it?Whilst the book focuses primarily on economic issues, it also explores the political and social environment and concentrates on three broad areas of the Chinese economy: agriculture, industry and macroeconomic management. Within these broad areas the focus is on two major themes: competition and cooperation, and central authority and regional autonomy. This book will be of special interest to senior undergraduate and postgraduate economics students, academics and China analysts.

An Economist Best Book of the Year A Financial Times Best Book of the Year A Foreign Affairs Best Book of the Year A ProMarket Best Political Economy Book of the Year One of The Week's Ten Best Business Books of the Year A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think we've seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won't be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

The great recession is changing the way many people live and the way they perceive their prospects for the near and more distant future. Its longer term consequences will not be known for some time, but something can be learned from the effect on individuals and households who experienced financial hardship. This volume is the first to use innovative survey data on the lives of Europeans to investigate the long term impact of financial hardship on earnings, standards of living, and health. The data provide a detailed account of the key events that have taken place over the course of the recession. It compares the well-being of individuals who were lucky to escape negative shocks to their income or their circumstances to the less fortunate who may have lost their job, faced divorce, or serious illness. The wide array of welfare state and social support provisions across different European countries adds an important policy angle to the analysis: has the welfare state, currently under heavy pressure, been able to provide an adequate safety net in the face of extended periods of financial difficulties, or has the family instead proven the ultimate source of support in difficult times?

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large, focusing on the specific relationship between central banking, monetary policy and the future of money. The book explores the complexity of the current monetary policy transmission channels and the issue of confidence in money. Scholars examine the specific relationship between central banking, monetary policy and the future of money, with a particular insight on digital and local currencies. Scholars and students interested in central banking and monetary policy, the digitalization of money and the relationship between central banks and the growth of local currencies will value this timely take on the new realities of central banking. entral

Japan?s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term '?Japanization'? is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judicious volume investigates in depth the causes of Japan?s ?lost decades? versus the real recovery achieved by the United States, and the lessons that can be learned. This book helps to provide a basis for assessing a wide range of policy approaches from which policymakers and governments can choose to avoid economic decline. The expert contributions provide an overview of the pattern of '?Japanization'? in a global economic perspective, analyze similarities and differences between the Korean and Japanese economies, and examine policies taken by Japan during the lost decades. From this analysis, the book proposes future policy solutions for countries experiencing ?'Japanization'?. Economic stagnation and the relevant policy reactions have been of keen interest around the globe since the global financial crisis and this book will be an invaluable resource for scholars, policymakers, and economic commentators alike. Contributors include: D. Cho, M. Fukao, K. Ito, T. Ito, D. Jeong, K.-C. Jung, S.T. Kim, Y.G. Kim, K. Kwon, A. Mason, J. Oh, I. Saito, J. Schiff, I. Song

This research review assesses the ground-breaking contributions to the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The analysis focuses first on the basic decisions under uncertainty, and then on asset pricing. It further discusses both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. This review will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty.

Income Distribution in a Corporate Economy offers a skilful examination of the influences of financial markets and imperfect competition on the distributive process. Unlike much of the earlier literature, it concentrates upon the short-run, making it suitable for empirical appraisal.After a thorough review of the theoretical and empirical literature of the past 30 years, Russell Rimmer uses a series of models to synthesize results from post Keynesian macroeconomics, investment theory and industrial economics. The final chapters contain an analysis of the short-run effects of changes in pricing strategies and increases in industrial concentration on income shares accruing to households and corporations. By presenting in one place the neo-classical and post Keynesian approaches, the book will serve both as a text and a foundation for future work on distribution. Students new to income distribution will be able to read the text as an introduction to the neoclassical and post Keynesian approaches. A novel contribution is the gathering together of early extensions of post Keynesian theory to the short run, including accounts of attempts to synthesise the major theoretical strands.