Rejecting the idea of an equilibrium business cycle, this book, originally published in 1927, studies those industrial fluctuations which extend over short spans of years: cyclical fluctuations. The causes of these cycles are discussed and the consequences which result and way in which to mitigate these consequences with regard to social well-being are examined. Although Pigou's approach went out of fashion following Keynes, it is similar in spirit to much of the late twentieth-century work stimulated by real business cycle theory.

This general introduction to the theory of money and of balance of payments adjustment was originally published in 1969. It was the first book to pay full attention to the theory of assets: the relation of the supply of assets to the demand for holding them and the significance of asset movements for balance of payments adjustment. Written in simple language and with brevity, the book is intended for the student with a general knowledge of economics and economic institutions, but with no specialised knowledge of these topics.

Knut Wicksell is acknowledged to be the precursor and prophet of modern macroeconomic theory and he provided some of its chief elements a generation before their power and significance were properly recognized. This book, originally published in German in 1893 and in English in 1954 brought time into the previously timeless theory of value and income distribution. The theory of the real interest rate, which he developed in Value, Capital and Rent became a central and essential element when he began to explain what determines the general level of money prices and how the changes of this level come about.

It is well-known that the Swedish experiment in practical economic control was inspired by a simultaneous development of economic thought in Sweden. Despite Swedish economics being known globally, until this book was originally published in 1939 there was little except second-hand descriptions of what the Swedes were really saying. This volume remedied that and explained hitherto hidden contemporary Swedish monetary theory.

Originally published in 1940, this book traces the development of theories concerning currency and credit from the beginning of the eighteenth century to the middle of the twentieth. It provides a comprehensive account of the political and economic conditions in which the theories and controversies arose, with the result that the work has become a classic in its field.

This critique of Reaganomics attempts to provide alternatives to both the supply experiments of the 1980s and neoliberal strategies of austerity. It presents arguments for economic democracy with a worker-oriented blueprint for improving productivity, growth, employment and economic justice.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.

In recent years, there has been renewed interest in index number and aggregation theory, since the two previously divergent fields have been successfully unified. The underlying aggregator functions which are weakly separable subfunctions of utility and production functions, are the building blocks of economic theory, and the derivation of index numbers based upon their ability to track those building blocks is now called the "economic theory of index numbers."

William Barnett, the coeditor of this volume, introduced modern economic index number theory into monetary economics. His merger of economic index number theory, with monetary theory was based upon the use of Diewert's approach to producing "superlative" nonparametric approximations to the theoretically exact aggregator functions. This book comprises a focussed and unified collection of Barnett's most important publications in this area.

The papers in the book have been organized into logical sections, with unifying introductions and overviews. The result is a systematic development of the state of the art in monetary and financial aggregation theory. The sections cover the origin of the user cost price of monetary services. Exact aggregation of monetary assets on the demand side for consumers and firms, and on the supply side for financial intermediaries, general equilibrium of all economic agents' demands and supplies, dynamic solution of the exact system, and extension to monetary aggregation under risk. The extension of index number theory to the case of risk is completely general, and can be applied to tracking any exact economic aggregator under risk. In all cases, the criterion used for evaluation isthe tracking ability of the approximation to the exact aggregator function of economic theory.

Many of the empirical and policy puzzles in monetary economics disappear when simple sum monetary aggregates are replaced by index numbers that are coherent with theory. Simple sum monetary aggregates became incoherent with theory, when monetary assets began paying interest and therefore could no longer be viewed as perfect substitutes.

This is a useful tool to those associated with economics departments within universities, business schools, central banks and federal governments, financial institutions including underwriters, bankers and stockbrokers.

The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world's top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe's economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

The recent financial crisis, rooted in the United States, has changed the world's economic and financial structures. The Chinese government has made some arrangements in the post-crisis to ensure stable economic growth in volatile international economic environments and to protect its own interests from unfair international monetary treatments. The internationalization of Renminbi (RMB) is one of China's most important national strategies in the 21st century and is symbolic in the rise of China. This book aims to document the process and the development of the internationalization of Renminbi and to identify the challenges. The book introduces an index of internationalization of Renminbi. It also uses a comprehensive multi-variable index to determine the degree of internationalization of Renminbi. This book helps readers to understand the current status of the reformation on China's currency system, the process of internationalization of the RMB and the current, intricate political and economic relations.

Originally published in 1960, this book examines how inflation as a policy has come about in modern democracies, how ti works, how to avoid it and at what cost. In non-technical terms it explains what inflation does, both to society and its individual elements, to weaken and hamper democracy. Including examples from the UK, Germany, France, Scandinavia, the USA and the former Soviet Union this volume examines inflation at work in widely differing communities since Roman Times to the late twentieth century.

Originally published in 1982, this book begins with a wide-ranging and critical review of both first and second generation theories of inflation (and the related problem of unemployment), including the classical approach to macroeconomics. The author systematically integrates search, implicit contract, expectations and wage-bargaining theeoriees to outline a new and original synthesis. This synthesis and switching regimes model is then rigorously examined to see how well it can explain inflation the US and the UK.

Originally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.

According to Stephen Rousseas, economics cannot be separated from politics. Here, he provides theoretical background and insight into the ideology of supply-side economics, commonly referred to as Reaganomics. As a Post Keynesian, Rousseas is critical of supply-side economics and the Reagan administration's attempt to counter-revolutionise the demand-side economics of the earlier twentieth century. Originally published in 1982, this title is ideal for students of Economics and Politics, as well as the general reader interested in the subject.

This book represents the full spectrum of Alan Walters's contribution to economics over thirty years, from academic debate to close involvement in British policy making. It includes not only his earlier contributions to applied monetary economics but also his work on political economy which generated much interest following his appointment as economic adviser to Margaret Thatcher. The volume charts the development of Alan Walters's thinking on money, monetary policy and macroeconomics. It makes special reference to his work on the demand for money and the money multiplier, money and the business cycle and the political economy of money. The book opens with an introduction by Kent Matthews in which he provides an overview of Alan Walters's work in the context of the so-called 'monetarist counter-revolution'. He also offers an introductory discussion on each of the essays, which include: the quantity theory of money, consistent expectations, the time lag effects of money, supply-side policies, foreign exchange rates and anti-inflation policies. These essays offer important policy prescriptions, some of which are particularly timely in the light of increasing European economic and monetary integration. The Economics and Politics of Money will be welcomed by business and government as well as professional economists, social scientists and researchers interested in monetary economics and political economy.

First published in 1985. Routledge is an imprint of Taylor & Francis, an informa company.

This book offers a concise but thorough analysis of the International Monetary Fund reform debate. Since the advent of the Asian financial crisis in the late 1990s, a lengthy deliberation has ensued over whether the IMF should be reformed, abolished, or left as is. The authors approach this debate from a normative perspective while looking at arguments from all sides, as well as reflecting on the history, functions, and ideology of the IMF. This unique approach gives weight to the authors' perspectives and their conclusion that the IMF ultimately does more harm than good. Written to analyze and contribute to the current IMF debate, this Palgrave Pivot is a must-read for scholars and policymakers invested in the conversation surrounding IMF reform.

Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.

This book examines the nature and causal antecedents of superior memory performance. The main theme is that such performance may depend on either specific memory techniques or natural superiority in the efficiency of one or more memory processes. Chapter 2 surveys current views about the structure of memory and discusses whether common processes can be identified which might underlie general variation in memory ability, or whether distinct memory subsystems exist, the efficiency of which varies independently of each other. Chapter 3 provides a comprehensive survey of existing evidence on superior memory performance. It examines techniques which underlie many examples of unusual memory performance, and concludes that not all this evidence is explicable in terms of such techniques. Relations between memory ability and other cognitive processes are also discussed. The remainder of the book describes the authors' own studies of a dozen memory experts, employing a wide variety of short- and long-term memory tasks. These studies provide a much larger body of data than previously available from studies of single individuals, usually restricted to a narrow range of tasks and rarely involving any systematic study of long-term retention. The authors argue that in some cases unusual memory ability is not dependent on the use of special techniques. They develop some objective criteria for distinguishing between subjects who demonstrate "natural" superiority and those "strategists" who depend on techniques. Natural superiority was characterised by superior performance on a wider range of tasks and better long-term retention. The existence of a general memory ability was further supported by a factor analysis of data from all subjects, omitting those who described highly-practised techniques. This analysis also demonstrated the independence of initial encoding and retention processes. The monograph raises many interesting questions concerning the existence and nature of individual differences in memory ability (a previously neglected topic), their relation to other cognitive processes and implications for theories concerning the structure of memory.

First published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.

Is the international financial architecture debate over? Not according to leading experts gathered together in this impressive volume who try to identify the key trends that will fashion the international financial system in the years ahead. As history has shown, the evolution of the international monetary system is a slow process. However, the authors argue that we may be entering a new era in which a combination of factors will have lasting consequences on the functioning of the international monetary system and the future role of the IMF. This book combines the thoughts and opinions of distinguished contributors from academia, the private sector and central banks. In light of the financial crises of the 1990s, it provides a first attempt to reflect on debates surrounding the current state of the international financial system and predict some possible future scenarios. The authors examine several broad areas including: the evolution of the international monetary and financial system prospective sources of finance for the developing world and the future of the sovereign debt market the evolving debate on capital account liberalization exchange rate regimes and future monetary arrangements the aftermath of the sovereign debt restructuring mechanism debate governance of the international financial system. This important overview of the controversies surrounding the future design and development of the international financial system will be welcomed by academics and professional economists interested in banking, monetary economics and international finance. It will also be of great value to finance ministries, supervisory authorities, central banks and financial institutions.

Globalization and information and communications technology (ICT) have played a pivotal role in revolutionizing value creation through the development of human capital formation. The constantly changing needs and structure of the labour market are primarily responsible for the conversion of a traditional economy relying fundamentally on the application of physical abilities to a knowledge-based economy relying on ideas, technologies and innovations. In this economy, knowledge has to be created, acquired, developed, transmitted, preserved and utilized for the improvement of individual and social welfare. Comparative Advantage in the Knowledge Economy: A National and Organizational Resource provides a comprehensive and insightful understanding of all the dimensions of a transition from a traditional to a knowledge economy. It attempts to explain how educational achievement, skilled manpower, investment in knowledge capital and analytics will be the key to success of a nation's comparative advantage in the globalized era. The volume should be of interest to students, researchers and teachers of economics, policy makers and advanced graduate students with an interest in economic analyses and development policy.