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At the time in which this book was first published in 1992, there
was a major concern with the macro-economic implications of fiscal
imbalance. As the European economies moved closer to monetary
union, and Germany grappled with the fiscal pressures of
unification, deficits in the United States exceeded $300 billion.
In this volume the authors address this issue, using both
historical case-studies and cross-national comparisons. This book
will be of interest to students of economics.
At the time in which this book was first published in 1992, there
was a major concern with the macro-economic implications of fiscal
imbalance. As the European economies moved closer to monetary
union, and Germany grappled with the fiscal pressures of
unification, deficits in the United States exceeded $300 billion.
In this volume the authors address this issue, using both
historical case-studies and cross-national comparisons. This book
will be of interest to students of economics.
First published in 1995. Routledge is an imprint of Taylor &
Francis, an informa company.
The results of macroeconomic policy are often unpredictable. One of
the major reasons for this is the importance of confidence and
expectations in economic affairs. For a government's economic
policies to succeed they must gain and maintain economic
credibility, which many governments are finding increasingly
difficult. "Confidence, Credibility and Macroeconomic Policy"
explores the interaction between fiscal and monetary stabilization,
confidence and expectations, and the credibility of the
government's financial policies. The volume is divided into three
parts. Part I begins with an overview of the inter-relationship
between fiscal policy, credibility and inflation and presents two
pioneering, experimental studies that explore the effects of
macroeconomic policies on expectations. Part II focuses on
empirical research and presents historical as well as contemporary
evidence on the importance of public confidence and expectations to
the success of fiscal and monetary policy. Part III covers the
definition and functions of consumer confidence as it is measured
today.
Farrokh Langdana makes an important contribution to the
understanding of this complex area by presenting a consistent
economic framework for analyzing the effects and implications of
large bond-financed deficits. He uses an open-economy rational
expectations model to explore to what extent governments can simply
"roll-over" debt by issuing more bonds without any help from the
monetary authority and examines the impact of foreign capital on
the sustainability of domestic budget deficits, the behavior of
exchange rates, and the possible effects of fiscal and monetary
policies. This model is placed in the context of the major economic
orthodoxies and their competing stances, and also of the American
monetary history from Truman to Reagan and the crash of 1987.
In the curricula of highly ranked MBA programs, two areas of
discussion are conspicuously absent: International Trade, and
Global Macroeconomic Policy. In this post-financial crisis
environment, as the US and other advanced economies continue to
experience sluggish growth, persistently high unemployment, and
political agitation for increasingly protectionist policies,
discussions pertaining to trade, currencies, and international
capital flows are often fraught with emotion, tension, and
hysteria. This book cuts through the emotions and superficial
"solutions" and provides the reader with a thorough understanding
of the hard-hitting theoretical models that drive the global flow
of goods, services, and capital in the real world. A key feature of
this volume is the presentation of the theoretical models, and the
discussion of their implications in the context of real-world
applications. This text is uniquely designed for current and future
business leaders who are, or will be, engaged in the global
economy. Armed with an understanding of the theoretical
underpinnings driving goods, capital and ideas across national
boundaries, readers will learn to anticipate the effects of trade
and macroeconomic policy changes, and will have the tools to make
sound, informed decisions for themselves and their global
organizations.
This is an applications-oriented text that demystifies the
linkages between monetary and fiscal policies and key macroeconomic
variables such as income, unemployment, inflation and interest
rates. Specially written "newspaper" articles simulate current
macroeconomic news on asset-price bubbles, exchange rates,
hyperinflation and more. Exercises and diagrams, and a global
perspective - incorporating both developed and emerging economies -
make this a broadly useful, real-world oriented text on a complex
and shifting subject.
This is an applications-oriented text that demystifies the
linkages between monetary and fiscal policies and key macroeconomic
variables such as income, unemployment, inflation and interest
rates. Specially written "newspaper" articles simulate current
macroeconomic news on asset-price bubbles, exchange rates,
hyperinflation and more. Exercises and diagrams, and a global
perspective - incorporating both developed and emerging economies -
make this a broadly useful, real-world oriented text on a complex
and shifting subject.
In the curricula of highly ranked MBA programs, two areas of
discussion are conspicuously absent: International Trade, and
Global Macroeconomic Policy. In this post-financial crisis
environment, as the US and other advanced economies continue to
experience sluggish growth, persistently high unemployment, and
political agitation for increasingly protectionist policies,
discussions pertaining to trade, currencies, and international
capital flows are often fraught with emotion, tension, and
hysteria. This book cuts through the emotions and superficial
"solutions" and provides the reader with a thorough understanding
of the hard-hitting theoretical models that drive the global flow
of goods, services, and capital in the real world. A key feature of
this volume is the presentation of the theoretical models, and the
discussion of their implications in the context of real-world
applications. This text is uniquely designed for current and future
business leaders who are, or will be, engaged in the global
economy. Armed with an understanding of the theoretical
underpinnings driving goods, capital and ideas across national
boundaries, readers will learn to anticipate the effects of trade
and macroeconomic policy changes, and will have the tools to make
sound, informed decisions for themselves and their global
organizations.
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