Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominent role in the financial crisis of 2008, and the federal government have come to a crossroads. The government must make key decisions about their structure, and indeed, their very existence. The government has played an important role in the American housing market since the early 1930s, when the Great Depression ushered in housing programs to promote a stable society. The government's role expanded further during the recent housing and financial crisis -Fannie Mae and Freddie Mac now dominate the American housing market, backing more than 62 percent of new mortgages and holding more than $5 trillion in accumulated mortgage risk. In The Future of Housing Finance Martin Baily and his associates discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. While presenting diverse analytical perspectives, including a contribution from former chairman of the Federal Reserve Alan Greenspan, all contributors agree that the government's support for mortgage financing in the recent past was too broad and deep but some role is necessary to maintain the stability of the housing finance market. The Obama administration has recommended reducing the role of Fannie and Freddie while replacing them with a private market approach, but continuing federal support for worthy borrowers. But what will Congress agree to? And how fast will it move on any initiative? Specific topics include: Introduction of a new system to reduce incentives that encourage excessive risk taking. Gradual withdrawal of Fannie and Freddie from the housing finance system. New approaches to regulating mortgage securitization, with financial stability as a primary goal. Use of government-backed guarantees through institutional structures designed to limit moral hazard.

Once we paid for things with bills, coins, or checks. Today we pay with zeroes and ones --digital entries on credit and debit cards, or electronic messages sent over the Internet. In "Moving Money," distinguished analysts explore this trend, its development and likely future, and the ramifications of this transformation.

This is a book about money as a medium of exchange --in the past, in the present, but particularly in the future. What forms has money taken over the years? Moreover, how have those means of payment changed in recent years, and how will they develop in the future? And what (if anything) should policymakers do to facilitate those changes, or at least allow them to develop and mature? Brookings economists Robert E. Litan and Martin Neil Baily and a distinguished group of experts dissect these issues and peer into the future of consumer payments.

The landscape of the consumer payments industry will be shaped at least in part by public policies. Historically, governments have had monopolies on the manufacture of money. Any form of payment clearly requires trust on the part of both the seller and the buyer, and the government must establish and enforce laws to secure this relationship. More controversial is the issue of whether, and to what extent, government is also needed to protect the market in private sector payments systems.

Why do these issues matter? The payments industry is a large and important sector of developed economies. In the United States, private-sector payments providers generate approximately $280 billion a year in revenue, while the government invests substantial resources into making money (minting coins and printing bills) or moving it (via checks and various electronic transfers). And the way we pay for things influences our purchases --what we spend money on, how much we spend, and where we spend it. Thus the future of consumer payments is intertwined with the health of national economies.

Contributors: Martin Neil Baily (Brookings), Thomas P. Brown (O'Melveny & Myers), Kenneth Chenault (American Express Company), Vijay D'Silva (McKinsey and Company), Nicholas Economides (New York University), David S. Evans (Market Platform Dynamics), Robert E. Litan (Brookings and Kaufmann Foundation), Drazen Prelec (Massachusetts Institute of Technology), Richard Schmalensee (Massachusetts Institute of Technology)

The collapse of U.S. productivity growth since the late 1960s has been the most severe and persistent of recent economic problems. This volume reviews the extent of the growth slowdown, evaluates several contributing factors, and suggests strategies for improvement. The authors find that inflation, recessions, oil price fluctuations, and other economic disruptions in the 1970s had an averse effect on economic performance, but, they suggest, a slowing in the pace of innovation and a failure to exploit the benefits of innovation also contributed to the weakness in productivity.Baily and Chakrabarti provide a comprehensive assessment of U.S. technology policy and its importance to growth. They argue for continued support of basic science, even though strength in this area does not give the U.S. economy an immediate competitive advantage, and advocate increased support for ""middle ground"" and commercial research. They conclude that this support must be structured to preserve the advantages of the market.

This thrilling collection of twenty-one all-original stories, by an all-star list of contributors, will delight and astonish in equal measure with their cunning twists and dazzling reversals. George R. R. Martin himself offers a brand-new A Game of Thrones tale, chronicling one of the biggest rogues in the entire history of Ice and Fire. Also featuring stories from Gillian Flynn, Joe Abercrombie, Neil Gaiman, Patrick Rothfuss, Scott Lynch and more!

Primary healthcare premises are increasingly becoming more sophisticated, offering health promotion, minor surgery and specialist services. The acquisition of new premises, expansion or investment in traditional surgeries can be the greatest financial commitment and also one of the most daunting. This book is specifically written to enable development with minimal disruption to the daily medical routine. The book contains viewpoints of specialists with many years' experience gained from working in their individual fields. It is essential reading for GPs, trainees, practice managers and professional advisers to general practice. Specialist architects, solicitors, financial advisors, accountants and health authority managers will also achieve a better understanding of this complex subject.

Explore all the key fields of Psychology in one essential textbook Psychology is the internationally best-selling introduction to one of the world's most exciting sciences. This invaluable, accessible text covers every major branch in the field and will help you discover and engage with classic and contemporary topics, theories and applications. The 7th edition has been extensively revised and updated with over 1,000 new references, a major new section on replication in psychology and a new interview feature offering insights into the work of 14 leading researchers and practitioners. Richly illustrated throughout with examples from across the globe, each chapter is packed with a range of features, connecting the diverse strands of the subject and bringing it to life. These include: An Interview with: an exciting new feature for the 7th edition, providing a fascinating insight into the life and work of researchers and practitioners working in a broad range of roles and fields including clinical, health and educational psychology Spotlight on: 56 recent studies highlighting significant or unusual research from across the field, such as whether using a laptop to take notes in lectures is effective, the limits of neuroimaging, mate choice and eye colour, using Twitter language to predict the risk of heart disease and how do you get people to eat insects? Controversies in Psychological Science: encouraging you to question and reflect upon the complex nature of topics within the field, promoting critical thinking and debate on questions such as: Can you tell a liar from a truth-teller? Are there universally attractive body types? Do learning styles exist? Is fMRI research reliable? Do Davids and Denices die sooner? Can personality predict health? Is there a gene for depression? Psychology in Action: highlighting the link between theory and application, considering a range of real-world examples, such as the use of face-recognition technology; jury decision-making; understanding bullying; how terrorists are made; how people react during emergencies; maintaining weight loss; how to protect yourself against fake news and the advantages of swearing. International Perspectives: providing a comparative global perspective on topics such as psychological responses to COVID-19, conspiracies, attraction, the perception of scents, face processing, exercise and healthy eating, age of onset of mental disorder and many others.

Mental Health Law in England and Wales is a comprehensive guide to the Mental Health Act 1983 for any mental health professional - from social workers, psychologists and occupational therapists, to doctors and nurses. The book aims to simplify mental health law so that it’s accessible to busy professionals at all stages of practice as well as those affected by mental health law. Key chapters include details on who operates the Act, who is affected by it, how the law governs issues of capacity and consent to treatment, how to appeal against compulsion, and the role of the nearest relative. There are also important chapters on advocacy, children and human rights issues, as well as extensive appendices which provide access to the 1983 Act itself, important rules and regulations, and a summary of key cases. This Fifth Edition includes:  - Practical advice and checklists for working with the Act. - An updated text of the Mental Health Act and relevant Rules and Regulations. - Recent case law including the Devon judgment on Mental Health Act assessments. - A summary of the Human Rights Act 1998. - Guidance on the interface between the Mental Health Act and the Mental Capacity Act. - Recent case law concerning the ‘relevant information’ when assessing for incapacity.  

To honor the magnificent career of Jack Vance, one unparalleled in achievement and impact, George R.R. Martin and Gardner Dozois, with the full cooperation of Vance, his family, and his agents, have created a Jack Vance tribute anthology: "Songs of the Dying Earth." The best of today's fantasy writers to return to the unique and evocative milieu of The Dying Earth, from which they and so many others have drawn so much inspiration, to create their own brand-new adventures in the world of Jack Vance's greatest novel.
Half a century ago, Jack Vance created the world of the Dying Earth, and fantasy has never been the same. Now, for the first time ever, Jack has agreed to open this bizarre and darkly beautiful world to other fantasists, to play in as their very own. To say that other fantasy writers are excited by this prospect is a gross understatement; one has told us that he'd crawl through broken glass for the chance to write for the anthology, another that he'd gladly give up his right arm for the privilege. That's the kind of regard in which Jack Vance and The Dying Earth are held by generations of his peers.
This book contains original stories from George R. R. Martin, Neil Gaiman, Dan Simmons, Elizabeth Moon, Tanith Lee, Tad Williams, Kage Baker, and Robert Silverberg, along with fifteen others--as well as an introduction by Dean Koontz.

Since the first edition of this book published, Bayesian networks have become even more important for applications in a vast array of fields. This second edition includes new material on influence diagrams, learning from data, value of information, cybersecurity, debunking bad statistics, and much more. Focusing on practical real-world problem-solving and model building, as opposed to algorithms and theory, it explains how to incorporate knowledge with data to develop and use (Bayesian) causal models of risk that provide more powerful insights and better decision making than is possible from purely data-driven solutions. Features Provides all tools necessary to build and run realistic Bayesian network models Supplies extensive example models based on real risk assessment problems in a wide range of application domains provided; for example, finance, safety, systems reliability, law, forensics, cybersecurity and more Introduces all necessary mathematics, probability, and statistics as needed Establishes the basics of probability, risk, and building and using Bayesian network models, before going into the detailed applications A dedicated website contains exercises and worked solutions for all chapters along with numerous other resources. The AgenaRisk software contains a model library with executable versions of all of the models in the book. Lecture slides are freely available to accredited academic teachers adopting the book on their course.

The financial crisis of 2007-08 and the Great Recession caused more widespread economic trauma than any event since the Great Depression. With a slow and uneven recovery, encouraging stability and growth is critical. Financial Restructuring to Sustain Recovery maintains that while each part of the financial services industry can play a useful role in revving up the U.S. economic engine to full capacity, the necessary reforms are sometimes subtle and often difficult to implement. Editors Martin Neil Baily, Richard Herring, and Yuta Seki and their coauthors break recovery down by three areas: Restructuring the housing finance market Reforming the bankruptcy process Reenergizing the market for initial public offerings Included are lessons drawn from Japan's experience in overcoming its long-lasting financial crisis after the collapse of its real estate market in the 1990s. Contributors: Franklin Allen (Wharton School, University of Pennsylvania, USA), James R. Barth (Auburn University College of Business; Milken Institute), Thomas Jackson (Simon School of Business, University of Rochester), Jay R. Ritter (Warrington College of Business, University of Florida, USA), David Skeel (University of Pennsylvania Law School, USA), and Glenn Yago (Milken Institute).

A comprehensive plan from two leading experts on how to fix America's outdated retirement system America's retirement system has serious problems. While it works well for some retirees, millions of others don't have the sound retirement they have worked decades to secure. Roughly 40 percent of today's $4 trillion federal budget is devoted to supporting retirees, which will grow to roughly half over the next decade-imperiling the sustainability of the whole system. The system is out of date. It reflects the America of a bygone age—an era in which company or union pensions provided middle-class families a decent standard of living in retirement. In America today, however, private pensions have mostly disappeared, Social Security is threatened to go insolvent, people are living longer, and health care costs continue to rise. Poorer retirees now must choose between buying enough to eat and their prescription drugs. In The Retirement Challenge, influential former White House economists Martin Neil Baily and Benjamin H. Harris explore America's outdated retirement system and explain how improving retirement requires changes by families, employers, and policymakers alike. Households need to save more, get smarter about their finances, and trade part of their 401(k) balances for insurance products. Companies need to take a more active role in their workers' retirements. And lawmakers need to amend the tax code, Social Security, and a host of other programs. Despite today's wide political divide, policymakers from both parties can come together around changes that will promote a stable retirement. This book shows that these changes do not represent a radical overhaul. If families, businesses, and policymakers do their part, everyone-current retirees and future generations-can enjoy a much more secure and prosperous retirement.

Mental Health Law in England and Wales is a comprehensive guide to the Mental Health Act 1983 for any mental health professional - from social workers, psychologists and occupational therapists, to doctors and nurses. The book aims to simplify mental health law so that it’s accessible to busy professionals at all stages of practice as well as those affected by mental health law. Key chapters include details on who operates the Act, who is affected by it, how the law governs issues of capacity and consent to treatment, how to appeal against compulsion, and the role of the nearest relative. There are also important chapters on advocacy, children and human rights issues, as well as extensive appendices which provide access to the 1983 Act itself, important rules and regulations, and a summary of key cases. This Fifth Edition includes:  - Practical advice and checklists for working with the Act. - An updated text of the Mental Health Act and relevant Rules and Regulations. - Recent case law including the Devon judgment on Mental Health Act assessments. - A summary of the Human Rights Act 1998. - Guidance on the interface between the Mental Health Act and the Mental Capacity Act. - Recent case law concerning the ‘relevant information’ when assessing for incapacity.  

It is generally accepted that Social Security must be reformed, but there is little agreement on what should be done to reform the program. US Pension Reform: Lessons from Other Countries looks at the social pension reforms of twelve other countries, assesses the current US Social Security program, and evaluates how these twelve models inform opportunities for adaptation of the current system. The authors consider governments' current fiscal balances in order to contextualize countries' initial financial liabilities and pension program infrastructure. The book concludes with an integrated reform proposal for Social Security. These prescriptions suggest concrete plans to address issues such as underfunding, benefits for high-income participants and the elderly demographic segment, as well as the creation of an individual account program. This volume forges significant advances and boldly confronts the challenge of reconstructing the US Social Security program.

As industries evolve and restructure, the capacity of an economy to adapt to new economic conditions determines its success over the long run. Three key forces are currently driving change in the developed economies: expanded global competition, the increased use of information and communications technologies, and the development of the global financial system. Arguably, these forces have created a new economy due to increased intensity of competition, as well as altered demand patterns and changes in the way businesses operate. Europe grew rapidly for many years, but now, faced with greater challenges, several of the large economies in Europe have either failed to generate enough jobs or have failed to achieve the highest levels of productivity (or both). Realizing these difficulties, the European Council, meeting in Lisbon in March 2000, proposed reforms to promote a "radical transformation of the European economy." In this study, Martin Neil Baily explores why Europe's growth slowed, what is the contribution of information technology to growth, and what policies should be followed to facilitate economic transformation. He emphasizes a system with strong work incentives and a high level of competitive intensity. It is not necessary to eliminate the protections for individuals that Europe has built up. But both social programs and policies toward business must be reoriented so that they encourage economic change.

For nearly two decades the U.S. economy has been plagued by two disturbing economic trends: the slowdown in the growth rates of productivity and average real wages and the increase in wage and income inequality. The federal budget is in chronic deficit. Imports have far exceeded exports for more than a decade. American competitiveness has been a source of concern for even longer. Many Americans worry that foreigners are buying up U.S. companies, that the economy is losing its manufacturing base, and that the gap between rich and poor is widening. In this book three of the nation's most noted economists look at the primary reasons for these trends and assess which of the many suggestions for change in policy whether for increased tax incentives for investment, education reform, or accelerated research and development are likely to work and which may not work and could even hinder economic development. The author's discuss a variety of issues connected with deindustrialization and diminished competitiveness, distinguishing between problems that would be of real concern and those that should not. They evaluate explanations for slow growth in aggregate productivity in the United States and its relation to slower growth in other industrialized countries. They discuss the performance of the various sectors of the U.S. economy and systematically examine the evidence for and against the major proposals for correcting the adverse trends in productivity and inequity. Growth With Equity clearly explains how the country can accomplish the challenge of accelerating growth and narrowing the gap that separates the rich from the poor. While recognizing that some of their recommendations may be politically painful, the authors stress the importance of adopting a purposeful, long-range policy to encourage growth, ensure equity, and reduce the government's equity.

Essays discuss the federal budget, taxes, government monetary policies, and new approaches to solving U.S. economic problems.