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    In the Wake of the Crisis

    In the Wake of the Crisis

    Engels. Gebonden met stofomslag, in goede staat

    In 2011, the International Monetary Fund invited prominent economists and economic policy makers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. For instance, to what extent are financial markets efficient and self-correcting? How crucial is low and stable inflation for growth and the real stability of the economy? How strong is the case for open capital markets? Too often, the standard models provided insufficient guidance on how to respond to the unprecedented situations created by the crisis. As a result, policy makers have been forced to improvise. What to do when interest rates reach the zero floor? How best to provide liquidity to segmented financial institutions and markets? How much to use fiscal policy starting from high levels of debt? These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital account management, growth strategies, and the international monetary system, and the economic models that should underpin thinking about critical policy choices. Among the new realities they consider are the swing of the pendulum toward regulation; the need for new theoretical approaches, incorporating advances in agency theory, behavioral economics, and understanding of credit markets and finance based on theories of imperfect information; and the importance for macroeconomic policy to target not just inflation but also output and financial stability. This title is copublished with The MIT Press. For more information, please visit www.mitpress.mit.edu.

    International Monetary Fund ;

    € 14,50

    The Conquest of...

    The Conquest of American Inflation

    Engels. Gebonden met omslag, als nieuw

    In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation.

    Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy.

    Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.

    Thomas J. Sargent ;

    € 24,50

    Hypocrites and Half-Wits

    Hypocrites and Half-Wits

    Engels. Gebonden met omslag, als nieuw

    Each day, Donald Boudreaux, professor of economics at George Mason University, writes a letter to the editor of a major American publication. Often, he writes in response to an absurdity offered up by a columnist or politician, or an eye-catching factoid misleadingly taken out of context. This collection, comprised of one hundred of Boudreaux's best letters, provides intelligent, witty rejoinders to questions like these:

    - Are taxes "really just prices"? (New York Times)
    - Does the Tea Party suffer from a "fatuous infatuation" with the Constitution? (Washington Post)
    - Is it "obvious" that "if there are fewer guns, there are fewer shootings and fewer funerals" (New Orleans Times-Picayune)
    - Has "slowing population growth" proven to be "critical to long-term economic growth"? (Wall Street Journal)

    Without swearing allegiance to any party or ideology, Boudreaux takes aim at pundits and politicos on the left, right, and everywhere between. He tackles issues ranging from "lookism" in the office and the futility of border walls to naive faith in alternative energy and the all-too-common tendency to trust a fallible and ever-expanding government.

    Half-truths and Hypocrites won't change the deeply held convictions of readers. But it will entertain them, enlighten them, and sharpen their eye for shaky facts, faulty reasoning, and intellectual dishonesty--all of which are threats to a free, prosperous country.

    Donald J. Boudreaux ;

    € 18,50

    Liar's Poker

    Liar's Poker

    Engelstalige paperback, in zeer goede staat

    This bestselling and hilarious book blew the doors off Wall Street's boardrooms and introduced the world to the writing of Michael Lewis. In this shrewd and wickedly funny book, Michael Lewis describes an astonishing era and his own rake's progress through a powerful investment bank. From an unlikely beginning (art history at Princeton?) he rose in two short years from Salomon Brothers trainee to Geek (the lowest form of life on the trading floor) to Big Swinging Dick, the most dangerous beast in the jungle, a bond salesman who could turn over millions of dollars' worth of doubtful bonds with just one call. With the eye and ear of a born storyteller, Michael Lewis shows us how things really worked on Wall Street. In the Salomon training program a roomful of aspirants is stunned speechless by the vitriolic profanity of the Human Piranha; out on the trading floor, bond traders throw telephones at the heads of underlings and Salomon chairman Gutfreund challenges his chief trader to a hand of liar's poker for one million dollars; around the world in London, Tokyo, and New York, bright young men like Michael Lewis, connected by telephones and computer terminals, swap gross jokes and find retail buyers for the staggering debt of individual companies or whole countries. The bond traders, wearing greed and ambition and badges of honor, might well have swaggered straight from the pages of Bonfire of the Vanities. But for all their outrageous behavior, they were in fact presiding over enormous changes in the world economy. Lewis's job, simply described, was to transfer money, in the form of bonds, from those outside America who saved to those inside America who consumed. In doing so, he generated tens of millions of dollars for Salomon Brothers, and earned for himself a ringside seat on the greatest financial spectacle of the decade: the leveraging of America. - Publisher.

    Michael Lewis ;

    € 7,50
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