John Y. Campbell (ed.)
- Published in print:
- 2008
- Published Online:
- February 2013
- ISBN:
- 9780226092119
- eISBN:
- 9780226092126
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226092126.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these ...
More
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In this book, scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors.Less
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In this book, scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors.
Sebastian Edwards (ed.)
- Published in print:
- 2007
- Published Online:
- February 2013
- ISBN:
- 9780226184975
- eISBN:
- 9780226184999
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226184999.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. This book examines both the ...
More
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. This book examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, this book considers mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability.Less
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. This book examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, this book considers mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability.
John B. Shoven (ed.)
- Published in print:
- 2011
- Published Online:
- February 2013
- ISBN:
- 9780226754727
- eISBN:
- 9780226754758
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226754758.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Demographics is a vital field of study for understanding social and economic change and it has attracted attention in recent years as concerns have grown over the aging populations of developed ...
More
Demographics is a vital field of study for understanding social and economic change and it has attracted attention in recent years as concerns have grown over the aging populations of developed nations. Demographic studies help make sense of key aspects of the economy, offering insight into trends in fertility, mortality, immigration, and labor force participation, as well as age, gender, and race specific trends in health and disability. This book explores the connections between demography and economics, paying special attention to what demographic trends can reveal about the sustainability of traditional social security programs and the larger implications for economic growth. The volume brings together some of the leading scholars working at the border between the two disciplines, and it provides an eclectic overview of both fields. Chapters also offer deeper analysis of a variety of issues such as the impact of greater wealth on choices about marriage and childbearing and the effects of aging populations on housing prices, Social Security, and Medicare.Less
Demographics is a vital field of study for understanding social and economic change and it has attracted attention in recent years as concerns have grown over the aging populations of developed nations. Demographic studies help make sense of key aspects of the economy, offering insight into trends in fertility, mortality, immigration, and labor force participation, as well as age, gender, and race specific trends in health and disability. This book explores the connections between demography and economics, paying special attention to what demographic trends can reveal about the sustainability of traditional social security programs and the larger implications for economic growth. The volume brings together some of the leading scholars working at the border between the two disciplines, and it provides an eclectic overview of both fields. Chapters also offer deeper analysis of a variety of issues such as the impact of greater wealth on choices about marriage and childbearing and the effects of aging populations on housing prices, Social Security, and Medicare.
Sebastian Edwards and Marcio G. P. Garcia (eds)
- Published in print:
- 2008
- Published Online:
- February 2013
- ISBN:
- 9780226184951
- eISBN:
- 9780226185040
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226185040.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency ...
More
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. This book addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund. A group of experts examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists' and policymakers' understanding of the effectiveness of restrictions on capital mobility in the world's most fragile economies.Less
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. This book addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund. A group of experts examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists' and policymakers' understanding of the effectiveness of restrictions on capital mobility in the world's most fragile economies.
Alberto Alesina and Francesco Giavazzi (eds)
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780226018447
- eISBN:
- 9780226018584
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226018584.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues such as tax rates and government ...
More
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues such as tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. This book focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to the book discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy.Less
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues such as tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. This book focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to the book discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy.
Michael D. Bordo and Athanasios Orphanides (eds)
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780226066950
- eISBN:
- 9780226043555
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226043555.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and ...
More
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This book focuses on understanding the causes of the Great Inflation of the 1970s and 1980s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.Less
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This book focuses on understanding the causes of the Great Inflation of the 1970s and 1980s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Jordi Gali and Mark Gertler (eds)
- Published in print:
- 2010
- Published Online:
- February 2013
- ISBN:
- 9780226278865
- eISBN:
- 9780226278872
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226278872.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly ...
More
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. This book brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this book, the chapters examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance.Less
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. This book brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this book, the chapters examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance.
Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer (eds)
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9780226121338
- eISBN:
- 9780226121475
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226121475.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Since the creation of National Accounts during the Great Depression there have been calls to expand macroeconomic statistics to better account for economic growth, the sustainability of growth, and ...
More
Since the creation of National Accounts during the Great Depression there have been calls to expand macroeconomic statistics to better account for economic growth, the sustainability of growth, and the effect of growth on economic well-being. This volume would be the latest in a long series of Studies in Income and Wealth and earlier NBER publications dating back to the 1930s that have played a key role in the development of the U.S. National Accounts and those of other nations. Work in this volume shows advances within a national accounts framework, and so contributes to other national and international initiatives that aim at developing better indicators of material well-being and the quality of life. The papers in this volume address key gaps in our statistical coverage revealed by the recession and the period leading up to the recession, including the increasing share of income going to those at the top, that for many households resulted in disconnects between their personal experiences and the reported growth in official statistics like GDP and disposable personal income; the failure of many of the existing macroeconomic and financial statistics to provide a consistent and clear set of new “leading” financial indicators on the unsustainability of trends in saving, spending, debt, and housing and equity prices; and the lack of data on health care, the environment, education, and human capital and their increasing importance to the rate and sustainability of economic growth.Less
Since the creation of National Accounts during the Great Depression there have been calls to expand macroeconomic statistics to better account for economic growth, the sustainability of growth, and the effect of growth on economic well-being. This volume would be the latest in a long series of Studies in Income and Wealth and earlier NBER publications dating back to the 1930s that have played a key role in the development of the U.S. National Accounts and those of other nations. Work in this volume shows advances within a national accounts framework, and so contributes to other national and international initiatives that aim at developing better indicators of material well-being and the quality of life. The papers in this volume address key gaps in our statistical coverage revealed by the recession and the period leading up to the recession, including the increasing share of income going to those at the top, that for many households resulted in disconnects between their personal experiences and the reported growth in official statistics like GDP and disposable personal income; the failure of many of the existing macroeconomic and financial statistics to provide a consistent and clear set of new “leading” financial indicators on the unsustainability of trends in saving, spending, debt, and housing and equity prices; and the lack of data on health care, the environment, education, and human capital and their increasing importance to the rate and sustainability of economic growth.
Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9780226051482
- eISBN:
- 9780226051512
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226051512.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Using the fundamental trilemma of international finance as a broad organizing principle, this book discusses the evolution of monetary and exchange-rate policies over the twentieth century. We start ...
More
Using the fundamental trilemma of international finance as a broad organizing principle, this book discusses the evolution of monetary and exchange-rate policies over the twentieth century. We start with the classical gold standard, during which US monetary authorities maintained fixed exchange rates at the loss of a domestically orientated monetary policy, and progress through the interwar gold-exchange standard, the creation of the Exchange Stabilization Fund, and the Bretton Woods era to today’s fiat standard, in which US monetary authorities embrace a domestically focused monetary policyand floating exchange rates. Throughout, we portray US exchange-market operations as attempts to obtain an additional policy instrument with which to systematically affect exchange rates while focusing traditional monetary policy instruments on inflation and unemployment objectives. We conclude that while foreign-exchange operations can sometimes affect exchange rates, they fail in the broader context of providing an additional independent instrument. In fact, US intervention operations ended when the FOMC came to view them as actually interfering with US monetary policy. Our approach relies mainly on a historical narrative guided by some heretofore untapped sources, including a unique data set consisting of all US foreign-exchange transactions since 1962. We also offer an empirical analysis of sterilized US interventions since 1973. Wediscuss theoretical and institutional aspects of US intervention, the development ofUS swap lines,and the Treasury-Federal Reserve warehousing controversy.Less
Using the fundamental trilemma of international finance as a broad organizing principle, this book discusses the evolution of monetary and exchange-rate policies over the twentieth century. We start with the classical gold standard, during which US monetary authorities maintained fixed exchange rates at the loss of a domestically orientated monetary policy, and progress through the interwar gold-exchange standard, the creation of the Exchange Stabilization Fund, and the Bretton Woods era to today’s fiat standard, in which US monetary authorities embrace a domestically focused monetary policyand floating exchange rates. Throughout, we portray US exchange-market operations as attempts to obtain an additional policy instrument with which to systematically affect exchange rates while focusing traditional monetary policy instruments on inflation and unemployment objectives. We conclude that while foreign-exchange operations can sometimes affect exchange rates, they fail in the broader context of providing an additional independent instrument. In fact, US intervention operations ended when the FOMC came to view them as actually interfering with US monetary policy. Our approach relies mainly on a historical narrative guided by some heretofore untapped sources, including a unique data set consisting of all US foreign-exchange transactions since 1962. We also offer an empirical analysis of sterilized US interventions since 1973. Wediscuss theoretical and institutional aspects of US intervention, the development ofUS swap lines,and the Treasury-Federal Reserve warehousing controversy.
Abigail and John Adams
Abraham Lincoln in the Post-Heroic Era
Abysmal
Accelerating Energy Innovation
Accident Prone
The Accompaniment
Accounting for Taste
The Adventure of the Real
Aesthetics of Renewal
