Book Description

Seventeen essays include three previously unpublished works and offer sharply etched views on the principal topics of macroeconomics- growth, inflation, and unemployment.Robert Gordon re-examines their salient points in a new accessible introduction to modern macroeconomics.Each of the four parts into which the essays are grouped also offers a new, introduction.The foreword by Nobel Laureate Robert M. Solow comments on the continuing importance of these essays which date from 1968 to the present. ... Read more

Book Description

This book looks at very high inflations, exemplified by those suffered by Argentina, Bolivia, Brazil, Israel, Mexico, and Peru in the eighties and by the Soviet Union today. The authors argue that a better grasp of high inflation processes is necessary in order for countries intricated in it to design stabilization strategies. The extremes of monetary instability can also give a clearer picture of the purpose that money and financial institutions serve under more normal circumstances, thus deepening our understanding of the benefits of monetary stability. This study will be of interest to scholars of macroeconomics, economic theorists and applied economists. ... Read more

Book Description

First published in 1956 ... Read more

Book Description

The econometric consequences of nonstationary data have wide-ranging implications for empirical research in economics. Specifically, these issues have implications for the study of empirical relations such as a money demand function that links macroeconomic aggregates: real money balances, real income and a nominal interest rate. Traditional monetary theory predicts that these nonstationary series form a cointegrating relation and, accordingly, that the dynamics of a vector process comprising these variables generates distinct patterns. Recent econometric developments designed to cope with nonstationarities have changed the course of empirical research in the area, but many fundamental challenges, for example the issue of identification, remain. This book is an effort to determine the consequences that nonstationarity has for the study of aggregate money demand relations.The object of this book is to utilize the tools of modern time series analysis to determine the role of an aggregate demand for real balances in the generation of macroeconomic time series. A significant distinguishing characteristic of this research is the identification and estimation of this demand function in a multivariate framework, in contrast to most existing studies that concentrate on a single equation framework. ... Read more

Book Description

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. ... Read more

Reviews (1)

Inflation
The inflation situation is described and cured in this magnificent book. It shows mortals like myself, what causes inflation and how the whole economic society is linked together. ... Read more

Book Description

This is the third, slightly revised edition of this book, after 1981 Frank Cass and 1990 Routledge. Since its first publication, Al-Azmeh’s book has established itself as the major new interpretation of Ibn Khaldûn’s work.

Ibn Khaldûn (1332 Tunis – 1406 Cairo) was a great figure of Arab-Islamic letters and of historical thought overall, is a figure on a par with Thucydides, Herder, Vico and others of similar stature.

The Middle East Journal: "Even those who disagree with Dr. Al-Azmeh's demystification of Ibn Khaldûn will have to admit that his "reinterpretation" is provocative and profound."

Starting with an interpretation of Ibn Khaldûn's narration of history in the context of classical Arabic historical writing, the author's interpretation then moves on to a meticulous reconstruction of Ibn Khaldûn's conception of history. The book then goes on to sketch the content and structure of Ibn Khaldûn's most celebrated work, the Muqaddima. The book ends with "bibliographic orientations" for the help of the reader. ... Read more

Book Description

Cole points out that a simple monetarist model can explain Latin Amercian inflation, although it cannot by itself provide an explanation in terms of the "ultimate causes" of inflation. This is the basis of the structuralist critique, which attempts to provide an explanation in a deeper, overall sense. Cole concludes that while the monetarist model deals with empirical testing and data, the structuralist approach highlights the human element and country-specific circumstances that cannot really be measured. ... Read more

Book Description

This is the first international comparative, empirical study of the money supply process (MSP) that involves all of the basic types of economies and institutional economic systems at all levels of economic development. The comparative approach adopted by the authors enables them to explain the differences that do occur in the MSP across economies and what causes them. By properly defining the general theory and overall monetary theory of the MSP, the authors offer the reader both a better understanding of national MSP and a broad framework of possibilities for improving the efficiency of monetary policy. ... Read more

Book Description

Business intelligence has always been considered an essential ingredient for success. However, it is not until recently that the technology has enabled organizations to generate and deploy intelligence for global competition. These technologies can be leveraged to create the intelligent enterprises of the 21st century that will not only provide excellent and customized services to their customers, but will also create business efficiency for building relationships with suppliers and other business partners on a long term basis. Creating such intelligent enterprises requires the understanding and integration of diverse enterprise components into cohesive intelligent systems. Anticipating that future enterprises need to become intelligent, Intelligent Enterprises of the 21st Century brings together the experiences and knowledge from many parts of the world to provide a compendium of high quality theoretical and applied concepts, methodologies, and techniques that help diffuse knowledge and skills required to create and manage intelligent enterprises of the 21st century for gaining sustainable competitive advantage in a global environment. This book is a comprehensive compilation of the state of the art vision and thought processes needed to design and manage globally competitive business organizations. ... Read more

Book Description

This book studies the causes and cures of inflation in a monetary union. It carefully discusses the effects of money growth and output growth on inflation. The focus is on producer inflation, currency depreciation and consumer inflation. For instance, what determines the rate of consumer inflation in Europe, and what in America? Moreover, what determines the rate of consumer inflation in Germany, and what in France? Further topics are real depreciation, nominal and real interest rates, the growth of nominal wages, the growth of producer real wages, and the growth of consumer real wages. Here productivity growth and labour growth play significant roles. Another important issue is target inflation and required money growth. A special feature of this book is the numerical estimation of shock and policy multipliers. ... Read more

Book Description

Book Description

This work examines the role money and debt play in our economy. It shows why we went from the gold standard to flat money, why that led to increasing inflation up to 1980, and why inflation has receded since 1980. In addition, it explains how today's economic problems arose, why governments cannot solve those problems, and where those problems will lead us. Challenging conventional wisdom, the author suggests that high real interest rates in the 1980s reduced business' ability to profit by expanding productive capacity and reduced the attractiveness of borrowing for consumption. The resulting drive to buy assets instead, such as stocks and real estate, caused rapidly rising prices in those areas. The author foresees a depression resulting from these economic forces--one which governments will be unable to prevent. ... Read more