Book Title : Interest and Prices

interest and prices

Release Date : 2011-12-12
ISBN Code : 9781400830169
Book Author : Michael Woodford
Book Publisher : Princeton University Press
Total Pages : 808

Book Summary :

With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

Book Title : The Motor Industry

the motor industry

Release Date : 2017-07-06
ISBN Code : 9781351670494
Book Author : George Maxcy
Book Publisher : Taylor & Francis
Total Pages :

Book Summary :

Originally published in 1959, this book was one of the first to give a comprehensive view of the motor industry from an economic standpoint. Although the book concentrates on the UK motor industry, many references are made to that of the USA and other leading automobile manufacturers. Among the subjects discussed are the structure of the British motor industry, the demand for vehicles, the structure of costs, economies of large-scale production, the nature of competition and profits and sources of funds.

Book Title : Housing and the Financial Crisis

housing and the financial crisis

Release Date : 2013-08-19
ISBN Code : 9780226030616
Book Author : Edward L. Glaeser
Book Publisher : University of Chicago Press
Total Pages : 464

Book Summary :

Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.

Book Title : Getting Prices Right Debate Over the Consumer Price Index

getting prices right debate over the consumer price index

Release Date : 2016-07-01
ISBN Code : 9781315502632
Book Author : Dean Baker
Book Publisher : Routledge
Total Pages : 200

Book Summary :

Compiled by the Bureau of Labor Statistics, the CPI is used to index Social Security payments and many other federal programs, as well as to adjust tax brackets. Today, the accuracy of the CPI is being hotly debated, particularly in light of the Boskin Commission report that concluded in December 1996 that the CPI overstates inflation by 1.1%. If accepted and applied in the formulation of economic policy, the report would have major implications for balancing the federal budget. It would have a direct impact on the lives of Americans who are beneficiaries of government programs as well as on everyone who pays taxes. In this book, Dean Baker introduces and explains the significance of the debate, presents the full text of the Boskin Commission report and finally discusses in a far-reaching and insightful analysis both the Commission's research methodology and its conclusions.

Book Title : Handbook of Monetary Economics 3A

handbook of monetary economics 3a

Release Date : 2010-12-08
ISBN Code : 9780080932705
Book Author :
Book Publisher : Elsevier
Total Pages : 752

Book Summary :

What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Explores the models and practices used in formulating and transmitting monetary policies Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years

Book Title : Handbook of Monetary Economics vols 3A 3B Set

handbook of monetary economics vols 3a 3b set

Release Date : 2010-11-10
ISBN Code : 9780444534712
Book Author : Benjamin M. Friedman
Book Publisher : Elsevier
Total Pages : 1517

Book Summary :

How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policies Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years

Book Title : The Turkish Economy

the turkish economy

Release Date : 2006
ISBN Code : 0415365929
Book Author : Sumru Altug
Book Publisher : Psychology Press
Total Pages : 308

Book Summary :

Including contributions from noted international scholars, this collection of papers provides a strong theoretical and empirical underpinning for the discussion of major public policy issues facing Turkey today. Matters addressed include: determinants of growth and productivity education and human capital accumulation income inequality corporate control and government performance of the government sector impact of major public policy issues on the future growth prospects of the Turkish economy. This volume relates the impact of major public policy issues on the future growth prospects of the Turkish economy. At a time when Turkey is currently attempting to gain membership to the European Union, this pertinent reference questions whether the country's economy is in fact ready for EU accession and membership.

Book Title : Pricing Decisions in the Euro Area

pricing decisions in the euro area

Release Date : 2007-06-25
ISBN Code : 0198042248
Book Author : Silvia Fabiani
Book Publisher : Oxford University Press
Total Pages : 312

Book Summary :

This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.

Book Title : Why Do Prices in Sierra Leone Change so often A L3180 Case Study Using Micro Level Price Data

why do prices in sierra leone change so often a l3180 case study using micro level price data

Release Date : 2006-02-01
ISBN Code : 9781451908497
Book Author : Mr. Arto Kovanen
Book Publisher : International Monetary Fund
Total Pages : 29

Book Summary :

We use cross-section and time-series techniques to analyze pricing behavior in Sierra Leone. In cross-sectional data, we find that inflation volatility and product diversification are the main factors explaining differences in the frequency of price adjustments. We show that variance in the fraction of prices subject to change is a key determinant of inflation volatility in Sierra Leone, indicating that retail prices are sensitive to economic events. We explain variations in this fraction over time with past inflation and monetary growth, which are important policy variables.

Book Title : Manipulation on Trial

manipulation on trial

Release Date : 1995-07-27
ISBN Code : 0521440289
Book Author : Jeffrey Williams
Book Publisher : Cambridge University Press
Total Pages : 244

Book Summary :

The first economic analysis of the Hunt silver case, the biggest manipulation case ever brought to trial.

Book Title : Implementing Value at Risk

implementing value at risk

Release Date : 2000-11-21
ISBN Code : 9780470865965
Book Author : Philip Best
Book Publisher : John Wiley & Sons
Total Pages : 222

Book Summary :

Implementing Value at Risk Philip Best Value at Risk (VAR) is an estimate of the potential loss on a trading or investment portfolio. Its use has swept the banking world and is now accepted as an essential tool in any risk manager's briefcase. Perhaps the greatest strength of VAR is that it can cope with virtually all financial products, from simple securities through to complex exotic derivatives. This allows the risk taken, across diverse trading activities, to be compared. This said, VAR is no panacea. It is as critical to understand when the use of VAR is inappropriate as it is to understand the value VAR can add to a bank's understanding and control of its risks. This book aims to explain how VAR can be used as an integral part of a risk and business management framework, rather than as a stand-alone tool. The objectives of this book are to explain: What VAR is - and isn't! How to calculate VAR - the three main methods Why stress testing is needed to complement VAR How to make stress testing effective How to use VAR and stress testing to manage risk How to use VAR to improve a bank's performance VAR as a regulatory measure of risk and capital Risk management practitioners, general bank managers, consultants and students of finance and risk management will find this book, and the software package included, an invaluable addition to their library. Finance/Investment

Book Title : Why Do Prices in Sierra Leone Change So Often a Case Study Using Micro Level Price Data Epub

why do prices in sierra leone change so often a case study using micro level price data epub

Release Date : 2006-02-01
ISBN Code : 9781451989366
Book Author : Mr. Arto Kovanen
Book Publisher : International Monetary Fund
Total Pages : 39

Book Summary :

We use cross-section and time-series techniques to analyze pricing behavior in Sierra Leone. In cross-sectional data, we find that inflation volatility and product diversification are the main factors explaining differences in the frequency of price adjustments. We show that variance in the fraction of prices subject to change is a key determinant of inflation volatility in Sierra Leone, indicating that retail prices are sensitive to economic events. We explain variations in this fraction over time with past inflation and monetary growth, which are important policy variables.

Book Title : Market Making and the Changing Structure of the Securities Industry

market making and the changing structure of the securities industry

Release Date : 2002
ISBN Code : 9781587981630
Book Author : Yakov Amihud
Book Publisher : Beard Books
Total Pages : 336

Book Summary :

First published in 1985, this volume examined the development of the United States securities market over the ten years following the 1975 Securities Acts Amendments. Presented by Amihud (entrepreneurial finance, New York U.), Ho (president, Thomas Ho Company), and Schwartz (finance, Baruch College)

Book Title : Price Imputation and Other Techniques for Dealing with Missing Observations Seasonality and Quality Change in Price Indices

price imputation and other techniques for dealing with missing observations seasonality and quality change in price indices

Release Date : 1999-06-01
ISBN Code : 9781451896299
Book Author : Mr. Paul A. Armknecht
Book Publisher : International Monetary Fund
Total Pages : 28

Book Summary :

Price index compilers frequently face situations where price observations are missing due to seasonal unavailability, supply shortages, or the discontinuation of products. Incorrect treatment of such situations can result in biased price indices. This paper presents statistical imputation techniques that index compilers can use to prevent bias and suggests the extension of these same techniques to assist with adjustments for quality differences. The use of additional procedures for dealing with some of the problems caused by seasonal commodities is also discussed.

Book Title : Market Timing with Moving Averages

market timing with moving averages

Release Date : 2017-11-17
ISBN Code : 9783319609706
Book Author : Valeriy Zakamulin
Book Publisher : Springer
Total Pages : 278

Book Summary :

This book provides a comprehensive guide to market timing using moving averages. Part I explores the foundations of market timing rules, presenting a methodology for examining how the value of a trading indicator is computed. Using this methodology the author then applies the computation of trading indicators to a variety of market timing rules to analyse the commonalities and differences between the rules. Part II goes on to present a comprehensive analysis of the empirical performance of trading rules based on moving averages.