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Testing Monetarism pursues the complex question of the nature of the controversy surrounding monetarist theory and evidence, and the reasons for the persistence of this controversy. The theory of monetarism is examined in its old guise as the Quantity Theory of Money, and subsequent chapters look at the evolution of the theory to its present form in the period since the 1950's, and Desai weaves together issues of theory with those of econometric evidence. He looks in turn at major predictions of monetarism, critically examining the claims made in the literature in the light of his discussion of the methodology of testing theories and highlights flaws in the empirical data surrounding monetarism.
An essential origin story of modern society’s most influential economic doctrine. The Chicago School of economic thought has been subject to endless generalizations—and mischaracterizations—in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born from decades of research and debate. The Monetarists is a deeply researched history of the monetary policies—and personalities—that codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation. As economist George S. Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a tradition in theory brought forth by a crucible of minds and debates throughout campus. Through unprecedented mining of archival material, The Monetarists offers the first complete history of one of the twentieth century’s most formative intellectual periods and places. It promises to elevate our understanding of this doctrine and its origins for generations to come.
A selection of autobiographical essays by economists whose work is recognised in current economic thinking. They are based upon introductions to the Edward Elgar series, "Economists of the Twentieth Century". The volume focuses upon those who have experience in Europe, Asia and Australasia.
The Financial Crisis has led to a decade of poor returns for pension schemes and lower retirement incomes. Credit-based investment strategies that track the business cycle, are allowing preservation of investors' capital. This book provides analysis and investment strategy plans to generate equity-like-returns with bond like volatility.
This Dictionary provides a unique and groundbreaking survey of both the historical and contemporary interrelations between ethics, theology and society. In over 250 separately-authored entries, a selection of the world's leading scholars from many disciplines and many denominations present their own views on a wide range of topics. Arranged alphabetically, entries cover all aspects of philosophy, theology, ethics, economics, politics and government. Each entry includes: * a concise definition of the term * a description of the principal ideas behind it * analysis of its history, development and contemporary relevance * a detailed bibliography giving the major sources in the field The entire field is prefaced by an editorial introduction outlining its scope and diversity. Selected entries include: Animal Rights * Capital Punishment * Communism * Domestic Violence * Ethics * Evil * Government * Homophobia * Humanism * Liberation Theology * Politics * Pornography * Racism * Sexism * Society * Vivisection * Women's Ordination
The Collected Works of F.A. Hayek is a projected nineteen volume series that will contain newly edited editions of Hayek s books, interviews with the author, new editions of his articles and letters, and hitherto unpublished manuscript. -- Publisher.
The book develops and applies a modelling framework that enables consumers' expenditure and portfolio behaviour to be analysed in an integrated manner. It extends and applies the Yale approach to financial model building associated with James Tobin. The basis of this approach is surveyed with particular emphasis on the empirical implementation of portfolio models in the UK, US and other countries, appropriate econometric estimation techniques and comparisons with other monetary modelling strategies. Empirical application of the model is particularly addressed to testing whether the composition of wealth holdings is important for expenditure and asset demands, whether concentration on 'money' at the expense of other assets and liabilities is acceptable, and whether the interrelationships stressed by Tobin's general equilibrium approach are statistically important. The results have important implications for the recent literature on wealth effects on consumption and the overemphasis on 'money' at the expense of other financial assets and liabilities.