Handbook of Debt Management

Handbook of Debt Management

Author: Gerald J. Miller

Publisher: Routledge

Published: 2017-07-05

Total Pages: 992

ISBN-13: 1351564633

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Examining various methods of debt management used in the US., Handbook of Debt Management, provides a comprehensive analysis of securities offered for sale by municipalities, states, and the federal government. The book covers laws regarding municipal bonds, the economic choice between debt and taxes and the tax-exempt status of municipal bond owners, capital budgeting, including state and local government practices, developing governmental and intergovernmental debt policies, pay-as-you-go with debt financing for capital projects, US Internal Revenue Service regulations on arbitrage in state and local government debt proceeds investment, US treasury auctions, and more.


Financial Economics, Risk And Information (2nd Edition)

Financial Economics, Risk And Information (2nd Edition)

Author: Marcelo Bianconi

Publisher: World Scientific Publishing Company

Published: 2011-11-29

Total Pages: 496

ISBN-13: 9814405124

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Financial Economics, Risk and Information presents the fundamentals of finance in static and dynamic frameworks with focus on risk and information. The objective of this book is to introduce undergraduate and first-year graduate students to the methods and solutions of the main problems in finance theory relating to the economics of uncertainty and information. The main goal of the second edition is to make the materials more accessible to a wider audience of students and finance professionals. The focus is on developing a core body of theory that will provide the student with a solid intellectual foundation for more advanced topics and methods. The new edition has streamlined chapters and topics, with new sections on portfolio choice under alternative information structures. The starting point is the traditional mean-variance approach, followed by portfolio choice from first principles. The topics are extended to alternative market structures, alternative contractual arrangements and agency, dynamic stochastic general equilibrium in discrete and continuous time, attitudes towards risk and towards inter-temporal substitution in discrete and continuous time; and option pricing. In general, the book presents a balanced introduction to the use of stochastic methods in discrete and continuous time in the field of financial economics.


Interest-Growth Differentials and Debt Limits in Advanced Economies

Interest-Growth Differentials and Debt Limits in Advanced Economies

Author: Philip Barrett

Publisher: International Monetary Fund

Published: 2018-04-06

Total Pages: 55

ISBN-13: 1484350987

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Do persistently low nominal interest rates mean that governments can safely borrow more? To addresses this question, I extend the model of Ghosh et al. [2013] to allow for persistent stochastic changes in nominal interest and growth rates. The key model parameter is the long-run difference between nominal interest and growth rates; if negative, maximum sustainable debts (debt limits) are unbounded. I show how both VAR- and spectral-based methods produce negative point estimates of this long-run differential, but cannot reject positive values at standard significance levels. I calibrate the model to the UK using positive but statistically plausible average interest-growth differentials. This produces debt limits which increase by only around 5% GDP as interest rates fall after 2008. In contrast, only a tiny change in the long-run average interest-growth differential – from the 95th to the 97.5th percentile of the distribution – is required to move average debt limits by the same amount.


Handbook of Macroeconomics

Handbook of Macroeconomics

Author: John B. Taylor

Publisher: Elsevier

Published: 1999-12-13

Total Pages: 600

ISBN-13: 9780444501585

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Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).


Fiscal Sustainability in Theory and Practice

Fiscal Sustainability in Theory and Practice

Author: Craig Burnside

Publisher: World Bank Publications

Published: 2005

Total Pages: 312

ISBN-13: 9780821358740

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Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.


New Challenges for Macroeconomic Policies

New Challenges for Macroeconomic Policies

Author: Gilles Dufrénot

Publisher: Springer Nature

Published: 2023-03-10

Total Pages: 464

ISBN-13: 3031157540

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This book examines the economic policies that will underpin the evolution of growth in industrialised economies in coming decades. The change in focus of policymakers away from short-term regulation and policies towards problems of structural change is discussed in relation to the Taylor rule and Fisher relationship. Both empirical observations and quantitative analyses are utilised to explore diverse but interrelating topics, including interest rates dynamics, macroeconomic equilibrium, economic vulnerability, poverty and inequality, environmental sustainability, and monetary and fiscal policies. This book aims to propose policies that can produce economic growth without compromising social stability and environmental balances. It will be of interest to researchers and policymakers working within economic development and policy.


Open Market Operations and Financial Markets

Open Market Operations and Financial Markets

Author: David Mayes

Publisher: Routledge

Published: 2007-05-24

Total Pages: 368

ISBN-13: 1134114354

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Using both academic and practitioner research, this is the most detailed book available that provides an account of open market operations, including discussions of central bank operations in Europe, North America, Australia and Japan.


Limits Of Mathematical Modeling In The Social Sciences, The: The Significance Of Godel's Incompleteness Phenomenon

Limits Of Mathematical Modeling In The Social Sciences, The: The Significance Of Godel's Incompleteness Phenomenon

Author: Francisco Antonio Doria

Publisher: World Scientific

Published: 2017-05-30

Total Pages: 289

ISBN-13: 1786343177

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Current mathematical models are notoriously unreliable in describing the time evolution of unexpected social phenomena, from financial crashes to revolution. Can such events be forecast? Can we compute probabilities about them? Can we model them? This book investigates and attempts to answer these questions through Gödel's two incompleteness theorems, and in doing so demonstrates how influential Gödel is in modern logical and mathematical thinking. Many mathematical models are applied to economics and social theory, while Gödel's theorems are able to predict their limitations for more accurate analysis and understanding of national and international events.This unique discussion is written for graduate level mathematicians applying their research to the social sciences, including economics, social studies and philosophy, and also for formal logicians and philosophers of science.