Friedman Redux

Friedman Redux

Author: Mr.Atish R. Ghosh

Publisher: International Monetary Fund

Published: 2014-08-08

Total Pages: 43

ISBN-13: 1498359248

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Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries. Constructing a novel dataset of bilateral exchange rate regimes that differentiates by the degree of exchange rate flexibility, as well as by direct and indirect exchange rate relationships, for 181 countries over 1980–2011, we find a significant and empirically robust relationship between exchange rate flexibility and the speed of external adjustment. Our results are supported by several “natural experiments” of exogenous changes in bilateral exchange rate regimes.


McKenzie Barber Redux

McKenzie Barber Redux

Author: Dwight E. Foster

Publisher: AuthorHouse

Published: 2008-08-26

Total Pages: 502

ISBN-13: 1452042799

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MeKenzie Barber Redux is the story of a reunion of McKenzie Barber (an acquired consulting firm) and Robson Barber (the acquiring firm.) It has been five years following the 1992 merger vote held at the Boca Mirage Club. The merger resulted in capsized careers for many McKenzie Barber Partners and advancements for a select few. John Grunwaldyt, the protagonist, has been a casualty. Since the merger he has been in the Litigation "Penalty Box" flopped in the backwaters of the merged firm's Chemical Industries Practice, left his wife and moved in with a lady named Amanda, a media communications consultant, and his career is in limbo short of vesting in the firm's retirement plan. One of the youngest partner admissions in the history of the firm at age 28, his golden boy career, appears to have landed in a permanent ditch. He is summoned to the office of Dr. Gilbert Ranglinger, Vice Chairman-Human Resources for Robson Barber for an early morning meeting. Dr.Ranglinger's nickname in the corridors of Robson Barber is "Dr. Death". Grunwaldyt assumes he has been summoned to commence termination discussions. Instead Dr. Death proposes that Grunwaldyt organize a Reunion for the McKenzie Barber Partners. He is given the choice, organize the reunion or begin termination discussions. Jon Grunwaldyt begins an odyssey that confronts his past, faces the options of a cloudy future, and leads to a confrontation in the final fork in his career road, a McKenzie Barber Alumni Reunion at the resort hotel called Boca Mirage.


Friedman Redux

Friedman Redux

Author: Mr.Atish R. Ghosh

Publisher: International Monetary Fund

Published: 2014-08-08

Total Pages: 43

ISBN-13: 1484331451

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Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries. Constructing a novel dataset of bilateral exchange rate regimes that differentiates by the degree of exchange rate flexibility, as well as by direct and indirect exchange rate relationships, for 181 countries over 1980–2011, we find a significant and empirically robust relationship between exchange rate flexibility and the speed of external adjustment. Our results are supported by several “natural experiments” of exogenous changes in bilateral exchange rate regimes.


Rediscovering Political Economy

Rediscovering Political Economy

Author: Joseph Postell

Publisher: Lexington Books

Published: 2011

Total Pages: 273

ISBN-13: 0739166603

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The recent economic crisis in the United States has highlighted a crisis of understanding. In this volume, Bradley C. S. Watson and Joseph Postell bring together some of America's most eminent thinkers on political economy--an increasingly overlooked field wherein political ideas and economic theories mutually inform each other. Only through a restoration of political economy can we reconnect economics to the human good. Economics as a discipline deals with the production and distribution of goods and services. Yet the study of economics can-indeed must--be employed in our striving for the best possible political order and way of life. Economic thinkers and political actors need once again to consider how the Constitution and basic principles of our government might give direction and discipline to our thinking about economic theories, and to the economic policies we choose to implement. The contributors are experts in economic history, and the history of economic ideas. They address basic themes of political economy, theoretical and practical: from the relationship between natural law and economics, to how our Founding Fathers approached economics, to questions of banking and monetary policy. Their insights will serve as trusty guides to future generations, as well as to our own.


Health Care

Health Care

Author: Corinne Naden

Publisher: Marshall Cavendish

Published: 2010

Total Pages: 132

ISBN-13: 9780761445395

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This engaging series examines various controversial topics present in today's society.


Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions

Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions

Author: Elena Sciso

Publisher: Springer

Published: 2017-07-04

Total Pages: 262

ISBN-13: 3319578553

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This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”


Switzerland

Switzerland

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2019-06-27

Total Pages: 109

ISBN-13: 1498322204

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This Selected Issues paper on Switzerland models the evolving behavior of the Swiss franc relative to the world’s major reserve currencies and considers possible reasons for the shifts. Economic fundamentals, including country-partners and currency of denomination of Swiss trade and finance, are likely to affect which currencies the franc co-moves with, although these factors tend to change only slowly. The behavior of the Swiss franc may have also been affected by the global financial crisis and its aftermath, as well as the shift in recent years from synchronized to divergent monetary policies by the major central banks. Identifying reserve currency blocks and the de facto behavior of currencies is an ongoing pursuit. The two dimensions of exchange regimes—the anchor currency (basket) and the degree of exchange rate flexibility—should be identified simultaneously. The implied regimes align well with Switzerland’s de facto exchange rate arrangements and monetary policy frameworks. The approach used in this paper identifies how the franc co-moves with the major reserve currencies but is agnostic about the driving forces behind these moves.


Where Economics Went Wrong

Where Economics Went Wrong

Author: David Colander

Publisher: Princeton University Press

Published: 2018-11-27

Total Pages: 284

ISBN-13: 0691179204

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How modern economics abandoned classical liberalism and lost its way Milton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman’s prediction has not come true. In Where Economics Went Wrong, David Colander and Craig Freedman argue that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be, a science. The authors explain why classical liberal economists understood this essential difference, why modern economists abandoned it, and why now is the time for the profession to return to its classical liberal roots. Carefully distinguishing policy from science and theory, classical liberal economists emphasized values and context, treating economic policy analysis as a moral science where a dialogue of sensibilities and judgments allowed for the same scientific basis to arrive at a variety of policy recommendations. Using the University of Chicago—one of the last bastions of classical liberal economics—as a case study, Colander and Freedman examine how both the MIT and Chicago variants of modern economics eschewed classical liberalism in their attempt to make economic policy analysis a science. By examining the way in which the discipline managed to lose its bearings, the authors delve into such issues as the development of welfare economics in relation to economic science, alternative voices within the Chicago School, and exactly how Friedman got it wrong. Contending that the division between science and prescription needs to be restored, Where Economics Went Wrong makes the case for a more nuanced and self-aware policy analysis by economists.