“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.
Originally published in 1997 by Houghton Mifflin, this is a collection of true stories, essays and poems which tell of the glories and rigours of living close to the land.
From the bestselling author of The Map and the Territory and Capitalism in America The Age Of Turbulence is Alan Greenspan’s incomparable reckoning with the contemporary financial world, channeled through his own experiences working in the command room of the global economy longer and with greater effect than any other single living figure. Following the arc of his remarkable life’s journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d’horizon of the global economy. The distillation of a life’s worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan’s personal and intellectual legacy.
Finalist for the PEN Award for Poetry in Translation A vivid, "mesmerizing" (New York Times Magazine) portrait of life in the shadow of violence and loss, for readers of both English and Persian The first selection of poems by renowned Iranian poet Garous Abdolmalekian to appear in English, this collection is a captivating, disorienting descent into the trauma of loss and its aftermath. In spare lines, Abdolmalekian conjures surreal, cinematic images that pan wide as deftly as they narrow into intimate focus. Time is a thread come unspooled: pain arrives before the wound, and the dead wait for sunrise. Abdolmalekian resists definitive separations between cause and effect, life and death, or heaven and hell, and challenges our sense of what is fixed and what is unsettled and permeable. Though the speakers in these poems are witnesses to the deforming effects of grief and memory, they remain alive to curiosity, to the pleasure of companionship, and to other ways of being and seeing. Lean Against This Late Hour illuminates the images we conjure in the face of abandonment and ruin, and finds them by turns frightening, bewildering, ethereal, and defiant. "This time," a disembodied voice commands, "send us a prophet who only listens."
A child he’s never met. A danger he’s never known. A heart-stopping romantic thriller from the New York Times–bestselling author of Against the Odds. That he’s a father is news former navy SEAL Ben Slocum was not expecting. But once the initial shock wears off for the confirmed bachelor, he takes in the rest of what social worker Claire Chastain tells him: that his son is missing, abducted by a man who wants revenge against Claire and Sam’s dead mother. The danger hits home, and the risks are endless—the son he’s desperate to save, the woman he’s desperate to love. Ben’s got one chance to take back what’s his, and in one gunshot he could lose it all. Praise for Kat Martin “Kat Martin is a fast gun when it comes to storytelling, and I love her books.” —Linda Lael Miller, #1 New York Times–bestselling author “It doesn’t matter what Martin’s characters are up against—she dishes up romantic suspense, sizzling sex . . . and fans are going to be the winners.” —RT Book Reviews
Supported by ten years of research, Wigmore has gathered extensive data covering the 2008 financial crisis and subsequent recovery to provide the first comprehensive history of the period. Financial crises cannot occur unless institutional investors finance the bubbles that created them. Wigmore follows the trail of data putting pressure on institutional investors to achieve higher levels of returns that led to over-leverage throughout the financial system and placed such a burden on recovery. Here is a 'very good picture - and painful reminder - of the crisis' evolution across multiple asset classes, structures, participants, and geographies.' This work serves as a critical analysis of modern portfolio management and an important reference work for financial professionals, academics, investors, and students.
Lean Logic is David Fleming's masterpiece, the product of more than thirty years' work and a testament to the creative brilliance of one of Britain's most important intellectuals. A dictionary unlike any other, it leads readers through Fleming's stimulating exploration of fields as diverse as culture, history, science, art, logic, ethics, myth, economics, and anthropology, being made up of four hundred and four engaging essay-entries covering topics such as Boredom, Community, Debt, Growth, Harmless Lunatics, Land, Lean Thinking, Nanotechnology, Play, Religion, Spirit, Trust, and Utopia. The threads running through every entry are Fleming's deft and original analysis of how our present market-based economy is destroying the very foundations--ecological, economic, and cultural-- on which it depends, and his core focus: a compelling, grounded vision for a cohesive society that might weather the consequences. A society that provides a satisfying, culturally-rich context for lives well lived, in an economy not reliant on the impossible promise of eternal economic growth. A society worth living in. Worth fighting for. Worth contributing to. The beauty of the dictionary format is that it allows Fleming to draw connections without detracting from his in-depth exploration of each topic. Each entry carries intriguing links to other entries, inviting the enchanted reader to break free of the imposed order of a conventional book, starting where she will and following the links in the order of her choosing. In combination with Fleming's refreshing writing style and good-natured humor, it also creates a book perfectly suited to dipping in and out. The decades Fleming spent honing his life's work are evident in the lightness and mastery with which Lean Logic draws on an incredible wealth of cultural and historical learning--from Whitman to Whitefield, Dickens to Daly, Kropotkin to Kafka, Keats to Kuhn, Oakeshott to Ostrom, Jung to Jensen, Machiavelli to Mumford, Mauss to Mandelbrot, Leopold to Lakatos, Polanyi to Putnam, Nietzsche to Næss, Keynes to Kumar, Scruton to Shiva, Thoreau to Toynbee, Rabelais to Rogers, Shakespeare to Schumacher, Locke to Lovelock, Homer to Homer-Dixon--in demonstrating that many of the principles it commends have a track-record of success long pre-dating our current society. Fleming acknowledges, with honesty, the challenges ahead, but rather than inducing despair, Lean Logic is rare in its ability to inspire optimism in the creativity and intelligence of humans to nurse our ecology back to health; to rediscover the importance of place and play, of reciprocity and resilience, and of community and culture. ------ Recognizing that Lean Logic's sheer size and unusual structure could be daunting, Fleming's long-time collaborator Shaun Chamberlin has also selected and edited one of the potential pathways through the dictionary to create a second, stand-alone volume, Surviving the Future: Culture, Carnival and Capital in the Aftermath of the Market Economy. The content, rare insights, and uniquely enjoyable writing style remain Fleming's, but presented at a more accessible paperback-length and in conventional read-it-front-to-back format.
