“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.
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."
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.
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.
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Equilibrium. That’s what Stacey and Calvin found in each other. He is as solid as his beloved vintage motorcycle and helps quiet the constant clamor in Stacey’s mind. She is a passionate, creative spirit—and a lifeline after Calvin’s soldier brother dies. But lately the balance is off. Calvin’s grief is taking new forms. Voices of self-loathing are dominating Stacey’s life. When struggles with body image threaten her health, Calvin can’t bear to lose another person that he loves. Taking action may destroy their relationship, but the alternative could be much more costly.
