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Vincenzo Russo

Monetary Expansion and Public Debt/GDP. Comparative Analysis USA - Euro Area

Quantitative study on the evolution of the monetary aggregate M2 and growth in the main Western economies

Independent, inflation-targeting central banks were supposed to deliver stable prices, financial stability and lasting prosperity. Instead, they have presided over financial crises, stagnant growth, rising inequality and the return of inflation. Yet policy makers and politicians have proved remarkably reluctant to challenge the orthodoxy. Why has this model proved so resilient-and what should replace it? In The Gods That Failed, economist Josh Ryan-Collins argues that today's macroeconomic policy framework rests on five powerful myths that have shaped economic thinking since the 1980s. From the "natural" rate of interest and the management of inflation expectations to efficient financial markets and the taboos surrounding fiscal dominance and credit policy, these ideas continue to constrain policymakers even as the evidence against them becomes overwhelming. Blending colourful economic history, cutting-edge research and vivid real-world examples, Ryan-Collins opens-up the often opaque and technocratic world of monetary and financial policy for a wide readership and illustrates its fundamental flaws. At a time of repeated economic and financial shocks, ecological breakdown and geopolitical instability, The Gods That Failed argues that rebuilding our economies will require a wholesale rethinking of how central banks, governments and financial institutions work together to manage money, credit and the macroeconomy.

Rethinking Central Banking and Macrofinancial Policy for the Age of Polycrisis

The Gods that Failed

In a moment of interlocking and compounding crises that many commentators have aptly termed the "polycrisis," a leading economist offers a clear-eyed account of the underlying trends fueling the global instability and market mayhem that have come to characterize contemporary capitalism. 
 
Rampant inequality. Unchecked climate change. A global pandemic. And now, seething international divisions and the escalatory spiral of war and state violence. As the world moves toward the end of the 2020s, each of the pieces of this mosaic are becoming impossible to ignore, but how do they all fit together? And where is it all heading? 
 
To answer these questions, Marxist economist Michael Roberts draws on his forty-plus years of experience working in various financial institutions in the City of London to provide an empirically grounded and wide-ranging appraisal of the global situation. 
 
Roberts takes readers on a tour of the contemporary global economy, first by turning back to the Great Recession of 2008, and then offering a granular look at the economic priorities and contradictions of every region of the world. 
 
What emerges from this accounting of the polycrisis is the inescapable fact that capitalism's rapacious drive toward profit over and against any geopolitical boundaries or ecological limits threatens both humanity and the planet.&nbsp;

Depression, Polycrisis, and the World Economy in the 2020s

Time Is Running Out

A unified framework for understanding monetary policy, including recent unprecedented interventions by central banks Over the past two decades, monetary policy has been deployed in unprecedented ways, as central banks attempted to mitigate the adverse consequences of the 2007-2008 financial crisis, the COVID-19 global lockdown, and recent inflationary surges. In Monetary Economics and Policy, Pierpaolo Benigno offers a new way to understand the potency and effectiveness of monetary policy, presenting a unified modeling framework to analyze policy challenges posed by both paper and digital currency systems. He investigates current theoretical and policy controversies, drawing connections with historical themes in monetary economics. Benigno examines how central banks control the value of their currency amid competition from cryptocurrencies and private money-like securities; discusses the desirability of inflation targeting for macroeconomic stabilization; and explores theoretical grounds for the unconventional monetary policies seen in the recent period of zero nominal interest rates, including forward guidance, quantitative and credit easing, and helicopter money. He accompanies his analysis with an innovative visual representation of the New Keynesian model and inflation-targeting policies. Benigno's novel framework also allows the study of monetary policy normalization through quantitative tightening toward what has become the "new normal." He discusses the optimal provision of liquidity and the different roles of the government and financial intermediaries. Finally, he recounts historical controversies regarding the inflation-unemployment trade-off to understand the 2020s inflationary surge and delves into the causes and dynamics of hyperinflations, tracing them to the subtle, ambiguous linkages between monetary and fiscal policy and weak balance-sheet conditions for the central bank.

A Foundation for Modern Currency Systems

Monetary Economics and Policy

The Value of the World Around Us

On Natural Capital

Business and Economics (German Language)

Christian Bauer

Horst Gischer

Bernhard Herz

Lukas Menkhoff

Eine Einführung

Geld, Kredit und Banken

Die Finanzkrisen seit 2007 haben die Bedeutung von Finanzmärkten und Bankensystemen für Geldpolitik und Finanzpraxis deutlich gemacht. Das Lehrbuch verbindet aktuelle wissenschaftliche Erkenntnisse mit Entwicklungen der Praxis. Aus institutionenökonomischer Perspektive wird die Rolle der Europäischen Zentralbank erläutert und um eine außenwirtschaftliche Sicht ergänzt. Behandelt werden Finanzierungsbeziehungen, Finanzinstitutionen, internationale Bankaufsicht, Bankentheorie, elektronisches Geld, Kreditkanal, Inflation Targeting, Taylor-Regel sowie Regulierung und Finanzmarktaufsicht.
Die 6., aktualisierte Auflage analysiert die jüngsten Finanzkrisen, die wirtschaftlichen Folgen der Corona-Pandemie und die Bedeutung des Klimawandels für Finanzmärkte und Geldpolitik.
Die Autoren
Christian Bauer ist Professor für Monetäre Ökonomik an der Universität Trier. Seine Forschungsschwerpunkte sind monetäre Außenwirtschaft, Finanzkrisen und Entscheidungen unter Unsicherheit. Horst Gischer ist Professor für Volkswirtschaftslehre (ehemals Otto-von-Guericke-Universität Magdeburg). Bis 2023 leitete er den Lehrstuhl für Monetäre Ökonomie und öffentlich-rechtliche Finanzwirtschaft. Seine Forschung konzentriert sich auf Bankenmärkte und das Verhalten von Finanzmarktakteuren. Bernhard Herz ist Professor für Volkswirtschaftslehre (ehemals Universität Bayreuth). Von 2012 bis 2023 leitete er die Forschungsstelle für Bankpolitik und Bankrecht. Seine Schwerpunkte sind Geldpolitik und internationale Finanzmärkte. Lukas Menkhoff ist Professor für Volkswirtschaftslehre (ehemals Humboldt-Universität zu Berlin) sowie Senior Forscher am DIW Berlin und IfW Kiel. Von 2015 bis 2023 leitete er die Abteilung Weltwirtschaft am DIW Berlin. Seine Forschungsschwerpunkte sind internationale Finanzmärkte und finanzielle Entwicklung.

Die Finanzkrisen seit 2007 haben die zentrale Bedeutung von Finanzmärkten und Bankensystemen für Geldpolitik und wirtschaftliche Stabilität eindrucksvoll verdeutlicht. Dieses Lehrbuch verbindet aktuelle wissenschaftliche Erkenntnisse mit Entwicklungen der Praxis.
 
 Die Rolle der Europäische Zentralbank wird dabei in internationale und außenwirtschaftliche Zusammenhänge eingebettet. Besonderes Augenmerk gilt der Transformation der Geldpolitik von klassischen Instrumenten hin zu einem integrierten und erwartungsgetriebenen Ansatz. Behandelt werden Finanzmärkte und Finanzinstitutionen, Bankentheorie, Inflation Targeting sowie Fragen der Regulierung und Finanzmarktaufsicht.
 
 Die 6., vollständig aktualisierte Auflage analysiert zudem die jüngsten Finanzkrisen, die wirtschaftlichen Folgen der Corona-Pandemie sowie die Implikationen des Klimawandels für Finanzmärkte und Geldpolitik.

Studio quantitativo sull'evoluzione dell'aggregato monetario M2 e della crescita nelle principali economie occidentali

Espansione monetaria e Debito pubblico/PIL. Analisi comparata USA - Eurozona

Since the 1970s, there has only been one playbook for fighting inflation: raise interest rates, thereby creating unemployment and a recession, which will lower prices. This simple story hides a multitude of assumptions about why prices go up and how policymakers can wrestle them back down-assumptions that are often wrong, damaging and have little empirical basis. Prominent economists Mark Blyth and Nicolò Fraccaroli reveal why inflation happens, how we combat it and how it affects our lives. With accessible and engaging commentary and a good dose of humour, Blyth and Fraccaroli bring the complexities of economic policy and inflation indices down to earth.They argue that 2021 marked the end of an era of relative price stability around the world. Now, climate shocks, changing demographics and geopolitical tensions are combining to create a more inflationary future-making a new paradigm for understanding inflation all the more necessary. Astute, timely and thoroughly engaging, Inflation is a must-read for anyone seeking to understand the forces shaping our economy.

A Guide for Users and Losers

Inflation

Yale Program on Financial Stability Series

A critical examination of the Federal Reserve-told by the policymakers, economists, and observers who know it bestThe Federal Reserve is one of the most powerful institutions in the world-and one of the least understood. Drawing on twenty-one interviews with former governors, reserve bank presidents, staff economists, lawmakers, journalists, scholars, international central bankers, and investors, Fed Reckoning explores how the institution has navigated the defining upheavals of the modern era: the global financial crisis, the pandemic shock, the post-2021 inflation surge, and the banking turmoil of 2023. It traces the modern Federal Reserve from Volcker to Powell, examining its evolving approach to the dual mandate, financial stability, regulation and supervision, and communication.Just as importantly, these interviews reveal the people behind the institution: their judgments, disagreements, frustrations, and sense of mission. The result is a candid, deeply informed portrait of the Federal Reserve at a moment when its power is immense, its independence is under pressure, and its future path is far from certain-and essential reading for anyone seeking to understand how it makes and defends its decisions.

Conversations on America’s Central Bank

Fed Reckoning

Lucian Veritas

Wie eine Währung die Welt regiert

Dollar Dominanz

Even before its launch, economists questioned whether the Euro Area had what it takes to become an optimal currency area. The onset of the crisis in 2010 confirmed challenges in its construction that many had partly predicted. But has the Euro Area changed over time, and what key drivers are necessary to strengthen it in the future? 

This is the third of three volumes that use optimal currency area theory and applied econometric techniques to provide a compact analysis of the Euro Area, its evolution and future perspectives. This volume is dedicated to a criterion often seen as critical for an optimal currency area: a risk-sharing mechanism. Did the Euro Area’s stabilization mechanisms work as intended? In this timely book, the authors discuss the extent to which the Euro Area has developed fiscal transfers, insurance schemes, and financial markets that allow its members to share macroeconomic risks and smooth asymmetric shocks. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.

Even before its launch, economists questioned whether the Euro Area had what it takes to become an optimal currency area. The onset of the crisis in 2010 confirmed challenges in its construction that many had partly predicted. But has the Euro Area changed over time, and what key drivers are necessary to strengthen it in the future?&nbsp;
 This is the third of three volumes that use optimal currency area theory and applied econometric techniques to provide a compact analysis of the Euro Area, its evolution and future perspectives. This volume is dedicated to a criterion often seen as critical for an optimal currency area: a risk-sharing mechanism. Did the Euro Area’s stabilization mechanisms work as intended? In this timely book, the authors discuss the extent to which the Euro Area has developed fiscal transfers, insurance schemes, and financial markets that allow its members to share macroeconomic risks and smooth asymmetric shocks. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.&nbsp;

Risk Sharing and Fiscal Federalism

Optimal Currency Areas and the Euro, Volume III

Bhupendra Thapa

Open Market Operations. Effect on U.S. Money Supply and Interest Rates

Monetary Expansion and Public Debt/GDP. Comparative Analysis USA - Euro Area

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