Book Description
The book studies the interaction of the financial market, economic activity and the macroeconomy from a dynamic perspective. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market. Economic activity is described by the activity of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market and how asset prices and financial market volatility feed back to economic activity. The focus in this book is on theories, dynamic models and empirical evidence. Empirical applications relate to episodes of financial instability and financial crises of the U.S., Latin American, Asian as well as Euro-area countries. The book is not only useful for researchers and practitioners in the field of financial engineering, but is also very useful for researchers and practitioners in economics.
Customer Reviews:
Excellent and Intense!.......2004-05-01
No one who has lived through the last ten years can not have realized how tightly the economy has become coupled to the financial marketplace. Prof. Semmler has gone beyond that realization and has undertaken to examine the actual mechanics by which it occurs. In this excellent and intense introduction, current macroeconomic-financial models are explored; the reader will quickly appreciate how asset price booms and subsequent recessions actually work. Semmler's style is "to the point" and his enthusiasm for his subject is contagious. Anyone with an advanced undergraduate understanding of economics, as well as financial professionals, and scientists and engineers with a curiosity about macroeconomics and the financial marketplace will thoroughly enjoy this book.
Book Description
The relationship between political and economic cycles is one of the most widely studied topics in political economics. This book examines how electoral laws, the timing of elections, the ideological orientation of governments, and the nature of competition between political parties influence unemployment, economic growth, inflation, and monetary and fiscal policy. The book presents both a thorough overview of the theoretical literature and a vast amount of empirical evidence.
A common belief is that voters reward incumbents who artificially create favorable conditions before an election, even though the economy may take a turn for the worse immediately thereafter. The authors argue that the dynamics of political cycles are far more complex. In their review of the main theoretical approaches to the issues, they demonstrate the multifaceted relationships between macroeconomic and political policies. They also present a broad range of empirical data, from the United States as well as OECD countries. One of their most striking findings is that the United States is not exceptional; the relationships between political and economic cycles are remarkably similar in other democracies, particularly those with two-party systems.
Customer Reviews:
Tests competing theories of political business cycles.......2000-04-07
Alberto Alesina is one of the leading scholars to adapt that new theory of macroeconomics to the possibility of political goals and motivations on the part of policy makers. And "Political Cycles and the Macroeconomy" is the most comprehensive and authoritative statement of scholarship in this field. It is a theoretical and empirical statement of the state of the art in political macroeconomics. It contains a review of alternative theories and fresh empirical tests. It builds on a decade or more of empirical work by Alesina, with the present colleagues and others, and by many other scholars.
Alesina and his colleagues begin with an intellectual map of opportunistic and partisan theories, for each of which there are traditional models with an exploitable Phillips curve and models that are consistent with rational expectations. The conclusions are that the rational choice and rational expectations theories are more successful than their more traditional predecessors and that the partisan model is more successful than the opportunistic model in explaining macroeconomic behavior. That is, the designated winner on both theoretical and empirical grounds is "rational partisan theory," of which the leading scholar is Alberto Alesina himself. The theories are tested with data for the United States and for most of the developed economies in the Organization for Economic Cooperation and Development (OECD)....
Although the book's empirical work pertains to most OECD nations, there is a separate chapter devoted to political cycles in the United States. Descriptive data regarding inflation, unemployment, and growth are presented, organized by party and position in the electoral cycle. Hypotheses are tested on data for the period from 1947 through 1994. Results support the rational partisan theory and fail to support opportunistic electoral cycle hypotheses. For nonspecialists the most telling evidence in favor of the "rational partisan" theory, as opposed to the traditional theory, is that differences between the parties on unemployment and growth are confined to the first half of administrations, in response to the element of surprise in electoral outcomes, but the differences dissipate in the second half.
"Political Cycles and the Macroeconomy" is a state-of-the-art presentation of an important field bridging economics and political science. Although the technical level of the book is high (some chapters have more than a score of equations), the book is accessible to serious readers and will be rewarding to them. It simultaneously advances the study of macroeconomics and the study of political processes and institutions. It is a fine book.
compilation of earlier work but not much else.......1999-07-19
The problem here is that almost everything in the book they have already published elsewhere, and thus only is a slight updating of earlier results. It is nice to have them altogether in one source, but the underlying methodology is so questionable as to render it not worthwhile.
The empirical tests to distinguish between various models of political business cycles and partisan theory have been justly criticized. The authors could have made an important contribution by altering their work to properly incorporate the critics, but instead simply restate the problems, pay a little lip service to the issues, and then proceed to ignore them without proper justification.
Customer Reviews:
Terrible Quality.......2007-03-06
I've just started to try and read this book as part of my MBA, however the book is of terrible production quality. The pages are all out of order, and some are falling out as I turn over the pages. If you have this book mandated as part of a course as I did, you'll just have to live with it, otherwise choose another book that you don't have to hop around in just to get the pages in order.
Great place to order books online!.......2007-02-28
I received my book very quickly and it was in great condition.
Not much glue.......2006-07-22
Although the concepts are presented in a fairly understandable way, they are not tied together well for someone new to macroeconomics. Particularly annoying are the missing variable definitions for formulas. With Barron's as a supplement, it makes more sense.
Macroeconomy Today.......2000-04-14
This textbook is quite a comprehensive of introductory macroeconomics. Great graphs, well-explained, carefully thought out. The one downside is that it is quite idealistic, as one would expect of a neo-classical economist. The author does not recognize flaws in the theories nor does he acknowledge that the real world is not so cut-and-dry and ordered as we would be led to believe. However, as stated before, this is a wonderful introductory text for anyone who wants to understand the economy today.
Average customer rating:
- References and questions
- a must-read for economic historians!
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The European Macroeconomy: Growth, Integration and Cycles 1500-1913 (Edward Elgar Monographs)
Lee A. Craig , and
Douglas Fisher
Manufacturer: Edward Elgar Publishing
ProductGroup: Book
Binding: Hardcover
 Economic Conditions
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ASIN: 1852786434 |
Book Description
This comprehensive and far-reaching book, now available in paperback, describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period.
The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913.
The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.
Customer Reviews:
References and questions.......2005-05-29
The authors seem to have set out to summarize existing themes in European Macroeconomics. While the authors don't actually present decade by decade Gross Domestic Product (GDP) estimates, the issue must have been on their minds. Instead of The English GDP in 1510 we get estimates of agricultural output, standard of living change, industrial production and population growth. GDP is left to the reader. As the authors approach the modern era, the documented record only makes GDP estimate easier. As a reference for population growth and industrial output, the book provides a real service.
I was a bit disappointed by the omissions. There was no discussion of the growing literature on weather conditions between 1500 and 1900. Russia, Turkey and Morocco played important roles in European affairs, but were generally ignored. Finally, the paucity of 16th century data is in stark contrast to the 19th, but no effort is made to infer what suddenly made the tracking time series data useful.
a must-read for economic historians!.......2003-11-26
The complete reference, all at your fingertips, on the European Macroeconomy.
Book Description
The macroeconomic implications of asset price flucuations have received increasing attention in academic and policy circles recently, in large part due to the recent boom-bust bubbles in the equity and now housing markets. This book aims to investigate the role of asset prices for various
aspects of the macroeconomy.
Average customer rating:
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Entrepreneurship, Small and Medium Sized Enterprises and the Macroeconomy
Manufacturer: Cambridge University Press
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Binding: Hardcover
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ASIN: 0521621054 |
Book Description
Why has the United States economy successfully moved beyond its chief competitors? This collection suggests that at least some of the answers to the pattern of divergent development can be found in the role of the entrepreneur. By examining the process that new firms and entrepreneurs play in the economy, the essays in this volume make a fundamental contribution to our understanding of the macroeconomy. The public policy implications of this process are clear. Countries that encourage entrepreneurship and free entry will have better macroeconomic performance than those that retard it.
Average customer rating:
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Global Finance and the Macroeconomy
Tony Makin
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Paperback
General
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ASIN: 1403918937 |
Book Description
This text provides new ways of analyzing the key issues in international finance and open economy macroeconomics. The topics covered include: financial globalization and the evolution of the international financial system; international macroeconomic accounting and measurement; early balance of payments approaches; the intertemporal model of international borrowing and lending; the significance of external deficits; the determinants of interest rate differentials and exchange rates; the effectiveness of monetary and fiscal policies; capital mobility and economic growth; and the causes of financial crisis in emerging economies.
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Estimating How the Macroeconomy Works
Ray Fair
Manufacturer: Harvard University Press
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Binding: Hardcover
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ASIN: 0674015460 |
Book Description
Macroeconomics tries to describe and explain the economywide movement of prices, output, and unemployment. The field has been sharply divided among various schools, including Keynesian, monetarist, new classical, and others. It has also been split between theorists and empiricists. Ray Fair is a resolute empiricist, developing and refining methods for testing theories and models. The field cannot advance without the discipline of testing how well the models approximate the data. Using a multicountry econometric model, he examines several important questions, including what causes inflation, how monetary authorities behave and what are their stabilization limits, how large is the wealth effect on aggregate consumption, whether European monetary policy has been too restrictive, and how large are the stabilization costs to Europe of adopting the euro. He finds, among other things, little evidence for the rational expectations hypothesis and for the so-called non-accelerating inflation rate of unemployment (NAIRU) hypothesis. He also shows that the U.S. economy in the last half of the 1990s was not a "new age" economy.
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Advances in Business Cycle Research: With Application to the French and US Economies
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover
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ASIN: 3540592296 |
Book Description
Models derived from the Real Business Cycle perspective have recently taken a major place in business cycle research. The papers in this present volume bring three contributions to this research programme: A critical evaluation of the canonical RBC models, new elements of empirical relevance, based on comparative calibration and testing, and new specifications, at the frontier of business cycle research, coping with non walrasian features, contracts and nominal rigidities, unemployment and growth.
Book Description
This digital document is a journal article from Journal of Economics and Business, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
We estimate a number of multivariate regime switching VAR models on a long monthly US data set for eight variables that include excess stock and bond returns, the real T-bill yield, predictors used in the finance literature (default spread and the dividend yield), and three macroeconomic variables (inflation, industrial production growth, and a measure of real money growth). Heteroskedasticity may be accounted for by making the covariance matrix a function of the regime. We find evidence of four regimes and of time-varying covariances. We show that the best in-sample fit is provided by a four state model in which the VAR(1) component fails to be regime-dependent. We interpret this as evidence that the dynamic linkages between financial markets and the macroeconomy have been stable over time. The four-state model can be helpful in forecasting applications and provides one-step ahead predicted Sharpe ratios.
Customer Reviews:
Not the same when Dave isn't doing it live.......2002-11-12
Don't get me wrong, some of the lists are very funny, but it's missing something in book form because you're missing Dave's delivery. Also, a one-joke book gets kind of thin quick. I recommend only reading three or four lists at a time so the novelty doesn't wear off. Great bathroom reading.
Just As Funny As The Last One.......2002-05-16
Reading David Letterman's Top Ten Lists will get a laugh out of you, even if you are not a big fan and can't imagine Dave presenting the lists to you. If you can imagine him saying these, you will cry from laughing so hard. One of my favorites is "Top Ten Least Exciting Superpowers for Comic Book Superheroes."
To fully understand the humor of this book, you have to be familiar with the references he makes. This book was written in the early 90s, so you need to be familiar with the first George Bush and Dan Qualye, as well as the headlines from that time.
I would still recommend this book. This book will still amuse anyone who reads it.
Yes, Yes, Yes.......2001-10-06
I realize I am probably wasting my time writing a review of this book. If you don't already own it, your not looking it up to buy it now, so nothing I can say will convince you to buy it. Anyways, here goes:
These top ten lists are funny enough to read and reread. If you are just starting your collection, I would recommend the original book. However, quickly add this volume to your collection.
An Altogether new book of.....PURE GENIUS!.......1999-12-18
This book is one of the most hilarious I've read in a long time! This book includes some of the best Top Tens such as: "Top Ten Amish Spring Break Activities", "Top Ten Mafia Euphemisms for Death","Top Ten Categories on Iraqi Jeopardy!", and of course, "Top Ten Freak Accidents on the 'Today' Show Set". This book will keep you on the floor laughing for long time! (At least it did for me) In addition, don't forget to read the foreword by David himself and the nice, warm introduction from Steve O'Donnell- the head writer from "Late Night with David Letterman". If you haven't already gotten the point, here it is: BUY THIS BOOK!
Where's my pants?.......1999-09-10
Almost as good as the show
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- Basic Business Communication: Skills For Empowering the Internet Generation w/Student CD and PowerWeb (Basic Business Communication)
- Black Women and White Women in the Professions: Occupational Segregation by Race and Gender, 1960-1980 (Perspectives on Gender)
- Buried Pipe Design, 2nd Edition
- Business Communication Essentials with Grammar Assessment CD
- But What If I Don't Want to Go to College?: A Guide to Success Through Alternative Education (But What If I Don't Want to Go to College)
- Career Choices: A Guide for Teens and Young Adults : Who Am I What Do I Want How Do I Get It
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- Chinesen verstehen lernen. Wir - die Anderen: erfolgreich kommunizieren.
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![Are the dynamic linkages between the macroeconomy and asset prices time-varying? [An article from: Journal of Economics and Business]](http://ecx.images-amazon.com/images/I/217G6F3CVRL.jpg)
