The fiscal theory of the price level (FTPL) provides an update and revision of monetary theory to address puzzles raised by the failure of both the new Keynesian theory (commonly used by central bankers) and neoclassical monetarism (in particular, the quantity theory of money as interpreted by Milton Friedman and Anna Schwartz)—puzzles such as the low inflation that followed the sustained expansionary monetary policies post-2008. We aim to summarize and explain the FTPL as developed by Eric Leeper, John Cochrane, and others. The FTPL builds on neoclassical monetarism by observing that government liabilities—bonds, notes, bills, and currency—derive their value from the assets that back these liabilities. These assets are chiefly the present value of future tax revenues, minus government spending other than that part of spending used to service the liabilities themselves. This net “profit” of the government is called the primary surplus. This primary surplus can be expressed in real terms (a quantity of goods and services, rather than a money amount). The total real value of the bonds is thus the total real value of the assets backing the bonds: the present value of all future real primary surpluses (which we shorten to PVFS, present value of future surpluses). In a very important sense, the FTPL harkens back to commodity-based theories of money, except now the “commodity” is the real value of future surpluses earned by the government. We can then solve for the price level. It is simply the nominal value of the bonds (the face value or number of bonds issued) divided by the real value of the bonds (the PVFS). If the nominal value of the bonds is held constant and the underlying asset (PVFS) becomes less valuable, prices go up. If the PVFS becomes more valuable, prices go down. We thus calculate the value of “money” (including government liabilities of all maturities) the way one would calculate the value of any security: through discounted cash flow analysis. Note that this approach is consistent with the QTM because, if money is defined in the traditional way as currency and demand deposits and we now hold the PVFS (the backing of the money) constant, then the price level is proportional to the amount of money in circulation. The FTPL is a more complete theory, however, because (1) it incorporates all government liabilities, not traditional money alone, and (2) because it is forward-looking and dynamic rather than considering only conditions in the present.
A Civil War First! Never has anything comparable to this massive volume been published on the Western Theatre in America's War Between the States. Bush takes the reader through every major battle in the West complete with an order of battle listing all units involved for each confrontation. Richly illustrated with nearly 700 photographs maps, charts and drawings to embellish each detailed account. You'll see extraordinary features of some of the most outstanding artifact collections in the world, all of Western Theatre battles and men who fought them.
The revised edition of the bestselling Christian guide to a happy marriage For more than fifteen years, Scott Stanley's A Lasting Promise has offered solutions to common problems—facing conflicts, problem solving, improving communication, and dealing with core issues—within a Christian framework. Thoroughly revised and updated, this new edition is filled with sacred teachings of scripture, the latest research on marriage, and clear examples from the lives of couples. The book's strategies are designed to help couples improve communication, understand commitment, bring more fun into their relationship, and enhance their sex lives. Lead author Scott Stanley is co-director of the Center for Marital and Family Studies at the University of Denver and coauthor of Fighting for Your Marriage, which has sold more than a million copies. Offers reflections on how to enhance anyone's marriage over the long term and avoid divorce Covers recent cultural shifts, such as dealing with the endless technological distraction and issues with social networking New themes include the chemistry of love, the life-long implications of having bodies, and how to support one another emotionally Uses illustrative examples from couples’ lives and rich integration of insights from scripture This important book offers an invaluable resource for all couples who want to honor and preserve the holy sacrament of their union.
Will Jesus's return be preceded by a single world government? Will every person have a government-issued ID or mark? Does Christ return once or twice? Will believers go through a Great Tribulation? Will there be a literal battle of Armageddon? Does it even matter what we believe about future events? Biblical prophecies about the end times have confused, confounded, and even divided God's people for centuries. But the reason Scripture gives us hints about the future is to provide the encouragement we need to endure the present, confident that God keeps his promises. In this balanced look at four major views of the end times, bestselling author Bryan Chapell explains the primary ways Christians have interpreted biblical prophecy about the last days, not so that we might pick a hill to die on but so that we can cling to what unites us in Christ. No matter what end times view we find most compelling, in God's plans we can find strength for today and hope for tomorrow.
This informative book explores the ideological practices that construct the Promise Keepers movement, while investigating the fundamentals of the Promise Keepers' belief system. Based upon non-participant observations of events as well as in-depth interviews, The Promise Keepers: Politics and Promises studies the movement from the inside, providing a better understanding of this evangelical phenomenon. Examining the group from its modest beginning in 1990 of seventy men joining together in prayer, Bryan Brickner discusses the meaning of the movement in a social context. This book will be invaluable to scholars of religion, gender studies, and political theory.
USA Today Bestseller Many of us long for the abundant life Jesus promised, but instead we feel stagnant and frustrated in our faith. More of us cultivate our view of God from our family of origin than from the pages of the Bible—and a faulty view of God will always be a barrier to a satisfying spiritual life. In his unique and interactive book God Isn’t Like That, author Bryan Clark returns us to Scripture on a step-by-step journey to identify and then correct our misconceptions about God. This highly practical book helps us understand: Specific ways our childhood influences our beliefs today The difference between a grace-based value system and a performance-based value system How to distinguish truth from fiction when it comes to personal beliefs Why even a loving and faith-filled family can inadvertently pass on false representations of God What the Bible says about how God intended Himself to be depicted in the home Abundant life has nothing to do with money or prosperity or health. Abundant life has everything to do with a right view of God that sustains us, comforts us, and satisfies us through every season.
The five volumes provide a comprehensive and detailed documentation of all music -- published and unpublished, from Shakespeare's day to our own -- in any way related to Shakespeare's life and work.
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