These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory. A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.
For US postwar data, the paper explains central consumption, labor, investment and output correlations and volatilities along with output growth persistence by including a human capital investment sector and a variable physical capital utilization rate. Strong internal "amplication" results from an economy-wide productivity shock across goods and human capital investment sectors that has variances 10,000 fold smaller than in the standard RBC TFP shock. Simulated moments are compared to data moments for the business cycle, the low frequency and the Medium Cycle frequency, as well as the high frequency. A metric is provided to gauge that the results have an average of 46% deviation of simulated moments from data moments, for a broad array of targets across all windows. Within this array, key correlations have only a 15% deviation in the business cycle window, and growth persistence only an 8% deviation in the low frequency, which indicates good "propagation". Countercyclic human capital investment time and procyclic physical capital capacity utilization rates are also found as in data.
One of the outstanding monetary theorists of the past 100 years, Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. These 21 papers, published 1972–2007, cover core monetary theory and public finance, asset pricing, and the real effects of monetary instability.
The Imperial War Museum holds a vast archive of interviews with soldiers, sailors, airmen and civilians of most nationalities who saw action during WW2. As in the highly-acclaimed Forgotten Voices of the Great War, Max Arthur and his team of researchers spent hundreds of hours digging deep into this unique archive, uncovering tapes, many of which have not been listened to since they were created in the early 1970s. The result will be the first complete oral history of World War 2. We hear at first from British, German and Commonwealth soldiers and civilians. Accounts of the impact of U.S. involvement after Pearl Harbour and the major effects it had on the war in Europe and the Far East is chronicled in startling detail, including compelling interviews from U.S. and British troops who fought against the Japanese. Continuing through from D-Day, to the Rhine Crossing and the dropping of the Atom Bomb in August 1945, this book is a unique testimony to one of the world's most dreadful conflicts. One of the hallmarks of Max Arthur's work is the way he involves those left behind on the home front as well as those working in factories or essential services. Their voices will not be neglected.
This is the first-ever history of catatonia, a singular psychiatric illness featuring often bizarre disorders of mind and movement together with fearfulness and anxiety. Unlike most other psychiatric illnesses, it is eminently treatable, the symptoms vanishing as rapidly as they have come. For many years it was considered incorrectly as a "subtype" of schizophrenia.
This book is about all kinds of numbers, from rationals to octonians, reals to infinitesimals. It is a story about a major thread of mathematics over thousands of years, and it answers everything from why Hamilton was obsessed with quaternions to what the prospect was for quaternionic analysis in the 19th century. It glimpses the mystery surrounding imaginary numbers in the 17th century and views some major developments of the 20th century.
How the men and women of Britain found 'the road home' after the Great War. From the SUNDAY TIMES bestselling author of THE LOST POST. 11am, 11.11.1918: the war is finally over. After four long years Britain welcomed her heroes home. Wives and mothers were reunited with loved ones they'd feared they'd never see again. Fathers met sons and daughters born during the war years for the very first time. It was a time of great joy - but it was also a time of enormous change. The soldiers and nurses who survived life at the Front faced the reality of rebuilding their lives in a society that had changed beyond recognition. How did the veterans readjust to civilian life? How did they cope with their war wounds, work and memories of lost comrades? And what of the people they returned to - the independent young women who were asked to give up the work they had been enjoying, the wives who had to readjust to life with men who seemed like strangers?
Maître fromager Max McCalman, author of The Cheese Plate and Cheese, is steeped in the world of artisanal cheeses like no one else. In Mastering Cheese, he shares the wealth of his expertise to help cheese lovers on their path to connoisseurship. After years of teaching courses for amateurs at the Artisanal Premium Cheese Center, where he is Dean of Curriculum, McCalman has developed a compelling set of classes for understanding and ex-periencing cheese. A full master's course in a book, Mastering Cheese covers the world of cheese in twenty-two distinct lessons, featuring tasting plates that deliciously demonstrate key topics. For example, a chapter titled "Stunning Stinkers" explains why some of the strongest-smelling cheeses can be among the best tasting and then recommends several stars of this category. Learn about the issues facing real raw-milk cheeses and then go out and taste the differences between these cheeses and those made with pasteurized milk. For the first time in any of his books, McCalman includes extensive information on the modern artisanal cheese revolution in the United States and prominently features these artisans and their products alongside the famous cheeses of Italy, France, Spain, and the United Kingdom. Complete with helpful charts and an invaluable index of more than 300 cheeses, Mastering Cheese is the definitive course that you can use in your own home to pursue your passion for cheese.
The New York Times bestseller that tells the story of an overheated stock market and the financial disaster that led to the Great Depression of the 1930s. A riveting living history about Black Tuesday, October 29, 1929. Captures the era, the intoxicating expectancy, the hope that ruled men’s heart and minds before the bubble burst and the black despair of the decade that followed.
Scott's last Antarctic expedition is one of the great adventure stories of the twentieth century. On 1 November 1911, a British team set out on the gruelling 800-mile journey across the coldest and highest continent on Earth to travel to the South Pole. Five men battled through unimaginably harsh conditions only to find the Norwegian flag had been planted at the Pole just weeks before. Captain Robert Falcon Scott, Lieutenant Henry Bowers, Petty Officer Edgar Evans, Captain Lawrence Oates, and Dr Edward Wilson all died on the return trek, starved and frozen to death, only eleven miles from a supply camp. In November 1912, a rescue party discovered their last letters and diaries, which told a story of bravery, hardship, and self-sacrifice that shocked the world. Recent decades have seen controversy rage over whether Scott was the last of a line of great Victorian explorers, intent on discovering uncharted lands, or a hopeless incompetent driven by personal ambition. Rejecting the stereotypes, Max Jones reveals a complex figure, a product of the passions and preoccupations of an imperial age. He also shows how heroes are made and manipulated, through a close examination of the unprecedented outpouring of public grief at the news of the death of Scott and his companions. Max Jones uses fascinating new evidence and prevously unseen illustrations to take us back to this remarkable moment in modern history, and tells for the first time the full story of The Last Great Quest.
This collection of essays from Nobel Laureate Max Perutz explores a wide range of scientific and personal topics with insight and lucidity. It includes lively anecdotes about key figures in 20th-century science.
These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory. A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.
No further information has been provided for this title. Modern Macroeconomics , by Max Gillman, takes a new and modern approach to macroeconomic theory using microeconomic foundations. Building from the standard neo-classical models, Gillman has developed a new dynamic model which works to explain business cycles and unemployment, why you can have a banking lead recession as well as fiscal and monetary policy. Although strong in mathematical rigour all calculations in this text are fully derived and graphs provide a direct representation making it accessible. This text is suitable for undergraduate students studying Advanced Macroeconomics courses.
Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit. The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.
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