When Michael Woodford was made president of Olympus, he became the first Westerner ever to climb to the top of one of Japan’s corporate giants. Unfortunately, soon after, his dream job turned into a nightmare. Woodford learned about a series of bizarre mergers and acquisitions deals totaling $1.7 billion—a scandal that threatened to bring down the entire company if exposed. Just weeks later, he was fired in a boardroom coup that shocked Japan and the business world. Woodford fled the country in fear for his life and went straight to the press—making him the first CEO of a global multinational to blow the whistle on his own company. Now Woodford recounts his almost unbelievable true story and paints a devastating portrait of corporate Japan. “His story is filled with mystery, suspense, and betrayal.” —Management Today “A gripping chronicle.” —Kirkus Reviews “I had walked into a John Grisham novel.” —Michael Woodford
President, whistleblower, crusader. Exposure is the story of how Michael Woodford exposed the dark heart of Olympus. When Michael Woodford was made President and CEO of Olympus, he became the first Westerner ever to climb the ranks of one of Japan's corporate icons. Then his dream job turned into a nightmare. He learned about a series of bizarre mergers and acquisitions deals totalling $1.7 billion - a scandal which if exposed threatened to bring down the entire company. He turned to his fellow executives but was met with hostility and a cover-up. Within weeks he was fired in a boardroom coup that shocked the international business world. As rumours emerged of Yakuza (mafia) involvement in the scandal, Woodford fled Japan in fear of his life. He went straight to the press - becoming the first CEO of a multinational to blow the whistle on his own company. Exposure is a deeply personal memoir that reads like a thriller. As Woodford himself puts it, 'I thought I was going to run a health-care and consumer electronics company but found I had walked into a John Grisham novel.' 'Tells his tale like a thriller. A fine book by a fine man who did the right thing' -The Times 'A brilliantly gripping book, with a great hero at its heart' -Evening Standard
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
An essential introduction to one of the most timely and important subjects in economics International Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking. Provides a rigorous and elegant treatment of fundamental questions in international macroeconomicsBrings undergraduate and master’s instruction in line with modern economic researchFollows a microfounded, optimizing, and dynamic general equilibrium approachAddresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crisesUses real-world data to test the predictions of theoretical modelsFeatures a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of modelsAccompanied by a website with lecture slides for every chapter
The NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2009 address how heterogeneous beliefs interact with equilibrium leverage and potentially lead to leverage cycles, the validity of alternative hypotheses about the reason for the recent increase in foreclosures on residential mortgages, the credit rating crisis, quantitative implications for the evolution of the U.S. wage distribution, and noisy business cycles.
Since the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.
ABRAHAM LINCOLN: An Abraham Lincoln Biography The life story of the 16th President of the United States of America began very humbly on the 12th of February 1809 in an unimpressive one room log cabin at Sinking Spring farm near Hodgenville in Hardin County, Kentucky. Hardin County was established in 1792 from a portion of land given by Nelson County. The county
Harvey Milk - The Politics of HopeHarvey Milk is a name that is beginning to resonate as widely as that of Martin Luther King Jr, Malcolm X or Steve Biko.The Californian politician was a ground breaker for the civil rights for a different, but still vulnerable, group of society. Harvey Milk was gay. And, at a time when it was easier and safer to hide your sexuality under a cloak of perceived decency, he was prepared to risk everything to promote the rights of these American citizens. In this book, we will look at his life. We will discover how the little-known businessman living in a Californian community, sought and gained political office. How he fought for the rights of victims. How he battled against discrimination. And how, in his short life, and even shorter time in a seat of power, he brought about significant improvements in the civil rights of those he supported.
BARACK OBAMA: A Barack Obama Biography Barack Obama was born to a single mother and absent father in 1961. The America around him was still racially segregated and divided. Large parts of his childhood were spent in the care of his grandparents in Hawaii, his mother having left America for a new husband and job in Indonesia. Barack Obama, despite the disadvantages that life threw at him, worked hard and eventually enrolled to study law at Harvard University. After graduating with honours he settled in Chicago where he met Michelle Robinson. Like Barack Obama she was a young lawyer who was keen to address the racial disadvantages that were still present in American society. Following their marriage, and the arrival of two daughters, Barack Obama was elected as Illinois Senator and then as the 44th President of the United States of America. He became the first African American to hold this role. Obama used his position to push America into becoming a more equal and fairer society. Initiatives such as Obamacare and the repeal of the Don
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