This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.
This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.
Jean-Nicolas-Louis Durand (1760–1834) regarded the Précis of the Lectures on Architecture (1802–5) and its companion volume, the Graphic Portion (1821), as both a basic course for future civil engineers and a treatise. Focusing the practice of architecture on utilitarian and economic values, he assailed the rationale behind classical architectural training: beauty, proportionality, and symbolism. His formal systematization of plans, elevations, and sections transformed architectural design into a selective modular typology in which symmetry and simple geometrical forms prevailed. His emphasis on pragmatic values, to the exclusion of metaphysical concerns, represented architecture as a closed system that subjected its own formal language to logical processes. Now published in English for the first time, the Précis and the Graphic Portion are classics of architectural education.
Combining insights from academic research and practical examples, this book aims to better understand the link between financial markets and innovation management. First, we are back to the very definition of innovation and what it means for financial and non-financial companies. Then, we analyze if efficient innovation management by companies is recognized and valued by financial markets. Finally, we focus on innovation within the financial sector: does it really create value outside the financial sector itself. Are Financial innovations value … or risk creators?
In the same realm as social ecology, industrial ecology and the circular economy, a new interdisciplinary field is growing: territorial ecology. Based on the analysis of the metabolism of human societies at a local level, it helps us diagnose a socioecosystem. This diagnostic is not only based on what is circulating, but also on how it is organized and why. Who is at the origin of a flow? What are their motivations? Who has the power to make decisions about it? This methodology, taking into account both the material description of human societies and the analysis of decisionmaking processes, might also be relevant for territorial diagnostics. It leads us to a systemic view of the consequences of individual and collective actions on the sustainability of local socio ecosystems. Socio-ecological transition implies a substantial evolution of human societies. Innovation, be it technological, organizational or social, is intrinsically involved in this evolution. However, if transition calls for disruptive rather than incremental innovations, we must also assess these innovations with a systemic view of their consequences.
A beautiful volume that brings to light the forgotten Le Nain brothers, a trio of 17th-century French master painters who specialized in portraiture, religious subjects, and scenes of everyday peasant life In France in the 17th century, the brothers Antoine (c. 1598-1648), Louis (c. 1600/1605-1648), and Mathieu (1607-1677) Le Nain painted images of everyday life for which they became posthumously famous. They are celebrated for their depictions of middle-class leisure activities, and particularly for their representations of peasant families, who gaze out at the viewer. The uncompromising naturalism of these compositions, along with their oddly suspended action, imparts a sense of dignity to their subjects. Featuring more than sixty paintings highlighting the artists' full range of production, including altarpieces, private devotional paintings, portraits, and the poignant images of peasants for which the brothers are best known, this generously illustrated volume presents new research concerning the authorship, dating, and meaning of the works by well-known scholars in the field. Also groundbreaking are the results of a technical study of the paintings, which constitutes a major contribution to the scholarship on the Le Nain brothers.
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