A leading economist contends that the recent financial crisis was caused not by the failure of mainstream economics but by corrupted monetary data constructed without reference to economics. Blame for the recent financial crisis and subsequent recession has commonly been assigned to everyone from Wall Street firms to individual homeowners. It has been widely argued that the crisis and recession were caused by “greed” and the failure of mainstream economics. In Getting It Wrong, leading economist William Barnett argues instead that there was too little use of the relevant economics, especially from the literature on economic measurement. Barnett contends that as financial instruments became more complex, the simple-sum monetary aggregation formulas used by central banks, including the U.S. Federal Reserve, became obsolete. Instead, a major increase in public availability of best-practice data was needed. Households, firms, and governments, lacking the requisite information, incorrectly assessed systemic risk and significantly increased their leverage and risk-taking activities. Better financial data, Barnett argues, could have signaled the misperceptions and prevented the erroneous systemic-risk assessments. When extensive, best-practice information is not available from the central bank, increased regulation can constrain the adverse consequences of ill-informed decisions. Instead, there was deregulation. The result, Barnett argues, was a worst-case toxic mix: increasing complexity of financial instruments, inadequate and poor-quality data, and declining regulation. Following his accessible narrative of the deep causes of the crisis and the long history of private and public errors, Barnett provides technical appendixes, containing the mathematical analysis supporting his arguments.
In response to the recent financial crisis, many countries have initiated monetary stimulus packages. Maintaining proper measures of monetary aggregates is of particular importance for such economic policies. However, many central banks worldwide use the simple-sum monetary indexes, which ignore the liquidity characteristics of financial assets. Using the simple-sum indexes can produce misleading information, especially for broad monetary aggregates within which financial assets are not likely to be perfect substitutes. This book focuses on alternative economic stability indicators, and outlines the methods for constructing proper monetary and financial indicators – known as Divisia indexes. The Divisia monetary indexes are designed to measure accurately the liquidity in the economy by assigning different weights to different financial assets according to their usefulness in transactions. This book is highly relevant to economists interested in monetary policy and the construction of core inflation indicators and proper monetary indexes, in accordance with aggregation and index number theory. This book is the first to publish Divisia-based money supply indexes and core inflation indicators for the Gulf Cooperation Council (GCC) countries and for the Gulf Monetary Union. Researchers who use the financial data published by GCC central banks can use our indexes and findings to examine the interactions among the relevant macro-economic variables.
The book surveys modern literature on financial aggregation and index number theory, with special emphasis on the contributions of the book's two coauthors. In addition to an introduction and a systematic survey chapter unifying the rest of the book, this publication contains reprints of six published articles central to the survey chapter. Financial Aggregation and Index Number Theory provides a reference work for financial data researchers and users of central bank data, placing emphasis on possible improvements in such data from use of the microeconomic index number and aggregation theory.
For over twenty years, ranchers on our southern border have been overrun with smugglers, criminals, illegal immigrants, and terrorists. Law enforcement personnel have joined the ranchers to expose the government policies that have maintained an open, lawless, and deadly border.
Evaluations of different crossbows on the market today and how to select the right arrow, points, and sights. Shooting and hunting techniques for deer, bear, hogs, and elk. Classic crossbow hunts for big game in Africa, musk ox in the Canadian arctic, and water buffalo in Australia.
The Grammar of Raising and Control surveys analyses across a range of theoretical frameworks from Rosenbaum's classic Standard Theory analysis (1967) to current proposals within the Minimalist Program, and provides readers with a critical understanding of these, helping them in the process to develop keen insights into the strengths and weaknesses of syntactic arguments in general. Distills a very successful graduate course in syntax from two prominent figures in the field, covering analyses from a range of theoretical frameworks. Provides readers with an understanding of the various perspectives represented in generative syntax, using a particular class of grammatical constructions as a means of examining the evolution of syntactic theory over the last thirty years. Helps students to develop keen insights into the strengths and weaknesses of syntactic arguments. Includes excerpts from six important works that allow students to familiarize themselves with the original literature while also providing discussion of the theoretical context in which they were written.
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