Released on 2021-03-13Categories Business & Economics

Why Fiscal Stimulus Programs Fail, Volume 2

Why Fiscal Stimulus Programs Fail, Volume 2

Author: John J. Heim

Publisher: Springer Nature

ISBN: 9783030647278

Category: Business & Economics

Page: 617

View: 780

This book scientifically tests the assertion that accommodative monetary policy can eliminate the “crowd out” problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. It also tests to see if natural growth in th economy can cure the crowd out problem as well or better. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 – 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem as well as natural growth in the economy. The book, employing the best scientific methods available to economists for this type of problem, concludes accommodate monetary policy could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one year’s crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didn’t accommodate: too little of it was tried. The book also tests whether other increases in loanable funds, occurring because of natural growth in the economy or changes in the savings rate can also offset crowd out. It concludes they can, and that these changes tend to be several times as effective as accommodative monetary policy. This book’s companion volume Why Fiscal Stimulus Programs Fail explores the policy implications of these results.
Released on 2021-04-20Categories Business & Economics

Why Fiscal Stimulus Programs Fail, Volume 1

Why Fiscal Stimulus Programs Fail, Volume 1

Author: John J. Heim

Publisher: Springer Nature

ISBN: 9783030656751

Category: Business & Economics

Page: 577

View: 441

This book offers a series of statistical tests to determine if the “crowd out” problem, known to hinder the effectiveness of Keynesian economic stimulus programs, can be overcome by monetary programs. It concludes there are programs that can do this, specifically “accommodative monetary policy.” They were not used to any great extent prior to the Quantitative Easing program in 2008, causing the failure of many fiscal stimulus programs through no fault of their own. The book includes exhaustive statistical tests to prove this point. There is also a policy analysis section of the book. It examines how effectively the Federal Reserve’s anti-crowd out programs have actually worked, to the extent they were undertaken at all. It finds statistical evidence that using commercial and savings banks instead of investment banks when implementing accommodating monetary policy would have markedly improved their effectiveness. This volume, with its companion volume Why Fiscal Stimulus Programs Fail, Volume 2: Statistical Tests Comparing Monetary Policy to Growth, provides 1000 separate statistical tests on the US economy to prove these assertions.
Released on 2016-11-25Categories Law

Essentials of Labour Relations in Nigeria: Volume 2

Essentials of Labour Relations in Nigeria: Volume 2

Author: Otobo, Dafe

Publisher: Malthouse Press

ISBN: 9789785452815

Category: Law

Page: 338

View: 720

Combined together in three volumes are the author’s writings on labour and employments relations in Nigeria spanning over three and a half decades. Volume two covers the Nigerian industry-specific employment relations, comparative labour relations and cross-cutting African development issues.
Released on 2010-02-15Categories History

A History of the Federal Reserve, Volume 2, Book 2, 1970-1986

A History of the Federal Reserve, Volume 2, Book 2, 1970-1986

Author: Allan H. Meltzer

Publisher: University of Chicago Press

ISBN: 9780226519968

Category: History

Page: 616

View: 355

Allan H. Meltzer’s critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim in 2003, spanned the period from the institution’s founding in 1913 to the restoration of its independence in 1951. This two-part second volume of the history chronicles the evolution and development of this institution from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, when the great inflation ended. It reveals the inner workings of the Fed during a period of rapid and extensive change. An epilogue discusses the role of the Fed in resolving our current economic crisis and the needed reforms of the financial system. In rich detail, drawing on the Federal Reserve’s own documents, Meltzer traces the relation between its decisions and economic and monetary theory, its experience as an institution independent of politics, and its role in tempering inflation. He explains, for example, how the Federal Reserve’s independence was often compromised by the active policy-making roles of Congress, the Treasury Department, different presidents, and even White House staff, who often pressured the bank to take a short-term view of its responsibilities. With an eye on the present, Meltzer also offers solutions for improving the Federal Reserve, arguing that as a regulator of financial firms and lender of last resort, it should focus more attention on incentives for reform, medium-term consequences, and rule-like behavior for mitigating financial crises. Less attention should be paid, he contends, to command and control of the markets and the noise of quarterly data. At a time when the United States finds itself in an unprecedented financial crisis, Meltzer’s fascinating history will be the source of record for scholars and policy makers navigating an uncertain economic future.
Released on 2021-12-17Categories Business & Economics

Financial Market Bubbles and Crashes

Financial Market Bubbles and Crashes

Author: Harold L. Vogel

Publisher: Springer Nature

ISBN: 9783030791827

Category: Business & Economics

Page: 619

View: 269

Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Released on 2010-02-15Categories History

A History of the Federal Reserve, Volume 2

A History of the Federal Reserve, Volume 2

Author: Allan H. Meltzer

Publisher: University of Chicago Press

ISBN: 0226519856

Category: History

Page: 696

View: 547

Allan H. Meltzer’s critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim in 2003, spanned the period from the institution’s founding in 1913 to the restoration of its independence in 1951. This two-part second volume of the history chronicles the evolution and development of this institution from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, when the great inflation ended. It reveals the inner workings of the Fed during a period of rapid and extensive change. An epilogue discusses the role of the Fed in resolving our current economic crisis and the needed reforms of the financial system. In rich detail, drawing on the Federal Reserve’s own documents, Meltzer traces the relation between its decisions and economic and monetary theory, its experience as an institution independent of politics, and its role in tempering inflation. He explains, for example, how the Federal Reserve’s independence was often compromised by the active policy-making roles of Congress, the Treasury Department, different presidents, and even White House staff, who often pressured the bank to take a short-term view of its responsibilities. With an eye on the present, Meltzer also offers solutions for improving the Federal Reserve, arguing that as a regulator of financial firms and lender of last resort, it should focus more attention on incentives for reform, medium-term consequences, and rule-like behavior for mitigating financial crises. Less attention should be paid, he contends, to command and control of the markets and the noise of quarterly data. At a time when the United States finds itself in an unprecedented financial crisis, Meltzer’s fascinating history will be the source of record for scholars and policy makers navigating an uncertain economic future.
Released on 2016-10-05Categories History

Global Americans, Volume 2

Global Americans, Volume 2

Author: Maria Montoya

Publisher: Cengage Learning

ISBN: 9781337515696

Category: History

Page: 544

View: 277

GLOBAL AMERICANS speaks to an increasingly diverse population of students who seek to understand the place of the United States in a shifting global, social, cultural, and political landscape. America’s national experience and collective history have always been subject to transnational forces and affected by global events and conditions. In recognition of this reality, this insightful new text presents a history of North America and then the United States in which world events and processes are central rather than colorful sidelights. The narrative recovers the global aspects of America’s past and helps students understand the origins of the interconnected world in which they live. By weaving together stories, analysis, interpretation, visual imagery, and primary sources from across time and place, this book presents a revised history that reflects America’s -- and Americans’ -- relationship to events and peoples across the continent and beyond. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Released on 2015-01-01Categories History

Liberty, Equality, Power: A History of the American People, Volume 2: Since 1863

Liberty, Equality, Power: A History of the American People, Volume 2: Since 1863

Author: John M. Murrin

Publisher: Cengage Learning

ISBN: 9781305686342

Category: History

Page: 544

View: 638

A highly respected, balanced, and thoroughly modern approach to U.S. history, LIBERTY, EQUALITY, POWER: A HISTORY OF THE AMERICAN PEOPLE, Seventh Edition, uses these three themes to show how the United States was transformed from hunter-gatherer and agricultural Native American societies into the most powerful industrial nation on Earth. This approach helps students understand the impact of the notions of liberty and equality, which are often associated with the American story and recognize how dominant and subordinate groups have affected and been affected by the ever-shifting balance of power. The text integrates the best of recent social and cultural scholarship-including fun material on movies and other forms of popular culture-into a political story, offering a comprehensive and complete understanding of American history. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Released on 2014-09-09Categories Political Science

Congress and the Nation 2009-2012, Volume XIII

Congress and the Nation 2009-2012, Volume XIII

Author: Dave Tarr

Publisher: CQ Press

ISBN: 9781452270357

Category: Political Science

Page: 1104

View: 263

Chronicling the highly partisan and polarized environment during the historic first term of President Barack Obama, Congress and the Nation 2009-2012 Volume XIII is the most authoritative reference on congressional law-making and trends during the 111th and 112th Congresses. The newest edition in this award-winning series documents the most fiercely debated issues during this period, including: Stimulus spending in the wake of financial crisis The controversial reform of the U.S. healthcare system Showdowns over raising the national debt ceiling Extensions of tax cuts and unemployment compensation Confirmation of two new female members of the U.S. Supreme Court Overhaul of financial industry regulations Repeal of the “don’t ask, don’t tell” law banning openly gay armed forces personnel from military service This acclaimed resource also covers the shift in partisan control of the U.S. House after the 2010 midterm election and the subsequent gridlock for lawmaking in the 112th Congress. Organized by policy area, each chapter summarizes the legislative activity, including a chronology and legislative history of the bills passed and the major provisions of the final laws. No other source guides readers seamlessly through the policy output of the national legislature with the breadth, depth, and authority of Congress and the Nation. This must-have reference for all academic libraries meets the needs of the full spectrum of users, from lower-level undergraduates through researchers and faculty.
Released on 2015-10-07Categories Business & Economics

On Unemployment, Volume II

On Unemployment, Volume II

Author: Mark R. Reiff

Publisher: Springer

ISBN: 9781137550033

Category: Business & Economics

Page: 292

View: 845

With unemployment at historically high rates that show signs of becoming structural, there is a pressing need for an in-depth exploration of this economic injustice. Unemployment is one of the problems most likely to put critical pressure on our political institutions, disrupt the social fabric of our way of life, and even threaten the continuation of liberalism itself. Despite the obvious importance of the problem of unemployment, however, there has been a curious lack of attention paid to this issue by contemporary non-Marxist political philosophers. On Unemployment explores the moral implications of the problem of unemployment despite the continuing uncertainty involving both its causes and its cures. Reiff takes up a series of questions about the nature of unemployment and what justice has to tell us about what we should do, if anything, to alleviate it. The book comprehensively discusses the related theory and suggests how we might implement these more general observations in the real world. It addresses the politics of unemployment and the extent to which opposition to some or all of the book's various proposals stem not from empirical disagreements about the best solutions, but from more basic moral disagreements about whether the reduction of unemployment is indeed an appropriate moral goal. This exciting new text will be essential for scholars and readers across business, economics, and finance, as well as politics, philosophy, and sociology.