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Accomplishing State Budget Policy and Process Reforms  

Iris J. Lav

Print publication date:
Mar 2012
Online publication date:
Sep 2012
This article tackles the issue of comprehensive state budget reform. With structural deficits rampant, reform is needed to maintain the current level of programs that states and localities ... More

Achieving Fiscal Sustainability for State and Local Governments  

Robert B. Ward

Print publication date:
Mar 2012
Online publication date:
Sep 2012
Over the last decade, observers of state and local finances have been alarmed over an emerging picture of long-term, structural imbalances. This article examines the concept of fiscal ... More

Adam Smith on Value and Prices  

Nerio Naldi

Print publication date:
May 2013
Online publication date:
Jul 2013
This chapter considers the evolution of the way Smith presented his analysis of value and prices from the to and its importance to understand the structure that that analysis assumes in , where it ... More

Asia in Global Economic Governance  

Peter Petri and Wendy Dobson

Print publication date:
Jan 2014
Online publication date:
Feb 2014
Asia is gradually changing the landscape of regional and global economic cooperation. Institutional reforms are underway to respond to its growing economic clout and pluralism. External ... More

Asian Currencies in the Global Imbalance and Global Financial Crisis  

Eiji Ogawa and Chikafumi Nakamura

Print publication date:
Jan 2014
Online publication date:
Feb 2014
This chapter examines the behavior of the Asia Pacific region’s currencies through the lens of the global financial crisis of 2008-2009 and the global imbalances that have been a possible ... More

Asian Financial Crises  

Anne Krueger

Print publication date:
Jan 2014
Online publication date:
Feb 2014
This chapter analyzes and draws lessons from the Asian financial crisis of 1997-1998. It discusses the underlying factors that led to the crises, the differences from the previous balance ... More

Austrian Business Cycle Theory: A Modern Appraisal  

Andrew Young

Print publication date:
Nov 2015
Online publication date:
Dec 2015
Austrian business cycle theory (ABCT) is a body of hypotheses embodying particularly Austrian insights and assumptions. The canonical variant associated with Ludwig von Mises and Friedrich ... More

Bayesian Macroeconometrics  

Marco del Negro

Print publication date:
Sep 2011
Online publication date:
Nov 2012
This article presents the challenges that arise since macroeconomists often work in data-rich environments. It emphasizes multivariate models that can capture the co-movements of ... More

Brazil’s Macroeconomic Policy Institutions, Quasi-Stagnation, and the Interest Rate–Exchange Rate Trap  

Luiz Carlos Bresser-Perreira

Print publication date:
Oct 2018
Online publication date:
Aug 2018
This chapter examines the evolution of macroeconomic policy and institutions over the long term and the ways in which they have influenced the growth path of the Brazilian economy. It ... More

Bubbles in Asset Prices  

Burton G. Malkiel

Print publication date:
Apr 2012
Online publication date:
Nov 2012
This article addresses three topics. First, it describes what economists mean when they use the term “bubble,” and contrasts the behavioral finance view of asset pricing with the efficient ... More

The Cambridge Post-Keynesian School of Income and Wealth Distribution  

Mauro Baranzini and Amalia Mirante

Print publication date:
Sep 2013
Online publication date:
Oct 2013
This chapter reviews and assesses the genesis and development of the Cambridge post-Keynesian school of income and wealth distribution, the foundations of which were laid in particular by ... More

Can the Central Bank Alleviate Fiscal Burdens?  

Ricardo Reis

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their ... More

Capital Budgeting and Spending  

Justin Marlowe

Print publication date:
Mar 2012
Online publication date:
Sep 2012
This article first lays out the broad contours of state and local government capital spending and the precepts of the capital budgeting process. It then considers how capital spending ... More

Capital Markets and Financial Politics: Preferences and Institutions  

Mark J. Roe

Print publication date:
Apr 2012
Online publication date:
Nov 2012
This article outlines the main weaknesses in the interaction between political institutions and capitalism in both developed and developing nations, illustrates this interplay with ... More

Capital-Based Macroeconomics: Austrians, Keynes, and Keynesians  

John P. Cochran

Print publication date:
Nov 2015
Online publication date:
Dec 2015
The recent revival of boom-bust business cycles and the worldwide slow recovery from 2009–2012 has renewed interest in the analysis of a money-production economy developed by Keynes and ... More

Central Bank Communication: How to Manage Expectations?  

Jakob de Haan and Jan-Egbert Sturm

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Many central banks in the world nowadays regard their external communication as an important tool to achieve their goals. This chapter provides an overview of the different ways in which ... More

Central Bank Communications: A Case Study  

J. Scott Davis and Mark A. Wynne

Print publication date:
Apr 2019
Online publication date:
Mar 2019
Over the past twenty-five years, central bank communications have undergone a major revolution. Central banks that previously shrouded themselves in mystery now embrace social media to get ... More

Central Banking  

Michel Aglietta and Benoît Mojon

Print publication date:
Nov 2014
Online publication date:
Apr 2015
This chapter describes the emergence of central banks and the evolution of their functions as responses to the monetary and financial crises of the nineteenth and the twentieth centuries. ... More

Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory  

Gunther Schnabl

This chapter analyzes the evolution and effects of central bank crisis management since the mid-1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that given that ... More

Central Banking and Prudential Regulation: How the Wheel Turns  

Kevin Davis

Print publication date:
Apr 2019
Online publication date:
Mar 2019
The financial deregulation in major Western economies in the 1970s and 1980s freed banks from many preexisting constraints, facilitating competition and greater risk-taking and eventually ... More

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