How an electronically connected world will shape cities and urban relationships of the future. The global digital network is not just a delivery system for email, Web pages, and digital television. It is a whole new urban infrastructure—one that will change the forms of our cities as dramatically as railroads, highways, electric power supply, and telephone networks did in the past. In this…
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These twelve essays take up economic management under flexible exchange rates in the presence of uncertainty. Nearly all of the contributions adopt a rational expectations framework, focusing on the stochastic aspects of the assumption and exploring the variability of, for example, output and prices in relation to the variability of various external disturbances.OCLC-licensed vendor bibliograph…
Selected papers from seminars hosted by CESifo, an international network of economists supported jointly by the Center for Economic Studies at Ludwig-Maximilians-Universit?at, Munich, and the Ifo Institute for Economic Research.Discussions of the different theoretical and empirical paradigms for setting and predicting exchange rates.Recent theoretical developments in exchange rate economics hav…
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years.Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure float…
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Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years discussing the themes behind his work.OCLC-licensed vendor bibliographic record.
The concept of fair division is as old as civil society itself. Aristotle's "equal treatment of equals" was the first step toward a formal definition of distributive fairness. The concept of collective welfare, more than two centuries old, is a pillar of modern economic analysis. Reflecting fifty years of research, this book examines the contribution of modern microeconomic thinking to distribu…
The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is tha…