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BOOK
The Great Inflation and Its Aftermath: The Past and Future of American Affluence
Robert J. Samuelson
$12.50

About this product:
It’s a giant gap in our history. The Great Inflation, argues award-winning columnist Robert J. Samuelson in this provocative book, was the worst domestic policy blunder of the postwar era and played a crucial role in transforming American politics, economy, and everyday life–and yet its story is hardly remembered or appreciated. In these uncertain economic times, it is more imperative than ever that we understand what happened in the 1960s and 1970s, lest we be doomed to repeat our mistakes.

From 1960 to 1979, inflation rose from barely more than 1 percent to nearly 14 percent. It was the greatest peacetime inflationary spike in this nation’s history, and it had massive repercussions in every area of our lives. The direct consequences included Ronald Reagan’s election to the presidency in 1980, stagnation in living standards, and a growing belief–both in America and abroad–that the great-power status of the United States was ending. The Great Inflation and Its Aftermath traces the origins and rise of double-digit inflation and its fall in the brutal 1981-82 recession, engineered by the Federal Reserve under then-chairman Paul Volcker and with the staunch backing of Reagan.

But that is only half the story. The end of high inflation triggered economic and social changes that are still with us. The stock market and housing booms were both direct outcomes; American business became more productive–and also much less protective of workers; and globalization was encouraged.

We cannot understand today’s world, Samuelson contends, without understanding the Great Inflation and its aftermath. Nor can we prepare for the future unless we heed its lessons. This incisive and enlightening book will stand as the authoritative account of a watershed event of our times.

Praise for The Great Inflation and Its Aftermath
"Newsweek and Washington Post columnist Samuelson is one of the rare journalists who debates politics and economics with a healthy skepticism toward conventional wisdom. Politicians would do well to study [the errors] the past that teach that choosing quick fixes only delays and worsens the inevitable.”– Booklist

"If you want to understand the economic events of the last half century, you should read. . . Robert Samuelson's The Great Inflation and Its Aftermath: --U.S News & World Report.

BOOK
The Economics Of Inflation - A Study Of Currency Depreciation In Post War Germany
Costantino Bresciani - Turroni
$26.00

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Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. Hesperides Press are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork.

BOOK
Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework
Jordi Gali
$37.98

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The New Keynesian framework has emerged as the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. It is the backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, and provides the theoretical underpinnings of the inflation stability-oriented strategies adopted by most central banks throughout the industrialized world. This graduate-level textbook provides an introduction to the New Keynesian framework and its applications to monetary policy.

Using a canonical version of the New Keynesian model as a reference framework, Jordi Galí explores issues pertaining to the design of monetary policy, including the determination of the optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting policies.

• The most up-to-date and accessible introduction to the New Keynesian framework available
• Uses a single benchmark model throughout
• Concise and easy to use
• Includes exercises
• An ideal resource for graduate students, researchers, and market analysts

BOOK
Opportunity Investing: How To Profit When Stocks Advance, Stocks Decline, Inflation Runs Rampant, Prices Fall, Oil Prices Hit the Roof, ... and Every Time in Between
Gerald Appel
$10.00

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"A guide that will turn readers into smart and savvy investors. Appel, author of several successful books on investing and editor of the leading technical analysis publication Systems and Forecasts, offers readers even more hot investment tips in his latest offering. Here, he shows readers how to read and recognize the economic climate, and demonstrates how to invest accordingly. After teaching how to understand the character of the market, Appel offers tried-and-true strategies that will help you make high-return, low-risk investments using mutual funds, exchange-traded funds (ETFs) and real investment trusts. He also provides solid advice on how to invest in foreign markets, taking advantage of often overlooked investment opportunities abroad. Investments in real estate, precious metals and other commodities also receive coverage, and Appel offers useful web resources for further research. The author has more than 40 years of experience, and his love of teaching the trade is conveyed through his enthusiasm and thorough explanations.Both amateurs and experienced investors who are looking for a competitive edge will appreciate this information-packed guide to making wise investments in any economic climate. " --Kirkus Reports In Opportunity Investing, you are shown which investments provide the best returns in varying economic climates, how to recognize and take advantage of investment opportunities overseas as well as investment opportunities within the United States. Specific strategies for identifying the strongest mutual funds and stock market sectors are provided, as well as strategies for periods when interest rates either rise or fall. Tools are provided to identify periods when stocks and/or other investment options are likely to advance, periods when market outlooks are more cloudy, and strategies that suggest changes in portfolio allocation that may be made accordingly. Other areas discussed include real estate, precious metals and other commodities, and investments that bring in high and steady levels of income.

BOOK
Inflation and the Theory of Money
R.J. Ball
$26.95

About this product:
Martin Bronfenbrenner in the "Journal of Finance" had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one." The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macroeconomics that: assesses the implications of inflationary processes for economic policy; synthesizes a general framework within which to illustrate inflationary processes; reconciles the approaches of "demand inflation" and "cost inflation"; and analyzes the determination and behavior of the general price level in an exchange economy. The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level. The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework.

BOOK
Interest Rate Models - Theory and Practice: With Smile, Inflation and Credit (Springer Finance)
Fabio Mercurio
$58.70

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The 2nd edition of this successful book has several new features. The calibration discussion of the basic LIBOR market model has been enriched considerably, with an analysis of the impact of the swaptions interpolation technique and of the exogenous instantaneous correlation on the calibration outputs. A discussion of historical estimation of the instantaneous correlation matrix and of rank reduction has been added, and a LIBOR-model consistent swaption-volatility interpolation technique has been introduced.

The old sections devoted to the smile issue in the LIBOR market model have been enlarged into several new chapters. New sections on local-volatility dynamics, and on stochastic volatility models have been added, with a thorough treatment of the recently developed uncertain-volatility approach. Examples of calibrations to real market data are now considered. 

The fast-growing interest for hybrid products has led to new chapters. A special focus here is devoted to the pricing of inflation-linked derivatives. 

The three final new chapters of this second edition are devoted to credit. Since Credit Derivatives are increasingly fundamental, and since in the reduced-form modeling framework much of the technique involved is analogous to interest-rate modeling, Credit Derivatives -- mostly Credit Default Swaps (CDS), CDS Options and Constant Maturity CDS - are discussed, building on the basic short rate-models and market models introduced earlier for the default-free market. Counterparty risk in interest rate payoff valuation is also considered, motivated by the recent Basel II framework developments.

BOOK
The Handbook of Inflation Hedging Investments
Robert Greer
$41.84

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Invaluable perspectives on the progress of inflation protection

Recent interest rate increases signal a return to the days of less benign inflation. The Handbook of Inflation Hedging Investments discusses effective inflation protection vehicles, along with strategies for integrating them into diversified professional portfolios.

BOOK
Inflation Targeting: Lessons from the International Experience
Adam S. Posen
$19.00

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How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so.

The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs.

Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.

BOOK
Grade Inflation: A Crisis in College Education
Valen E. Johnson
$19.34

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Grade inflation runs rampant at most colleges and universities, but faculty and administrators are seemingly unwilling to face the problem. This book explains why, exposing many of the misconceptions surrounding college grading. Based on historical research and the results of a yearlong, on-line course evaluation experiment conducted at Duke University during the 1998-1999 academic year, the effects of student grading on various educational processes, and their subsequent impact on student and faculty behavior, is examined. Principal conclusions of this investigation are that instructors' grading practices have a significant influence on end-of-course teaching evaluations, and that student expectations of grading practices play an important role in the courses that students decide to take. The latter effect has a serious impact on course enrollments in the natural sciences and mathematics, while the combination of both mean that faculty have an incentive to award high grades, and students have an incentive to choose courses with faculty who do. Grade inflation is the natural consequence of this incentive system. Material contained in this book is essential reading for anyone involved in efforts to reform our postsecondary educational system, or for those who simply wish to survive and prosper in it.

Valen Johnson is a Professor of Biostatistics at the University of Michigan. Prior to accepting an appointment in Ann Arbor, he was a Professor of Statistics and Decision Sciences at Duke University, where data for this book was collected. He is a Fellow of the American Statistical Association.

BOOK
Factions and Finance in China: Elite Conflict and Inflation
Victor C. Shih
$66.81

About this product:
How does the Chinese banking sector really work? Nearly all financial institutions in China are managed by members of the Communist Party, yet economists and even those who engage the Chinese banking sector simply do not have a framework with which to analyze the links between banking and politics. Drawing from interviews, statistical analysis, and archival research, this book is the first to develop a framework with which to analyze how elite politics impact both monetary and banking policies. This book serves as an important reference point for all subsequent work on Chinese banking.