The NBER Reporter 2013 Number 2: Books
The Great Inflation: The Rebirth of Modern Central Banking
The Great Inflation: The Rebirth of Modern Central Banking, edited by Michael Bordo and Athanasios Orphanides, is available from the University of Chicago Press in July 2013.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policymakers are able to reduce uncertainty, improve price monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity.
This volume focuses on understanding the causes of the Great Inflation of the 1970s and 1980s, during which time many nations experienced rising inflation, and which propelled interest rates across the developing world into the double digits. In the decades since, there has been considerable debate on the immediate cause of the period’s rise in inflation. Among the areas explored are the role of monetary policy in driving inflation and the implications this has had, both for policy design and for evaluating the performance of those who set the policy. In this volume, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.
Bordo is a Research Associate in the NBER's Programs of Research on Monetary Economics and the Development of the American Economy and is the Board of Governors Professor of Economics at Rutgers University. Orphanides is a Senior Lecturer at the MIT Sloan School of Management and former Governor of the Central Bank of Cyprus.
The price of this volume is $120.00 (cloth).
Housing and the Financial Crisis
Housing and the Financial Crisis, an NBER Conference Report edited by Edward Glaeser and Todd Sinai, is available from the University of Chicago Press this summer.
Conventional wisdom once held that housing prices could not fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century, and millions of foreclosed homeowners, have made it clear that housing is no different from any other asset in its ability to climb and to crash.
This volume looks at what happened to prices and construction, both during and after the housing boom, in different parts of the American housing market. It helps to explain why certain areas experienced less volatility than others. It also examines the causes of the boom and bust, including the availability of credit, the perceived reduction in risk because of the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
Glaeser is a Research Associate in the NBER's Program on Economic Fluctuations and Growth and the Fred and Eleanor Glimp Professor of Economics at Harvard University. Sinai is a Research Associate in the NBER's Program on Public Economics and an Associate Professor of Real Estate and Business Economics and Public Policy at the Wharton School.
The price of this volume is $110.00 (cloth).
NBER Macroeconomics Annual 2012, Volume 27
NBER Macroeconomics Annual 2012, Volume 27, edited by Daron Acemoglu, Jonathan Parker, and Michael Woodford, is available from the University of Chicago Press in June 2013. This volume includes both theoretical and empirical contributions that encompass macroeconomic research on topics that relate to the business cycle and economic growth, as well as papers that address important policy-relevant questions.
Two papers shed light on causes of the recent financial crisis: how firms accessed credit during the financial crisis, and how the risk in mortgage lending was measured in the United Kingdom in the decades before the crisis. Other papers in this volume include: a study of individual prices over time, which draws out the implications of observed price adjustment for macroeconomic models of price stickiness; a focus on the implications of microeconomic estimates of labor supply for the determination of employment rates; a study of the empirical validity of the Keynesian explanation for employment declines during recessions; and an analysis of how efficient the fiscal stimulus has been as measured by the economic impact of changes in federal highway spending across U.S. states.
All three editors are Research Associates in the NBER's Programs on Economic Fluctuations and Growth. Acemoglu is the Elizabeth and James Killian Professor of Economics at MIT. Parker is the Donald C. Clark/HSBC Professor of Consumer Finance at Northwestern University. Woodford is the John Bates Clark Professor of Political Economy at Columbia University.
This volume costs $90.00 for the clothbound version and $60.00 for paperback.
NBER International Seminar on Macroeconomics 2012, Volume 9
NBER International Seminar on Macroeconomics 2012, Volume 9, edited by Francesco Giavazzi and Kenneth West, is available from the University of Chicago Press in July 2013. The International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year's volume fall into four categories: exchange rates, global business cycles, the financial crisis, and unemployment and the Great Recession.
The chapters include a study of capital account policies which sometimes are used to peg the real exchange rate and an analysis of panel data from OECD countries that can characterize and explain changes in house prices. Other studies explore some issues central to the financial crisis, such as its impact on trade flows, the effects of official bailouts, and the nature and evolution of unemployment during the Great Recession.
Giavazzi is a Research Associate in the NBER's Program on International Finance and Macroeconomics and a professor of economics at Bocconi University in Italy. West is a Research Associate in NBER's Programs on Monetary Economics and Economic Fluctuations and Growth and the John D. MacArthur and Ragnar Frisch Professor of Economics at the University of Wisconsin, Madison.
The price of this volume is $90.00 for the clothbound version and $60.00 for paperback.