Background
FLEMMING, John Stanton was born in 1941 in Reading, Berkshire, England.
( Intellectual time lags exist in every field of science....)
Intellectual time lags exist in every field of science. So it is that even today one often hears the same old "common knowledge" nonsense and simplistic analysis from the early post-Keynesian era when students learned about some of the monetary and fiscal policies applicable to the U.K. and its institutions (Keynes) on the premise that they are also applicable to the U.S. Many are not. The result has all too often been inflation or massive unemployment that continues even though it could be quickly ended without fiscal changes or new laws. This is a re-presentation of Professor Lindauer's early ground-breaking work from the 1960s. It explains why not all Keynesian and neo-classical theory and monetary and fiscal policies are applicable to the unique structure and institutions of the United States and how the current United States' malaise can be quickly ended - via a new approach to monetary policy, long ago explained by Lindauer and adopted by other countries. It was while at Claremont as professor of economics that Lindauer first modeled the concept of aggregate supply and related it with the concept of aggregate demand to develop many of the macroeconomic theories presented herein and integrate them into the then-existing theories of inflation and unemployment. Importantly in these days of high unemployment, the unique and quickly effective monetary policies he suggested years ago to end recessions and depressions without causing inflation or exacerbating government deficits are today immediately available without requiring fiscal changes or the passage of new laws and regulations. Professor Lindauer's other publications include "Land Taxation and Indian Economic Development" (with Sarjit Singh); various editions of his Macroeconomics series; and his early ground-breaking journal articles such as "Stabilization Inflation and the Inflation-Unemployment Trade-off." A non-technical version of this work is available as Inflations, Unemployment, and Government Deficits: End Them. It is suitable for journalists, laymen, and lawyers serving as Federal Reserve governors. Lindauer's books have been translated into Japanese, Spanish, Portugese, Korean, Hindi, and Chinese and the policies his theories suggest implemented by central banks around the world. He has additionally served as a visiting professor at Sussex University, the University of California (SD), and Punjab University. He lives in Scottsdale and Chicago. His teaching is limited to lectures and visiting professorships.
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(After each financial crisis, investors ask themselves how...)
After each financial crisis, investors ask themselves how they could have prevented their losses or even profited from the crash. This time you can prepare in advance for the next bubble ready to burst in the bond market. If you have ever worried about government debt, the endless inflation from the Federal Reserve or the careless actions of the to-big-to-fail Wall Street Banks then this book is for you. Profiting from the bond market collapse is easier now than it has ever been before and now is the time to get ready. Learn how to: - Short bonds within a traditional brokerage or retirement account. - Determine when to enter the market and when to exit. - Use options to protect your portfolio or leverage up your gains. - Analyze the bond market and understand how it got in the dangerous situation it is in. - Use technical and intermarket analysis to watch the market and create winning strategies. - Protect your other assets from the impact of a bond market crash.
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FLEMMING, John Stanton was born in 1941 in Reading, Berkshire, England.
Bachelor of Arts (PPE), Master of Arts, University Oxford, 1962, 1966.
Lector, Fellow, Oriel College, Oxford, 1963-1965. Official Fellow, Nuffield College, Oxford, 1965-1980. Chief Adviser, Bank England, 1980-1984.
Economics Adviser to Governor, Bank England, London, England, since 1984. Association Editorial Board, Oxford Economic Papers, 1964-1972. Board Member, Association Editor, Review of Economic Studies, 1970-1980, 1972-1975.
Managing Editor, Economic Journal, 1975-1980.
(After each financial crisis, investors ask themselves how...)
( Intellectual time lags exist in every field of science....)
Early work, with M. S. Feldstein and J. F. Wright,
on investment criteria led to estimating an investment function and considering capital market imperfections (Articles Nos. 1 and 2 above), taxation, expectations and uncertainty. I have found the continuous time uncertainty formulation (Article No. 3) liberating and use stochastic processes (Article No. 9) and in current work on optimal public finance. My book on inflation integrated rational and adaptive aspects of inflation expectations, and also suggested an appropriate United Kingdom response to Organisation of Petroleum Export Countries I.
In 1974, with I. M. D. Little, I advocated replacing the taxation of all income from property by a direct wealth tax.
I was a member of the Meade Committee which advocated an expenditure tax topped off with wealth and transfer taxes. I have since questioned the case for these when consumption is adequately taxed. Taxes inhibiting wealth accumulation and transfer discourage equalising transfers and increase the correlation between lifetime consumption and earnings.
No. 10 above explores this and the extent to which earnings inequality ‘explains’ that of wealth. Articles Nos. 6 and 8 represent attempts, under the influence of J. A. Mirrlees, to approach optimal intertemporal and redistributive taxation. Article No. 9 extends the argument to unemployment income.
Inflation gave some weight to unemployment insurance as a determinant of the national rate of unemployment.
With A. B. Atkinson, the timing effect of disincentives arising from the interaction of tax and benefit systems was emphasised. See also Midland Bank Review 1978 — for the CLARE Group — one of several groups of centrist economists with which I became involved about the time of the 1976 crisis in United Kingdom economic policy. Continuing macroeconomic concerns related to the effects of capital market imperfections and wage stickiness (Article No. 5 above). I have subsequently explored their relationship, together with appropriate monetary policy, to the stability of employment.
Council, Royal Economics Society, Institute for Fiscal Studies. Advisory Board on Research Councils (U K.) 1986-1991.