Background
WILSON, Thomas was born in 1916 in Belfast, Northern Ireland.
( This collection of essays uses the lens of rational exp...)
This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. Here, Sargent engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.
http://www.amazon.com/gp/product/0691158703/?tag=2022091-20
( How should governments and central banks use monetary p...)
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.
http://www.amazon.com/gp/product/0691086893/?tag=2022091-20
( In the past fifteen years, inflation has been conquered...)
In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.
http://www.amazon.com/gp/product/0691090122/?tag=2022091-20
( **This book was originally printed as a hardback in 199...)
**This book was originally printed as a hardback in 1991. The paperback released in 2011 is a reprint of the original** Planning and Urban Growth in Nordic Countries examines urban development and planning in Denmark, Finland, Norway and Sweden. Emphasis is on the period from the mid-nineteenth century to the present day, and the authors of each 'country-study' look at their own national developments against the background of those in other Nordic countries well as the rest of Europe and the USA.
http://www.amazon.com/gp/product/0415511887/?tag=2022091-20
( In Political Economy Chalmers' concern centres on the w...)
In Political Economy Chalmers' concern centres on the worsening condition of the working-class population. It is based on the lectures on political economy which Chalmers had given at Edinburgh University in 1830-31. McCulloch's Review challenged Chalmers' viewpoints in Political Economy, particularly questioning his continuing commitment to the Malthusian perspective. The third piece in this volume, Chalmers' reply, contains his most forthright condemnation of industrialization which he saw as threatening traditional institutions and entailing significant costs to individuals.
http://www.amazon.com/gp/product/1855067641/?tag=2022091-20
WILSON, Thomas was born in 1916 in Belfast, Northern Ireland.
Bachelor of Arts Queen’s University, Belfast, 1938. Doctor of Philosophy London University, 1940. Master of Arts Oxford University, 1946.
Honorary Dr University Stirling, 1982.
United Kingdom Ministry Economics Warfare, 1940-1941. United Kingdom Ministry Aircraft Production, 1941-1942. United Kingdom Prime Minister’s State Branch, United Kingdom War Cabinet Office, Economics Section, 1942-1945, 1945-1946.
Fellow, University College Oxford, 1946-1958. Adam Smith Professor Political Economics, University Glasgow, 1958-1982. Visiting Fellow, All Souls College Oxford, 1974-1975.
Visiting Fellow, American National University Centre Research Federal Finance Relations, Canberra, 1982. Emeritus Professor Political Economics, University Glasgow, since 1982. General Editor, Oxford Economic Papers, 1948-1958.
Editorial Board, Journal of Industrial Economics, 1960-1980.
( This collection of essays uses the lens of rational exp...)
( How should governments and central banks use monetary p...)
( In Political Economy Chalmers' concern centres on the w...)
( In the past fifteen years, inflation has been conquered...)
( **This book was originally printed as a hardback in 199...)
Fluctuations in output and employment with particular reference to the United States of America and the United Kingdom (this was extended in an early study of inflation). Exploration of the ground between Keynesianism and monetarism, leading to the revival of interest in Robertson’s non-Walrasian monetarism. The relationship between difference branches of economics with an extension of work into price theory, regional economics, including fiscal federalism, and international monetary adjustments.
The respective roles of the market and the State. The basis in welfare economies of policy recommendations, with welfare programmes in Britain and other countries as one field of application.