Default Risk in Bond and Credit Derivatives Markets (Lecture Notes in Economics and Mathematical Systems)

Book Description

Due to the scarcity of reliable data, the existing literature on default risk still displays an imbalance between theoretical and empirical contributions. Consequently, the focus of this book is on empirical work. Within an intensity based modelling framework a broad range of promising specifications is tested using corporate bond data. The book provides one of the most comprehensive empirical studies in the field, from Kalman filtration of affine term structure models to the use of Efficient Method of Moments estimation of dynamic term structure models in a default risky context. Filling another gap in empirical research, the book devotes special attention to the identification factors that can explain credit default swap premia.

Book Description

This volume, by two eminent monetarist economists, offers a unique perspective on a key issue of monetary economics: the effect of money on output. Karl Brunner and Allan Meltzer address the theoretical aspects of this issue with the purpose of understanding their policy implications. They offer an historical overview of the relationship between money and output, and then go on to present a model of a monetary economy before examining the real sector. The theme of the final lecture is uncertainty and the costs of acquiring information.

Customer Reviews:

Demonstrating the role of Keynesian(Ellsbergian)uncertainty.......2005-09-27

This book, although mistitled,is the best book that I HAVE EVER READ on theoretical and applied monetary economics.However,the correct title is "Keynesian Uncertainty,Money,and the Economy:Incorporating uncertainty(or Ellsbergian ambiguity)into monetary analysis".Brunner and Meltzer identify their position in this book as "weak monetarism".One can contrast this with strong monetarism,real business cycle theory,rational expectations,supply side economics,etc.,which denies that uncertainty plays any role in applied and theoretical economics.Only risk,represented by a normal probability distribution,has any role to play.Keynes would commend Brunner and Meltzer.Keynes would also state that he had never abandoned the Quantity theory of money,but had expanded and generalized its theoretical structure and range of application so as to deal with uncertainty,ambiguity,and ignorance.Keynes did this in chapter 21 of thr General Theory(see also p.209).A real synthesis is now possible between the economics of Keynes and the economics of Brunner and Meltzer .Instead of Keynes's difficult(but correct)elasticity analysis of chapters 20 and 21,we will present a generalized equation of exchange:instead of MV=PO,which views money as a transaction demand only,subject to risk as measured by a normal probability distribution's standard deviation,we incorporate a variable to measure Keynesian uncertainty(lack of weight in the A Treatise on Probability)or Ellsbergian ambiguity which we will designate as w.w is defined on the unit interval between 0 and 1.The equation of exchange then becomes M(Vw)=PO.w can also be given a nonlinear form if desired.If w=1,then only a transaction demand for money exists.Only risk needs to be taken into account.If w <1,the precautionary and speculative demands for money start to have an effect and uncertainty/ambiguity starts to cause problems in the real sector (on output,employment,investment,etc.).The w variables impact will show up with a "regular irregularity",a la Schumpeter, over time.Current econometric practice will not be able to measure the impact.It will be necessary to fall back on the new statistical toolkit created by Benoit Mandelbrot in order to take into account the impact of uncertainty and/or ambiguity.Brunner and Meltzer are correct when they state that"We share Keynes's emphasis on the pervasive uncertainty confronting decision makers"(p.65)and"We accept Keynes's distinction between actual and maximum output."(p.159).That leaves only the debate between discretion versus rules as a point of contention.Keynes would have favored some discretion within a rules criterion.I recommend this book to any reader interested in monetary policy,theory,or application.

Principled Agents?: The Political Economy of Good Government (Lindahl Lectures on Monetary and Fiscal Policy)

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Principled Agents?: The Political Economy of Good Government (Lindahl Lectures on Monetary and Fiscal Policy)
Timothy Besley
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover

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ASIN: 019927150X

Book Description

What is good government? Why do some governments fail? How do you implement political accountability in practice? What incentives do you need to put in place to ensure that politicians and public servants act in the public interest and not their own? These questions and many more are addressed in Timothy Besley's intriguing Lindahl lectures. Economic analyses of government usually divide into two broad camps. One which emphasizes government as a force for public good that can regulate markets, distribute resources and generally work towards improving the lives of its citizens. The other sees government as driven by private interests, susceptible to those with the power to influence its decisions and failing to incentivize its officials to act for the greater public good. This book adopts a middle way between the two extremes, the Publius approach, which recognizes the potential for government to act for the public good but also accepts the fact that things often go wrong. It shares the view that there are certain institutional preconditions for effective government but then proceed to examine exactly what those preconditions are. Timothy Besley emphasises that it is not just about designing an appropriate institutional framework but also about understanding the way incentives work and the process by which the political class is selected.

Policymaking in the Open Economy: Concepts and Case Studies in Economic Performance (Edi Series in Economic Development)

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Policymaking in the Open Economy: Concepts and Case Studies in Economic Performance (Edi Series in Economic Development)

Manufacturer: A World Bank Publication
ProductGroup: Book
Binding: Hardcover

Policy & Current Events | Popular Economics | Business & Investing | Subjects | Books

Development & Growth | Economics | Business & Investing | Subjects | Books

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ASIN: 0195208846

Compatibility between monetary and fiscal policy under EMU [An article from: European Economic Review]

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Compatibility between monetary and fiscal policy under EMU [An article from: European Economic Review]
C. Leith , and S. Wren-Lewis
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000P6O0KK

Book Description

This digital document is a journal article from European Economic Review, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
The debate over the Stability and Growth Pact (SGP) as a part of European Monetary Union, has highlighted the need to assess the extent to which fiscal policies of union members should be constrained as a pre-requisite for price stability within the union. In this paper, we develop a two country open economy model, where each country has overlapping generations of finitely lived consumers who supply labour to imperfectly competitive firms which can only change their prices infrequently. We examine the case where the two countries have formed a monetary union, but where the fiscal authorities remain independent. We show that the fiscal response required to ensure stability of the real debt stock is greater when consumers are not infinitely lived. In principle, this allows for some compensating behaviour between governments, but we show that the scope for compensation is limited. The monetary authority can abandon its active targeting of inflation to stabilise the debt of at most one fiscal authority, and any other combination of policies will either result in price level indeterminacy and/or indefinite transfers of wealth between the two economies. Finally, in a series of simulations we show that fiscal shocks have limited impact on output and inflation provided the fiscal authorities meet the (weak) requirements of fiscal solvency. However, when monetary policy is forced to abandon its active targeting of inflation, then fiscal shocks have a much greater impact on both output and inflation.

The design of monetary and fiscal policy: A global perspective [An article from: Journal of Economic Theory]

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The design of monetary and fiscal policy: A global perspective [An article from: Journal of Economic Theory]
J. Benhabib , and S. Eusepi
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000RR89E0

Book Description

This digital document is a journal article from Journal of Economic Theory, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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We study the emergence of multiple equilibria in models with capital and bonds under various monetary and fiscal policies. We show that the presence of capital is indeed another independent source of local and global multiplicities, even under active policies that yield local determinacy. We also show how a very similar mechanism generates multiplicities in models with bonds and distortionary taxation. We then explore the design of monetary policies that avoid multiple equilibria. We show that interest rate policies that respond to the output gap, while potentially a source of significant inefficiencies, may be effective in preventing multiple equilibria and costly oscillatory equilibrium dynamics.

Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations (Dynamic Modeling and Econometrics in Economics and Finance)

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Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations (Dynamic Modeling and Econometrics in Economics and Finance)
Joseph Plasmans , Jacob Engwerda , Bas van Aarle , Giovanni di Bartolomeo , and Tomasz Michalak
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 0387278842

Book Description

Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations analyzes coordination of monetary and fiscal stabilization policies between countries and currency areas using a dynamic game approach. The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.

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Employment without Inflation
Benjamin Higgins
Manufacturer: Transaction Publishers
ProductGroup: Book
Binding: Hardcover

Labor Policy | Popular Economics | Business & Investing | Subjects | Books

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ASIN: 156000259X

Essays in Monetary Economics (Modern Revivals in Economics)

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Essays in Monetary Economics (Modern Revivals in Economics)
Harry G. Johnson
Manufacturer: Ashgate Publishing
ProductGroup: Book
Binding: Hardcover

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ASIN: 0751202592

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European Monetary and Fiscal Policy
Sylvester C. W. Eijffinger , and Jakob de Haan
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

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Book Description

At the launch of the Euro, predictions about what has been dubbed "Euroland" were mixed. Supporters say the unprecedented switch to a single currency will benefit business and consumers alike. But critics warn that EMU is a giant leap into the unknown. The purpose of this book is to bring together the available evidence to date about EMU, focusing on European monetary and fiscal policy. Sylvester Eijffinger and Jakob de Haan have produced a fresh and forward-looking account of the issues surrounding monetary integration. Their analysis includes the functions and goals of the European Central Bank, the Treaty on European Union, the Stability and Growth Pact, and the harmonization of taxes. They go on to discuss the targets and instruments of European monetary policy, the relationships between the 'ins' and 'outs' within Europe, the integration of European financial markets, and the competition between financial institutions in Europe. Finally, the international role of the Euro and future of international policy co-ordination are investigated. The text has been presented for maximum clarity: each chapter concludes with a summary of the main issues, and case material and key topics are highlighted in boxes in order to help students focus on essential information. This thorough, innovative, and well-researched analysis has been carefully tailored to meet the course needs of undergraduate students of economic integration, European economics, international economics, and European studies.

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Finance and Devolution
David Hume Institute
Manufacturer: Edinburgh University Press
ProductGroup: Book
Binding: Paperback

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Book Description

Book Description

Find out how to create an exciting e-PR strategy and maximize your chances of e-business success, learn the new three Rs:

Customer Reviews:

A Powerful Compendium of Advice.......2002-08-22

e-PR strives to prove not just the usefulness but the importance of having effective public relations online. Haig deals with the usual questions that would be asked, such as how to have a website that's distinct from the one billion other websites, and how to make sure people keep visiting said site. He also explores how to deal with the media, both offline media using online methods, and online media using (unsurprisingly) online methods. In that, he shares much in common with Michael Levine in Guerrilla PR: Wired, whose writing style was a bit easier to digest.

Haig also explores how e-PR fits into marketing. Essentially, PR, either e- or otherwise, does not operate in a vacuum. Haig knows that well and his book devotes considerable space to explaining that topic. He uses a friendly how-to style to make his points and provide valuable advice in an area that is still emerging.

Useful.......2002-08-12

This book was incredibly useful when I found myself at a loss on how to promote my own business. e-PR showed me how to effectively use the internet to gain publicity and find the right avenues of promotion. I found this book to be second only to Guerilla PR Wired by Michael Levine.

Book Description

A resource for starting your own business. Includes current state and federal start-up information, contacts, statistics, and legislation.

Starting and Operating a Business in Missouri (Smartstart Your Business in)

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Starting and Operating a Business in Missouri (Smartstart Your Business in)
Michael D. Jenkins , and Rodney V. Hipp
Manufacturer: Oasis Pr
ProductGroup: Book
Binding: Paperback

General | Business & Investing | Subjects | Books
ASIN: 1555711391

Customer Reviews:

A Good Handbook for Ideas.......2000-11-18

This is more of a reference book than a how to give a speech book. It give lots of useable one liners, proverbs, fables, tales and how to pick on people tastefully. A lot of it is useable but more importantly it give you the insights of how and why they work so that you can create your own. Your own will better fit the situation. It gives 15 excellent mini speech bits that can be adapted to your own use. The author provides excellent advise on rehearsal of speeches. The main points are: do lots of it and do it out loud-- and much more about rehearsal. My own modest objection to the author's speech style is recommending or offering weak segues into stories and examples. If your are famous like Winston Churchill, Bob Dole or Will Rogers, you can be self deprecating. For us nobodies, we have to speak with clarity, conviction, well and short. We may not get another chance. If you have to apologize or make excuses for something you are about to say, you are making a mistake.(This refers to the repeated style of how the author recoends segues. The author emphasizes that you should spend a lot of time on the opening and closing. However, a lot of the closings seemed rather weak. Bottom line the book is worth getting a hold of as a good reference.

HOW TO BE THE LIFE OF THE PODIUM-OPENERS, CLOSERS & EVERYTHING IN BETWEEN TO KEEP THEM LISTENING

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HOW TO BE THE LIFE OF THE PODIUM-OPENERS, CLOSERS & EVERYTHING IN BETWEEN TO KEEP THEM LISTENING
Sylvia Simmons
Manufacturer: Amacom
ProductGroup: Book
Binding: Hardcover
ASIN: B000INYTZ6

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Vault Guide to Capitol Hill Careers: An Inside Look Inside the Beltway (Vault Career Library)
William McCarthy
Manufacturer: Vault, Inc.
ProductGroup: Book
Binding: Paperback

Guides | Job Hunting & Careers | Business & Investing | Subjects | Books
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An Insider's Guide to Political Jobs in Washington

The Insider's Guide to Political Internships: What to Do Once You're in the Door

Career Opportunities in Politics, Government, and Activism (Career Opportunities)

Careers in International Affairs

Great Jobs for Political Science Majors

ASIN: 1581312512

Book Description

This new Vault guide provides an inside look at the opportunities available in government, public affairs, and politics in the nation's capital.

Book Description

You can buy a house, send your kids to college, and retire at fifty-five with a half-million in savings--all on a teacher's salary. All it takes is some guidance and a little discipline, and any educator can create an impressive financial portfolio. Financial Tips for Teachers, now in a fully updated seventh edition, shows you how to buy for less, maximize the spending power of your present income, and earn even more money. Discover new insights into financial planning, including how to:

Budget and stretch income dollars
Research and capitalize on investment opportunities
Establish your own tax-sheltered annuity
Maximize your greatest investment, the family home
Create profitable extra-income opportunities
Navigate the income-tax rate

Alan Jay Weiss, MA, has more than twenty-five years' experience in the financial services industry, including corporate consulting; insurance-company management; and offering annuities, insurance, and investments to public-school employees. He has contributed financial columns to United Teacher (the newspaper of UTLA) and is a frequent presenter at seminars for both teachers' unions and the University of Southern California. Larry Strauss is a freelance writer whose published works include: Diets That Work, Growing Younger, When You Have Chest Pains, and What Do You Mean You Don't Want to Go to College?

Customer Reviews:

Standard Oil.......1999-12-13

This book was quite good. I read it oily

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