Stanley Fischer

Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve]. He is the author of IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development (MIT Press).

  • The Great Recession

    The Great Recession

    Lessons for Central Bankers

    Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug

    Experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises.

    The recent financial crisis shook not only the global economy but also conventional wisdom about economic policy. After the collapse of Lehman Brothers in September 2008, policy makers reversed course and acted on an unprecedented scale. The policy response was remarkable both for its magnitude and for the variety of measures undertaken. This book examines both the major role central banks played in the crisis and the role they might play in preventing or preparing for future crises.

    The contributors, central bankers from around the world, focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets. They look at the experiences of both developed and emerging economies, considering why some, including Israel and Australia, suffered only mild effects while others—Ireland for example—plunged into severe financial crisis.

    • Hardcover $35.00 £28.00
    • Paperback $19.75 £15.99
  • Living Standards and the Wealth of Nations

    Living Standards and the Wealth of Nations

    Successes and Failures in Real Convergence

    Leszek Balcerowicz and Stanley Fischer

    A group of prominent international economists consider what makes for successful convergence—what policies and economic conditions help poor countries catch up to the living standards of rich countries.

    The question of convergence, or under what conditions the per capita income levels of developing countries can catch up to those found in advanced economies, is critical for understanding economic growth and development. Convergence has happened in many countries and appears to be taking place now in China and India—yet in general per capita income levels in the poorer countries do not converge towards those of richer countries as uniformly as the analytical models predict. Living Standards and the Wealth of Nations, which grew out of a 2003 conference on convergence hosted by the National Bank of Poland, offers detailed theoretical and empirical examinations of what makes for successful convergence. After general discussions of the theoretical requirements for "rapid catch up" and the possible link between democracy and growth, the book presents global case studies of both non-EU and EU countries, including a provocative comparison of growth in the transition economies of the CEE (Central and Eastern Europe) nations and the 12 non-Baltic states of the former Soviet Union. It then considers nominal as opposed to real convergence in the European Monetary Union. Taken together, the chapters present a consistent argument that reliance on market forces within an open economy in a stable macroeconomic environment, with assured property rights, is the key to rapid economic growth.

    Contributors Anders Åslund, Leszek Balcerowicz, Manuel Balmaseda, Iain Begg, John Bradley, Vittorio Corbo L., Stanley Fischer, Leonardo Hernández T., Philip E. Keefer, Olle Krantz, Abel Moreira Mateus, Thomas O'Connell, Stephen L. Parente, Edward C. Prescott, Jacek Rostowski, Isaac Sabethai, Miguel Sebastián, Diarmaid Smyth, Athanasios Vamvakidis, José Maria Viñals, Wing Thye Woo, Nikolai Zoubanov

    • Hardcover $11.75 £9.99
  • IMF Essays from a Time of Crisis

    IMF Essays from a Time of Crisis

    The International Financial System, Stabilization, and Development

    Stanley Fischer

    Stanley Fischer served as First Deputy Managing Director of the International Monetary Fund from 1994 to 2001. IMF Essays from a Time of Crisis collects sixteen essays written for the most part during his time at the IMF, each updated with Fischer's later reflections on the issues raised. The IMF drew much criticism for some of its actions during Fischer's tenure, and he vigorously defends the "battlefield medicine" practiced by the IMF during a series of economic crises, which included the problems of economic transition in the former Soviet bloc and the Asian financial crisis. Fischer addresses the subsequent calls for reform of the international financial system and makes the case for the IMF as an international lender of last resort.

    The first section of essays, "The Role of the IMF and the Reform of the International Financial System," considers the IMF's role in the international financial system in light of the crises of the 1990s. The second section, "Macroeconomic Policy, Stabilization, and Transition," examines such topics as exchange rate regimes, inflation, and Eastern Europe's relation to the European Union. The final section, "Poverty and Development," reflects Fischer's basic belief that economic policies should explicitly target poverty reduction. These engaging and accessible essays will appeal not only to economics students, economists, and policymakers but also to the general reader interested in the international monetary system.

    • Hardcover $52.00 £42.00
    • Paperback $19.75 £15.99
  • NBER Macroeconomics Annual 1994

    Stanley Fischer and Julio J. Rotemberg

    This is the ninth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contents On the Speed of Transition in Eastern Europe, Philippe Aghion and Olivier Jean Blanchard • The Costs of Business Cycles with Incomplete Markets, Andrew Atkeson and Christopher Phelan • The U.S. Fiscal Problem: Where We Are, How We Got Here and Where We Are Going, Alan Auerbach • The East Asian Miracle Economies, John Page • What Ends Recessions? Christina Romer and David Romer • Toward a Modern Macroeconomic Model Usable for Policy Analysis, Christopher Sims and Eric Leeper

    • Hardcover $40.00
    • Paperback $7.75 £5.99
  • Securing Peace in the Middle East

    Project on Economic Transition

    Stanley Fischer, Thomas C. Schelling, Leonard J. Hausman, and Anna D. Karasik

    Based on the joint efforts of Israelis, Jordanians, and Palestinians, in conjunction with economists from Harvard and the Massachusetts Institute of Technology, this book describes a cohesive plan for an integrated Middle East economy. It specifies actions and studies in areas where there are pressing and important issues, and where rapid progress is possible.Specifically, the plan assumes Palestinian economic sovereignty in the West Bank and Gaza. It calls for a market-driven economy and free trade among the three economies, and regional projects to further develop shared interests. Additional recommendations call for the Palestinians to take over the existing Civil Administration in the West Bank and Gaza, expansion of the financial sector, and removal of the restrictions on Palestinian employment in Israel to allow as many as 100,000 Palestinians to work there.

    • Hardcover $28.00
  • NBER Macroeconomics Annual 1993

    NBER Macroeconomics Annual 1993

    Olivier Blanchard and Stanley Fischer

    This is the eighth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contents U.S. Commercial Banking: Trends, Cycles, and Policy, John Boyd and Mark Gertler • The Effects of Government Purchases: Theory and Evidence, Anton Braun and Ellen McGrattan • Macroeconomic Growth with Microeconomic Empirics, Ricardo Caballero and Adam Jaffe • The Chinese and East European Routes to Reform, Alan Gelb, Gary Jefferson, and Inderjit Singh • Waiting and the Option to Invest: Theory and Evidence, Robert Pindyck and Andres Solimano • Unemployment in Europe, Gilles Saint Paul

    • Hardcover $40.00
    • Paperback $7.75 £5.99
  • The Economics of Middle East Peace

    The Economics of Middle East Peace

    Views from the Region

    Stanley Fischer, Dani Rodrik, and Elias Tuma

    This landmark collection of essays addresses the question: Given peace in the Middle East, then what?

    This landmark collection of essays addresses the question: Given peace in the Middle East, then what? Focusing on the countries most immediately affected by the Arab-Israeli conflict, economists representing Egypt, Israel, Jordan, Lebanon, and the Occupied Territories offer differing perspectives on potential opportunities and difficulties and on the actions that would be required to redirect, rejuvenate, and sustain the economies of the region.

    The book opens with case studies of Egypt, Syria, Lebanon, Israel, Jordan, and the West Bank and Gaza Strip. It then examines overall regional issues such as the economic consequences of peace and the economic reforms needed to maximize peace dividends. Essays in the last part focus on the transition to peace and the future economic development of the Palestinian, Israeli, Jordanian, and other regional economies. Topics addressed include the relation of defense spending to the economy, the implications of a peace for trade across borders, the benefits of economic cooperation between Israelis and Palestinians, and the role of foreign aid in economic reconstruction in the Middle East.

    • Hardcover $68.00 £55.00
    • Paperback $35.00 £28.00
  • NBER Macroeconomics Annual 1992

    NBER Macroeconomics Annual 1992

    Olivier Blanchard and Stanley Fischer

    This is the seventh in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contents What Shall We Do Today? Goals and Signposts in the Operation of Monetary Policy, Ben S. Bernanke and Frederic S. Mishkin • A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore, Alwyn Young • International Trade and the Wage Structure, Steven J. Davis • Imperfect Information and Macroeconomic Analysis, Joseph E. Stiglitz and Bruce Greenwald • Asset Pricing Lessons for Macroeconomics, Lars P. Hansen and John H. Cochrane • Postmortem on the Debt Crisis, Daniel Cohen

    • Hardcover $35.00
    • Paperback $7.75 £5.99
  • NBER Macroeconomics Annual 1991

    NBER Macroeconomics Annual 1991

    Olivier Blanchard and Stanley Fischer

    This is the sixth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contents Pitfalls and Opportunities: What Macroeconomists Should Know about Unit Roots, John Y. Campbell and Pierre Perron • Markups and the Business Cycle, Julio Rotemberg and Michael Woodford • Privatization in Eastern Europe: Incentives and the Economics of Transition, Jean Tirole • The EMS, the EMU, and the Transition to a Common Currency, Kenneth A. Froot and Kenneth S. Rogoff • Growth, Macroeconomics, and Development, Stanley S. Fischer • Recessions as Reorganizations, Robert E. Hall

    • Hardcover $35.00
    • Paperback $32.00 £26.00
  • Lessons of Economic Stabilization and Its Aftermath

    Lessons of Economic Stabilization and Its Aftermath

    Michael Bruno, Stanley Fischer, Elhanan Helpman, and Nissan Liviatan

    As the former Eastern Bloc countries and the developing nations endeavor to modernize their economies, much macroeconomic research in the next decade will involve stabilization and reconstruction. These informative, fact-filled studies describe how measures to control inflation have been implemented in Bolivia, Chile, Argentina, Brazil, Israel, Mexico, Turkey, and Yugoslavia. In discussing which of these measures have succeeded and which ones have failed, the authors go beyond the normative approach taken in most studies of stabilization to focus on political incentives and constraints on actual policymaking. The up-to-date data they provide make this a valuable collective exploration of contemporary efforts at stabilization and structural adjustment. In the 1980s each of the countries considered suffered from crippling inflation brought on by externally generated economic shocks and by mounting debt. Various strategies to control inflation and to achieve economic stabilization have met with different levels of success. The strategies tried in Brazil and Argentina worked only temporarily; the current policies of Israel, Mexico, and Bolivia have succeeded, although these countries' transitions to sustainable growth are not yet certain.

    • Hardcover $14.75 £11.99
    • Paperback $35.00 £28.00
  • NBER Macroeconomics Annual 1990

    NBER Macroeconomics Annual 1990

    Olivier Blanchard and Stanley Fischer

    This is the fifth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contributors Ricardo Caballero, Guiseppe Bertola, Andrew Caplin, Robert Hall, Gur Ofer, Abram Bergson, Martin Weitzman, Francesco Giavazzi, Marco Pagano, Allan Drazen, Martin Feldstein, Steven Davis, John Haltiwanger, Katharine Abraham, Robert Townsend, Mark Bils, Andrew Oswald, Gary Hansen, Robert Barro, Xavier Sala i Martin, William Brainard, Robert Lucas

    • Hardcover $35.00
    • Paperback $32.00 £26.00
  • NBER Macroeconomics Annual 1989

    NBER Macroeconomics Annual 1989

    Olivier Blanchard and Stanley Fischer

    This is the fourth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contents The Monetary History After Twenty-Five Years: New Evidence on the Money-Output Relationship, Christina Romer and David Romer • Restrictions on Financial Intermediaries and Implecations for Aggregate Fluctuations: Canada and the U.S., 1870-1908, Stephen Williamson • The Thatcher "Miracle", Charles Bean with Jim Symons • The Revised NBER Indexes of Coincident and Leading Economic Indicators, James Stock and Mark Watson • Consumption, Income, and Interest Rates: The Euler Equation Approach Ten Years Later, John Campbell and N. Gregory Mankiw • U.S. Earnings and Income Inequality: Recent Trends, Frank Levy • Business Cycle Models with Increasing Returns, Kevin Murphy, Andrei Shleifer, and Robert Vishny

    • Hardcover $32.50
    • Paperback $7.75 £5.99
  • Lectures on Macroeconomics

    Lectures on Macroeconomics

    Olivier Blanchard and Stanley Fischer

    The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices.

    Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.

    Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.

    Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.

    • Hardcover $100.00 £82.00
  • Inflation Stabilization

    Inflation Stabilization

    The Experience of Israel, Argentina, Brazil, Bolivia, and Mexico

    Michael Bruno, Guido Di Tella, Rudiger Dornbusch, and Stanley Fischer

    Rampant inflation is a major economic problem in many of the less developed countries; two out of three attempts to stabilize these economies fail. Inflation Stabilization provides a valuable description and a critical analysis of the disinflation programs introduced in Argentina, Bolivia, Brazil, and Israel in 1985-86, and discusses the possibility of such a program in Mexico. It documents the initial steps in stabilization as well as the reasons for failure.As architects of the programs, several of the authors are in key positions to assess which aspects were critical in getting the programs accepted and where to look for difficulties and failures.

    In Israel, inflation was halted without recession. The challenge to policy makers today is in shifting from stabilization to the revival of sustained growth. This experience is described fully by Michael Bruno and Sylvia Piterman, who examine the critical issue of exchange rates, and by Alex Cukierman, who uses modeling to analyze the interaction of money, wages, prices, and activity under rational expectations that take the government's policy objectives into account.Endemic inflation and a sudden increase in external debt burden Argentina's economy, raising the wider issues of high inflation economies and stabilization that are discussed in the chapter by José Luis Machinea and that by Guido Di Tella and Alfredo Canavese.Eduardo Modiano and Mario Simonsen take up issues of wages in Brazil, particularly the problem of finding an equitable way to deal with a wage freeze; Simonsen develops an ambitious game theoretic rationalization of incomes policy as a coordinating device for imperfectly competitive economies.

    Bolivia did reach hyperinflation (price increases of more than 50 percent each month) before stabilizing. Juan Antonio Morales shows how stabilizing the exchange rate, in an economy where all pricing was already geared to the dollar, achieved stabilization without a wage or price freeze. And Francisco Gil Diaz asks whether an incomes-policy based program could work to control ever increasing inflation in Mexico.

    • Hardcover $14.75 £11.99
    • Paperback $35.00 £28.00
  • NBER Macroeconomics Annual 1988

    Stanley Fischer

    The goals of the annual NBER Macroeconomics Conference are to present, extend, and apply frontier work in macroeconomics and to stimulate work by macroeconomists in policy issues. Each paper in the Annual is followed by comments and discussion.This is the third in a new series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contributions to this 1988 edition include: Macroeconomics and Politics, by Alberto F. Alesina. The Japanese Current Account and U.S.-Japan Trade Problems, by Kazuo Ueda. Alternative Interpretations of Employment and Real Wage Variations, by John F. Kennan. What Does Black Monday Tell Us About the Economy and Economics? by Fischer Black, Albert S. Kyle, and Robert J. Shiller. What Are the Costs of Excessive Deficits? by David H. Romer Sources of Business Cycle Fluctuations, by Matthew D. Shapiro and Mark W. Watson.Stanley Fischer is Vice President of Development Economics and Chief Economist at the World Bank.

    • Hardcover $40.00
    • Paperback $32.00
  • NBER Macroeconomics Annual 1987

    Stanley Fischer

    This is the second in a new series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.

    Contents Ricardian Equivalence, Douglas Bernheim (Stanford and NBER); comments by Marjorie Flavin and Charles Plosser • Success Stories of Economic Development, Kemal Dervis (The World Bank) and Peter Petri (Brandeis); comments by Arnold Harberger and Miguel Urrutia • Exchange Rate Dynamics, Jeffrey Frankel (University of California, Berkeley and NBER), Richard Meese (University of California, Berkeley); comments by Robert Flood and Patrick Minford • The U.S. Productivity Slowdown, Paul Romer (University of Rochester); comments by Ben Bernanke and Martin Baily • The New Keynesian Microfoundations, Julio Rotemberg (MIT and NBER); comments by N. Gregory Mankiw and Robert King • Why is the U.S. Unemployment Rate So High? Robert Topel (University of Chicago and NBER); comments by William Dickens and David Lilien • Methods and Ideas in the Development of Macroeconomics, Lawrence Summers (Harvard and NBER); comments by Alan Blinder, Lars Hansen and Robert Hall

    • Hardcover $25.95
    • Paperback $25.00
  • NBER Macroeconomics Annual 1986

    Stanley Fischer

    This is the first issue of a new Annual from the National Bureau of Economic Research. The Annual is designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics. Macroeconomics is becoming increasingly sophisticated and, at the same time, increasingly remote from current issues. As the profession loses touch with these issues, however, both it and economic policy suffer. Macroeconomics divorced from policy lacks vitality, and policy loses from the lack of serious, objective analysis.

    Contents Hysteresis and the European Unemployment Problem, Olivier Blanchard (MIT) and Lawrence Summers (Harvard); comments by John Kennan and Robert Hall • Efficiericy Wage Theories: A Partial Evaluation, Lawrence Katz (Berkeley); comments by Lawrence Weiss and Joseph Altonji • The Budget Deficit and the Dollar, Martin Feldstein (Harvard); comments by Alan Stockman and Rudiger Dombusch • Why is Japan's Saving Rate So Apparently High? Fumio Hayashi (Osaka); comments by Albert Ando and Paul Roemer • Do Equilibrium Real Business Cycle Theories Explain Post-War U.S. Business Cycles? Martin Eichenbaum and Kenneth Singleton (Carnegie-Mellon); comments by Robert Barro and N. Gregory Mankiw • Macroeconomic implication of Profit-Sharing, Martin Weitzman (MIT); comments by Alan Blinder and Russell Cooper

    • Hardcover $27.95
    • Paperback $12.95
  • Indexing, Inflation, and Economic Policy

    Indexing, Inflation, and Economic Policy

    Stanley Fischer

    Mainstream macroeconomics is under attack, professionally and in the popular press, as rarely before. Stanley Fischer has brought together this collection of essays in support of the view that mainstream macroeconomics can contribute much that it is both scientifically and socially useful to the analysis of policy issues and controversies. The book is divided into four parts, each with its own introduction. The preface presents Fischer's methodological defense of macroeconomics. The essays cover: The Costs and Effects of Inflation: Toward an Understanding of the Real Effects and Costs of Inflation (with Franko Modigliani). Toward an Understanding of the Costs of Inflation: II. Inflation, Unemployment, and Public Opinion Polls (with John Huizinga). Relative Shocks, Relative Price Variability, and Inflation. Wage Indexation and Inflation: Wage Indexation and Macroeconomic Stability. Indexing and Inflation. Contracts, Credibility, and Disinflation. Exchange Rate versus Money Targets in Disinflation. Indexation in the Capital Markets: The Demand for Index Bonds. On the Nonexistence of Privately issued index Bonds in the U.S. Capital Market. Call Option Pricing When the Exercise Price Is Uncertain, and the Valuation of Index Bonds. Welfare Aspects of Government Issue of Indexed Bonds. Policy Issues: Long-Term Contracts, Rational Expectations, and the Optional Money Supply Rule. Seigniorage and the Case for a National Money. On Activist Monetary Policy with Rational Expectations. Dynamic Inconsistency, Cooperation, and the Benevolent Dissembling Government. Israeli Inflation and Indexation.

    • Hardcover $37.50
    • Paperback $55.00 £45.00

Contributor

  • What Have We Learned?

    What Have We Learned?

    Macroeconomic Policy after the Crisis

    George A. Akerlof, Olivier Blanchard, David Romer, and Joseph E. Stiglitz

    Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises.

    Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights.

    The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

    • Hardcover $31.95 £26.00
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  • Understanding Inflation and the Implications for Monetary Policy

    Understanding Inflation and the Implications for Monetary Policy

    A Phillips Curve Retrospective

    Jeff Fuhrer, Yolanda K. Kodrzycki, Jane Sneddon Little, and Giovanni P. Olivei

    Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment.

    In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy.

    Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson

    • Hardcover $19.75 £15.99
  • Money, Crises, and Transition

    Money, Crises, and Transition

    Essays in Honor of Guillermo A. Calvo

    Carmen M. Reinhart, Carlos A. Végh, and Andrés Velasco

    Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years, discussing the themes behind his work.

    Guillermo Calvo, one of the most influential macroeconomists of the last thirty years, has made pathbreaking contributions in such areas as time-inconsistency, lack of credibility, stabilization, transition economies, debt maturity, capital flows, and financial crises. His work on macroeconomic issues relevant for developing countries has set the tone for much of the research in this area and greatly influenced practitioners' thinking in Latin America, Eastern Europe, Asia, and elsewhere. InMoney, Crises, and Transition, leading specialists in Calvo's main areas of expertise explore the themes behind this impressive body of work.

    The essays take on the issues that have fascinated Calvo most as an academic, a senior advisor at the International Monetary Fund, and as the chief economist at the Inter-American Development Bank: monetary and exchange rate policy (both in theory and practice); financial crises; debt, taxation, and reform; and transition and growth. A final section provides a behind-the-scenes look at Calvo's career and intellectual journey and includes an interview with Calvo himself.

    Contributors Leonardo Auernheimer, Fabrizio Coricelli, Padma Desai, Allan Drazen, Sebastian Edwards, Roque B. Fernández, Stanley Fischer, Ricardo Hausmann, Bostjan Jazbec, Peter Isard, Graciela L. Kaminsky, Michael Kumhof, Amartya Lahiri, Igal Magendzo, Enrique G. Mendoza, Frederic S. Mishkin, Igor Masten, Pritha Mitra, Alejandro Neut, Maurice Obstfeld, Edmund S. Phelps, Assaf Razin, Carmen M. Reinhart, Francisco Rodriguez, Efraim Sadka, Ratna Sahay, Rajesh Singh, Evan Tanner, Carlos A. Végh, Andrés Velasco, Rodrigo Wagner

    • Hardcover $16.75 £13.99