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Economics and Finance

Economics and Finance

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The Path to Climate Cooperation

After twenty-five years of failure, climate negotiations continue to use a “pledge and review” approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others.

A Citizen's Guide to the Debate over Taxes

To follow the debate over tax reform, the interested citizen is often forced to choose between misleading sound bites and academic treatises. Taxing Ourselves bridges the gap between the oversimplified and the arcane, presenting the key issues clearly and without a political agenda. Tax policy experts Joel Slemrod and Jon Bakija lay out in accessible language what is known and not known about how taxes affect the economy and offer guidelines for evaluating tax systems—both the current tax system and proposals to reform it.

In Money, Payments, and Liquidity,  Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade.

Latin America is richly endowed with natural resources, fertile land, and vibrant cultures. Yet the region remains much poorer than its neighbors to the north. Most Latin American countries have not achieved standards of living and stable institutions comparable to those found in developed countries, have experienced repeated boom-bust cycles, and emain heavily reliant on primary commodities.

This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy.

Principles and Applications

In the natural world, some agents (investors) employ strategies that provide resources, services, or information, while others (exploiters) gain advantages through these efforts. This behavior coexists and can be observed in many species and at many levels. For example, bacteria depend on the existence of biofilms to synthesize constituent proteins; cancerous cells employ angiogenesis to feed a tumor; and parents forgo vaccinating their children yet benefit from herd immunity.

The computerization of the economy—and everyday life—has transformed the division of labor between humans and machines, shifting many people into work that is hidden, poorly compensated, or accepted as part of being a “user” of digital technology. Through our clicks and swipes, logins and profiles, emails and posts, we are, more or less willingly, participating in digital activities that yield economic value to others but little or no return to us.

The End of Employment and the Rise of Crowd-Based Capitalism

Sharing isn’t new. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper club—these are not revolutionary concepts. What is new, in the “sharing economy,” is that you are not helping a friend for free; you are providing these services to a stranger for money. In this book, Arun Sundararajan, an expert on the sharing economy, explains the transition to what he describes as “crowd-based capitalism”—a new way of organizing economic activity that may supplant the traditional corporate-centered model.

What My Family and Career Taught Me about Breaking Through (and Holding the Door Open for Others)

“Myra Strober’s Sharing the Work is the memoir of a woman who has learned that ‘having it all’ is only possible by ‘sharing it all,’ from finding a partner who values your work as much as you do, to fighting for family-friendly policies. You will learn that finding allies is crucial, blending families after divorce is possible, and that there is neither a good time nor a bad time to have children. Both women and men will find a friend in these pages.”
—Gloria Steinem

Prejudice and Power in a Dual Economy

The United States is becoming a nation of rich and poor, with few families in the middle. In this book, MIT economist Peter Temin offers an illuminating way to look at the vanishing middle class. Temin argues that American history and politics, particularly slavery and its aftermath, play an important part in the widening gap between rich and poor.

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