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"It's the economy, stupid," as Democratic strategist James Carville would say. After many years of study, Ray C. Fair has found that the state of the economy has a dominant influence on national elections. Just in time for the 2012 presidential election, this new edition of his classic text, Predicting Presidential Elections and Other Things, provides us with a look into the likely future of our nation's political landscape—but Fair doesn't stop there. Fair puts other national issues under the microscope as well—including congressional elections, Federal Reserve behavior, and inflation. In addition he covers topics well beyond today's headlines, as the book takes on questions of more dir...
This book gives a practical, applications-oriented account of the latest techniques for estimating and analyzing large, nonlinear macroeconomic models. Ray Fair demonstrates the application of these techniques in a detailed presentation of several actual models, including his United States model, his multicountry model, Sargent's classical macroeconomic model, autoregressive and vector autoregressive models, and a small (twelve equation) linear structural model. He devotes a good deal of attention to the difficult and often neglected problem of moving from theoretical to econometric models. In addition, he provides an extensive discussion of optimal control techniques and methods for estimat...
Macroeconomics tries to describe and explain the economywide movement of prices, output, and unemployment. The field has been sharply divided among various schools, including Keynesian, monetarist, new classical, and others. It has also been split between theorists and empiricists. Ray Fair is a resolute empiricist, developing and refining methods for testing theories and models. The field cannot advance without the discipline of testing how well the models approximate the data. Using a multicountry econometric model, he examines several important questions, including what causes inflation, how monetary authorities behave and what are their stabilization limits, how large is the wealth effect on aggregate consumption, whether European monetary policy has been too restrictive, and how large are the stabilization costs to Europe of adopting the euro. He finds, among other things, little evidence for the rational expectations hypothesis and for the so-called non-accelerating inflation rate of unemployment (NAIRU) hypothesis. He also shows that the U.S. economy in the last half of the 1990s was not a new age economy.
In this book Ray Fair expounds powerful techniques for estimating and analyzing macroeconometric models. He takes advantage of the remarkable decrease in computational costs that has occurred since the early 1980s by implementing such sophisticated techniques as stochastic simulation. Testing Macroeconometric Models also incorporates the assumption of rational expectations in the estimation, solution, and testing of the models. And it presents the latest versions of Fair's models of the economies of the United States and other countries. After estimating and testing the U.S. model, Fair analyzes its properties, including those relevant to economic policymakers: the optimal monetary policy instrument, the effect of a government spending reduction on the government deficit, whether monetary policy is becoming less effective over time, and the sensitivity of policy effects to the assumption of rational expectations. Ray Fair has conducted research on structural macroeconometric models for more than twenty years. With interest increasing in the area, this book will be an essential reference for macroeconomists.
For the two-semester course in Principles of Economics. An Introduction to the Functioning of the Economy and the Power and Breadth of Economics Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling Principles of Economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Economics, 12th Edition, Global Edition, come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, students begin to learn the art and science of economic thinking and start to look at some policy and even personal decisions ...
Resource added for the Economics ?10-809-195? courses.
The new edition of a textbook introducing the fundamental concepts and methods of macroeconomics. Blending economic theory, institutional material, and real-world applications, the authors discuss measuring national output and income, the affects of government and fiscal policy, money supply and the Federal Reserve system, and other issues of national macroeconomics. There is also a shorter section devoted to international issues, discussing comparative advantage and protectionism, balance of payments and exchange rates, and the economics of developing and transitional economies. The CD-ROM contains tutorial walk-throughs for each chapter summarizing key concepts, as well as end-of-chapter quizzes and 20 graphs related material in the text. Annotation copyrighted by Book News, Inc., Portland, OR.
The inability of forecasters to predict accurately the 1990-1991 recession emphasizes the need for better ways for charting the course of the economy. In this volume, leading economists examine forecasting techniques developed over the past ten years, compare their performance to traditional econometric models, and discuss new methods for forecasting and time series analysis.
The Building Blocks series presents icons of modern architecture as interpreted by the most significant architectural photographers of our time. The first four volumes feature the work of Ezra Stoller, whose photography has defined the way postwar architecture has been viewed by architects, historians, and the public at large. The buildings inaugurating this series-Eero Saarinen's TWA Terminal, Wallace Harrison's United Nations complex, Le Corbusier's Chapel at Ronchamp, and Paul Rudolph's Yale Art and Architecture Building-all have bold sculptural presences ideally suited to Stoller's unique vision. Each cloth-bound book in the series contains at least 80 pages of rich duotone images. Taken...
This edition has been edited to include enhancements making it more relevant to students outside the United States. It gives readers a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. Readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.