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News and Sovereign Default Risk in Small Open Economies
This paper builds a model of sovereign debt in which default risk, interest rates, and debt depend not only on current fundamentals but also on news about future fundamentals. News shocks (NS) affect equilibrium outcomes because they contain info. about the future ability of the gov¿t. to repay its debt. First, in the model with NS not all defaults occur in bad times. Second, the NS help account for key differences between emerging markets and developed economies: as the precision of the news improves the model predicts lower variability of consumption, less counter-cyclical trade balance and interest rate spreads. Finally, the model also captures the hump-shaped relationship between default rates and the precision of news obtained from the data.
The Classical Tradition in Portuguese and Brazilian Poetry
This book includes 21 chapters dedicated to the study of contemporary, Portuguese and Brazilian poets influenced by the Greco-Roman tradition. It integrates the international bibliography on reception studies in an Ibero-American context. However, the comparison between poets from the two countries highlights the cultural community that, despite the differences, unites them. Travels, routes, and adventures, taken in a linear or symbolic sense, are the common trace of all contributions. The variety of tastes, the greater or smaller closeness to the ancient models, and the authors’ preferences contribute to an overall view of the classical imprint on contemporary poetry as a specific area of literature.
Brazil
A major survey of the economic and social development of Brazil.
The Far Side of the Moon
The far side of the Moon, also called the "dark side of the Moon" was unknown to humanity until the Luna and Lunar Orbiter pictures were returned to Earth. This wonderful book contains beautiful photographs and newly-assembled mosaic images of the far side of the Moon, cleaned of transmission, imaging stripes and processing artifacts by today’s computer technology. Byrne’s superb analysis documents the appearance of the features of the far side with beautiful pictures from Lunar Orbiter. Until now, the far side Lunar Orbiter photos have only been available with strong reconstruction lines, but appear here for the first time as complete photographs, unmarred by imaging and processing artifacts.
Fiscal Foresight and Information Flows
News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading example of foresight, simple theory makes transparent the economic behavior and information structures that generate non-fundamental equilibria. Econometric analyses that fail to model foresight will obtain biased estimates of output multipliers for taxes; biases are quantitatively important when two canonical theoretical models are taken as data generating processes. Both the nature of equilibria and the inferences about the effects of anticipated tax changes hinge critically on hypothesized information flows. Different methods for extracting or hypothesizing the information flows are discussed and shown to be alternative techniques for resolving a non-uniqueness problem endemic to moving average representations.
Aggregate Demand and Employment
With an emphasis on developments during and after the Great Recession, and paying due attention to the impacts of austerity policies, the chapters assembled for this book explain that high growth of aggregate demand is as essential as ever for achieving full employment and rising living standards. Written by distinguished Keynesian and Post-Keynesian economists from diverse national backgrounds, the book tackles critical theoretical and empirical issues to illuminate the economic experiences both of large geographic regions such as Europe, Latin America, and Africa, as well as specific national economies including the USA, Japan, India, and Canada.
Yeast Protocols
In this second edition of a widely used classic laboratory manual, leading experts utilize the tremendous progress and technological advances that have occurred to create a completely new collection of not only the major basic techniques, but also advanced protocols for yeast research and for using yeast as a host to study genes from other organisms. The authors provide detailed methods for the isolation of subcellular components-including organelles and macromolecules, for the basic cellular and molecular analysis specific for yeast cells, and for the creation of conditional mutant phenotypes that lend themselves to powerful genome manipulation. Additional protocols offer advanced approaches to study genetic interactions, DNA and chromatin metabolism, gene expression, as well as the foreign genes and gene products in yeast cells.
Rational Expectations and Inflation
A fully expanded edition of the Nobel Prize–winning economist's classic book 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 expecta...
Monetary Policy and Macroprudential Regulation with Financial Frictions
An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Agénor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better ...
Can Energy Subsidies Help Slay Inflation?
Many countries have used energy subsidies to cushion the effects of high energy prices on households and firms. After documenting the transmission of oil supply shocks empirically in the United States and the Euro Area, we use a New Keynesian modeling framework to study the conditions under which these policies can curb inflation. We first consider a closed economy model to show that a consumer subsidy may be counterproductive, especially as an inflation-fighting tool, when applied globally or in a segmented market, at least under empirically plausible conditions about wage-setting. We find more scope for energy subsidies to reduce core inflation and stimulate demand if introduced by a small...
