Narrative Economics

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Publisher : Princeton University Press
ISBN 13 : 0691212074
Total Pages : 408 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Narrative Economics by : Robert J. Shiller

Download or read book Narrative Economics written by Robert J. Shiller and published by Princeton University Press. This book was released on 2020-09-01 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events—and why financial panics can spread like epidemic viruses Stories people tell—about financial confidence or panic, housing booms, or Bitcoin—can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril—and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior—what he calls "narrative economics"—may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.

The Economics of Continuous-Time Finance

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Publisher : MIT Press
ISBN 13 : 0262036541
Total Pages : 641 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis The Economics of Continuous-Time Finance by : Bernard Dumas

Download or read book The Economics of Continuous-Time Finance written by Bernard Dumas and published by MIT Press. This book was released on 2017-10-27 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to economic applications of the theory of continuous-time finance that strikes a balance between mathematical rigor and economic interpretation of financial market regularities. This book introduces the economic applications of the theory of continuous-time finance, with the goal of enabling the construction of realistic models, particularly those involving incomplete markets. Indeed, most recent applications of continuous-time finance aim to capture the imperfections and dysfunctions of financial markets—characteristics that became especially apparent during the market turmoil that started in 2008. The book begins by using discrete time to illustrate the basic mechanisms and introduce such notions as completeness, redundant pricing, and no arbitrage. It develops the continuous-time analog of those mechanisms and introduces the powerful tools of stochastic calculus. Going beyond other textbooks, the book then focuses on the study of markets in which some form of incompleteness, volatility, heterogeneity, friction, or behavioral subtlety arises. After presenting solutions methods for control problems and related partial differential equations, the text examines portfolio optimization and equilibrium in incomplete markets, interest rate and fixed-income modeling, and stochastic volatility. Finally, it presents models where investors form different beliefs or suffer frictions, form habits, or have recursive utilities, studying the effects not only on optimal portfolio choices but also on equilibrium, or the price of primitive securities. The book strikes a balance between mathematical rigor and the need for economic interpretation of financial market regularities, although with an emphasis on the latter.

Makers and Takers

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Publisher : Currency
ISBN 13 : 0553447254
Total Pages : 402 pages
Book Rating : 4.5/5 (534 download)

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Book Synopsis Makers and Takers by : Rana Foroohar

Download or read book Makers and Takers written by Rana Foroohar and published by Currency. This book was released on 2017-09-12 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial sys­tem propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the sys­tem, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.

Knowledge and the Wealth of Nations: A Story of Economic Discovery

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Publisher : W. W. Norton & Company
ISBN 13 : 0393066363
Total Pages : 448 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Knowledge and the Wealth of Nations: A Story of Economic Discovery by : David Warsh

Download or read book Knowledge and the Wealth of Nations: A Story of Economic Discovery written by David Warsh and published by W. W. Norton & Company. This book was released on 2007-05-17 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: "What The Double Helix did for biology, David Warsh's Knowledge and the Wealth of Nations does for economics." —Boston Globe A stimulating and inviting tour of modern economics centered on the story of one of its most important breakthroughs. In 1980, the twenty-four-year-old graduate student Paul Romer tackled one of the oldest puzzles in economics. Eight years later he solved it. This book tells the story of what has come to be called the new growth theory: the paradox identified by Adam Smith more than two hundred years earlier, its disappearance and occasional resurfacing in the nineteenth century, the development of new technical tools in the twentieth century, and finally the student who could see further than his teachers. Fascinating in its own right, new growth theory helps to explain dominant first-mover firms like IBM or Microsoft, underscores the value of intellectual property, and provides essential advice to those concerned with the expansion of the economy. Like James Gleick's Chaos or Brian Greene's The Elegant Universe, this revealing book takes us to the frontlines of scientific research; not since Robert Heilbroner's classic work The Worldly Philosophers have we had as attractive a glimpse of the essential science of economics.

This Time Is Different

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Publisher : Princeton University Press
ISBN 13 : 0691152640
Total Pages : 513 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis This Time Is Different by : Carmen M. Reinhart

Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.

Leveraged

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Publisher : University of Chicago Press
ISBN 13 : 022681694X
Total Pages : 318 pages
Book Rating : 4.2/5 (268 download)

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Book Synopsis Leveraged by : Moritz Schularick

Download or read book Leveraged written by Moritz Schularick and published by University of Chicago Press. This book was released on 2022-12-13 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

Principles of Commodity Economics and Finance

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Publisher : MIT Press
ISBN 13 : 0262038374
Total Pages : 229 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Principles of Commodity Economics and Finance by : Daniel P. Ahn

Download or read book Principles of Commodity Economics and Finance written by Daniel P. Ahn and published by MIT Press. This book was released on 2019-04-09 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous but practical introduction to the economic, financial, and political principles underlying commodity markets. Commodities have become one of the fastest growing asset classes of the last decade and the object of increasing attention from investors, scholars, and policy makers. Yet existing treatments of the topic are either too theoretical, ignoring practical realities, or largely narrative and nonrigorous. This book bridges the gap, striking a balance between theory and practice. It offers a solid foundation in the economic, financial, and political principles underlying commodities markets. The book, which grows out of courses taught by the author at Columbia and Johns Hopkins, can be used by graduate students in economics, finance, and public policy, or as a conceptual reference for practitioners. After an introduction to basic concepts and a review of the various types of commodities—energy, metals, agricultural products—the book delves into the economic and financial dynamics of commodity markets, with a particular focus on energy. The text covers fundamental demand and supply for resources, the mechanics behind commodity financial markets, and how they motivate investment decisions around both physical and financial portfolio exposure to commodities, and the evolving political and regulatory landscape for commodity markets. Additional special topics include geopolitics, financial regulation, and electricity markets. The book is divided into thematic modules that progress in complexity. Text boxes offer additional, related material, and numerous charts and graphs provide further insight into important concepts.

A Tale Between Finance and Economics

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (127 download)

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Book Synopsis A Tale Between Finance and Economics by : Thomas Delcey

Download or read book A Tale Between Finance and Economics written by Thomas Delcey and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis provides a historical and methodological analysis of the efficient market hypothesis, which represents one of the theoretical pillars of financial economics, but also one of the most controversial notions in the field. This research aims to shed light on the debates about this central and ambiguous concept, whose history is characterized by the diversity of its formulations and interpretations. In this thesis, I study these formulations and the contexts in which they emerged. I analyze the evolution of this hypothesis, from its origins in the 1920s to the recent transformations of the early 1980s. I interpret the efficient market hypothesis as a bridge between financial economics and economics, that is, as a concept at the heart of the identity of financial economics, but also as the main object through which this sub-discipline dialogues with the rest of the discipline. This intellectual history is structured around four articles, which discuss in detail these interactions. In the first episode, I examine the pioneering analyses of financial markets pursued by agricultural economists during the inter-war period and their influence on modern financial economics. In the second episode, I focus on the modern development of this hypothesis during the emergence of financial economics in the 1960s and on the close relationship between economists and early financial economists. The third episode explores the growing role of macroeconomists in the 1970s and early 1980s, which ultimately led to the questioning and reformulation of the hypothesis. Finally, the fourth chapter offers a methodological analysis that investigates the link between market efficiency and Hayek's information theory. In this fourth episode, I analyze the conceptual similarities and differences between these two theories of price formation.

Financial Economics

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Publisher :
ISBN 13 : 9780262369411
Total Pages : pages
Book Rating : 4.3/5 (694 download)

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Book Synopsis Financial Economics by : Antonio Mele

Download or read book Financial Economics written by Antonio Mele and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "Comprehensive overview of the current state of knowledge in financial economics, appropriate for graduate-level research"--

Financial Markets and Economic Performance

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Publisher : Springer Nature
ISBN 13 : 3030762955
Total Pages : 469 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Financial Markets and Economic Performance by : John E. Silvia

Download or read book Financial Markets and Economic Performance written by John E. Silvia and published by Springer Nature. This book was released on 2021-07-31 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective decision making requires understanding of the underlying principles of financial markets and economics. Intellectually, economics and financial markets are genetically intertwined although when it comes to popular commentary they are treated separately. In fact, academic economic thinking appears separate from financial market equity strategy in most financial market commentary. Historically, macroeconomics tended to assume away financial frictions and financial intermediation whereas financial economists did not necessarily consider the negative macroeconomic spill overs from financial market outcomes. In more recent years, the economic discipline has gone through a serious self-reflection after the global crisis. This book explores the interplay between financial markets and macroeconomic outcomes with a conceptual framework that combines the actions of investors and individuals. Of interest to graduate students and those professionals working in the financial markets, it provides insight into why market prices move and credit markets interact and what factors participants and policy makers can monitor to anticipate market change and future price paths. ​

Introduction to the Economics and Mathematics of Financial Markets

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Publisher : MIT Press
ISBN 13 : 9780262033206
Total Pages : 528 pages
Book Rating : 4.0/5 (332 download)

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Book Synopsis Introduction to the Economics and Mathematics of Financial Markets by : Jaksa Cvitanic

Download or read book Introduction to the Economics and Mathematics of Financial Markets written by Jaksa Cvitanic and published by MIT Press. This book was released on 2004-02-27 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative textbook for use in advanced undergraduate and graduate courses; accessible to students in financial mathematics, financial engineering and economics. Introduction to the Economics and Mathematics of Financial Markets fills the longstanding need for an accessible yet serious textbook treatment of financial economics. The book provides a rigorous overview of the subject, while its flexible presentation makes it suitable for use with different levels of undergraduate and graduate students. Each chapter presents mathematical models of financial problems at three different degrees of sophistication: single-period, multi-period, and continuous-time. The single-period and multi-period models require only basic calculus and an introductory probability/statistics course, while an advanced undergraduate course in probability is helpful in understanding the continuous-time models. In this way, the material is given complete coverage at different levels; the less advanced student can stop before the more sophisticated mathematics and still be able to grasp the general principles of financial economics. The book is divided into three parts. The first part provides an introduction to basic securities and financial market organization, the concept of interest rates, the main mathematical models, and quantitative ways to measure risks and rewards. The second part treats option pricing and hedging; here and throughout the book, the authors emphasize the Martingale or probabilistic approach. Finally, the third part examines equilibrium models—a subject often neglected by other texts in financial mathematics, but included here because of the qualitative insight it offers into the behavior of market participants and pricing.

Financial Structure and Economic Growth

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Publisher : MIT Press
ISBN 13 : 9780262541794
Total Pages : 452 pages
Book Rating : 4.5/5 (417 download)

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Book Synopsis Financial Structure and Economic Growth by : Aslı Demirgüç-Kunt

Download or read book Financial Structure and Economic Growth written by Aslı Demirgüç-Kunt and published by MIT Press. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: CD-ROM contains: World Bank data.

Data Science for Economics and Finance

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Publisher : Springer Nature
ISBN 13 : 3030668916
Total Pages : 357 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Data Science for Economics and Finance by : Sergio Consoli

Download or read book Data Science for Economics and Finance written by Sergio Consoli and published by Springer Nature. This book was released on 2021 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book covers the use of data science, including advanced machine learning, big data analytics, Semantic Web technologies, natural language processing, social media analysis, time series analysis, among others, for applications in economics and finance. In addition, it shows some successful applications of advanced data science solutions used to extract new knowledge from data in order to improve economic forecasting models. The book starts with an introduction on the use of data science technologies in economics and finance and is followed by thirteen chapters showing success stories of the application of specific data science methodologies, touching on particular topics related to novel big data sources and technologies for economic analysis (e.g. social media and news); big data models leveraging on supervised/unsupervised (deep) machine learning; natural language processing to build economic and financial indicators; and forecasting and nowcasting of economic variables through time series analysis. This book is relevant to all stakeholders involved in digital and data-intensive research in economics and finance, helping them to understand the main opportunities and challenges, become familiar with the latest methodological findings, and learn how to use and evaluate the performances of novel tools and frameworks. It primarily targets data scientists and business analysts exploiting data science technologies, and it will also be a useful resource to research students in disciplines and courses related to these topics. Overall, readers will learn modern and effective data science solutions to create tangible innovations for economic and financial applications.

The End of Theory

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Publisher : Princeton University Press
ISBN 13 : 0691191859
Total Pages : 236 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The End of Theory by : Richard Bookstaber

Download or read book The End of Theory written by Richard Bookstaber and published by Princeton University Press. This book was released on 2019-04-02 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.

Finance in America

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Publisher : University of Chicago Press
ISBN 13 : 022650221X
Total Pages : 510 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis Finance in America by : Kevin R. Brine

Download or read book Finance in America written by Kevin R. Brine and published by University of Chicago Press. This book was released on 2017-11-14 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic crisis of 2008 led to an unprecedented focus on the world of high finance—and revealed it to be far more arcane and influential than most people could ever have imagined. Any hope of avoiding future crises, it’s clear, rest on understanding finance itself. To understand finance, however, we have to learn its history, and this book fills that need. Kevin R. Brine, an industry veteran, and Mary Poovey, an acclaimed historian, show that finance as we know it today emerged gradually in the late nineteenth century and only coalesced after World War II, becoming ever more complicated—and ever more central to the American economy. The authors explain the models, regulations, and institutions at the heart of modern finance and uncover the complex and sometimes surprising origins of its critical features, such as corporate accounting standards, the Federal Reserve System, risk management practices, and American Keynesian and New Classic monetary economics. This book sees finance through its highs and lows, from pre-Depression to post-Recession, exploring the myriad ways in which the practices of finance and the realities of the economy influenced one another through the years. A masterwork of collaboration, Finance in America lays bare the theories and practices that constitute finance, opening up the discussion of its role and risks to a broad range of scholars and citizens.

Money, Finance and Crises in Economic History

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Publisher : Routledge
ISBN 13 : 1351611666
Total Pages : 264 pages
Book Rating : 4.3/5 (516 download)

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Book Synopsis Money, Finance and Crises in Economic History by : Annalisa Rosselli

Download or read book Money, Finance and Crises in Economic History written by Annalisa Rosselli and published by Routledge. This book was released on 2018-09-03 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, students and scholars have expressed dissatisfaction with the current state of economics and have called for the reintroduction of historical perspectives into economic thinking. Supporting the idea that fruitful lessons can be drawn from the work of past economists, this volume brings together an international cross section of leading economists and historians of economic thought to reflect on the crucial role that money, crises and finance play in the economy. The book draws on the work of economists throughout history to consider afresh themes such as financial and real explanations of economic crises, the role of central banks, and the design of macroeconomic policies. These themes are all central to the work of Maria Cristina Marcuzzo, and the contributions both reflect on and further her research agenda. This book will be of interest to researchers in the history of economic thought, and those who wish to gain a deeper understanding of the variety and diversity in approaches to economic ideas throughout history.

Lords of Finance

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Publisher : Penguin
ISBN 13 : 9781594201820
Total Pages : 584 pages
Book Rating : 4.2/5 (18 download)

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Book Synopsis Lords of Finance by : Liaquat Ahamed

Download or read book Lords of Finance written by Liaquat Ahamed and published by Penguin. This book was released on 2009 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that the stock market crash of 1929 and subsequent Depression occurred as a result of poor decisions on the part of four central bankers who jointly attempted to reconstruct international finance by reinstating the gold standard.