Austerity

Download Austerity PDF Online Free

Author :
Publisher : Princeton University Press
ISBN 13 : 0691208638
Total Pages : 290 pages
Book Rating : 4.6/5 (912 download)

DOWNLOAD NOW!


Book Synopsis Austerity by : Alberto Alesina

Download or read book Austerity written by Alberto Alesina and published by Princeton University Press. This book was released on 2020-12 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.

The Economy

Download The Economy PDF Online Free

Author :
Publisher : Core Economics Education
ISBN 13 : 9781838165666
Total Pages : 0 pages
Book Rating : 4.1/5 (656 download)

DOWNLOAD NOW!


Book Synopsis The Economy by : The Core Team

Download or read book The Economy written by The Core Team and published by Core Economics Education. This book was released on 2022-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete introduction to economics and the economy taught in undergraduate economics and masters courses in public policy. CORE's approach to teaching economics is student-centred and motivated by real-world problems and real-world data. The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics. THE ECONOMY: is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics, and financial instability; challenges students to address inequality, climate change, economic instability, wealth creation and innovation, and other problems; provides a unified treatment of micro- and macroeconomics; motivates all models and concepts by evidence and real-world applications.

The Growth Delusion

Download The Growth Delusion PDF Online Free

Author :
Publisher : Crown
ISBN 13 : 052557252X
Total Pages : 306 pages
Book Rating : 4.5/5 (255 download)

DOWNLOAD NOW!


Book Synopsis The Growth Delusion by : David Pilling

Download or read book The Growth Delusion written by David Pilling and published by Crown. This book was released on 2018-01-30 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative critique of the pieties and fallacies of our obsession with economic growth We live in a society in which a priesthood of economists, wielding impenetrable mathematical formulas, set the framework for public debate. Ultimately, it is the perceived health of the economy which determines how much we can spend on our schools, highways, and defense; economists decide how much unemployment is acceptable and whether it is right to print money or bail out profligate banks. The backlash we are currently witnessing suggests that people are turning against the experts and their faulty understanding of our lives. Despite decades of steady economic growth, many citizens feel more pessimistic than ever, and are voting for candidates who voice undisguised contempt for the technocratic elite. For too long, economics has relied on a language which fails to resonate with people's actual experience, and we are now living with the consequences. In this powerful, incisive book, David Pilling reveals the hidden biases of economic orthodoxy and explores the alternatives to GDP, from measures of wealth, equality, and sustainability to measures of subjective wellbeing. Authoritative, provocative, and eye-opening, The Growth Delusion offers witty and unexpected insights into how our society can respond to the needs of real people instead of pursuing growth at any cost.

The Lords of Easy Money

Download The Lords of Easy Money PDF Online Free

Author :
Publisher : Simon and Schuster
ISBN 13 : 1982166649
Total Pages : 384 pages
Book Rating : 4.9/5 (821 download)

DOWNLOAD NOW!


Book Synopsis The Lords of Easy Money by : Christopher Leonard

Download or read book The Lords of Easy Money written by Christopher Leonard and published by Simon and Schuster. This book was released on 2023-01-10 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk. If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.

Mass Flourishing

Download Mass Flourishing PDF Online Free

Author :
Publisher : Princeton University Press
ISBN 13 : 0691165793
Total Pages : 392 pages
Book Rating : 4.6/5 (911 download)

DOWNLOAD NOW!


Book Synopsis Mass Flourishing by : Edmund S. Phelps

Download or read book Mass Flourishing written by Edmund S. Phelps and published by Princeton University Press. This book was released on 2015-03-22 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Nobel Prize-winning economist Edmund Phelps draws on a lifetime of thinking to make a sweeping new argument about what makes nations prosper--and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s, creating not just unprecedented material wealth but "flourishing"--meaningful work, self-expression, and personal growth for more people than ever before? Phelps makes the case that the wellspring of this flourishing was modern values such as the desire to create, explore, and meet challenges. These values fueled the grassroots dynamism that was necessary for widespread, indigenous innovation. Most innovation wasn't driven by a few isolated visionaries like Henry Ford and Steve Jobs; rather, it was driven by millions of people empowered to think of, develop, and market innumerable new products and processes, and improvements to existing ones. Mass flourishing--a combination of material well-being and the "good life" in a broader sense--was created by this mass innovation. Yet indigenous innovation and flourishing weakened decades ago. In America, evidence indicates that innovation and job satisfaction have decreased since the late 1960s, while postwar Europe has never recaptured its former dynamism. The reason, Phelps argues, is that the modern values underlying the modern economy are under threat by a resurgence of traditional, corporatist values that put the community and state over the individual. The ultimate fate of modern values is now the most pressing question for the West: will Western nations recommit themselves to modernity, grassroots dynamism, indigenous innovation, and widespread personal fulfillment, or will we go on with a narrowed innovation that limits flourishing to a few? A book of immense practical and intellectual importance, Mass Flourishing is essential reading for anyone who cares about the sources of prosperity and the future of the West.

Macroeconomics for Professionals

Download Macroeconomics for Professionals PDF Online Free

Author :
Publisher : Cambridge University Press
ISBN 13 : 1108568467
Total Pages : 312 pages
Book Rating : 4.1/5 (85 download)

DOWNLOAD NOW!


Book Synopsis Macroeconomics for Professionals by : Leslie Lipschitz

Download or read book Macroeconomics for Professionals written by Leslie Lipschitz and published by Cambridge University Press. This book was released on 2019-01-23 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of globalization. Many professionals face demands to evaluate the implications of developments and policies for their business, financial, or public policy decisions. Macroeconomics for Professionals provides a concise, rigorous, yet intuitive framework for assessing a country's macroeconomic outlook and policies. Drawing on years of experience at the International Monetary Fund, Leslie Lipschitz and Susan Schadler have created an operating manual for professional applied economists and all those required to evaluate economic analysis.

Crashed

Download Crashed PDF Online Free

Author :
Publisher : Penguin
ISBN 13 : 0525558802
Total Pages : 460 pages
Book Rating : 4.5/5 (255 download)

DOWNLOAD NOW!


Book Synopsis Crashed by : Adam Tooze

Download or read book Crashed written by Adam Tooze and published by Penguin. This book was released on 2018-08-07 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.

Fixing Global Finance

Download Fixing Global Finance PDF Online Free

Author :
Publisher : JHU Press
ISBN 13 : 0801898439
Total Pages : 270 pages
Book Rating : 4.8/5 (18 download)

DOWNLOAD NOW!


Book Synopsis Fixing Global Finance by : Martin Wolf

Download or read book Fixing Global Finance written by Martin Wolf and published by JHU Press. This book was released on 2010-04-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2008, when Fixing Global Finance was first published, the collapse of the housing and credit bubbles of the 2000s has crippled the world’s economy. In this updated edition, Financial Times columnist Martin Wolf explains how global imbalances helped cause the financial crises now ravaging the U.S. economy and outlines steps for ending this destructive cycle—of which this is the latest and biggest. An expanded conclusion recommends near- and long-term measures to stabilize and protect financial markets in the future. Reviewing global financial crises since 1980, Wolf lays bare the links between the microeconomics of finance and the macroeconomics of the balance of payments, demonstrating how the subprime lending crisis in the United States fits into a pattern that includes the economic shocks of 1997, 1998, and early 1999 in Latin America, Russia, and Asia. He explains why the United States became the “borrower and spender of last resort,” makes the case that this was an untenable arrangement, and argues that global economic security depends on radical reforms in the international monetary system and the ability of emerging economies to borrow sustainably in domestic currencies. Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."

This Time Is Different

Download This Time Is Different PDF Online Free

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

DOWNLOAD NOW!


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.

Fifty Things that Made the Modern Economy

Download Fifty Things that Made the Modern Economy PDF Online Free

Author :
Publisher : Hachette UK
ISBN 13 : 1408709139
Total Pages : 264 pages
Book Rating : 4.4/5 (87 download)

DOWNLOAD NOW!


Book Synopsis Fifty Things that Made the Modern Economy by : Tim Harford

Download or read book Fifty Things that Made the Modern Economy written by Tim Harford and published by Hachette UK. This book was released on 2017-07-06 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the series produced for the BBC World Service Who thought up paper money? How did the contraceptive pill change the face of the legal profession? Why was the horse collar as important for human progress as the steam engine? How did the humble spreadsheet turn the world of finance upside-down? The world economy defies comprehension. A continuously-changing system of immense complexity, it offers over ten billion distinct products and services, doubles in size every fifteen years, and links almost every one of the planet's seven billion people. It delivers astonishing luxury to hundreds of millions. It also leaves hundreds of millions behind, puts tremendous strains on the ecosystem, and has an alarming habit of stalling. Nobody is in charge of it. Indeed, no individual understands more than a fraction of what's going on. How can we make sense of this bewildering system on which our lives depend? From the tally-stick to Bitcoin, the canal lock to the jumbo jet, each invention in Tim Harford's fascinating new book has its own curious, surprising and memorable story, a vignette against a grand backdrop. Step by step, readers will start to understand where we are, how we got here, and where we might be going next. Hidden connections will be laid bare: how the barcode undermined family corner shops; why the gramophone widened inequality; how barbed wire shaped America. We'll meet the characters who developed some of these inventions, profited from them, or were ruined by them. We'll trace the economic principles that help to explain their transformative effects. And we'll ask what lessons we can learn to make wise use of future inventions, in a world where the pace of innovation will only accelerate.

The Euro and the Battle of Ideas

Download The Euro and the Battle of Ideas PDF Online Free

Author :
Publisher : Princeton University Press
ISBN 13 : 0691178410
Total Pages : 456 pages
Book Rating : 4.6/5 (911 download)

DOWNLOAD NOW!


Book Synopsis The Euro and the Battle of Ideas by : Markus K. Brunnermeier

Download or read book The Euro and the Battle of Ideas written by Markus K. Brunnermeier and published by Princeton University Press. This book was released on 2018-09-18 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe’s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.

The Great Demographic Reversal

Download The Great Demographic Reversal PDF Online Free

Author :
Publisher : Springer Nature
ISBN 13 : 3030426572
Total Pages : 272 pages
Book Rating : 4.0/5 (34 download)

DOWNLOAD NOW!


Book Synopsis The Great Demographic Reversal by : Charles Goodhart

Download or read book The Great Demographic Reversal written by Charles Goodhart and published by Springer Nature. This book was released on 2020-08-08 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.

Macroeconomics and the Financial System

Download Macroeconomics and the Financial System PDF Online Free

Author :
Publisher : Macmillan
ISBN 13 : 1429253673
Total Pages : 642 pages
Book Rating : 4.4/5 (292 download)

DOWNLOAD NOW!


Book Synopsis Macroeconomics and the Financial System by : N. Gregory Mankiw

Download or read book Macroeconomics and the Financial System written by N. Gregory Mankiw and published by Macmillan. This book was released on 2011 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.

Macroeconomics

Download Macroeconomics PDF Online Free

Author :
Publisher :
ISBN 13 : 9781292360911
Total Pages : 0 pages
Book Rating : 4.3/5 (69 download)

DOWNLOAD NOW!


Book Synopsis Macroeconomics by : Olivier Blanchard

Download or read book Macroeconomics written by Olivier Blanchard and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This print textbook is available for students to rent for their classes. The Pearson print rental program provides students with affordable access to learning materials, so they come to class ready to succeed. For intermediate courses in economics. A unified view of the latest macroeconomic events In Macroeconomics, Blanchard presents an integrated, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organized into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and two major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis that engulfed the world in the late 2000s, to monetary policy in the US, to the problems of the Euro area, and growth in China, the text helps students make sense not only of current macroeconomic events but also of those that may unfold in the future. Integrated, detailed boxes in the 8th Edition have been updated to convey the life of macroeconomics today, reinforce lessons from the models, and help students employ and develop their analytical and evaluative skills. Also available with MyLab Economics By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student.

Animal Spirits

Download Animal Spirits PDF Online Free

Author :
Publisher : Princeton University Press
ISBN 13 : 1400834724
Total Pages : 261 pages
Book Rating : 4.4/5 (8 download)

DOWNLOAD NOW!


Book Synopsis Animal Spirits by : George A. Akerlof

Download or read book Animal Spirits written by George A. Akerlof and published by Princeton University Press. This book was released on 2010-02-01 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government—simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life—such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes—and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits—the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time—unless we are prepared to take further, decisive action.

The Financial Crisis Inquiry Report

Download The Financial Crisis Inquiry Report PDF Online Free

Author :
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

DOWNLOAD NOW!


Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Promoting Global Monetary and Financial Stability

Download Promoting Global Monetary and Financial Stability PDF Online Free

Author :
Publisher : Cambridge University Press
ISBN 13 : 1108495982
Total Pages : 287 pages
Book Rating : 4.1/5 (84 download)

DOWNLOAD NOW!


Book Synopsis Promoting Global Monetary and Financial Stability by : Claudio Borio

Download or read book Promoting Global Monetary and Financial Stability written by Claudio Borio and published by Cambridge University Press. This book was released on 2020-04-30 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-faceted look at what global central bank cooperation has - and has not - achieved over the past half century.