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357 results in Economic theory

Page 1 of 18

Quantitative Easing and Tightening
  • Lessons After the Financial Crisis
  • Edited by Francis Breedon
  • Coming soon
  • Expected online publication date:
    June 2026
    Print publication:
    30 June 2026
  • Quantitative easing (QE) is a relatively new form of monetary policy whereby a central bank buys up government bonds and other financial assets to stimulate economic activity. It came to prominence in the aftermath of the Global Financial Crisis of 2007-11 when standard monetary policy tools were unavailable to central banks due to low inflation levels. Quantitative tightening (QT) is the opposite whereby central banks sell off bonds and assets to reduce the size of their balance sheets. Quantitative Easing and Tightening brings together leading academics and practitioners to assess the legacy of quantitative easing and look at where new quantitative tightening measures may take us. It examines three of the most important actors in the QE/QT story: the Bank of England, the European Central Bank and the US Federal Reserve to provide an overview of the effectiveness, governance, and fiscal costs of quantitative easing and tightening.

Totalitarian Money?
  • The Case against Central Bank Digital Currencies
  • Kevin Dowd
  • Coming soon
  • Expected online publication date:
    May 2026
    Print publication:
    31 May 2026

US Business Cycles 1954–2020
  • Sources, Symptoms, Solutions
  • John T. Harvey
  • Coming soon
  • Expected online publication date:
    December 2025
    Print publication:
    18 December 2025
  • What causes cyclical downturns that wreak havoc on our lives? Most economists will say that they result from random external shocks and that, without these, the economy would sail along beautifully. In US Business Cycles 1954-2020, John Harvey argues that overwhelming evidence points to an internal dynamic, one related to the behavior of economic agents that generates what we call a business cycle. He draws on the work of past Post-Keynesian and Institutionalist scholars to create a current theory of business cycles, one that treats them as systemic and not the result of random chance. He addresses not only unemployment and bankruptcies that are the immediate consequence of the business cycle, but critical social challenges like climate change and elderly care. Examining an extensive history of US fluctuations, Harvey fills a long-standing void within the discipline by offering an alternative theory of income, employment, and price determination.

Before the Fed
  • J.P. Morgan, America's Lender of Last Resort
  • Jon Moen, Mary Tone Rodgers
  • Published online:
    16 October 2025
    Print publication:
    30 October 2025
  • In the 19th century the United States had no formal central bank or lender of last resort, but it did have J. P. Morgan. His unique knowledge of financial markets gave him almost omniscient knowledge for crafting solutions to financial crises. Before the Fed examines Morgan's unusual role in resolving the National Banking Era crises in the U. S., exploring the rocky relationships and ultimatums he used to settle financial panics. It traces how he learned crisis management lessons from his father, passing it along to his son in turn. Citing his own ledgers, telegrams and testimony, Jon Moen and Mary Tone Rodgers detail how Morgan applied and modified routine business practices to solve non-routine crises, managing risk and reward in emergency lending. Analyzing forty last resort loans made over his fifty-year career, the authors challenge the invincibility folklore surrounding Morgan, uncovering how he stabilized American markets when others could not.

The City's Defense
  • The Bank of England and the Remaking of Economic Governance, 1914–1939
  • Robert Yee
  • Published online:
    09 October 2025
    Print publication:
    23 October 2025
  • In The City's Defense, Robert Yee examines how the City of London maintained its status as an international financial center. He traces the role of the Bank of England in restructuring the domestic, imperial, European, and international monetary systems in the aftermath of the First World War. Responding to mass unemployment and volatile exchange rates, the Bank expanded its reach into areas outside the traditional scope of central banking, including industrial policy and foreign affairs. It designed a system of economic governance that reinforced the preeminence of sterling as a reserve currency. Drawing on a range of archival evidence from national governments, private corporations, and international organizations, Yee reevaluates our understanding of Britain's impact on the global economic order.

Extralegal Governance
  • The Social Order of Illegal Markets in China
  • Peng Wang, Wanlin Lin
  • Coming soon
  • Expected online publication date:
    September 2025
    Print publication:
    25 September 2025
  • Drawing on insights from sociology and new institutional economics, Extralegal Governance provides the first comprehensive account of China's illegal markets by applying a socio-economic approach. It considers social legitimacy and state repression in examining the nature of illegal markets. It examines how power dynamics and varying levels of punishment shape exchange relationships between buyers and sellers. It identifies context-specific risks and explains how private individuals and organizations address these risks by developing extralegal governance institutions to facilitate social cooperation across various illegal markets. Adopting a multiple-case study design to sample China's illegal markets, this book utilizes four cases - street vending, small-property-rights housing, corrupt exchanges, and online loan sharks - to examine how market participants foster cooperation and social order in illegal markets.

Extroverted Financialisation
  • Banking on US Dollar Debt
  • Mareike Beck
  • Published online:
    07 August 2025
    Print publication:
    21 August 2025
  • Extroverted Financialization offers a new account of the Americanization of global finance through the concept of 'extroverted financialization'. The study presents German banks as active participants of financialization, demonstrating how deeply entangled they were with global markets since post-WWII reconstruction. Extroverted Financialization locates the transformation of global banking within the revolution of funding practices in 1960s New York and shows how this empowered US banks to systematically outcompete their European counterparts. This uneven competition drove German banks to partially uproot themselves from their own home markets and transform their own banking models into US financial models. This transformation not only led to the German banks' speculative investments during the 2000s subprime mortgage bubble, but more importantly to rising USD dependency and their contemporary decline.

Money In Crisis
  • The Return of Instability and the Myth of Digital Cash
  • Ignazio Angeloni, Daniel Gros
  • Published online:
    15 July 2025
    Print publication:
    12 June 2025
  • From its origins in ancient Mesopotamia, through the advent of coinage in ancient Greece and Rome and the invention of paper currency in medieval China, the progress of finance and money has been driven by technological developments. The great technological change of our age in relation to money centres on the creation of digital money and digital payment systems. Money in Crisis explains what the digital revolution in money is, why it matters and how its potential benefits can be realized or undermined. It explores the history, theory and evolving technologies underlying money and warns us that money is in crisis: under threat from inflation, financial instability, and digital wizardry. It discusses how modern forms of digital money (crypto, central bank digital currencies) fit into monetary history and explains the benefits and risks of recent innovations from an economic, political, social and cultural viewpoint.

Reclaiming Economic Sovereignty in Africa
  • A Natural Resource-Based Industrialisation Perspective
  • Horman Chitonge
  • Published by:
    Anthem Press
    Published online:
    06 June 2025
    Print publication:
    08 April 2025
  • This book has examined the way African countries utilise their natural wealth. It has illustrated that weak economic sovereignty accounts for the irony that the most endowed continent on the planet has ended being the most impoverished. It is argued in this book that weak economic sovereignty in Africa has several implications, including the situation where the continent is unable to make the most out of its abundant natural wealth. Weak economic sovereignty on the continent is manifested in the low levels of financial and monetary sovereignty among African countries, but most importantly in low productive capabilities. The conditions of low productive capabilities prevailing on the African continent have created a situation where most African countries are locked into economically debilitating dependencies, including dependence on commodity export, such that they only get a tiny proportion of the value generated from natural resources extracted from their territories. The book has also argued that the persisting weak economic sovereignty on the continent is a clear indication that while African countries attained political sovereignty six decades ago, attaining economic sovereignty has remained an incomplete liberation project that requires a new strategy to accomplish.

Pessimism, Quietism and Nature as Refuge
  • David E. Cooper
  • Published by:
    Agenda Publishing
    Published online:
    05 June 2025
    Print publication:
    19 September 2024
  • How do we, as individuals, accommodate a pessimistic and misanthropic view of the world? If the human condition is impossible to ameliorate, then how should we live? How do we bring about the wellbeing and happiness we seek in the face of such overwhelming evidence that our condition is and will remain very bad indeed and owes significantly to our own entrenched failings?

    In this thoughtful and insightful book the philosopher David E. Cooper explores this fundamental dilemma. He rejects an activist commitment to radical improvement of the human condition, and instead advocates quietism as a way to live as well and as happily as we can. This quietist position, which draws on Buddhist and Daoist ideas as well as those from western philosophy, is supplemented by finding refuge from the everyday human world in a 'place' both 'other' and 'better' than that world. Such places of refuge, Cooper argues, are best found in natural environments.

    Refuge in nature, whether a garden or a wilderness, cultivates an attunement to, or a sense of, the way of things, and thereby invites assurance of being 'in the truth' and the enjoyment that such assurance fosters. The quietist who finds refuge in nature lives as well as and as happily as anyone can do who accepts the negative verdict on the human condition.

Max Weber's Sociological Thought on the Economy
  • Edited by Andrea Maurer
  • Published by:
    Agenda Publishing
    Published online:
    05 June 2025
    Print publication:
    12 September 2024
  • Max Weber (1864-1920) has long been considered a founding figure of sociology. This book offers a fresh reading of Weber's work and highlights his thinking about the economy and economic interactions in society. Complicated by the reception history precipitated by his untimely death, the workings of the economy and capitalism are themes that run throughout his writings but are often overlooked or subordinated to his sociology.

    In an attempt to restore Weber's place in the history of economics and to relate his approach to social science to the field today, a distinguished group of Weberian scholars explore the life and works of Max Weber, his interest in economic institutions and forms and his most influential analytical concepts.

False Prophets of Economics Imperialism
  • The Limits of Mathematical Market Models
  • Matthew Watson
  • Published by:
    Agenda Publishing
    Published online:
    04 June 2025
    Print publication:
    25 July 2024
  • This book studies the methodological revolution that has resulted in economists' mathematical market models being exported across the social sciences. The ensuing process of economics imperialism has struck fear into subject specialists worried that their disciplinary knowledge will subsequently count for less. Yet even though mathematical market models facilitate important abstract thought experiments, they are no substitute for carefully contextualised empirical investigations of real social phenomena. The two exist on completely different ontological planes, producing very different types of explanation.

    In this deeply researched and wide-ranging intellectual history, Matthew Watson surveys the evolution of modern economics and its modelling methodology. With its origins in Jevons and Robbins and its culmination in Samuelson, Arrow and Debreu, he charts the escape from reality that has allowed economists' hypothetical mathematical models to speak to increasingly self-referential mathematical truths. These are shown to perform badly as social truths, consequently imposing strict epistemic limits on economics imperialism.

    The book is a formidable analysis of the epistemic limitations of modern-day economics and marks a significant counter to its methodology's encroachment across the wider social sciences.

Extinction Equilibrium
  • Economics for Generational Survival
  • Jefferson Frank
  • Published by:
    Bristol University Press
    Published online:
    16 April 2025
    Print publication:
    21 October 2024
  • The past two decades have seen a global financial crisis, increasing levels of inequality, a pandemic and the intensification of the climate emergency. As debate rages about how to ensure a fairer society, this book asks where we want to be in twenty years' time and how we might get there.

There Will Be the Devil to Pay
  • Central Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931
  • Per H. Hansen
  • Published online:
    21 December 2024
    Print publication:
    09 January 2025
  • The European financial crisis of 1931 was a pivotal moment in the economic and financial history of the twentieth century. Based on extensive archival research and a cultural conceptual framework, There Will be the Devil To Pay offers a new and much needed understanding of the European financial crisis. It tells the dramatic story of the five months that led to the breakdown of the gold standard, writing the history of the crisis from the perspective of central bankers, private bankers, and government officials. It provides a new narrative of how those involved struggled to understand and respond to the crisis as it unfolded. Contributing to the emerging literature on radical uncertainty and narrative economics, this book provides a detailed analysis of how decision-makers confront uncertainty and shape narratives that create actionable knowledge and enable decision-making.

Macroeconomic Policy Since the Financial Crisis
  • Matteo Iannizzotto
  • Published by:
    Agenda Publishing
    Published online:
    19 December 2024
    Print publication:
    03 October 2023
  • Economic policymakers use various macroeconomic models, but how reliable are they in real-world conditions? Starting from the premise that all models are wrong, but some are useful, Matteo Iannizzotto introduces and explains the workings of the key economic models available for policymaking. He shows that the inconsistencies and contradictions evident in the real world require the economist to make choices about which models to adopt in certain circumstances and when not to rigidly adhere to a single approach.

    The book uses a clear and critical step by step analysis to consider the strengths and weaknesses of each model, in a way that enables students to develop their own critical engagement with macroeconomic policymaking. In so doing, the book provides an understanding of the world economy's fluctuations since the global financial crisis that embraces the uncomfortable fact that inconsistency and the need for a multiplicity of models is central to macroeconomic policy choices. For the many students bewildered by the disconnect between the models in their textbooks and the policy choices so hotly debated in the press, the book will be essential reading.

Capital in Banking
  • The Role of Capital in Banking in the 19th and 20th Century: The United Kingdom, the United States and Switzerland
  • Simon Amrein
  • Published online:
    09 December 2024
    Print publication:
    23 January 2025
  • Capital in Banking traces the role of capital in US, British, and Swiss banking from the 19th to the 21st century. The book discusses the impact of perceptions and conventions on capital ratios in the 19th century, the effects of the First and Second World Wars, and the interaction of crises and banking regulation during the 1930s and the 1970s. Moreover, it emphasises the origins of the risk-weighted assets approach for measuring capital adequacy and explains how the 2007/2008 crisis led to a renaissance of unweighted capital ratios. The book shows that undisclosed reserves, shareholders' liability, and hybrid forms of capital must be considered when assessing capital adequacy. As the first long-run historical assessment of the topic, this book represents a reference point for publications in economics, finance, financial regulation, and financial history. This title is also available as Open Access on Cambridge Core.

Reflections on Monetary Policy after 25 Years of the MPC
  • Edited by Sean Holly, Michael McMahon, Stephen Millard, Anna Watson
  • Published online:
    14 November 2024
    Print publication:
    21 November 2024
  • The Bank of England was given operational independence by the UK Parliament in 1997. The key feature of this independence is that the Bank's Monetary Policy Committee has sole responsibility for setting interest rates to achieve the Government's inflation target. Featuring contributions from leading academics and practitioners, Reflections on Monetary Policy after twenty-five years of the MPC assesses and reflects on this independence, particularly in relation to the activities of the Monetary Policy Committee. The book is organised around four main themes: the remit given to the Bank of England in 1997, the decision-making process by which the Bank determines monetary policy, the use of unconventional policy after the financial crisis of 2007–11, and the scale and scope of the communication that the Bank uses to inform the public. It argues that the economy works best when agents understand why the central bank behaves in a particular way.

Industrial Policy for the United States
  • Winning the Competition for Good Jobs and High-Value Industries
  • Marc Fasteau, Ian Fletcher
  • Published online:
    08 November 2024
    Print publication:
    21 November 2024
  • The U.S. is losing the competition for good jobs and high-value industries because most of Washington believes trade should be free, the dollar should float, and that innovation comes exclusively from the private sector. In this book, the authors make the bold case that these laissez-faire ideas have failed and that a robust industrial policy is the only way for America to remain prosperous and secure. Trump and Biden have enacted some of its elements, but it needs to be made systematic and comprehensive, including tariffs to protect key industries, a competitive exchange rate, and federal support for commercialization—not just invention—of new technologies. Timely, meticulously researched, and bipartisan, this impressive analysis replaces misunderstandings about industrial policy with lucid explanations of its underlying economic theory, the tools that implement it, and its successes (and failures) in America and abroad. It examines key industries of the past and future – steel, automobiles, television, semiconductors, space, aviation, robotics, and nanotechnology. It concludes with a realistic, actionable policy roadmap. A work of rigor and ambition, Industrial Policy for the United States is essential reading.

Edward A. Tenenbaum and the Deutschmark
  • How an American Jew Became the Father of Germany’s Postwar Economic Revival
  • Carl-Ludwig Holtfrerich
  • Published online:
    19 October 2024
    Print publication:
    31 October 2024
  • German industry had survived Allied bombing largely unscathed. Currency reform was necessary to provide incentives for capital owners and labor to produce. The abundance of old Reichsmarks had to be curtailed to a scarce supply of Deutschmarks that users would expect to retain value. It was Edward A. Tenenbaum, currency expert of US military government in Berlin since 1946, who managed the exceptionally successful currency reform in West Germany 1948, which was implemented by the legislative powers of the three Western Allies against opposition from West German financial experts. It was the foundation of West Germany's 'economic miracle.' The West German currency conversion is part of the founding myth of the Federal Republic of Germany. Yet Tenenbaum's pivotal role is largely unknown among the German public. Besides providing a full-blown biography of the true father of the currency reform, this book elevates Tenenbaum to his proper place in German history.

Reconsidering Central Bank Independence
  • Stan Du Plessis, Andreas Freytag, Dawie van Lill
  • Published online:
    25 April 2024
    Print publication:
    02 May 2024
  • Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.

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