Economics and FinanceSemester 2 | 2011

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Exchange-Rate DynamicsMartin D Evans

This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics.

Macroeconomic models have long assumed that agents - households, firms, financial institutions, and central banks - all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Micro-based models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these micro-based models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading.

KEY FEATURES: • Comprehensive and in-depth examination of the latest research in

exchange-rate economics • Outlines theoretical and empirical research across the spectrum of

modelling approaches • Presents new results on the importance of currency trading in

exchange-rate determination • Provides new perspectives on long-standing puzzles in exchange-

rate economics • End-of-chapter questions cement key ideas

COURSE USE: Suitable for graduate courses in international macroeconomics, international finance, and finance.Hbk 600pp 9780691150895 A$106 NZ$154 2011.04 Princeton University Press

Key Debates in International DevelopmentAndy Sumner

Drawing on the most up-to-date research, Key Debates in International Development is a critical, engaging, and student-friendly introduction to the major debates and issues that shape the field.

The book is organised into 20 entries, each tackling one key question, breaking down the meanings and examining the various competing theories and policies operating in that area. The author takes a balanced approach, giving students an understanding of the full range of critical points of view and geographical issues in this wide-ranging discipline. Thorough cross-referencing and easy navigation make this a highly readable text and discussion points and additional readings give essential guidance for further research.

COURSE USE: Suitable for students starting their undergraduate or postgraduate development degree, or students taking modules in international development as part of their course.Pbk 264pp 9780857024831 A$45.95 NZ$67 2011.02 Sage Publications Ltd

Analyzing the Global Political Economy Andrew Walter and Gautam Sen

This text critically assesses the convergence between IPE, comparative political economy, and economics. It shows that a careful engagement with economics is essential for understanding both contemporary IPE and for analysing the global political economy. The authors also argue that the deployment of more advanced economic theories should not detract from the continuing importance to IPE of key concepts from political science and international relations.

COURSE USE: Suitable for upper-undergraduate and graduate students in economics who are also interested in political economy and social science.Pbk 296pp 9780691139593 A$39.95 NZ$59.95 2008 Princeton University Press

Trade and Poverty: When the Third World Fell BehindJeffrey G Williamson

Today’s wide economic gap between the post-industrial countries of the West and the poorer countries of the third world is not new. Fifty years ago, the world economic order - two hundred years in the making - was already characterised by a vast difference in per capita income between rich and poor countries and by the fact that poor countries exported commodities (agricultural or mineral products) while rich countries exported manufactured products. In Trade and Poverty, leading economic historian Jeffrey G Williamson traces the great divergence between the third world and the West to this nexus of trade, commodity specialisation, and poverty.

The world rapidly became global between the early nineteenth century and World War I, and the global trade boom occurred simultaneously with rising economic divergence between industrial and non-industrial countries. Analysing the role of specialisation, de-industrialisation, and commodity price volatility with econometrics and case studies of India, Ottoman Turkey, and Mexico, Williamson demonstrates why the close correlation between trade and poverty emerged. Globalisation and the great divergence were causally related, and thus the rise of globalisation over the past two centuries helps account for the income gap between rich and poor countries today.

CONTENTS: Acknowledgments / 1. When the Third World Fell Behind / 2. The First Global Century up to 1913 / 3. The Biggest Third World Terms of Trade Boom Ever? / 4. The Economists of Third World Growth Engines and Dutch Diseases / 5. Measuring Third World De-industrialization and Dutch Disease / 6. An Asian De-industrialization Illustration: An Indian Paradox? / 7. A Middle East De-industrialization Illustration: Ottoman Problems / 8. A Latin American De-industrialization Illustration: Mexican Exceptionalism / 9. Rising Third World Inequality during the Trade Boom: Did it Matter? / 10. Export Price Volatility: Another Drag on Third World Growth? / 11. Tying the Knot: The Globalization and Great Divergence Connection / 12. Better Late Than Ever: Industrialization Spreads to the Poor Periphery / 13. Policy Response: What Did They Do? What Should They Have Done? / 14. Morals of the Story / Notes / References / IndexHbk 304pp 9780262015158 A$49.95 NZ$72 2011.01 MIT Press

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Global Shift: Mapping the Changing Contours of the World Economy 6edPeter Dicken

This sixth edition of Global Shift has been completely revised and updated using the latest available sources. Each chapter has been extensively re-written, and new chapters introduced, to take account of recent empirical developments, new ideas on production, distribution, and consumption in the global economy and the implications of the global financial crisis.

KEY FEATURES: • The most comprehensive and up-to-date explanation of economic

globalisation available • A clear guide to how the global economy is being transformed • Detailed discussion of different theories of economic globalisation • A new chapter on the environmental impacts of globalising

processes • Extended discussion of problems and institutions of global

governance in the context of the global economic crisis and of the role of corporate social responsibility

• Broadened sectoral case studies • Extensive use of graphics

ANCILLARY MATERIAL: Companion Website.

ABRIDGED CONTENTS: List of abbreviations / Preface to the Sixth Edition / Part One: The Shifting Contours of the Global Economy / Part Two: Processes of Global Shift / Part Three: The Picture in Different Economic Sectors / Part Four: Winning and Losing in the Global Economy / Bibliography / IndexPbk 632pp 9781849207676 A$89 NZ$129 2010.11 Sage Publications Ltd

Population Games and Evolutionary DynamicsWilliam H Sandholm

Recently, computer scientists, transportation scientists, engineers, and control theorists have turned to evolutionary game theory, seeking tools for modelling dynamics in multi-agent systems.

This book first considers population games, which provide a simple, powerful model for studying strategic interactions among large numbers of anonymous agents. It then studies the dynamics of behaviour in these games. By introducing a general model of myopic strategy revision by individual agents, the text provides foundations for two distinct approaches to aggregate behaviour dynamics: the deterministic approach, based on differential equations, and the stochastic approach, based on Markov processes. Key results on local stability, global convergence, stochastic stability, and non-convergence are developed in detail. Ten substantial appendixes present the mathematical tools needed to work in evolutionary game theory, offering a practical introduction to the methods of dynamic modelling.

ANCILLARY MATERIAL: Companion Website.

CONTENTS: Series Foreword / Preface / 1. Introduction / I. Population Games / 2. Population Games / 3. Potential Games, Stable Games, and Supermodular Games / II. Deterministic Evolutionary Dynamics / 4. Revision Protocols and Evolutionary Dynamics / 5. Deterministic Dynamics: Families and Properties / 6. Best Response and Projection Dynamics / III. Convergence and Nonconvergence of Deterministic Dynamics / 7. Global Convergence of Evolutionary Dynamics / 8. Local Stability under Evolutionary Dynamics

/ 9. Nonconvergence of Evolutionary Dynamics / IV. Stochastic Evolutionary Models / 10. Stochastic Evolution and Deterministic Approximation / 11. Stationary Distributions and Infi nite-Horizon Behavior / 12. Limiting Stationary Distributions and Stochastic Stability / References / Notation Index / IndexHbk 560pp 9780262195874 A$92 NZ$134 2011.01 MIT Press

Econometric Analysis of Cross Section and Panel Data 2edJeffrey M Wooldridge

The second edition of this acclaimed graduate text provides a unified treatment of the analysis of two kinds of data structures used in contemporary econometric research: cross section data and panel data. The book covers both linear and nonlinear models, including models with dynamics and/or individual heterogeneity. In addition to general estimation frameworks (particularly methods of moments and maximum likelihood), specific linear and nonlinear methods are covered in detail, including probit and logit models, multinomial and ordered choice models, Tobit models and two-part extensions, models for count data, various censored and missing data schemes, causal (or treatment) effect estimation, and duration analysis. Control function and correlated random effects approaches are expanded to allow estimation of complicated models in the presence of endogeneity and heterogeneity.

This second edition has been substantially updated and revised. Improvements include a broader class of models for missing data problems; more detailed treatment of cluster sampling problems, an important topic for empirical researchers; expanded discussion of “generalised instrumental variables” (GIV) estimation; new coverage of inverse probability weighting; a more complete framework for estimating treatment effects with assumptions concerning the intervention and different data structures, including panel data, and a firmly established link between econometric approaches to nonlinear panel data and the “generalised estimating equation” literature popular in statistics and other fields. New attention is given to explaining when particular econometric methods can be applied; the goal is not only to tell readers what does work, but why certain “obvious” procedures do not. The numerous included exercises, both theoretical and computer-based, allow the reader to extend methods covered in the text and discover new insights.

ANCILLARY MATERIAL: Companion website.

CONTENTS: Preface / Acknowledgements / I. Introduction and Background / Conditional Expectations and Related Concepts in Econometrics / Basic Asymptotic Theory / II. Linear Models / Single-Equation Linear Model and Ordinary Least Squares Estimation / Instrumental Variables Estimation of Single-Equation Linear Models / Additional Single-Equation Topics / Estimating Systems of Equations by Ordinary Least Squares and Generalized Least Squares / System Estimation by Instrumental Variables / Simultaneous Equations Models / Basic Linear Unobserved Effects Panel Data Models / More Topics in Linear Unobserved Effects Models / III. General Approaches to Nonlinear Estimation / M-Estimation, Nonlinear Regression, and Quantile Regression / Maximum Likelihood Methods / Generalized Method of Moments and Minimum Distance Estimation / IV. Nonlinear Models and Related Topics / Binary Response Models / Multinomial and Ordered Response Models / Corner Solution Responses / Count, Fractional, and Other Nonnegative Responses / Censored Data, Sample Selection, and Attrition / Stratifi ed Sampling and Cluster Sampling / Estimating Average Treatment Effects / Duration Analysis / References / IndexHbk 1096pp 9780262232586 A$101 NZ$149 2010.10 MIT Press

DEVELOPMENT ECONOMICS

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Principles of Econometrics: An Introduction

(Using R)

Neeraj R Hatekar

This textbook makes learning the basic principles of econometrics easy for all undergraduate and postgraduate students of economics. It specifically caters to the syllabus of the ‘Introductory Econometrics’ course taught in the third year of the Bachelor of Economics programme in many universities. It takes the readers step-by-step from introduction to understanding, first introducing the basic statistical tools like concepts of probability, statistical distributions and hypothesis tests, and then going on to explain the two variable linear regression models along with certain additional tools like use of dummy variables, and various data transformations amongst others.

The most innovative feature of this textbook is that it familiarises students with the role of R, which is a flexible and popular programming language. With its help, the student will be able to implement a linear regression model and deal with the associated problems with substantial confidence.

COURSE USE: Suitable for students of economics in undergraduate programs.Pbk 464pp 9788132104698 A$39.95 NZ$58.95 2010.10 Sage Publications Ltd

Rational DecisionsKen Binmore

It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage - the inventor of Bayesian decision theory - argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to “look before you leap.” If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory - and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory’s application to small worlds.

Written by one of the world’s leading game theorists, Rational Decisions is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.

ABRIDGED CONTENTS: Preface / Chapter 1: Revealed Preference / Chapter 2: Game Theory / Chapter 3: Risk / Chapter 4: Utilitarianism / Chapter 5: Classical Probability / Chapter 6: Frequency / Chapter 7: Bayesian Decision Theory / Chapter 8: Epistemology / Chapter 9: Large Worlds / Chapter 10: Mathematical Notes / References / IndexPbk 216pp 9780691149899 A$34.95 NZ$51.95 2011.03 Princeton University Press

The Theory of Taxation and Public EconomicsLouis Kaplow

The Theory of Taxation and Public Economics presents a unified conceptual framework for analysing taxation - the first to be systematically developed in several decades.

An original treatment of the subject rather than a textbook synthesis, Louis Kaplow puts forward a framework that makes it possible to rigorously examine both distributive and distortionary effects of particular policies despite their complex interactions with others. To do so, various reforms - ranging from commodity or estate and gift taxation to regulation and public goods provision - are combined with a distributively offsetting adjustment to the income tax. The resulting distribution-neutral reform package holds much constant while leaving in play the distinctive effects of the policy instrument under consideration. By applying this common methodology to disparate subjects, The Theory of Taxation and Public Economics produces significant cross-fertilisation and yields solutions to previously intractable problems.

CONTENTS: Preface / Chapter 1: Introduction / Part I: Framework / Chapter 2: An Integrated View / Chapter 3: The Social Objective / Part II: Optimal Taxation / Chapter 4: Optimal Income Taxation / Chapter 5: Elaboration and Extensions / Chapter 6: Income and Commodity Taxation / Part III: Government Expenditures / Chapter 7: Transfer Payments / Chapter 8: Goods and Services / Part IV: Additional Aspects of Taxation / Chapter 9: Taxation of Capital / Chapter 10: Taxation of Transfers / Chapter 11: Taxation and Social Security / Chapter 12: Taxation of Families / Part V: Distributive Justice and Social Welfare / Chapter 13: Welfare / Chapter 14: Social Welfare Function / Chapter 15: Other Normative Criteria / Chapter 16: Conclusion / References / IndexPbk 496pp 9780691148212 A$45.95 NZ$69 2010.12 Princeton University Press

Mathematics for Economics 3edMichael Hoy, John Livernois, Chris McKenna, Ray Rees and

Thanasis Stengos

This text offers a comprehensive presentation of the mathematics required to tackle problems in economic analysis. To give a better understanding of the mathematical concepts, the text follows the logic of the development of mathematics rather than that of an economics course. The only prerequisite is high school algebra, but the book goes on to cover all the mathematics needed for undergraduate economics.This streamlined third edition offers an array of new and updated examples. Some of the lengthier proofs and examples have been moved to the book’s Web site. This combination of formats allows the authors to add content without expanding the physical size of the book. The book and the Web material are integral to each other; examples and figures on the Web are cross-referenced in the text.

COURSE USE: Suitable for undergraduate economics students and graduate students.

ANCILLARY MATERIAL: Companion website.

CONTENTS: Preface / Part I. Introduction and Fundamentals / Chapter 1. Introduction / Chapter 2. Review of Fundamentals / Chapter 3. Sequences, Series, and Limits / Part II. Univariate Calculus and Optimization / Chapter 4. Continuity of Functions / Chapter 5. The Derivative and Differential for Functions of One Variable / Chapter 6. Optimization

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of Functions of One Variable / Part III. Linear Algebra / Chapter 7. Systems of Linear Equations / Chapter 8. Matrices / Chapter 9. Determinants and the Inverse Matrix / Chapter 10. Some Advanced Topics in Linear Algebra / Part IV. Multivariate Calculus / Chapter 11. Calculus for Functions of n-Variables / Chapter 12. Optimization of Functions of n-Variables / Chapter 13. Constrained Optimization / Chapter 14. Comparative Statics / Chapter 15. Concave Programming and the Kuhn-Tucker Conditions / Part V . Integration and Dynamic Methods / Chapter 16. Integration / Chapter 17. An Introduction to Mathematics for Economic Dynamics / Chapter 18. Linear, First-Order Difference Equations / Chapter 19. Nonlinear, First-Order Difference Equations / Chapter 20. Linear, Second-Order Difference Equations / Chapter 21. Linear, First-Order Differential Equations / Chapter 22. Nonlinear, First-Order Differential Equations / Chapter 23. Linear, Second-Order Differential Equations / Chapter 24. Simultaneous Systems of Differential and Difference Equations / Chapter 25. Optimal Control Theory / Answers / IndexPbk 1000pp 9780262516228 A$91 NZ$136 2011.01 MIT Press

Unified Growth TheoryOded Galor

This is the first book to put forward a unified theory of economic growth that accounts for the entire growth process, from the dawn of civilisation to today. Oded Galor, who founded the field of unified growth theory, identifies the historical and prehistorical forces behind the differential transition timing from stagnation to growth and the emergence of income disparity around the world. Galor shows how the interaction between technological progress and population ultimately raised the importance of education in coping with the rapidly changing technological environment, brought about significant reduction in fertility rates, and enabled some economies to devote greater resources toward a steady increase in per capita income, paving the way for sustained economic growth.

KEY FEATURES: • Presents a unified theory of economic growth from the dawn of

civilisation to today • Explains the worldwide disparities in living standards and population

we see today • Provides a comprehensive overview of the three phases of the

development process • Analyses the Malthusian theory and its empirical support • Examines theories of demographic transition and their empirical

significance • Explores the interaction between economic development and

human evolutionHbk 328pp 9780691130026 A$82 NZ$118 2011.05 Princeton University Press

Economics Evolving: A History of Economic ThoughtAgnar Sandmo

Economics Evolving repeatedly shows how apparently simple ideas that are now taken for granted were at one time at the cutting edge of economics research. For example, the demand curve that today’s students probably get to know during their first economics lecture was originally drawn by one of the most innovative theorists in the history of the subject. The book demonstrates not only how the study of economics has progressed over the course of its history, but also that it is still a developing science.

It describes the development of theories concerning prices and markets, money and the price level, population and capital accumulation, and the choice between socialism and the market economy. The book examines how important economists have reflected on the sometimes conflicting goals of efficient resource use and socially acceptable income distribution. It also provides sketches of the lives and times of the major economists.

CONTENTS: Preface / Chapter 1: A Science and Its History / Chapter 2: Before Adam Smith / Chapter 3: Adam Smith / Chapter 4: The Classical School: Thomas Robert Malthus and David Ricardo / Chapter 5: Consolidation and Innovation: John Stuart Mill / Chapter 6: Karl Marx as an Economic Theorist / Chapter 7: The Forerunners of Marginalism / Chapter 8: The Marginalist Revolution I:William Stanley Jevons and Carl Menger / Chapter 9: The Marginalist Revolution II: Léon Walras / Chapter 10: Alfred Marshall and Partial Equilibrium Theory / Chapter 11: Equilibrium and Welfare: Edgeworth, Pareto, and Pigou / Chapter 12: Interest and Prices: Knut Wicksell and Irving Fisher / Chapter 13: New Perspectives on Markets and Competition / Chapter 14: The Great Systems Debate / Chapter 15: John Maynard Keynes and the Keynesian Revolution / Chapter 16: Frisch, Haavelmo, and the Birth of Econometrics / Chapter 17: The Modernization of Economic Theory in the Postwar Period / Chapter 18: Further Developments in the Postwar Period / Chapter 19: Long-term Trends and New Perspectives / References / IndexPbk 424pp 9780691148427 A$65 NZ$94 2011.01 Princeton University Press

Mathematics for Economists Made SimpleViatcheslav V Vinogradov

As the field of economics becomes ever more specialised and complicated, so does the mathematics required of economists. With Mathematics for Economists, expert mathematician Viatcheslav V Vinogradov offers a straightforward, practical textbook for students in economics for whom mathematics is not a scientific or philosophical subject but a practical necessity.

Focusing on the most important fields of economics, the book teaches apprentice economists to apply mathematical algorithms and methods to economic analysis, while abundant exercises and problem sets allow them to test what they’ve learned.

CONTENTS: Introduction / Preface / Preliminaries / 1. Linear Algebra / 2. Calculus / 3. Constrained Optimization / 4. Dynamics / 5. ExercisesPbk 300pp 9788024616575 A$36.95 NZ$53.95 2010.09 University of Chicago Press

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The Microtheory of Innovative EntrepreneurshipWilliam J Baumol

The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm.

William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasiformal theoretical analysis of the innovative entrepreneur’s influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies.

CONTENTS: List of Figures and Tables / Preface: The Innovative Entrepreneur in Dynamic Microtheory / Introduction: Bringing Entrepreneurship and Innovation into the Theory of Value / Chapter 1: Entrepreneurship in Economic Theory: Reasons for Its Absence and Goals for Its Restoration / Part I: Pricing, Remuneration, and Allocation of the Agents of Innovation / Chapter 2: Toward Characterization of the Innovation Industry: The David-Goliath Symbiosis / Chapter 3: Entrepreneurship, Invention, and Pricing: Toward Static Microtheory / Chapter 4: Oligopolistic “Red Queen” Innovation Games, Mandatory Price Discrimination, and Markets in Innovation / Part II: Welfare Theory: Technology Transfer, Imitation, and Creative Destruction / Chapter 5: Optimal Innovation Spillovers: The Growth-Distribution Trade-off / Chapter 6: Enterprising Technology Dissemination: Toward Optimal Transfer Pricing and the Invaluable Contribution of “Mere Imitation” / Chapter 7: The Entrepreneur and the Benefi cial Externalities of Creative Destruction / Part III: Institutions, Payoffs, and the Entrepreneur’s Choice of Activity: Historical Origins / Chapter 8: Economic Warfare as a “Red Queen” Game: The Emergence of Productive Entrepreneurship / Chapter 9: On the Origins of Widespread Productive Entrepreneurship / Chapter 10: The Allocation of Entrepreneurship Does Matter / Chapter 11: Mega-enterprising Redesign of Governing Institutions: Keystone of Dynamic Microtheory / Chapter 12: Summing Up: Yes, the Theory of Entrepreneurship Is on Its Way / Notes / References / IndexHbk 264pp 9780691145846 A$54.95 NZ$79 2010.07 Princeton University Press

Rational ChoiceItzhak Gilboa

Itzhak Gilboa argues that economic theory has provided a set of powerful models and broad insights that have changed the way we think about everyday life. He focuses on basic insights of the rational choice paradigm - the general conceptualisation rather than a particular theory - that survive recent (and well-justified) critiques of economic theory’s various failures. Gilboa explains the main concepts in language accessible to the non-specialist, offering a nonmathematical guide to some of the main ideas developed in economic theory in the second half of the twentieth century.

Chapters cover feasibility and desirability, utility maximisation, constrained optimisation, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions.

ANCILLARY MATERIAL: Companion Website.

Hbk 296pp 9780262014007 A$42.95 NZ$63 2010.04 MIT Press

Knowledge Management in Theory and Practice 2edKimiz Dalkir

The ability to manage knowledge has become increasingly important in today’s knowledge economy. Knowledge is considered a valuable commodity, embedded in products and in the tacit knowledge of highly mobile individual employees. Knowledge management (KM) represents a deliberate and systematic approach to cultivating and sharing an organisation’s knowledge base. It is a highly multidisciplinary field that encompasses both information technology and intellectual capital.

This textbook and professional reference offers a comprehensive overview of the field of KM, providing both a substantive theoretical grounding and a pragmatic approach to applying key concepts. Drawing on ideas, tools, and techniques from such disciplines as sociology, cognitive science, organisational behaviour, and information science, the text describes KM theory and practice at the individual, community, and organisational levels. It offers illuminating case studies and vignettes from companies including IBM, Xerox, British Telecommunications, JP Morgan Chase, and Nokia.

This second edition has been updated and revised throughout. New material has been added on the information and library science perspectives, taxonomies and knowledge classification, the media richness of the knowledge sharing channel, e-learning, social networking in KM contexts, strategy tools, results-based outcome assessments, knowledge continuity and organisational learning models, KM job descriptions, copyleft and Creative Commons, and other topics. New case studies and vignettes have been added and the references and glossary have been updated and expanded.Hbk 392pp 9780262015080 A$77 NZ$111 2011.02 MIT Press

Social and Economic NetworksMatthew O Jackson

Networks of relationships help determine the careers that people choose, the jobs they obtain, the products they buy, and how they vote. The many aspects of our lives that are governed by social networks make it critical to understand how they impact behaviour, which network structures are likely to emerge in a society, and why we organise ourselves as we do.

In Social and Economic Networks, Matthew Jackson offers a comprehensive introduction to social and economic networks, drawing on the latest findings in economics, sociology, computer science, physics, and mathematics. He provides empirical background on networks and the regularities that they exhibit, and discusses random graph-based models and strategic models of network formation. He helps readers to understand behaviour in networked societies, with a detailed analysis of learning and diffusion in networks, decision making by individuals who are influenced by their social neighbours, game theory and markets on networks, and a host of related subjects. Jackson also describes the varied statistical and modelling techniques used to analyse social networks.

COURSE USE: Suitable for students in economics, mathematics, physics, sociology, and business. Each chapter includes exercises to aid students in their analysis of how networks function.Pbk 520pp 9780691148205 A$58.95 NZ$86 2010.11 Princeton University Press

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The General Equilibrium Theory of ValueYves Balasko

The concept of general equilibrium, one of the central components of economic theory, explains the behaviour of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production.

In this book, Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary.

COURSE USE: Suitable for graduate economics students and advanced undergraduates in mathematics.Hbk 192pp 9780691146799 A$53.95 NZ$78 2011.06 Princeton University Press

Zombie Economics: How Dead Ideas Still Walk Among UsJohn Quiggin

In the graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism - the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe. The crisis seemed to have killed off these ideas, but they still live on in the minds of many members of the public, commentators, politicians, economists, and even those charged with cleaning up the mess. In Zombie Economics, John Quiggin explains how these dead ideas still walk among us, and why we must find a way to kill them once and for all if we are to avoid an even bigger financial crisis in the future.

Zombie Economics takes the reader through the origins, consequences, and implosion of a system of ideas whose time has come and gone. These beliefs, that deregulation had conquered the financial cycle, that markets were always the best judge of value, that policies designed to benefit the rich made everyone better off - brought us to the brink of disaster once before, and their persistent hold on many threatens to do so again. Because these ideas will never die unless there is an alternative, Zombie Economics also looks ahead at what could replace market liberalism, arguing that a simple return to traditional Keynesian economics and the politics of the welfare state will not be enough - either to kill dead ideas, or prevent future crises.Hbk 216pp 9780691145822 A$34.95 NZ$44.95 2010.10 Princeton University Press

Paths to a Green World: The Political Economy of the Global Environment 2edJennifer Clapp and Peter Dauvergne

The second edition of this popular text has been thoroughly revised and updated to reflect recent events, including the food crisis of 2007-2008, the financial meltdown of 2008, and the Copenhagen Climate Conference of 2009. Topics covered include the environmental implications of globalisation; wealth, poverty, and consumption; global trade; transnational corporations; and multilateral and private finance.The book maps out an original typology of four contrasting worldviews of environmental change - those of market liberals, institutionalists, bioenvironmentalists, and social greens - and uses them as a framework to examine the links between the global political economy and ecological change. This typology provides a common language for students, instructors, and scholars to discuss the issues across the classical social science divisions.Pbk 336pp 9780262515825 A$39.95 NZ$58.95 2011.02 MIT Press

The Known, the Unknown, and the Unknowable in Financial Risk Management: Measurement and Theory Advancing Practice Francis X Diebold, Neil A Doherty and Richard J Herring

A clear understanding of what we know, don’t know, and can’t know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today - Value at Risk, or VaR - reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators.

This book introduces a more realistic and holistic framework called KuU - the Known, the unknown, and the Unknowable - that enables one to conceptualise the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, such as Nassim Nicholas Taleb, Robert Engle, and Donald Kohn, this book pushes toward robustifying policies, portfolios, contracts, and organisations to a wide variety of KuU risks. Along the way, the strengths and limitations of “quantitative” risk management are revealed.Hbk 390pp 9780691128832 A$83 NZ$119 2010.05 Princeton University Press

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FINANCE

Financial Modeling 3edSimon Benninga

Financial Modeling bridges the gap between theory and practice by providing a nuts-and-bolts guide to solving common financial models with spreadsheets. Simon Benninga takes the reader step by step through each model, showing how it can be solved using Microsoft Excel.

This long-awaited third edition of this standard text maintains the “cookbook” features and Excel dependence that have made the first and second editions so popular. It also offers significant new material, with new chapters covering such topics as bank valuation, the Black-Litterman approach to portfolio optimisation, Monte Carlo methods and their applications to option pricing, and using array functions and formulas. Other chapters, including those on basic financial calculations, portfolio models, calculating the variance-covariance matrix, and generating random numbers, have been revised, with many offering substantially new and improved material.

COURSE USE: Suitable for graduate and undergraduate students in Financial Studies.

ANCILLARY MATERIAL: Instuctor’s CD.

Hbk 1168pp 9780262026284 A$129 NZ$189 2008 MIT Press

Introduction to Quantitative Finance: A Math ToolkitRobert R Reitano

This text offers an accessible yet rigorous development of many of the fields of mathematics necessary for success in investment and quantitative finance, covering topics applicable to portfolio theory, investment banking, option pricing, investment, and insurance risk management. The approach emphasises the mathematical framework provided by each mathematical discipline, and the application of each framework to the solution of finance problems. It emphasises the thought process and mathematical approach taken to develop each result instead of the memorisation of formulas to be applied (or misapplied) automatically. The objective is to provide a deep level of understanding of the relevant mathematical theory and tools that can then be effectively used in practice, to teach students how to “think in mathematics” rather than simply to do mathematics by rote.

Each chapter covers an area of mathematics such as mathematical logic, Euclidean and other spaces, set theory and topology, sequences and series, probability theory, and calculus, in each case presenting only material that is most important and relevant for quantitative finance. Each chapter includes finance applications that demonstrate the relevance of the material presented. Problem sets are offered on both the mathematical theory and the finance applications sections of each chapter. The logical organisation of the book and the judicious selection of topics make the text customisable for a number of courses. The development is self-contained and carefully explained to support disciplined independent study as well.

ANCILLARY MATERIAL: Companion Website.

Hbk 736pp 9780262013697 A$114 NZ$167 2010.03 MIT Press

International Finance: Theory into PracticePiet Sercu

International Finance shows how theoretical applications can be brought into managerial practice. The text includes an extensive introduction followed by three main sections: currency markets; exchange risk, exposure, and risk management; and long-term international funding and direct investment.

KEY FEATURES: • Rigorous focus on international financial markets and corporate

finance concepts • An up-to-date and practice-oriented approach • Strong real-world examples and applications • Comprehensive look at valuation, funding, and risk management • Introductory case studies and “CFO summaries” • End-of-chapter quiz questions

COURSE USE: Suitable for students seeking a complete understanding of the field of international finance.Hbk 864pp 9780691136677 A$129 NZ$189 2009 Princeton University Press

How Big Banks Fail, and What to Do about ItDarrell Duffie

Dealer banks - that is, large banks that deal in securities and derivatives, such as J. P. Morgan and Goldman Sachs are of a size and complexity that sharply distinguish them from typical commercial banks. When they fail, as we saw in the global financial crisis, they pose significant risks to our financial system and the world economy.

How Big Banks Fail, and What to Do about It examines how these banks collapse and how we can prevent the need to bail them out. In sharp, clinical detail, Darrell Duffie walks readers step-by-step through the mechanics of large-bank failures. He identifies where the cracks first appear when a dealer bank is weakened by severe trading losses, and demonstrates how the bank’s relationships with its customers and business partners abruptly change when its solvency is threatened. As others seek to reduce their exposure to the dealer bank, the bank is forced to signal its strength by using up its slim stock of remaining liquid capital. Duffie shows how the key mechanisms in a dealer bank’s collapse such as Lehman Brothers’ failure in 2008 derive from special institutional frameworks and regulations that influence the flight of short-term secured creditors, hedge-fund clients, derivatives counterparties, and most devastatingly, the loss of clearing and settlement services.

How Big Banks Fail, and What to Do about It reveals why today’s regulatory and institutional frameworks for mitigating large-bank failures don’t address the special risks to our financial system that are posed by dealer banks, and outlines the improvements in regulations and market institutions that are needed to address these systemic risks.Hbk 112pp 9780691148854 A$39.95 NZ$56.95 2010.11 Princeton University Press

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Monetary Theory and Policy 3ed

Carl E Walsh

This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. The use of models based on dynamic optimisation and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis.

CONTENTS: Preface / Introduction / 1. Empirical Evidence on Money, Prices, and Output / 2. Money-in-the-Utility Function / 3. Money and Transactions / 4. Money and Public Finance / 5. Money in the Short Run: Informational and Portfolio Rigidities / 6. Money in the Short Run: Nominal Price and Wage Rigidities / 7. Discretionary Policy and Time Inconsistency / 8. New Keynesian Monetary Economics / 9. Money and the Open Economy / 10. Financial Markets and Monetary Policy / 11. Monetary Policy Operating Procedures / References / Name Index / Subject IndexHbk 632pp 9780262013772 A$112 NZ$164 2010.03 MIT Press

The Economics of Microfinance 2edBeatriz Armendariz and Jonathan Morduch

The microfinance revolution has allowed more than 150 million poor people around the world to receive small loans without collateral, build up assets, and buy insurance. The idea that providing access to reliable and affordable financial services can have powerful economic and social effects has captured the imagination of policymakers, activists, bankers, and researchers around the world; the 2006 Nobel Peace Prize went to microfinance pioneer Muhammed Yunis and Grameen Bank of Bangladesh.

This book offers an accessible and engaging analysis of the global expansion of financial markets in poor communities. It introduces readers to the key ideas driving microfinance, integrating theory with empirical data and addressing a range of issues, including savings and insurance, the role of women, impact measurement, and management incentives. This second edition has been updated throughout to reflect the latest data.

CONTENTS: Preface to the Second Edition / Preface to the First Edition / Acknowledgments / 1. Rethinking Banking / 2. Why Intervene in Credit Markets? / 3. Roots of Microfi nance / 4. Group Lending / 5. Beyond Group Lending / 6. Savings and Insurance / 7. Gender / 8. Commercialization and Regulation / 9. Measuring Impacts / 10. Subsidy and Sustainability / 11. Managing Microfi nance / Notes / References / Abbreviations / Name Index / Subject IndexPbk 456pp 9780262513982 A$51.95 NZ$76 2010.05 MIT Press

Asset Pricing TheoryCostis Skiadas

This book offers a modern introduction to the theoretical and methodological foundations of competitive asset pricing.

Costis Skiadas develops in depth the fundamentals of arbitrage pricing, mean-variance analysis, equilibrium pricing, and optimal consumption/portfolio choice in discrete settings, but with emphasis on geometric and martingale methods that facilitate an effortless transition to the more advanced continuous-time theory.

KEY FEATURES: • Covers in depth the modern theoretical foundations of competitive

asset pricing and consumption/portfolio choice • Uses recursive utility as the benchmark preference representation in

dynamic settings • Sets the foundations for advanced modeling using geometric

arguments and martingale methodology • Features self-contained mathematical appendixes • Includes extensive end-of-chapter exercises.

COURSE USE: This book represents a self-contained resource for graduate students and academic researchers.

ABRIDGED CONTENTS: Preface / Notation and Conventions / Part One: Single-Period Analysis / Chapter One: Financial Market and Arbitrage / Chapter Two: Mean-Variance Analysis / Chapter Three: Optimality and Equilibrium / Chapter Four: Risk Aversion / Part Two: Discrete Dynamics / Chapter Five: Dynamic Arbitrage Pricing / Chapter Six: Dynamic Optimality and Equilibrium / Part Three: Mathematical Background / Appendix A: Optimization Principles / Appendix B: Discrete Stochastic Analysis / Bibliography / IndexHbk 368pp 9780691139852 A$69 NZ$103 2009 Princeton University Press

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This Time is Different: Eight Centuries of Financial FollyCarmen M Reinhart and Kenneth S Rogoff

Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes from medieval currency debasements to today’s subprime catastrophe.

Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts, as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.

An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

ABRIDGED CONTENTS: List of Tables / List of Figures / List of Boxes / Preface / Acknowledgments / Preamble: Some Initial Intuitions on Financial Fragility and the Fickle Nature of Confi dence / Part I: Financial Crises: An Operational Primer / Chapter 1: Varieties of Crises and Their Dates / Chapter 2: Debt Intolerance: The Genesis of Serial Default / Chapter 3: A Global Database on Financial Crises with a Long-Term View / Part II: Sovereign External Debt Crises / Chapter 4: A Digression on the Theoretical Underpinnings of Debt Crises / Chapter 5: Cycles of Sovereign Default on External Debt / Chapter 6: External Default through History / Part III: The Forgotten History of Domestic Debt and Default / Chapter 7: The Stylized Facts of Domestic Debt and Default / Chapter 8: Domestic Debt: The Missing Link Explaining External Default and High Infl ation / Chapter 9: Domestic and External Default: Which Is Worse? Who Is Senior? / Part IV: Banking Crises, Infl ation, and Currency Crashes / Chapter 10: Banking Crises / Chapter 11: Default through Debasement: An ‘Old World Favorite’ / Chapter 12: Infl ation and Modern Currency Crashes / Part V: The U.S. Subprime Meltdown and the Second Great Contraction / Chapter 13: The U.S. Subprime Crisis: An International and Historical Comparison / Chapter 14: The Aftermath of Financial Crises / Chapter 15: The International Dimensions of the Subprime Crisis: The Results of Contagion or Common Fundamentals? / Chapter 16: Composite Measures of Financial Turmoil / Part VI: What Have We Learned? / Chapter 17: Refl ections on Early Warnings, Graduation, Policy Responses, and the Foibles of Human Nature / Data Appendixes / Notes / References / Name Index / Subject IndexHbk 496pp 9780691142166 A$52.95 NZ$78 2009 Princeton University Press

Macroeconomic Essentials: Understanding Economics in the News 3edPeter E Kennedy

Concise and non-technical but rigorous, this introductory texts goal is not to teach students to shift curves on diagrams but to help them understand fundamental Macroeconomic concepts and their real-world applications. It accomplishes this by providing a clear exposition of introductory Macroeconomic theory along with more than 700 one or two sentence “news clips” of economics media coverage that serve as illustrations of the concepts discussed. Students will learn practical Macroeconomics and will be able to interpret and evaluate media commentary on Macroeconomics.

This third edition has been revised and updated throughout. New material covers the subprime mortgage crisis and other subjects; new “curiosities” (boxed expositions of important topics) have been added, as have “news clips” about recent events; and the most challenging end-of-chapter questions are now separated from the less challenging. Many chapters include a set of numerical exercises (quite different from those found in traditional texts); technical material appears in appendixes following each chapter. Other appendixes offer answers to the sample exam questions and the even-numbered end-or-chapter exercises.

ANCILLARY MATERIAL: Companion Website.

CONTENTS: Preface / Introduction / The Basics of Supply and Demand, and a Big Picture / Measure GDP and Infl ation / Unemployment / The Role of Aggregate Demand / The Supply Side / Growth and Productivity / The Money Supply / The Monetarist Rule / Monetary Policy and Interest Rates / Real-versus-Nominal Interest Rates / Stagfl ation / The Balance of Payments / Policy in an Open Economy / Purchasing Power Parity / Interest-Rate Parity / Appendix A Answers to Sample Exam Questions / Appendix B Answers to Even-Numbered Exercises / Glossary / IndexPbk 384pp 9780262514804 A$64 NZ$93 2010.08 MIT Press

Macroeconomic Theory: A Dynamic General Equilibrium Approach Michael Wickens

This book truly offers something new by emphasising the general equilibrium character of macroeconomics to explain effects across the whole economy, not just part. It is also the perfect resource for economists who need to brush up on the latest developments.

Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, exchange-rate determination, and an up-to-date account of monetary policy through inflation targeting.

COURSE USE: Suitable for graduate students studying Macroeconomics.Hbk 496pp 9780691116402 A$49.95 NZ$74 2008 Princeton University Press

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