The Money Minders – The Parables, Trade-offs and Lags of Central Banking
By: Jagjit Chadha – National Institute for Economic and Social Research
In the crises of the past fifteen years, central bankers have become big public players in a drama that affects all our lives, involving financial market crashes, public health threats and devastating economic downturns. Having played a lead role in the global financial crisis and the coronavirus crisis, they are now being asked to broaden their appeal. But the key aim has always been one of simply ensuring monetary and financial stability. In this book, NIESR director Jagjit Chadha unpacks the world of central banking, explaining in accessible language the analytical techniques, policy toolkits or simple story-telling that they use to understand the economy, to implement monetary policy and to communicate their decisions to key decision-makers and the wider public.
This wonderful book illuminates, entertains, explains and demystifies that most essential but rarely-understood entity, money. Above all, it demonstrates the link between money and the capacity of the state to tackle any collective problems: money fundamentally matters and so, therefore, do its minders in central banks. This book describes how central bankers think about their task, what models and evidence they use to make decisions about interest rates and other tools at their disposal – and also sets out how they should think about it.
Diane Coyle, University of Cambridge
How to Achieve Inclusive Growth
By: Valerie Cerra, Barry Eichengreen, Asmaa El-Ganainy, Martin Schindler – IMF, University of California, Berkeley
Rising inequality and widespread poverty, social unrest and polarization, gender and ethnic disparities, declining social mobility, economic fragility, unbalanced growth due to technology and globalization, and existential danger from climate change are urgent global concerns of our day. These issues are intertwined. They therefore require a holistic framework to examine their interplay and bring the various strands together. Leading academic economists have partnered with experts from several international institutions to explain the sources and scale of these challenges. They gather a wide array of empirical evidence and country experiences to lay out practical policy solutions and to devise a comprehensive and unified plan of action for combatting these economic and social disparities.
Confronting Climate Gridlock – How Diplomacy, Technology, and Policy Can Unlock a Clean Energy Future
By: Daniel S. Cohan – Rice University
Professor of environmental engineering Daniel Cohan argues that escaping the gravest perils of climate change will first require American diplomacy, technological innovation, and policy to catalyze decarbonization globally. Combining his own expertise along with insights from more than a hundred interviews with diplomats, scholars, and clean-technology pioneers, Cohan identifies flaws in previous efforts to combat climate change. He highlights opportunities for more successful strategies, including international “climate clubs” and accelerated development of clean energy technologies. Grounded in history and emerging scholarship, this book offers a forward-looking vision of solutions to confronting climate gridlock and a clear-eyed recognition of the challenges to enacting them.
Six Faces of Globalization – Who Wins, Who Loses, and Why It Matters
By: Anthea Roberts, Nicolas Lamp – Australian National University, Queen’s University, Ontario
When it comes to the politics of free trade and open borders, the camps are dug in, producing a kaleidoscope of claims and counterclaims, unlikely alliances, and unexpected foes. But what exactly are we fighting about? And how might we approach these issues more productively? Anthea Roberts and Nicolas Lamp cut through the confusion with an indispensable survey of the interests, logics, and ideologies driving these intractable debates, which lie at the heart of so much political dispute and decision making. The authors expertly guide us through six competing narratives about the virtues and vices of globalization: the old establishment view that globalization benefits everyone (win–win), the pessimistic belief that it threatens us all with pandemics and climate change (lose–lose), along with various rival accounts that focus on specific winners and losers, from China to America’s Rust Belt.
At a time when many of us have only one view of the world, so much so that we only read the books and watch the media that support our vision, Roberts and Lamp present us with a real challenge: they lay out convincingly and comprehensively many different narratives of globalization and its political and economic effects. The book thus implicitly challenges the narrative that each of us finds most compelling. Like in a movie by Kurosawa, our view of events depends on our position. This book compels us to change our position, move out of our comfort zone, and see the world differently and more broadly.
Branko Milanovic, City University of New York
