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Books

New and noteworthy books in economics (December)

In this month’s selection there are three books on the social and political problems of our day.  The fourth book is on how art and economics grow more entangled.

Climate

Low growth and sustainability

Tim Jackson and Peter Victor develop a model of “weightless growth” which leads to improved social and environmental outcomes.

Monetary Policy

Is the repo market broken?

Since September the Fed has been pumping cash into the system in the form of short term loans out of fear that banks are unable to lend. What are critics saying?

International Economics

The crisis at the WTO

The U.S. has been chipping away at the WTO for the last two years. How does today’s situation compare to the U.S.-Japan trade war of the 1970s?

Inequality

The revolts of 2019

Branko Milanovic wonders why the world is in uproar and Nicola Gennaioli and Guido Tabellini offer a possible explanation.

Tech

Software and robots vs AI

Software, robots and AI are negatively affecting low, middle and high skill jobs. When all these changes happen at the same time which public policies are effective?

Economic Science

“Against economics”

When outsiders criticize economics…

Monetary Policy

Monetary policy and bounded rationality

In an economy with myopic agents: Is fiscal policy more powerful than monetary policy? Are simple Taylor rules effective in setting monetary policy?

Inequality

The billionaire problem

Mankiw of Harvard, Farmer of Warwick and Johnson of MIT debate over billionaires’ contributions to the economy.

Macro

New research on the business cycle

Speculation and aggregate demand in a low interest rate environment. Which propagation mechanism best describes business cycles?

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