Prodavnica

An important recent advance in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In Money, Interest, and Policy, Jean-Pascal Bénassy argues that moving from the standard DSGE models – which he calls "Ricardian" because they have the famous "Ricardian equivalence" property–to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Bénassy demonstrates that a single modification–the assumption that new agents are born over time (which makes the model non-Ricardian)–can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other. After comparing Ricardian and non-Ricardian models, Bénassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and the birth of new agents. Using this model, he considers a number of issues in monetary policy, including liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules.  

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Even virtual worlds need real heroes... The Changsphere offers a safe haven for the Uploaded, and with more processing power than the Southern Corner could ever offer, the Uploaded begin to grow, develop, and yearn to be alive again. With the Changsphere offering competition to the Metasphere, more and more avatars take up residency in it. But the Uploaded begin to prey on live avatars, infecting them, and their users, with their personalities and becoming reborn in the real world. The dead are rising. Now reborn into the real world, the once dead avatars will not let anyone shut down the Changsphere - the source of their rebirth. Meanwhile, Jonah, Sam, and Axel struggle to keep the Metasphere safe from Granger's assault on the Western Corner, which is housed in the old subway lines under New York City. But Jonah struggles with whether they are doing the right thing: in fighting Granger, they face a more dangerous virtual world, where millions of Uploaded now roam freely, stalking users for their virtual avatars and their real bodies.

Niklas, a weapons expert, has returned home after years as a mercenary. His world has no laws. His life has made him a violence fanatic and an adrenaline junkie. He is haunted by traumatic childhood memories. One night his mother calls, hysterical. Someone has been murdered in her apartment building. Thomas is a demoralized cop. He’s working the night shift when the call about the murder comes in. The victim has been badly beaten, and his arms have been pockmarked by syringes. But someone wants the case silenced - why? Mahmud is just out of jail, and keen to live the high life. He has debts to someone he used to deal for. In a game of russian roulette, his life is spared – but at what cost? He has to look for a man whom he later wishes he’d never found. And his search takes him to a side of Stockholm he wishes he’d never seen. No matter how hard they try, the power is not theirs. It belongs to Radovan who rules over the dark parts of the city where everything is for sale. But the price is much too high.

This is autobiography taken to the highest reaches of fiction, another wonderful novel of scorching power, shot through with honesty and lyricism’ Observer The Kindness of Women continues the story of Jim, the young boy whose experiences in Japanese-occupied Shanghai were described in Empire of the Sun. It follows his return to post-war England, setting his childhood in the context of a lifetime. Jim tries, and fails, to find stability as a medical student at Cambridge, then as a trainee RAF pilot in Canada. Having finally settled into happy family life, his world is ripped apart by domestic tragedy. He plunges into the maelstrom of the 1960s, an instigator and subject of every aspect of cultural, social and sexual revolution. We follow, in all this, the progress of a bruised mind as it tries to make sense of the upheaval around it. Turning conspicuously, as in Empire of the Sun, to the events of his own life, Ballard makes of experience fiction that is frankly startling and, at its most tender, powerfully moving. This edition is part of a new commemorative series of Ballard’s works, featuring introductions from a number of his admirers (including Ali Smith, Iain Sinclair, Martin Amis and Ned Beauman) and brand-new cover designs from the artist Stanley Donwood.