I was a very bright little girl growing up in Boston, Massachusetts in the mid-1960s. I passed the entrance exam for Girls’ Latin School in Boston without difficulty and set out for a lifelong journey through many great institutions of higher learning. By the time I was a university student, I knew I wanted to help solve social problems. So, I chose to become an economist. I’m a bit techy but I also have a passion for great writing and history. In recent years, my profession has allowed me to get to know Asia and its amazing cultures through my visits to Hong Kong, Taiwan, Japan, China, India, and my current abode, Beirut!
I wrote...
Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium
This collection of essays applies modern micro-founded macroeconomic models to some of the most important economic policy questions facing monetary and macroeconomic policymakers.
Key issues surveyed include: consumption investment; growth and business cycles; the role of government; asset pricing; the interaction of monetary and fiscal policy; open-economy issues; stabilization policy and general equilibrium analysis of emerging market crises. The book includes specially commissioned chapters from recognized authorities.
During my graduate school years at Carnegie-Mellon University, I was exposed to Thomas Sargent’sMacroeconomic Theory, which taught me how to work with difference equations.
More importantly, it inculcated the notion in me that economic theory and econometrics are inseparable notions. The approach that I attained from this book together with the courses that I took at Carnegie-Mellon’s Graduate School of Industrial Administration - GSIA as it was called then – have colored by my research outlook and my research itself over the years.
While Thomas Sargent produced many other graduate textbooks on macroeconomics in future years, I might say this was the most influential one (for me) in terms of the fluidity of its writing and its attempt to bridge macroeconomic theory and empirical research.
"Macroeconomic Theory", in its first edition, was widely adopted for use as a graduate text; this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty.
All economists, regardless of whether they profess to be Keynesians or not, have been influenced by Keynes’ General Theory.
I finally read this monumental volume through a copy that I borrowed from the library in the basement under the Department of Economics at Harvard University in the mid-2000s when I was visiting the Department with a short-term summer grant provided by Koc University. I could not help but be influenced by the structure and beauty of its language.
Keynes’ views on ‘animal spirits’ and the role of uncertainty in economic players’ decision-making have also played a role in my research on uncertainty and ambiguity with a variety of co-authors.
John Maynard Keynes's 1936 General Theory of Employment, Interest and Money is a perfect example of the global power of critical thinking. A radical reconsideration of some of the founding principles and accepted axioms of classical economics at the time, it provoked a revolution in economic thought and government economic policies across the world. Unsurprisingly, Keynes's closely argued refutation of the then accepted grounds of economics employs all the key critical thinking skills: analysing and evaluating the old theories and their weaknesses; interpreting and clarifying his own fundamental terms and ideas; problem solving; and using creative thinking to go beyond…
This is a collected volume that Kevin Hoover of Duke University put together to provide a philosophical and methodological viewpoint on the empirical and quantitative research that was emerging from the Universities of Chicago, Minnesota, Carnegie-Mellon, Rochester in the 1970s and 1980s.
My own article, “Time-to-Build and Aggregate Fluctuations: Some New Evidence”, originally published in International Economic Review in 1989, was re-printed in this volume. Why was this article re-printed in this volume? It showed that a tightly-specified representative consumer model of aggregate fluctuations, regardless of the theoretical enhancements and econometric approach, could not explain series like aggregate output, consumption and investment jointly with aggregate hours.
While Kevin Hoover continued his methodological research on causality, micro-foundations of macroeconomics and the like, this research led me to delve into micro data models of consumption and labor supply with my co-author Robert Miller from CMU to model individual choices under aggregate shocks.
Over the past two decades the new classical macroeconomics has become the single most coherent school of macroeconomic thought. Always controversial, it has nonetheless captured centre-stage, and has become the standard by which competing schools of thought are judged. These volumes contain the most important and influential articles of the new classical school, as well as some important articles critical of new classical thinking. The volumes are arranged thematically, beginning with the rational expectations hypothesis and the application of general equilibrium to labour markets, and continuing with various new classical arguments for the ineffectiveness of government policy. The core of…
I read this wonderful book in the early 2000s when I had returned to Istanbul, Türkiye back from a professional position in the UK.
I was captivated by its description of the flora and fauna of our geography. I recall reading how the beloved chestnut trees of our region had made their way there from China. Braudel is an economic historian who is known to have placed physical and biological nature in the foreground of historical analysis. Thus, according to Braudel, nature is not merely space to be conquered or to be shaped by human desires.
Indeed, the organization of economic life in the Mediterranean was probably shaped by the diversity and difficulty of its geography as much as shaping it, as we argued in our article on Mediterranean business cycles published with Fabio Canova in Open Economies Review in 2013.
This general reader's history of the ancient mediterranean combines a thorough grasp of the scholarship of the day with an great historian's gift for imaginative reconstruction and inspired analogy. Extensive notes allow the reader to appreciate thestate of scholarship at the time of writing, the scale and breadth of Braudel's learning and the points where orthodoxy has changed, sometimes vindicating Braudel, sometimes proving him wrong. Above all the book offers us the chance to situate Braudel's mediterranean, born of a lifetime's love and knowledge, more clearly in the climates of the sea's history.
Living in Istanbul over a long period since 1995 made me want to know its history better.
This book is one of best written and most influential books on the topic describing, as it does, not only the political and military history of the Ottoman Empire but also its economic and social fabric, its ability to innovate in a variety of fields and the reasons behind its rule over six centuries.
My interest in the topic eventually led to an influential publication with the economic historian Şevket Pamuk and our younger colleague Alpay Filiztekin in the European Review of Economic History in 2008 on the sources of economic growth for the region encompassing modern Türkiye between 1880-2005.
This major contribution to Ottoman history is now published in paperback in two volumes: the original single hardback volume (1994) has been widely acclaimed as a landmark in the study of one of the most enduring and influential empires of modern times. The authors provide a richly detailed account of the social and economic history of the Ottoman region, from the origins of the Empire around 1300 to the eve of its destruction during World War One. The breadth of range and the fullness of coverage make these two volumes essential for an understanding of contemporary developments in both the…
Act Like an Author, Think Like a Business is for anyone who wants to learn how to make money with their book and make a living as an author. Many authors dive into the literary industry without taking time to learn the business side of being an author, which can hinder book sales and the money that can be made as an author.
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Act Like an Author, Think Like a Business: Ways to Achieve Financial Literary Success
Do you want to make money with your book? Do you want to make a living as an author? There’s more to doing so than simply writing and publishing your book. Many authors dive into the literary industry without taking time to learn the business side of being an author. This could dramatically hinder your book sales and the money you can make as an author. Without a guide such as this, mastering the art of financial literary success can take you years, and you’ll be sure to make mistakes during the learning phase. Some mistakes could cost you money;…
