{"title":"George S Tavlas","description":null,"products":[{"product_id":"monetarists-book-george-s-tavlas-9780226823188","title":"The Monetarists","description":"An essential origin story of modern society’s most influential economic doctrine.   The Chicago School of economic thought has been subject to endless generalizations—and mischaracterizations—in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born from decades of research and debate. The Monetarists is a deeply researched history of the monetary policies—and personalities—that codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation.    As economist George S. Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a tradition in theory brought forth by a crucible of minds and debates throughout campus. Through unprecedented mining of archival material, The Monetarists offers the first complete history of one of the twentieth century’s most formative intellectual periods and places. It promises to elevate our understanding of this doctrine and its origins for generations to come.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":49745068491025,"sku":"NGR9780226823188","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51000313413905,"sku":"NIN9780226823188","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":52672147882257,"sku":"GOR014578766","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0226823180.jpg?v=1750779727"},{"product_id":"collapse-of-exchange-rate-regimes-book-george-s-tavlas-9780792398691","title":"The Collapse of Exchange Rate Regimes","description":"ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52144511582481,"sku":"NLS9780792398691","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780792398691.jpg?v=1757589277"},{"product_id":"collapse-of-exchange-rate-regimes-book-george-s-tavlas-9781461378877","title":"The Collapse of Exchange Rate Regimes","description":"ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52354979987729,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52354980413713,"sku":"NLS9781461378877","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781461378877.jpg?v=1758184426"}],"url":"https:\/\/www.worldofbooks.com\/collections\/author-books-by-george-s-tavlas.oembed","provider":"World of Books ","version":"1.0","type":"link"}