- Monetary Theory and Policy
The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates.
This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy.
For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered.
Monetary Theory and Policy continues to be the most comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.
- The Vanishing Middle Class: Prejudice and Power in a Dual Economy
Why the United States has developed an economy divided between rich and poor and how racism helped bring this about.
The United States is becoming a nation of rich and poor, with few families in the middle. In this book, MIT economist Peter Temin offers an illuminating way to look at the vanishing middle class. Temin argues that American history and politics, particularly slavery and its aftermath, play an important part in the widening gap between rich and poor. Temin employs a well-known, simple model of a dual economy to examine the dynamics of the rich/poor divide in America, and outlines ways to work toward greater equality so that America will no longer have one economy for the rich and one for the poor.
Many poorer Americans live in conditions resembling those of a developing country--substandard education, dilapidated housing, and few stable employment opportunities. And although almost half of black Americans are poor, most poor people are not black. Conservative white politicians still appeal to the racism of poor white voters to get support for policies that harm low-income people as a whole, casting recipients of social programs as the Other--black, Latino, not like us. Politicians also use mass incarceration as a tool to keep black and Latino Americans from participating fully in society. Money goes to a vast entrenched prison system rather than to education. In the dual justice system, the rich pay fines and the poor go to jail.
- Urban Code - 100 Lessons for Understanding the City
A primer in urban literacy that teaches us in words and pictures what to notice if we want to understand the city.
Cities speak, and this little book helps us understand their language. Considering the urban landscape not from the abstract perspective of an urban planner but from the viewpoint of an attentive observer, Urban Code offers 100 "lessons"--maxims, observations, and bite-size truths, followed by short essays--that teach us how to read the city. This is a user's guide to the city, a primer of urban literacy, at the pedestrian level. The reader (like the observant city stroller) can move from "People walk in the sunshine" (lesson 1) to "Street vendors are positioned according to the path of the sun" (lesson 2); consider possible connections between the fact that "Locals and tourists use the streets at different times" (lesson 41) and "Tourists stand still when they're looking at something" (lesson 68); and weigh the apparent contradiction of lesson 73, "Nightlife hotspots increase pedestrian traffic" and lesson 74, "People are afraid of the dark."
A lesson may seem self-evident ("Grocery stores are important local destinations"--of course they are!) but considered in the context of other lessons, it becomes part of a natural logic. With Urban Code, we learn what to notice if we want to understand the city. We learn to detect patterns in the relationships between people and the urban environment. Each lesson is accompanied by an icon-like image; in addition to these 100 drawings, thirty photographs of street scenes illustrate the text. The photographs are stills from films shot in the Manhattan neighborhood of SoHo; the lessons are inspired by the authors' observations of SoHo, but hold true for any cityscape.
- Elements of Argumentation
Background and techniques for formalizing deductive argumentation in a logic-based framework for artificial intelligence.
Logic-based formalizations of argumentation, which assume a set of formulae and then lay out arguments and counterarguments that can be obtained from these formulae, have been refined in recent years in an attempt to capture more closely real-world practical argumentation. In Elements of Argumentation, Philippe Besnard and Anthony Hunter introduce techniques for formalizing deductive argumentation in artificial intelligence, emphasizing emerging formalizations for practical argumentation. Besnard and Hunter discuss how arguments can be constructed, how key intrinsic and extrinsic factors can be identified, and how these analyses can be harnessed for formalizing argumentation for use in real-world problem analysis and decision making.
The book focuses on a monological approach to argumentation, in which there is a set of possibly conflicting pieces of information (each represented by a formula) that has been collated by an agent or a pool of agents. The role of argumentation is to construct a collection of arguments and counterarguments pertaining to some particular claim of interest to be used for analysis or presentation.
Elements of Argumentation is the first book to elucidate and formalize key elements of deductive argumentation. It will be a valuable reference for researchers in computer science and artificial intelligence and of interest to scholars in such fields as logic, philosophy, linguistics, and cognitive science.
- Making Sense: Cognition, Computing, Art, and Embodiment
Why embodied approaches to cognition are better able to address the performative dimensions of art than the dualistic conceptions fundamental to theories of digital computing.
In Making Sense, Simon Penny proposes that internalist conceptions of cognition have minimal purchase on embodied cognitive practices. Much of the cognition involved in arts practices remains invisible under such a paradigm. Penny argues that the mind-body dualism of Western humanist philosophy is inadequate for addressing performative practices. Ideas of cognition as embodied and embedded provide a basis for the development of new ways of speaking about the embodied and situated intelligences of the arts. Penny argues this perspective is particularly relevant to media arts practices.
Penny takes a radically interdisciplinary approach, drawing on philosophy, biology, psychology, cognitive science, neuroscience, cybernetics, artificial intelligence, critical theory, and other fields. He argues that computationalist cognitive rhetoric, with its assumption of mind-body (and software-hardware) dualism, cannot account for the quintessentially performative qualities of arts practices. He reviews post-cognitivist paradigms including situated, distributed, embodied, and enactive, and relates these to discussions of arts and cultural practices in general.
Penny emphasizes the way real time computing facilitates new modalities of dynamical, generative and interactive arts practices. He proposes that conventional aesthetics (of the plastic arts) cannot address these new forms and argues for a new "performative aesthetics." Viewing these practices from embodied, enactive, and situated perspectives allows us to recognize the embodied and performative qualities of the "intelligences of the arts."