Books in the Clarendon Lectures in Economics series

Attempts to analyze the effects of macroeconomic volatility on productivity growth, and the reverse causality from growth to business cycles. This book shows that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go a long way towards explaining persistent macroeconomic volatility.

'Incentives and Political Economy' constructs a normative approach to constitutional design using developments in contract theory. It treats political economy as the study of the incentive problems created by the delegation of Politicians are treated successively as informed supervisors or residual decision-makers.

This book presents a unified analysis of transition. Transition in Central and Eastern Europe has led to a U-shaped response of output, that is, a sharp decline in output followed by recovery. This U-shaped response, its causes and its implications, are the subject of this text. Now available in paperback.

Considers the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil and Israel. The author examines common characteristics of such processes and their possible cures, focusing on the Israeli experience of the political economy of stabilization.

The advent of noncooperative game theory over the past two decades has brought about a mild revolution in economics. This book presents an accessible, non-technical discussion of the basic concepts from noncooperative theory, and explores the strengths, weaknesses, and future of the theory as a tool for economists.

'The Efficient Markets Hypothesis' has been the central proposition of finance for nearly 30 years. This book presents an alternative view of financial markets: behavioural finance. Shleifer demonstrates the oversimplification of EMH both in the common assumption of perfect rationality and the failure of arbitrage to adjust prices correctly.

This book offers a new perspective of globalization. The author moves away from the established 'For or Against' debates and shows what the globalization process looks like from Chinese, Indian, and African perspectives.

Oliver Hart's 'Clarendon Lectures' are a contribution to contact theory as it is developing in economic analysis, and especially in the context of the firm. He starts by developing a general model of the firm, and then analyses in greater depth the financial structure of firms, debt collecting and bankruptcy. T

This work links cutting-edge academic analysis of portfolio choice to the practical concerns of institutional investors, financial planners, and individual investors. It shows in empirical detail how long-term portfolios should differ from short-term portfolios.

Robert Shiller has created a proposals for establishing new markets for the management of the biggest economic risks faced by governments. He argues that we have largely the wrong financial markets and that establishing new ones may fundamentally alter and diminish international economic fluctuations and reduce the inequality of incomes.