Many countries have experienced major economic changes since the mid-1980s as a result of the deregulation and liberalization of national financial systems -- two key aspects of globalization -- with some experiencing boom and bust in rapid succession. The small Northern European country of Finland has been hailed as a success story for achieving renewed economic growth and prosperity after a financial crisis and deep depression in the early 1990s. 
Economic Prosperity Recaptured offers a detailed analysis of the rapid swings in Finland's recent economic development, from initial overheating in the late 1980s through deep crisis in the early 1990s to recovery and growth since the mid-1990s.
Finland's complex road to recovery offers excellent examples of both unsuccessful and successful policy responses to changing circumstances. The authors examine the three relatively distinct periods of Finland's recent experience, analyzing the adequacy of the macroeconomic policy response in each case. They assess the real economic effects of financial constraints and look for evidence of the "credit channel" of the monetary system. Finland's rapid economic growth since the mid-1990s is largely the result of its structural transformation into a high-tech economy; Nokia is the most famous example of this information and communication technology success. Elaborating on Finland's ICT revolution, the authors demonstrate that well-designed economic policies contributed to Finland's economic turnaround.
CESifo Book series

Economic Prosperity Recaptured: The Finnish Path from Crisis to Rapid Growth (Cesifo Book Series)

Business & Money

Honkapohja, Seppo

Koskela, Erkki A.

Leibfritz, Willi

Uusitalo, Roope

Economics

Mit Pr

The main purpose of this book is to review and discuss the different varieties of macro modelling. A second purpose is to analyze policy themes that are currently important in Finland and elsewhere. The last set of papers analyze exchange rate policies in Finland and issues in European Economic Integration. The reader will find both a useful overview of the different types of macroeconomic modelling of economic policies and some stimulating analyses of current issues in economic policy-making. The book is dedicated to Pertti Kukkonen on the occasion of his 60th birthday to honour his long and distinguished career as a participant and advisor in economic policy-making.

Macroeconomic Modelling and Policy Implications: In Honour of Pertti Kukkonen (Contributions to Economic Analysis, 216)

Emerald Publishing Limited

Frontiers of economics

472p black paperback, from a Cambridge college library, minor shelfwear, pages clean and unmarked, index, very good condition

Frontiers of Economics

Arrow, Kenneth

Blackwell Pub.

A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach.
 Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.

Learning and Expectations in Macroeconomics (Frontiers of Economic Research)

Evans, George W.

Princeton University Press

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