The first book-length study of the importance of collateral frameworks in monetary policy, focusing on the Eurozone and euro crisis.

Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflationary risks with unprecedented monetary policy operations. While generally regarded as successful, these measures also led to an exceptional increase in the size of central bank balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework). Second, the book reviews the basic mechanics of financial crises as they have hit economies many times. The book then explains what central banks need to do to when financial markets and banks are impaired to fulfil their monetary policy and financial stability mandates. Besides demonstrating the need for non-conventional monetary policy measures, the book also highlights their dangers, such as moral hazard and increased central bank risk taking. The book draws a number of lessons from the crisis on non-conventional monetary policy operations, assessing what measures have worked well, and how a framework should be designed in future normal times such as to contribute to make financial crises less likely. Central bank monetary policy operations have traditionally been considered as a matter of practice, while the macroeconomic modelling of the transmission mechanism of monetary policy is regarded as a discipline relying on substantial theory ('monetary economics'). However, monetary policy operations can equally benefit from a theory, and from a normative framework to guide policy choices. The limited interest that monetary policy operations have found for many decades in academic economics may well have contributed to the many misunderstandings on central bank actions over recent years. This book provides a basis for a better theoretical understanding of real-world monetary policy operations.

Computers, communications, digital information, softwareâ€"the constituents of the information ageâ€"are everywhere. Being computer literate, that is technically competent in two or three of today's software applications, is not enough anymore. Individuals who want to realize the potential value of information technology (IT) in their everyday lives need to be computer fluentâ€"able to use IT effectively today and to adapt to changes tomorrow. Being Fluent with Information Technology sets the standard for what everyone should know about IT in order to use it effectively now and in the future. It explores three kinds of knowledgeâ€"intellectual capabilities, foundational concepts, and skillsâ€"that are essential for fluency with IT. The book presents detailed descriptions and examples of current skills and timeless concepts and capabilities, which will be useful to individuals who use IT and to the instructors who teach them.

The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation.

Drawing on their extensive research, Nichols and Berliner document and categorize the ways that high-stakes testing threatens the purposes and ideals of the American education system. For more than a decade, the debate over high-stakes testing has dominated the field of education. This passionate and provocative book provides a fresh perspective on the issue and powerful ammunition for opponents of high-stakes tests. Their analysis is grounded in the application of Campbell’s Law, which posits that the greater the social consequences associated with a quantitative indicator (such as test scores), the more likely it is that the indicator itself will become corrupted—and the more likely it is that the use of the indicator will corrupt the social processes it was intended to monitor. Nichols and Berliner illustrate both aspects of this “corruption,” showing how the pressures of high-stakes testing erode the validity of test scores and distort the integrity of the education system. Their analysis provides a coherent and comprehensive intellectual framework for the wide-ranging arguments against high-stakes testing, while putting a compelling human face on the data marshalled in support of those arguments.