A complete survey of traditional banjo styles complete with tunings, playing tips, and the author's deft drawings. Progresses from easy tunes for the beginner to more difficult pieces. The styles include up-picking or Pete Seeger's basic strum; two-finger picking; three-finger picking; and what had variously been called frailing, clawhammer, knocking, rapping, overhand, fram-style, flayin' hand, andother Appalachian names, here called down-picking. Audio download available online

An impressive characteristic of Dudley Shapere's studies in the philosophy of the sciences has been his dogged reasonableness. He sorts things out, with logical care and mastery of the materials, and with an epistemological curiosity for the historical happenings which is both critical and respectful. Science changes, and the philosopher had better not link philosophical standards too tightly to either the latest orthodox or the provocative up start in scientific fashions; and yet, as critic, the philosopher must not only master the sciences but also explicate their meanings, not those of a cognitive never-never land. Neither dreamer nor pedant, Professor Shapere has been able to practice the modern empiricist's exercises with the sober and stimulat ing results shown in this volume: he sees that he can be faithful to philosoph ical analysis, engage in the boldest 'rational reconstruction' of theories and experimental measurements, and faithful too, empirically faithful we may say, to both the direct super-highways and the winding pathways of conceptual evolutions and metaphysical revolutions. Not least, Shapere listens! To Einstein and Calileo of course, but to the workings of the engineers and the scientific apprentices too, and to the various philosophers, now and of old, who have also worked to make sense of what has been learned and how that has happened and where we might go wrong.

Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find that accommodative U.S. monetary conditions are reliably associated with faster EM leverage growth during the past decade. Specifically, a 1 percentage point decline in the U.S. policy rate corresponds to an appreciable increase in EM leverage growth of 9 basis points, on average (relative to the sample average leverage growth of 35 basis points per year). This impact is more pronounced for sectors dependent on external financing, for SMEs, and for firms in more financially open EMs with less flexible exchange rates. The findings suggest that global financial conditions affect EM firms’ leverage growth in part by influencing domestic interest rates and by relaxing corporate borrowing constraints.

Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of securitized assets to collateralize borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity shortage. When trying to address this, policy makers will need to consider concepts of liquidity besides the traditional metric of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains highly liquid.

This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord

This book investigates the South African business cycle and its links to structural change in the economy. Against the backdrop of the democratic transition in 1994 and the global financial crisis, the authors study how business cycles in South Africa have changed and how cycles are related to key developments in the financial markets, international trade and business sentiment in the country. By focusing on peaks and troughs in economic activity – so-called ‘turning-point cycles’ – the book links up with the common approach of international policymakers to studying fluctuations in economic activity. The authors also introduce new approaches to measuring phases of the business cycle (to understand slow recoveries after the global crisis), provide comprehensive descriptions to complement quantitative analyses, and utilize new data sources that allow the measurement of economic activity over longer periods. As such, the book provides the first integrated overview of business cycles in an emerging market, providing academics and policymakers with a better understanding of the measurement challenges and drivers of the cycle.