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The past century and a quarter can be divided into three successive eras for homeownership policy characterization. For the first four decades, the federal government pursued a laissez-faire policy that left housing issues to the individual states and private markets. For the next six decades, the federal government implemented a policy created as part of the Roosevelt New Deal program. Finally, the Clinton administration discarded the New Deal policy in favor of a more aggressive policy that has continued to the present day. The purpose of this study is to compare the performance of the respective policies.

The study introduces two metrics. The first metric, based on government homeownership rate data, enables comparison of the laissez-faire and New Deal policies. The second metric, based on financial frictions in the mortgage market, enables comparison of the New Deal and Clinton policies.

Analysis based on the first metric suggests the New Deal policy was successful in meeting its macroeconomic objectives and was more effective overall than the laissez-faire policy. Analysis based on the second metric suggests the New Deal policy was also more successful in both respects than the Clinton policy.

The findings suggest that the Clinton homeownership policy was the primary driver behind the recent US housing crisis and that vulnerability in the secondary mortgage market created by the Clinton policy represents systemic housing market risk.

The study introduces simple analytical tools to address problems related to systemic risk in the US housing and housing finance markets due to homeownership policy.

Weak regional commercial and productive integration and monetary dependence on the economic poles are evidence of the consolidation of Latin America's peripheral position in the world economy. This research analyzes different monetary initiatives launched individually or collectively by countries in the region to alleviate this position, such as the petro, the SUCRE, or El Salvador's bet on the legal acceptance of bitcoin as a payment instrument. After identifying some of their limitations, we propose some basis for monetary coordination with which to advance in the dynamization of productivity and trade complementarity of the countries of the region.

Russia's size – both in terms of population and geography, spanning 11 time zones, 89 oblasts (states or regions) and autonomous republics and its privatization program, encompassing some 100,000 small-scale enterprises, 25,000 medium to large firms, and 300 or so of its largest firms, made its privatization program the largest sale/transfer of assets conducted among the transition economies, with the possible exception of China. Comparisons by many of the program's critics, and there are many, to Poland, Hungary, or the Czech republic are invidious, especially the latter two countries whose populations are similar to just that of greater Moscow.

The equation of unified knowledge says that S = f (A,P) which means that the practical solution to a given problem is a function of the existing, empirical, actual realities and the future, potential, best possible conditions of general stable equilibrium which both pure and practical reason, exhaustive in the Kantian sense, show as being within the realm of potential realities beyond any doubt. The first classical revolution in economic thinking, included in factor “P” of the equation, conceived the economic and financial problems in terms of a model of ideal conditions of stable equilibrium but neglected the full consideration of the existing, actual conditions. That is the main reason why, in the end, it failed. The second modern revolution, included in factor “A” of the equation, conceived the economic and financial problems in terms of the existing, actual conditions, usually in disequilibrium or unstable equilibrium (in case of stagnation) and neglected the sense of right direction expressed in factor “P” or the realization of general, stable equilibrium. That is the main reason why the modern revolution failed in the past and is failing in front of our eyes in the present. The equation of unified knowledge, perceived as a sui generis synthesis between classical and modern thinking has been applied rigorously and systematically in writing the enclosed American‐British economic, monetary, financial and social stabilization plans. In the final analysis, a new economic philosophy, based on a synthesis between classical and modern thinking, called here the new economics of unified knowledge, is applied to solve the malaise of the twentieth century which resulted from a confusion between thinking in terms of stable equilibrium on the one hand and disequilibrium or unstable equilibrium on the other.

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

A long Introduction provides a composite methodological standard of 25 elements (concepts, theorems and basic relationships) which actually represent in analysis a system of general stable equilibrium in economics and other social sciences. In practice, the same composite standard refers to a possible regime of a free, just and stable economy and society. This double composite scientific objective standard was used to examine the content of the Memorial Lectures presented by nine Laureates who received the Nobel Prize in Economics from 1969 to 1974. Specifically, the purpose was to see how much these lectures have contributed to the clarification and the solution of the major problems of our time.

A method for optimizing net positive suction head required of axial‐flow pumps has been proposed by the present author, which is based on the two‐dimensional potential flow model and without considering the tip gap effect. The objective of the paper is to confirm if the method is just and feasible for the case of viscous fluid flow in impellers with tip gap.

A series of steady, three‐dimensional, noncavitating and cavitating, turbulent, incompressible flows of water through two axial‐flow pump impellers were calculated by using CFD code Fluent. The two impellers included a reference one with constant circulation at outlet and an optimized one with variable circulation designed with the author's method and code. In computations, the throttling and unthrottling approaches were used, respectively. Comparison of hydraulic performance, averaged flow variables at the impeller inlet and exit, flow in the tip gap, flow variables on blade surfaces and suction performance between the optimized and reference impellers was made.

It was confirmed that the optimized impeller has better hydraulic and suction performances. The method for optimizing with variable flow circulation profile along blade span at the outlet to impeller is proper and practical. Additionally, an unstable regime in the head curves of two impellers is presented. In the regime, a stall occurs on the pressure side of the blade and a hysteresis exists, which causes a hysteresis‐loop.

The effect of suction entry on flow is represented approximately by using a free‐vortex and uniform axial velocity. The diffusing component behind the impellers is not taken into account. The unsteadiness of flow is not considered, which would have a connection with stall pattern in an axial‐flow impeller.

The hydraulic and suction performances and flow variables of two axial‐flow pump impellers with tip clearance are obtained successfully with CFD. Stall and hysteresis as well as hysteresis‐loop in head curve are observed by using throttling and unthrottling approaches.

This paper aims to examine regime switching behaviour of the nominal exchange rate in Uganda to shed light on the necessity (as well as efficacy) of the participation of the central bank market.

The homogenous two‐state Markov chain methodology was employed to investigate the possibility of regime changes in the nominal exchange rate. The maximum likelihood parameter estimates were obtained using the Broyden‐Fletcher‐Goldfarb‐Shanno iteration algorithm.

The results validate the expectation of the two distinct state spaces characterized as sharp and disruptive but short‐lived depreciations as well as small appreciations occurring through a long period. The central bank intervention actions are shown to be largely successful in mitigating the disruptive effects of the sharp depreciations.

The paper lends empirical support to the intervention actions of the Bank of Uganda. In face of the numerous disruptions to the short‐term exchange rate process, failure to intervene may cause rational panic and given the nature of investor behavior, this may quickly spread and even cause further disruptions. It is important for the central bank to send signals that these disruptions are temporary.

The homogenous Markov chain specification employed in this study makes it possible to avoid the pitfalls that may arise by attempting to specify a structural model for the exchange rate. In addition, inference about the different possible state spaces is made on the basis of all available information.

In this chapter we review the recent and growing literature on medium-term growth patterns. This strand of research emerged from the realization that for most countries economic development is a highly unstable process; over a course of a few decades, a typical country enjoys periods of rapid growth as well episodes of stagnation and economic decline. This approach highlights the complex nature of growth and implies that studying transitions between periods of fast growth, stagnation, and collapse is essential for understanding the process of long run growth. We document recent efforts to characterize and study such growth transitions. We also update and extend some of our earlier research. Specifically, we use historical data from Maddison to confirm a link between political institutions and propensity to experience large swings in growth. We also study the role of institutions and macroeconomic policies, such as inflation, openness to trade, size of government, and real exchange rate overvaluation, in the context of growth transitions. We find surprisingly complex effects of some policies. For example, trade makes fast growth more likely but also increases the frequency of crises. The size of government reduces the likelihood of fast miracle-like growth while at the same time limiting the risk of stagnation. Moreover, these effects are nonlinear and dependent on the quality of institutions. We conclude by highlighting potentially promising areas for future research.