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Developing an effective advertising campaign requires a stream of interconnected decisions on such matters as budgeting and media, as well as a strong creative strategy. Goals and objectives must be established before work on specific plans and an action is begun. This relationship between objectives and plans holds true where advertising is involved. Before developing […]

Fisher’s view that velocity is fairly constant in the short run transforms the equation of exchange into the quantity theory of money, which states that nominal income is determined solely by movements in the quantity of money: When the quantity of money M doubles, M x V doubles and so must P x Y, the […]

Our analysis of business cycles and economic growth has generally focused on policies in a closed economy. We analyzed the way that monetary and fiscal policies can help stabilize the business cycle, shaving the peaks off inflation and the troughs off output. How do macroeconomic policies change in an open economy? Surprisingly, the answer to […]

We start with an analysis of the international monetary system. This term denotes the institutions under which payments are made for transactions that reach across national boundaries. In particular, the international monetary system determines how foreign exchange rates are set and how governments can affect exchange rates. The importance of the international monetary system was […]

Since the late nineteenth century, it has been common practice to define management in terms of four specific functions of managers: planning, organizing, leading, and controlling. A process is a systematic way of doing things. We refer to management as a process to 132 emphasize that all managers, regardless of their Cartier Replica Watches particular […]