Do Central Banks React to House Prices?

We estimate the Federal Reserve's, the Bank of England's, and the Bank of Japan's responses to house prices. We show that generalized method of moments estimates of a Taylor rule augmented with house prices are biased and dispersed. We then use full‐information methods and estimate the policy rule together with a VAR for the nonpolicy variables. These estimates are also biased. We propose an alternative approach and estimate a dynamic stochastic general equilibrium model embedded with a monetary rule with a direct response to house prices. We find that house prices played a separate role in the reaction functions of these central banks.     

Consumers' Use of Nutritional Labels While Food Shopping and At Home

This study examines the impact of sociodemographic and nutrition/health related factors on consumers' use of nutritional labels while food shopping, at home, and when comparing nutrients for different brands of the same foods. The results generally suggest that unemployed individuals and those who place greater importance on nutrition while shopping and following the dietary guidelines are more likely to use nutritional labels while shopping, at home, or when comparing brands. Findings also indicate that education has a positive impact on the likelihood of using labels at home. The amount of time a consumer spends on shopping, primary source of nutritional information, special diet status, and consumer's perception of the importance of price and taste when shopping are also significant factors.     

THE IMPORTANCE OF CONSECUTIVE SPELLS OF POVERTY: A PATH‐DEPENDENT INDEX OF LONGITUDINAL POVERTY

In this paper we propose a new index of individual poverty in the longitudinal perspective, taking into account the way poverty and non‐poverty spells follow one another along individual life courses. The Poverty Persistence Index (PPI) is based on all the pairwise distances between the waves of poverty. The PPI is normalized and it assigns a higher degree of (longitudinal) poverty to people who experience poverty in consecutive, rather than separated, periods, for whom the distances from the poverty line are larger along time and moreover, when the worst years are consecutive and/or recent. We also propose an aggregate index of persistence in poverty (APPI) in order to measure the distribution of the persistence of poverty in a society, and evaluate at once the diffusion of poverty, its depth, duration, and recentness. The indices are tested in comparison with other measures from the literature both at the individual as well as at the societal level.