The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets

We develop a model to analyze monetary policy implementation with multiple Federal Reserve liabilities and superabundant reserves. The analysis demonstrates the Federal Reserve's tools including interest on excess reserves (IOER), overnight reverse repurchase agreements (ON RRP), and term deposits should allow the Federal Reserve to raise the short‐term interest rates to any desired level. We find the contribution of each the increase in the IOER and ON RRP offering rates in firming money market rates suggested by the data during the December 2015 policy tightening event is remarkably similar to the effect of each tool implied by the calibrated model.     

The Political Uses of Some Economic Ideas: The Trade‐Off Between Efficiency and Equality

The notion of a trade‐off between efficiency and equality is pervasive in many disciplines across the social sciences. Moreover, an imprecise notion of this well‐known dilemma is an integral part of the discourse of politicians and policy‐makers. The scientific status of the idea of a trade‐off between efficiency and equality is, however, a matter of contention. Philosophical dissections of the idea have already deflated the analytical cogency of most of its versions, while the economic literature trying to assess the empirical relation between growth and equality has shown contradicting results. This article, by focusing on the role this idea plays both in the discourse and strategy of social‐democratic parties, and in the social science explanations of their trajectories, argues that the pervasiveness of the notion of the trade‐off between efficiency and equality is best explained in terms of the political functions it can fulfill.     

A Research Note on the Use and Perceived Usefulness of Analytical Procedures by Australian Auditors

This paper provides Australian evidence on the use and perceived usefulness of analytical procedures (AP) by both Big 6 and non-Big 6 auditors. The following questions are posed in the paper. First, what is the extent of usage of AP? Second, which AP are used most frequently? Third, at what stage of the audit are AP used most frequently? Fourth, how effective are AP? Fifth, do auditors expect more or less use of AP in the future? In the context of these questions comparisons are drawn between Big 6 and non-Big 6 auditors and with two recent overseas studies.     

Early-Life Outdoor Experiences and an Individual's Environmental Attitudes

This study investigated the effects of early-life experiences on an individual's environmental beliefs. Data from a survey of 533 university undergraduate students from 20 areas of academic study were analyzed using sequential regression to determine the degree to which current environmental beliefs could be explained by early childhood experiences. Results showed that four of the seven independent variables (appreciative outdoor activities, consumptive outdoor activities, media exposure, and witnessing negative environmental events) explained 14% of the variance in the eco-centric/anthropocentric beliefs. Three of the independent variables (early-life participation in mechanized outdoor activities, education, and involvement with organizations) were not significant predictors of eco-centric/anthropocentric beliefs. Implications for research and practice were discussed.     

Managing the economy,managing the people: Britain c.1931–701

The rise and consolidation of national economic management is one of the key themes of British economic and political history in the middle decades of the twentieth century. This article seeks to complement the existing substantial literature focused upon elite economic policy‐making processes with an analysis of how that economic management has been accompanied by persistent government attempts to develop and popularize new understandings of 'the economy'. In this way, governments were involved in a profound shift in their relationship with the wider society, as they sought to shape the beliefs and behaviour of producers, consumers, and the public in general. The article attempts to link the elite discourse of national economic management to the attempts to shape popular understandings about the economy, and the (problematic) impact of these understandings on behaviour. The particular focus is on the 1960s, when these attempts reached some kind of culmination.