We develop an open-economy New Keynesian Model with foreign exchange (FX) intervention in the presence of a financial accelerator and shocks to risk appetite in international capital markets. We obtain closed-form solutions for optimal monetary and FX intervention policies assuming the central bank cannot commit to future policies, and we compare the solution to that under policy commitment. We show how FX intervention can help reduce the volatility of the exchange rate, of inflation, and of the output gap, thus mitigating welfare losses associated with shocks in the international capital markets. We also show that, when the financial accelerator is strong, there is a risk of indeterminacy (self-fulfilling currency and inflation movements) although FX intervention can reduce this risk and thus reinforce the credibility of the inflation targeting regime. Model simulations match well the impact of a VIX shock obtained by local projections on a panel of inflation targeting emerging markets. 相似文献
Journal of Quantitative Economics - This study explores stability issues of money demand in the wake of a new economic policy regime of India’s open economy, particularly since the 1990s. The... 相似文献
AbstractUsing a hand-collected dataset, we examine share trading activity over the period 1882–1920 for the North British and Mercantile Insurance Company, one of the largest UK companies of the time. Our main finding is that the steady flow of rentiers into the shareholding constituency of this company stymied share trading activity. Another important finding is that share trading still occurred during the closure of the stock exchange in 1914, but on a much-reduced scale. We also find that there was a substantial boom in share trading and in insurance stock prices after World War I. 相似文献
How does social distancing affect the reach of an epidemic in social networks? We present Monte Carlo simulation results of a susceptible–infected–removed with social distancing model. The key feature of the model is that individuals are limited in the number of acquaintances that they can interact with, thereby constraining disease transmission to an infectious subnetwork of the original social network. While increased social distancing typically reduces the spread of an infectious disease, the magnitude varies greatly depending on the topology of the network, indicating the need for policies that are network dependent. Our results also reveal the importance of coordinating policies at the ‘global’ level. In particular, the public health benefits from social distancing to a group (e.g. a country) may be completely undone if that group maintains connections with outside groups that are not following suit.
This paper scrutinizes the conventional wisdom about trends in UK income inequality and also places contemporary inequality in a much longer historical perspective. We combine household survey and income tax data to provide better coverage of all income ranges from the bottom to the very top (and make our estimates available to other researchers). We make a case for studying distributions of income between tax units (i.e. not assuming the full income sharing that goes with the use of the household as the unit of analysis) for reasons of principle as well as data harmonization. We present evidence that income inequality in the UK is as least as high today as it was just before the start of World War 2. 相似文献
We analyze the pay and position of 1009 faculty members who teach in doctoral‐granting economics departments at 53 large public universities in the United States. Using the Web of Science, we have identified the journal articles published by these scholars and the number of times each of these articles has been subsequently cited in published research articles. We find that research influence, as measured by various measures of total citations, is a remarkably strong predictor of the salary and the prestige of the department in which professors are employed. We also examine the effect of coauthorship. Surprisingly, we find no salary penalty for sharing authorship; however, in terms of prestige of employing department, coauthorship is fully discounted. 相似文献
Orangutans are projected to become critically endangered or extinct this century if humans continue to destroy their habitat. Threats include legal and illegal clearcutting of rain forests to establish palm oil plantations, climate change, and transnational organized crime. This study examines how self-benefit and other benefit appeals, knowledge of threats, concern about habitat loss, and liking orangutans are associated with (a) intent to protect habitat due to licit threats and crimes against wildlife, and (b) seeking information to save habitat. Upon entry to a zoo, 251 (118 men, 128 women, and 5 unknown) persons viewed posters highlighting the benefits of habitat conservation to self or others and completed a survey. Concern, threat knowledge, liking, and self-benefit and other benefit appeals accounted for 28% of the variance associated with intent to take action to protect the habitat. Integrating social influence principles into zoo displays and addressing barriers that prevent conservation behavior are discussed. The ideas in this paper are relevant to many primates and endangered species. 相似文献
This article studies the strategic journeys of two Indian banks in evolving socio-political and economic environments, spread across eight decades. It provides a holistic view of longevity challenges by exploring interdependencies between a firm’s internal dynamics, external environment, and its leaders. This article covers the growth of Canara Bank and Syndicate Bank in distinct phases of unrestricted, regulated, and centrally planned economic environment, and in changing socio-political scenarios. It uses within-case and across-case analysis, contextualised in these conditions, to provide rich insights about measures adopted by firms for their long-term survival and sustenance. 相似文献
Agricultural policies in sub-Saharan Africa have paid insufficient attention to sustainable intensification. In Uganda, agricultural productivity has stagnated with aggregate increases in crop production being attributed to expansion of cultivated land area. To enhance sustainable crop intensification, the Ugandan Government collaborated with stakeholders to develop agricultural policies using an evidence-based approach. Previously, evidence-based decision-making tended to focus on the evidence base rather than evidence and its interactions within the broader policy context. We identify opportunities and pitfalls to strengthen science engagement in agricultural policy design by analysing the types of evidence required, and how it was shared and used during policy development. Qualitative tools captured stakeholders' perspectives of agricultural policies and their status in the policy cycle. Subsequent multi-level studies identified crop growth constraints and quantified yield gaps which were used to compute the economic analyses of policy options that subsequently contributed to sub-national program planning. The study identified a need to generate relevant evidence within a short time 'window' to influence policy design, power influence by different stakeholders and quality of stakeholder interaction. Opportunities for evidence integration surfaced at random phases of policy development due to researchers’ ’embededness’ within co-management and coordination structures. 相似文献