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1 – 10 of over 9000Siwa Msangi and Miroslav Batka
This chapter explores policy implications of deliberately targeted interventions aimed at closing the gap between nutrition baseline trends and desirable levels of nutrition…
Abstract
Purpose
This chapter explores policy implications of deliberately targeted interventions aimed at closing the gap between nutrition baseline trends and desirable levels of nutrition intake according to World Health Organization/Food and Agriculture Organization of the United Nations guidelines. Special attention is paid to the implications for those at the bottom of the nutrition achievement range (Bottom Billion).
Methodology/approach
We conduct a forward looking evaluation with a global multimarket model for agriculture within the context of key drivers of change. We observe the effect of interventions on nutrition intake for the most food-insecure regions as transmitted through food prices, changes in country-level food trade, and other market-driven outcomes. We demonstrate the nutrition-enhancing effects that occur when animal-sourced protein consumption, livestock production, and livestock feed demand decrease in developed countries. We also show the effect of a significant growth in agricultural productivity and household incomes.
Findings
Our analysis shows that the most effective intervention boosts household income to facilitate adequate intake of food and key nutrients. Diet changes have notable effects but are harder to implement on a practical level. Enhancing agricultural productivity (especially in regions with historically low yields) is also effective in improving nutrition outcomes.
Practical implications
Short of social protection and direct assistance programs, the ability of policy to effect short-term changes in nutritional status is limited. We highlight the effectiveness of pathways that promote longer-term socioeconomic growth and productivity gains as ways of improving the nutrition and health status of consumers.
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The Taylor Rule’s Zero Lower Bound problem can be solved by pegging interest rates on longer-maturity loans than the 6 weeks implicit in the Fed’s current operating procedures…
Abstract
The Taylor Rule’s Zero Lower Bound problem can be solved by pegging interest rates on longer-maturity loans than the 6 weeks implicit in the Fed’s current operating procedures. However, the Fed’s policy since 2008 of reducing the opportunity cost of excess reserves to zero (or even negative) has neutralized the stimulative effect of the Fed’s low interest rate policy. Eliminating interest on excess reserves would restore the effectiveness of monetary policy, but would require promptly unwinding the Fed’s “Quantatitve Easing” acquisitions.
It is argued that the Fed’s reaction function should contain no pure inertial terms, and that the “output gap” as originally conceived by Taylor is a statistical illusion. Although the unemployment gap is statistically meaningful, it is not clear that it should be directly included in the Taylor Rule unless it serves as a proxy for the equilibrium real interest rate.
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Suk-Joong Kim, Linda Lee and Eliza Wu
This chapter investigates the impact of policy interest rate news from the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) on stock returns and volatilities of U.S…
Abstract
This chapter investigates the impact of policy interest rate news from the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) on stock returns and volatilities of U.S. NYSE and German DAX listed commercial banks. We find that Fed news has the most influence on both U.S. and German listed bank stocks and an unexpected policy rate increase (decrease) lowers (raises) returns and raises volatility in the majority of cases. On the other hand, ECB news generally increases bank stock volatility in the United States but has little impact within its own domestic banking industry. While our results for the U.S. listed banks confirm that their stock prices are more responsive in bad economic times and also during periods of monetary tightening, we find disparities for German banks suggesting that U.S. and European banking industries respond heterogeneously to monetary policy news but the Global Financial Crisis increased the sensitivity of all banks to monetary policy news.
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Jacqueline A. Burke and Hakyin Lee
Mandatory auditor firm rotation (mandatory rotation) has been a controversial issue in the United States for many decades. Mandatory rotation has been considered at various times…
Abstract
Mandatory auditor firm rotation (mandatory rotation) has been a controversial issue in the United States for many decades. Mandatory rotation has been considered at various times as a means of improving auditor independence. For example, in the United States, the Public Company Accounting Oversight Board (PCAOB) has considered mandatory rotation as a solution to the independence problem (PCAOB, 2011) and the European Parliament approved legislation that will require mandatory rotation in the near future (Council of European Union, 2014). The concept of implementing a mandatory rotation policy has been encouraged by some constituents of audited financial statements and rejected by other constituents of audited financial statements. Although there are apparent pros and cons of such a policy, the developmental process of such a policy in this country has not necessarily been an open-democratic, objective process. Universal mandatory rotation may or may not be the ideal solution; however, an open-democratic, objective process is needed to facilitate the development of a solution that considers the needs of all major stakeholders of audited financial statements – not simply accounting firms and public companies, but also investors. The purpose of this paper is to critically examine key issues relating to mandatory rotation and to encourage and stimulate future research and ongoing dialogue regarding this issue, in spite of efforts by certain constituents to silence the issue. This paper provides an overview of the various reasons, including practical, theoretical, political, and self-motivated reasons, why a mandatory rotation policy has not been implemented in the United States in order to address the potential conflict of interest between the auditor and client. This paper will also discuss how some deliberations of mandatory rotation have been flawed. The paper concludes with a summary of key issues along with two approaches for regulators, policy makers, and academics to consider as ways to improve the process and address auditor independence. The authors are not advocating for any specific solution; however, we are advocating for a more objective, unified approach and for the dialogue regarding auditor rotation to continue.
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T. S. Jayne, Rui Benfica, Felix Kwame Yeboah and Jordan Chamberlin
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With a storytelling tone, this chapter narrates different examples of service-learning programs at The American School of Barcelona. The opportunities for international schools to…
Abstract
With a storytelling tone, this chapter narrates different examples of service-learning programs at The American School of Barcelona. The opportunities for international schools to develop experiential/learning programs through partnerships with a variety of institutions from the local community such as hospitals, multinational corporations, local and international NGOs, business schools, and regional or national governments are described. Establishing these partnerships not only provides students with valuable opportunities for experiential learning and service-learning, but it also has a very positive impact on partner institutions and their constituents, enhancing the school’s image in the community. Processes, as well as problems and solutions, that arise when developing service-learning programs are examined. By reading this chapter, it is hoped that readers will be inspired and, if they are practitioners of service-learning, will be able to replicate some of these programs in their own contexts. The reader will be able to see the positive benefits both for those who are serving and those who are served.
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This chapter examines the proposition that drone technologies are a force for good and discusses a number of applications that have become prominent within this category. It…
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This chapter examines the proposition that drone technologies are a force for good and discusses a number of applications that have become prominent within this category. It investigates how drones are being used within a growing number of sectors, including leisure, research, health, journalism, and sports, and analysing the development of such pursuits and their implications. It focusses on what resides behind the desire to re-characterise drones as objects of desire – and products more generally – and as vehicles for positive social change. Central to this chapter is the claim that drones are vehicles for asserting agency and competence over technology, but that there is also a trend towards the erosion of skills required to operate such devices, which undermines their overall evaluation has sources of empowerment.
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The central bank policy instruments have become less effective in an environment where economies are integrated with sophisticated financial products. We argue that economic…
Abstract
The central bank policy instruments have become less effective in an environment where economies are integrated with sophisticated financial products. We argue that economic stability is a function of interactions between financial and commodity markets. We utilize MGARCH models to identify volatility comovements between these markets in the United States since 2000. Our results suggest that financial markets have strong impacts on prices and volatility in commodity markets which could be due to intertemporal capital mobility. Thus, understanding commodity markets is inseparable from understanding financial market activities, and must now be included in an economic equation to achieve an effective policy.