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1 – 10 of 13Camille Cornand and Frank Heinemann
In this article, we survey experiments that are directly related to monetary policy and central banking. We argue that experiments can also be used as a tool for central bankers…
Abstract
In this article, we survey experiments that are directly related to monetary policy and central banking. We argue that experiments can also be used as a tool for central bankers for bench testing policy measures or rules. We distinguish experiments that analyze the reasons for non-neutrality of monetary policy, experiments in which subjects play the role of central bankers, experiments that analyze the role of central bank communication and its implications, experiments on the optimal implementation of monetary policy, and experiments relevant for monetary policy responses to financial crises. Finally, we mention open issues and raise new avenues for future research.
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Brady J. Deaton, David Schweikhardt, James Sterns and Patricia Aust Sterns
I. Introduction to the Study of the Economic Role of Government: Alternative Approaches to Law and Economics
Michael P. Clements and David F. Hendry
In recent work, we have developed a theory of economic forecasting for empirical econometric models when there are structural breaks. This research shows that well-specified…
Abstract
In recent work, we have developed a theory of economic forecasting for empirical econometric models when there are structural breaks. This research shows that well-specified models may forecast poorly, whereas it is possible to design forecasting devices more immune to the effects of breaks. In this chapter, we summarise key aspects of that theory, describe the models and data, then provide an empirical illustration of some of these developments when the goal is to generate sequences of inflation forecasts over a long historical period, starting with the model of annual inflation in the UK over 1875–1991 in Hendry (2001a).
George Loewenstein, a prominent behavioral economist, recalls thatIn 1994, when Thaler, Camerer, Rabin, Prelec and I spent the year at the Center for Advanced Study in the…
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George Loewenstein, a prominent behavioral economist, recalls thatIn 1994, when Thaler, Camerer, Rabin, Prelec and I spent the year at the Center for Advanced Study in the Behavioral Sciences, we had a meeting to make a kind of final decision about what to call what we were doing. Remarkably, at that time, the name behavioral economics was not yet well established. I actually advocated “psychological economics,” and Thaler was strong on behavioral economics. I'm kind of glad that he prevailed; I think it's a better, catchier, label, although it creates confusion due to association with Behaviorism. (G. Loewenstein, personal email to author, June 16, 2008)
Fabio Canova and Matteo Ciccarelli
This article provides an overview of the panel vector autoregressive models (VAR) used in macroeconomics and finance to study the dynamic relationships between heterogeneous…
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This article provides an overview of the panel vector autoregressive models (VAR) used in macroeconomics and finance to study the dynamic relationships between heterogeneous assets, households, firms, sectors, and countries. We discuss what their distinctive features are, what they are used for, and how they can be derived from economic theory. We also describe how they are estimated and how shock identification is performed. We compare panel VAR models to other approaches used in the literature to estimate dynamic models involving heterogeneous units. Finally, we show how structural time variation can be dealt with.
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Boris N. Filatov, Valentina V. Klauchek, Nikolay G. Britanov and Sergei V. Klauchek
The world community has long striven for the liquidation of chemical weapons of mass destruction. The 1925 Geneva treaty “On the Prohibition of the Use in War of Asphyxiating…
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The world community has long striven for the liquidation of chemical weapons of mass destruction. The 1925 Geneva treaty “On the Prohibition of the Use in War of Asphyxiating, Poisonous or Other Gases, and of Bacterial Methods of Warfare” was the first international accord on chemical weapons prohibition. Signed by 125 countries, the USSR ratified the treaty in December 1927. The later development of the “Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and their Destruction” (henceforth “the Convention”) followed this early step and was undertaken with Russia's active participation. The Convention was signed by the Russian Federation in January 1993 and ratified by the State Duma in November 1997 with the decision to end chemical weapons stockpiling by 2007. As a signatory, Russia accepted international responsibilities for solving many interrelated problems, paramount among them was the protection of people and the environment (The Convention…, 1994, item 4).
Ronald K. Klimberg, George P. Sillup and Kevin Boyle
The accuracy of forecasts has a critical impact on an organization. A new, practical, and meaningful forecast performance measure, percentage forecasting error (PFE), was…
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The accuracy of forecasts has a critical impact on an organization. A new, practical, and meaningful forecast performance measure, percentage forecasting error (PFE), was introduced by the authors in an earlier publication. In this chapter, we examined the accuracy of the PFE under several different scenarios and found the results to indicate that PFE offers forecasters an accurate and practical alternative to assess forecast accuracy.
Collateral consequences (CCs) of criminal convictions such as disenfranchisement, occupational restrictions, exclusions from public housing, and loss of welfare benefits represent…
Abstract
Collateral consequences (CCs) of criminal convictions such as disenfranchisement, occupational restrictions, exclusions from public housing, and loss of welfare benefits represent one of the salient yet hidden features of the contemporary American penal state. This chapter explores, from a comparative and historical perspective, the rise of the many indirect “regulatory” sanctions flowing from a conviction and discusses some of the unique challenges they pose for legal and policy reform. US jurisprudence and policies are contrasted with the more stringent approach adopted by European legal systems and the European Court of Human Rights (ECtHR) in safeguarding the often blurred line between criminal punishments and formally civil sanctions. The aim of this chapter is twofold: (1) to contribute to a better understanding of the overreliance of the US criminal justice systems on CCs as a device of social exclusion and control, and (2) to put forward constructive and viable reform proposals aimed at reinventing the role and operation of collateral restrictions flowing from criminal convictions.
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