113 research outputs found
A smarter way to fund recovery: Why Ukraine needs GDP‑contingent loans
No full textAs Ukraine faces mounting debt and uncertain recovery, a new kind of loan could offer vital relief, one that grows with the economy and waits till it can pay, write Dr Jan Libich and Bruce Chapman.</p
Welfare Improving Coordination of Fiscal and Monetary Policy
No full textShould independent monetary and fiscal policies coordinate their actions and/or targets? To examine this question the paper considers a simple reduced-form model in which monetary and fiscal policies are formally independent, but still interdependent—through their mutual spillovers. The analysis shows that the medium-run equilibrium levels of inflation, deficit, and output depend on the two policies’ (i) potency (elasticity of output with respect to the policy instruments), (ii) ambition (the level of their output target), and (iii) conservatism (inflation vs. output volatility aversion). What matters is however the relative degrees of these characteristics across the two policies rather than the absolute degrees for each policy. This implies that coordination of monetary and fiscal policy is superior to non-cooperative Nash behaviour. In particular, we find that ambition-coordination is more important than conservatism-coordination in terms of avoiding medium-run imbalances due to a tug-of-war betw een the policies. For this reason, and perhaps surprisingly, ambition-coordination can be welfare improving even if the policymakers’ objectives are idiosyncratic, and their coordinated output targets differ from the socially optimal value.Coordination, interaction, monetary policy, fiscal policy, central bank, government, inflation, deficit
Real-World Economic Policy: Insights from Leading Australian Economists, by Jan Libich (Cengage Learning Australia, Melbourne, 2016), pp. 300.
No full textThis book aims to convey how applicable economics is to real‐world policy‐making. Undergraduate students are its main target readership, and many chapters could be assigned as recommended reading to supplement core economic theory chapters from set principles texts. Its contents could also suit intermediate and MBA‐type economics courses, while select chapters may interest specialist professional economists in the private and public sectors.Full Tex
The multigenre voyage. Genology and genetics of the <i>Voyage to the Holy Land from Naples</i> (<i>Podróż do Ziemi Świętej z Neapolu</i>) by Juliusz Słowacki
No full textThis paper concerns the relation between genology and genetics in the digressive romantic poem Voyage to the Holy Land from Naples (Podroż do Ziemi Świętej z Neapolu) by Juliusz Słowacki. It is perhaps one of his most underestimated works, often treated as a prelude to the popular Beniowski. Voyage to the Holy Land was created during Słowacki’s journey to the East. The whole work took several years to write, which was a time of increased artistic productivity for its author. The poem was developed in a notebook, along with numerous notes, drawings, and journey expenses written down in its margins. For this reason, the author of the article does not focus on the content of the poem, but on its form, and indicates that the chronological development of the text is strongly correlated with the numerous possibilities of interpretation encoded in the various genres that inspired the creation of the poem. For instance, he presents Słowacki’s poem as a silva rerum — a book filled with many kinds of notes and memorabilia, kept by the nobility during the Baroque Period — and a romantic travelogue. The author aims to present the most compelling genological aspects of the poem and in order to do so, he references, among others, genetic criticism, and a methodology that derives from literary anthropology and describes the physical medium which carries the text along
Inflation Nutters? Modelling the Flexibility of Inflation Targeting
No full textOpponents of explicit inflation targeting (including ex-Chairman Greenspan) have argued that a commitment to a numerical inflation target is likely to reduce monetary policy flexibility, and hence increase output volatility. Our paper demonstrates that this claim may fail to account for the anchoring effect of explicit targets on expectations and wages—found in the data by a number of empirical studies. We do so in a novel, dynamic game theoretic framework with asynchronous moves that endogenizes the frequency of the private sector’s actions. We derive the conditions under which an explicit long-term inflation target makes the behaviour of private agents rationally inattentive and anchored. This is through enhancing monetary policy credibility, which leads private agents to reconsider expectations and wages less frequently to minimize the cost of processing information and/or wage negotiations. Such anchoring makes the policymaker’s interest rate instrument more effective in stabilization, giving it greater leverage over the real rate. This implies that an explicit inflation target may improve the variability tradeoff, i.e. shift the policy frontier inwards. It can therefore make both inflation and output less variable in equilibrium, unlike what inflation targeting sceptics argue. We show that our results are consistent with existing empirical evidence, and discuss them in light of the global financial crisis. The policy implication is that the Federal Reserve, the Swiss National Bank, the Bank of Japan, and the European Central Bank should be more explicitly committed to a long-run inflation target.
Compound and Extended Final Particles
No full textThe aim of this bachelor thesis is to explore the morphological, syntactic, and particularly the semantic properties of specific expressions of the Japanese grammar called compound and extended sentence ending particles. The purpose of the research is to answer the question of which combinations of sentence ending particles exist in contemporary Japanese, what are the meanings of these combinations and how they can be translated into Czech. The thesis is divided into two parts. The first part deals with the theoretical level, where sentence ending particles are examined in general and an overview of simple sentence ending particles is presented. In the second part, based on available academic literature and analysis of authentic language material, compound and extended sentence ending particles are examined, especially their meanings. Compound sentence ending particles kana, noka, yone and extended sentence ending particles monoka and janaika are analyzed. The conclusion of the thesis contains a summary of the specific features of the grammatical categories of compound and extended sentence ending particles. Keywords: Japanese, final particles, compound particles, modality
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