The output gap-the deviation of output from potential output-has played an important role in the conduct of monetary policy in Canada. This paper reviews the Bank of Canada's definition of potential output, as well as the use of the output gap in monetary policy. Using a real-time staff economic projection dataset from 1994 through 2005, a period during which the staff used the Quarterly Projection Model to construct economic projections, the authors investigate the relationship between shocks (data revisions or real-time projection errors) and revisions to projections of key macroeconomic variables. Of particular interest are the interactions between shocks to real gross domestic product (GDP) and inflation and revisions to the level of potential output, potential growth, the output ga...
This essay challenges the conventional wisdom about money and monetary policy. The role of money in fostering prosperity is a function of the quality, as well as the quantity, of money. Inflation always harms the performance of an economy. Deflations caused by productivity and innovation can be virtuous. A definition of a non-inflationary environment is set forth. Rapid real growth and low unemployment cannot cause inflation. There is no trade-off between inflation and employment. Higher commodity prices or "weak" exchange rates cannot cause inflation. High market interest rates are a symptom of inflationary policies. Low interest rates are a reflection of successful anti-inflationary policies, not "easy money.
Around the nation, a lack of government resources and / or expertise has forced state attorneys general to resort to outsourcing of prosecutorial efforts in order to ensure that the needs of the state and its citizens are adequately represented. Such arrangements have often been challenged on the grounds that they violate either state constitution separation of powers provisions, or the demands the neutrality doctrine places on government officials. As the relevant case law indicates, the neutrality doctrine in particular raises valid concerns about the propriety of contingency fee arrangements; concerns that have yet to be adequately addressed by any of the reforms proposed to date. This Note presents a novel set of best practices for state attorneys general who choose to utilize conti...
...the Contract provide [d] a monetary incentive to the Contingency Fee Lawyers to maximi... on a contingency fee basis violated public policy.99 The Attorney General had hired outside counsel ... doctrine would be to broaden the definition of "contingent" to refer to not only monetary dama...
... remained the twin objectives of monetary policy in India. The monetary policy reforms since 1991 h... Relationship between Money and Prices; Definition and Measurement of Price Rise; Need to Monitor and...
Over the last two decades, many central banks have adopted formal inflation targets to guide the conduct of monetary policy. One idea that has gained considerable attention is price-level targeting. The author examines price-level targeting and discusses why policymakers may be reluctant to adopt such a strategy. Price-level targeting offers a number of potential benefits over inflation targeting. While inflation targets have helped stabilize inflation, the future level of prices remains uncertain. Price-level targets would by definition remove much of this uncertainty. Price-level targeting also has the advantage of potentially generating greater stability of both output and inflation. Yet the benefits of price-level targeting may be relatively small and uncertain. In addition, this st...
This study reveals how a Korean monetary transmission mechanism evolves in the tumultuous decade of the 1990s. We show that (i) contractionary monetary policy shocks have more explanatory power for the post-crisis periods than for the pre-crisis period; (ii) the effects on output from external shocks attributed to the oil price and the U.S. federal fund rates are mixed; (iii) there is little positive spillover effect from the U.S. to Korea through the trade channel; and (iv) there is a positive spillover effect from the international capital market channel.
... product or employment.1 While this definition sounds simple, the actual ways in which the mechan...
..., not only are employees motivated by monetary rewards and social interaction but, in their view,...The underlying implication of this definition, according to these scholars, is therefore that or...E., & Furlong, S. R. (2004). Public Policy: Politics, analysis, and alternatives, Washington ...
Kapstein addresses the major changes that have taken place in the financial risk environment in recent years, highlighting banking consolidation and asset securitization. Howarth and Loedel explore the history of European central bank cooperation and co-ordination in the context of European monetary integration. de Haan et al. discuss issues of disclosure and transparency of central banks, recently developed indicators of central bank disclosure, and the transparency of the ECB as perceived by financial markets.
... inflationtargeting strategy, the ECB definition of price stability is less precise (substantial or...
The term 'neoliberalism' has since around 1980 become a quite widely used exhortation in some political and academic debates. Prolific employment of a term does not signify, however, that it is clearly defined. In this article it is suggested that while the concept itself has become an imprecise buzzword in much of the literature, it might still be given a more precise definition. If this is done, then the term could become a useful analytical device in order to describe some recent trends in economic thought and political theory, even if it would be an obvious overstatement to say that we live in a neoliberal age or a neoliberal world.
... been absent from political discussions and policy-making for a period of time, but that it has now r... of anti-trust legislation and monetary policies solely aimed at price stability. In his a...
... April 23, 2010 regarding its Statement of Policy on Qualifications for Failed Bank Acquisitions ("S... deposits to be used "as needed based on monetary policy objectives;" (2) changes the definition of ...
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