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In 2007, after a decade of debate, the U.S. Sentencing Commission instituted an amendment that decreased the sentences of some defendants who had been...
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The study carries out a review of theoretical and methodological possibility to identify and build a minimal (consistent and complete) list of criteria for real economic convergence aimed at to assess the status of real economic convergence in the European Union. The essence of the study is to identify the necessary and sufficient predicates of macro-economic indicators that allow us to qualify them as criteria for real economic convergence. In the end, some methodological issues are developed and applied. To be sure on the accuracy of research, the sufficient predicates are examined concerning their independence, consistency and completeness. Based on these predicates, thorough examinations of the correlation between the process of real convergence and the nominal convergence is carrie...
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More people in Western New York adhere to Catholicism, by far, than any other faith, but clergy sometimes joke that the area's second-largest denomination also is Catholic.
Its members just don't show up for Mass.
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On Appeal From the District Court of the Virgin Islands-Appellate Division (D.C. Civ. No. 97-cv-00123) Honorable Raymond L. Finch and Honorable Thomas...
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There are two broad classes of sticky-price models that have become popular in recent years. In the first class, prices adjust infrequently by assumption and in the second class prices adjust infrequently because there is assumed to be a fixed cost of price adjustment. Assuming that price adjustment is staggered, the prices of all goods must be constant over time in order for all goods to be produced in the same quantities. The message of this paper is not that monetary policy should deviate from zero inflation in order to minimize distortions associated with nominal price adjustment. Rather, it is that in the presence of fundamental relative price changes and nominal price adjustment frictions, there is no monetary policy -- zero inflation or otherwise -- that can render those friction...
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This paper compares the performance of ten of the largest stock markets in Africa during the ten-year period, 1993 to 2002. The stock markets of Botswana, Egypt, Ghana, Kenya, Mauritius, Morocco, Nigeria, South Africa, Swaziland and Zimbabwe are compared with respect to their nominal local currency returns, inflation-adjusted local currency returns, and U.S. dollar returns. Performance is measured under two investment strategies. The lump-sum strategy uses the end-of-period values of equal beginning-of-period investments in the ten stock markets. Using this strategy we find that Zimbabwe's stock market had the greatest nominal return while Kenya's had the lowest return; Botswana's stock market had the best inflation-adjusted return while the stock market of Kenya had the worst return; a...
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Some studies suggest that the issuance of Treasury Inflation-Protected Securities (TIPS) -- inflation-indexed debt -- has not been as cost-effective for the Treasury as the issuance of nominal securities. The studies base their conclusions on ex post analysis, that is, they look back from the actual inflation outcome to determine whether TIPS issuance costs exceeded the costs of nominal Treasury issuances of similar durations. This article argues that the ex post approach has drawbacks when it comes to assessing the costs and benefits of TIPS over the long run; instead, an ex ante approach is recommended. A comprehensive analysis of TIPS should also consider the program's other, more difficult-to-quantify, benefits -- especially when cost analysis shows that TIPS are only marginally mor...
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Flummoxed by a recession that has proven resistant to fiscal and monetary stimulus, the nation's financial pundits have hatched a new policy--or at le...
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