Policy persistence: REDD+ between stabilization and contestation

Output Persistence, Economic Structure, and the Choice of Stabilization Policy

A STRIKING change in empirical macroeconomics in the 1980s has been the development of an alternative way to think about aggregate trends and cycles. Traditionally, aggregate series such as gross national product have been modeled as stationary processes about a deterministic trend. All aggregate fluctuations were thus short-run phenomena with no bearing on the long-run behavior of the economy....

Policy Persistence

Conventional wisdom in political economy warns that once an economic policy is introduced, it is likely to persist. Even when its original rationale is no longer applicable or has been proven invalid, a policy will prove hard to remove. Empirical support for this position abounds. In both developed and developing countries, many policies appear remarkably resilient. In the United States, farm p...

Kyoto’s Glocal Identity: Establishing Balance between Identity Change and Persistence

Kyoto is a miniature of Japan; through centuries of experience and persistence, it has maintained the symbols of the country’s civil and cultural identity. The city has demonstrated a collection of Japan’s noble identity and characteristics through its material and spiritual heritage. Kyoto’s rich history and its position have gathered a collection of religion-based works, artistic innovations,...

Monetary Policy and Real Stabilization

During the past two decades, maintenance of low inflation, “price stability,” has become the principal focus of central banks around the world. At the same time, the view has emerged that monetary policy is better suited than fiscal policy for short-run stabilization purposes. This paper examines to what extent monetary policy can be directed at both “monetary stabilization,” stabilizing inflat...

Optimal Monetary Stabilization Policy∗