Inspired by the studies of Bruno Latour, the article aims to illustrate the ways in which policymaking is being made within a ‘heterogeneous network’ of humans and non-humans. Through an analysis of a controversy, it argues that the policymaking process is amore complicated andmultidimensional process, which cannot be simply comprehended within the framework of predetermined roles and structure...

Schummer [28] introduced the concept of bribeproof mechanism which, in a context where monetary transfer between agents is possible, requires that manipulations through bribes are ruled out. Unfortunately, in many domains, the only bribeproof mechanisms are the trivial ones which return a fixed outcome. This work presents one of the few constructions of non-trivial bribeproof mechanisms for thi...

A panel vector autoregression (VAR) model is employed to estimate whether growth shocks from the United States (US), China, Japan, and European Union (EU) can be transferred selected Asian countries. We examine 1) effect of through five channels: international trade, monetary policy, finance, global uncertainty, oil prices; 2) a country’s deeper integration with value chain (GVC) enhances or de...

The analysis in earlier chapters was conducted within the context of a closed economy. Many useful insights into monetary phenomena can be obtained while still abstracting from the linkages that tie di¤erent economies together, but clearly many issues do require an open-economy framework if they are to be adequately addressed. New channels through which monetary factors can in‡uence the economy...

This paper examines the degree of monetary policy coordination between major industrialized countries from a completely new perspective. The analysis uses a new data set on central bank issued interest rate targets for 14 OECD countries. The methodology that we use decomposes the notion of coordination into two components: (1) Do countries coordinate the timing of their monetary policy actions?...

Previous research has established that the Federal Reserve’s large scale asset purchases (LSAPs) significantly influenced international bond yields. This paper uses dynamic term structure models to decompose international yield changes into changes in expected short-term interest rates and term premia, which sheds light on the channels through which the LSAP effects occurred. We find that LSAPs...

In May 2000, the Treasurer/Minister of Finance invited me to review the operation of monetary policy in New Zealand and provided me with the Terms of Reference. In undertaking the review, I have read the wide range of submissions provided to me and have met with a number of submitters and other interested parties. I visited New Zealand for two weeks in November 2000 in order to observe the oper...

          The aim of this paper is to simulate the effects of some macroeconomic policy tools on production and inflation of Iran by the current worldwide financial and real crisis. The theoretical framework of the analysis is based on the so-called ‘IMF/World Bank Integrated Model’ which is the synthesis (a merger) of the basic monetary approach of the Balance of Payments used at t...