Departments of Family Medicine (DFMs) in the United States consistently received around 0.2% of total research funding dollars and 0.3% of all awards awarded by the National Institutes of Health (NIH) across the years 2002 to 2014. We used the NIH Reporter tool to quantify the amount of funding and the number of grants received by DFMs from the NIH from 2002 to 2014, using criteria similar to t...

This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and straight conservatism. These can all increase social welfare in models with a unique discretionary equilib...

This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and straight conservatism. These can all increase social welfare in models with a unique discretionary equilib...

Distressed firms are vulnerable to ineffi cient panic-based runs of their workers, suppliers, and customers. A policymaker may try to prevent such a run by pledging to protect the interests of these stakeholders should a firm cease to do business. However, this promise also enables the firm to demand better terms of trade from its stakeholders, which blunts the policy’s effectiveness. We show h...

This paper reviews the emerging literature on “transformative” innovation policy (TIP) in order to (1) identify unique TIP characteristics and challenges they imply for policymakers throughout cycle (2) examine literature's contribution practical policymaking. We five main distinguishing analyse understanding of how influence policymaking process. The analysis shows that discusses TIP-related a...

This paper reexamines the time consistency of discount functions as analyzed by Strotz (1956) and Koopmans (1960). Following on an observation by Heal (1998) regarding the time consistency of logarithmic discounting, I fully characterize the class of time consistent—but not necessarily autonomous—discount functions. I use my findings to explain an apparent “paradox” in the use of the gamma disc...

Distracted driving, though not a new phenomenon, has attracted significant attention in recent years due to the proliferation of cell phones and other portable technologies that are often used behind the wheel. Experts generally agree that driver distraction stems from three sources: visual (eyes off the road), manual (hands off the wheel), and cognitive (mind off the task). Of these, cognitive...

We study discretionary non-cooperative monetary and fiscal policy stabilization in the New Keynesian model, where the fiscal authority uses distortionary taxes as policy instrument. We explicitly model different frequencies of fiscal and monetary policy operations. We find that standard models of monetary and fiscal policy interactions may substantially overestimate the social gain from the sta...

Access control in distributed systems has been an area of intense research in recent years. One promising approach has been that of trust management, whereby authentication and authorization decisions are combined in a unified framework for evaluating security policies and credentials. In this paper, we report on our experience of the past seven years using the PolicyMaker and the KeyNote trust...

Woodford (1999) develops the notion of a “timelessly optimal” pre-commitment policy. This paper uses a simple business cycle model to illustrate this notion. We show that timelessly optimal policies are not unique and that they are not necessarily better than the time-consistent solution. Further, we describe a method for constructing optimal precommitment rules in an environment where the poli...