This paper tests whether or not gains to monetary policy coordination exist in the New Keynesian two country model proposed in Clarida, Gali and Gertler (2002). Major innovations include rigorous numerical analysis that takes advantage of recent techniques proposed by Laffargue (1990) and Klein (2000) and an attention to robustness analysis as advocated by McCallum (1999) by comparing all resul...

We analyze effects of public debt in a basic endogenous growth model with productive public spending. We demonstrate that a discretionary policy violates the inter-temporal government budget constraint along a balanced growth path. A balanced government budget gives a unique saddle point stable growth path. With a rule based policy, two saddle point stable balanced growth paths can occur, depen...

Stochastic control problems related to optimal advertising under uncertainty are considered. In particular, we determine the optimal strategies for the problem of maximizing the utility of goodwill at launch time and minimizing the disutility of a stream of advertising costs that extends until the launch time for some classes of stochastic perturbations of the classical Nerlove-Arrow dynamics. ...

Youth justice conferencing in Queensland, Australia relies on the discretionary referral of young offenders by the police. The low rate of police referrals to conferencing is an ongoing concern for conference organizers. The research presented in this article explored Queensland police officers’ training, experience, understandings of youth justice conferencing, and their individual discretiona...

Which budgetary institutions result in efficient provision of public goods? We analyze a model with two parties bargaining over the allocation to a public good each period. Parties place different values on the public good, and these values may change over time. We focus on budgetary institutions that determine the rules governing feasible allocations to mandatory and discretionary spending pro...

BACKGROUND Sunscreen use and dietary antioxidants are advocated as preventives of skin aging, but supporting evidence is lacking. OBJECTIVE To determine whether regular use of sunscreen compared with discretionary use or β-carotene supplements compared with placebo retard skin aging, measured by degree of photoaging. DESIGN Randomized, controlled, community-based intervention. (Australian N...

OBJECTIVE We examined whether trajectories of dietary patterns from 6 to 24 months of age are associated with intelligence quotient (IQ) in childhood and adolescence. METHODS Participants were children enrolled in a prospective UK birth cohort (n = 7,652) who had IQ measured at age 8 and/or 15 years. Dietary patterns were previously extracted from questionnaires when children were aged 6, 15 ...

We examine how the criteria for choosing estimation samples (peer firms) affect the ability to detect discretionary accruals, using several variants of the Jones (1991) model. Researchers commonly estimate accruals models in cross-section, and define the estimation sample as all firms in the same industry. We examine whether firm size performs at least as well as industry membership as the crit...