The paper examines the transmission mechanism of monetary policy in an open economy with and without a binding zero bound on nominal interest rates. In particular, a foolproof way of escaping from a liquidity trap is suggested, consisting of a price-level target path, a devaluation of the currency and a temporary exchange rate peg, which is later abandoned in favor of price-level or in‡ation ta...

The study was undertaken to find out correlation, if any, between severity of depression and suicidal intent communication and its relation to age, marital status, duration of iilness, previous admission in a psychiatric hospital in patients of depression diagnosed using criteria of ICD-IX category codes F31.3, F31.4, F31.5, F32 and F33. Sample consisted of 30 patients from the OPD of Agra Mans...

This paperÕs estimates and tests of Fed intervention pro®ts are the ®rst that explicitly adjust for foreign-exchange risk premia; failure to adjust may grossly a€ect estimated pro®ts. Pro®ts appear economically and statistically signi®cant, whether risk premia are modeled as time-constant or as appreciationÕs market beta depending on Fed intervention. The estimates are sensitive to the method o...

In this paper we present a model of international interest rate arbitrage under conditions of entry and exit costs to and from the domestic capital market. We seek to measure the maximum potential effect of capital controls, such as non-interest paying reserve requirements, on interest rate differentials. We quantify the effect of such taxes using a dynamic optimization model with uncertainty a...

The ability to engineer real wage cuts in centralized labor markets has depended on exchange rate interventions. This paper provides some structure to the question of how a monetary union would a¤ect the connection between bargaining structure and macroeconomic performance. The results indicate that the precautionary saving motive in anticipation of transitory terms of trade shock is signi...ca...

BACKGROUND The aim of this study was to investigate the associations between ambient air pollution and emergency department (ED) visits for depression. METHODS Health data were retrieved from the National Ambulatory Care Reporting System. ED visits for depression were retrieved from the National Ambulatory Care Reporting System using the International Classification of Diseases (ICD-10), Tent...

Depression (ICD–10 F32, F33 or DSM equivalent) is a common disease. In 1990, in established market economies, depression was estimated to be second only to ischaemic heart disease as a cause of disease burden. It was the largest single cause of non-fatal burden (Murray & Lopez, 1996). It is a disease that often remits and recurs (Andrews, 2001), but does it remit and recur among a restricted nu...

We use a structural vectorautoregressive technique to assess whether the EMU project and associated harmonization policies have made economic shocks in the respective countries to converge. We find that after implementation of the ECB, shock correlations have generally grown among EMU members while Germany can be identified as reference point. This may be a hint that, according to the Lucas cri...

This paper studies the effect of real effective exchange rate (REER) volatility on economic growth as well as the euro’s effect on REER volatility. We first show that, after a plausible endogeneity correction, REER volatility is negatively associated with growth in a 1980~2011 panel of OECD countries. One standard deviation volatility decrease is associated with about two percentage points (0.8...

The paper examines the transmission mechanism of monetary policy in an open economy with and without a binding zero bound on nominal interest rates. In particular, a foolproof way of escaping from a liquidity trap is suggested, consisting of a price-level target path, a devaluation of the currency and a temporary exchange rate peg, which is later abandoned in favor of price-level or in‡ation ta...