Speed limit policy, a monetary policy strategy that focuses on stabilizing inflation and the change in the output gap, consistently delivers better welfare outcomes than flexible inflation targeting or flexible price level targeting in empirical New Keynesian models when policymakers lack the ability to commit to future policies. Even if the policymaker can commit under an inflation targeting s...

I. Causality, Measurement and Robustness: The Usual Suspects Suppose a policymaker is deciding whether to increase her country’s exposure to international trade. A new report comes out filled with growth-regression exercises that attribute a significant increase in growth to trade liberalization. Prominent in the report are a set of visually impressive scatter plots on which a regression line i...

Suppose a policymaker in context j is contemplating expanding some social program in hopes of raising welfare as measured by Y . She confronts two contradictory pieces of evidence. The first is analysis of a representative sample of eligible individuals, i, some of whom self-selected into the program. Researchers have used this observational data to estimate the “effect” of program participatio...

A stochastic general equilibrium model is constructed which is capable of examining the covariance properties between inflation and unemployment, both conditioned and unconditioned upon the state of exogenous real and monetary factors. Indivisibilities introduced into agents' labor choice decisions produce unemployment in equilibrium. It is shown that indigenous forces in a competitive economy ...

In this study, we analyze the development experience of eco-tourism in different regions of china to find the common regional convergence which is checked with ADF test and co-integration relations. In our results, we could contribute as theoretical foundation for regional development of ecotourism in China. Meanwhile, the research result of convergence of regional eco-agricultural tourism in C...

Carl Walsh has given us an excellent overview of the recent literature on the implications of uncertainty and changing economic structure for the strategy of monetary policy, as well as adding some new results of his own. I propose to deal with the three of the subjects that he covers, from the perspective of what I find useful as a policymaker. The subjects are: imperfect or noisy information,...

BACKGROUND Chronic conditions are the leading reason why people seek medical care, yet the current financing and delivery system has been criticized for not promoting ongoing care. The perceptions of physicians, policymakers, and the general public were compared on how well the current system addresses the needs of people with chronic conditions. METHODS National surveys of 1238 physicians an...