We test for fractional dynamics in U.S. monetary series, their various formulations and components, and velocity series. Using the spectral regression method, we find evidence of a fractional exponent in the differencing process of the monetary series (both simple-sum and Divisia indices), in their components (with the exception of demand deposits, savings deposits, overnight repurchase agreeme...

An important theory of international cooperation asserts that governments comply with international law because of the reputational costs incurred by reneging on public agreements. Countries that sign binding international agreements in the realm of monetary relations signal their commitment to an open economic system, which should reassure international market actors that the government is com...

Data from a unique monetary ‘experiment’ conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the difference between government bond yields in Germany (but not the US) and the UK was systematically related to an index of the credibility of monetary policy constructed on the basis of the frequency of agr...

a r t i c l e i n f o Keywords: Material transfer agreements Payment for ecosystem services Non-monetary payment Moral satisfaction Probit with endogenous regressors This paper uses econometric analysis for understanding the determinants that affect the payment mechanism in material transfer agreements (MTAs). These contracts regulate the exchange of peculiar ecosystem services (genetic and bio...

Ten years of inflation targeting in New Zealand is used to test whether monetary policy conforms to the simple rules that have been recommended in the literature. While a Taylor rule with the standard parameters used in the US describes New Zealand monetary policy quite well, the Reserve Bank has focused more strongly on price stability, as required by its Policy Targets Agreements. Monetary po...

Does the United States shape the content of International Monetary Fund conditionality agreements? If so, in pursuit of what goals does the United States use its influence? We present evidence that American interests do shape the content of IMF conditionality agreements. We find that American policymakers use their influence in the IMF to pursue American financial and foreign policy objectives....

The use of software in violation of applicable licensing agreements and copyright laws are reaching endemic proportions. One population cluster strongly linked to illegal software acts is the university student. While some research is available on patterns of illegal software use for non-monetary gain (softlifting) under residential student populations, a dearth of information exists on student...

Complex Event Processing describes the problem of timely and continuous processing of event streams. The load of Complex Event Processing systems can vary (e.g., event rates). Static resource provision leads to higher monetary costs because enough resources have to be provided to efficiently handle peak loads. Therefore, most of the time the resources will not be fully utilized. One way to achi...