6,841 research outputs found

    First steps: developing a research agenda on globalization and monetary policy

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    This essay reviews some of the issues we see as crucial to advancing our understanding of globalization's implications for U.S. monetary policy and highlights some of the research we have been doing to shed light on these issues.Globalization ; Monetary policy ; Global financial crisis ; International finance ; International economic integration ; Inflation (Finance)

    Graph Mover's Distance: An Efficiently Computable Distance Measure for Geometric Graphs

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    Many applications in pattern recognition represent patterns as a geometric graph. The geometric graph distance (GGD) has recently been studied as a meaningful measure of similarity between two geometric graphs. Since computing the GGD is known to be NP\mathcal{NP}-hard, the distance measure proves an impractical choice for applications. As a computationally tractable alternative, we propose in this paper the Graph Mover's Distance (GMD), which has been formulated as an instance of the earth mover's distance. The computation of the GMD between two geometric graphs with at most nn vertices takes only O(n3)O(n^3)-time. Alongside studying the metric properties of the GMD, we investigate the stability of the GGD and GMD. The GMD also demonstrates extremely promising empirical evidence at recognizing letter drawings from the {\tt LETTER} dataset \cite{da_vitoria_lobo_iam_2008}

    Post-conflict aid, real exchange rate adjustment, and catch-up growth

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    Post-conflict countries receive substantial aid flows after the start of peace. While post-conflict countries'capacity to absorb aid (that is, the quality of their policies and institutions) is built up only gradually after the onset of peace, the evidence suggests that aid tends to peak immediately after peace is attained and decline thereafter. Aid composition broadly reflects post-conflict priorities, with large parts of aid financing social expenditure and infrastructure investment. Aid has significant short-term effects on the real exchange rate (RER), as inferred from the behavior of RER in the world. While moderate RER overvaluation is observed in post-conflicts, it cannot be traced down to the aid flows. The empirical evidence on world growth reveals new findings about the pattern of catch-up growth during post-conflicts and the role of key growth determinants on post-conflict growth. Aid is an important determinant of growth, both generally and more strongly during post-conflict periods. Because RER misalignment reduces growth, RER overvaluation during post-conflicts reduces catch-up growth. Aid and RER overvaluation combined also lower growth. But the negative growth effect of RER overvaluation declines with financial development.Social Conflict and Violence,Economic Theory&Research,Development Economics&Aid Effectiveness,Post Conflict Reintegration,Achieving Shared Growth

    TGLE Vol. 51 nos. 1 & 2 full issue

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    Full issue for TGLE Vol. 51 Nos. 1 &

    Monetary Misconceptions

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    The paper identifies a number of misconceptions about the monetary policy process and the monetary transmission mechanism in the UK. Among the misconceptions about the process are the alleged lack of regional and sectoral representativeness of the Monetary Policy Committee and the view that operational central bank independence means that monetary and fiscal policy are not properly coordinated. Among the transmission mechanism misconceptions, the "New Paradigm" figures prominently. Among the New Paradigm changes in the British economy that have been given prominence are the following: increasing openness; lower global inflation; lower profit margins, reflecting stronger competitive pressures; buoyant stock markets; a lower natural rate of unemployment; and a higher trend rate of growth of productivity. I argue that the New Paradigm has been over-hyped and misunderstood as regards its implications for monetary policy. Other misconceptions include the 'death of inflation', the 'end of boom and bust', a couple of Neanderthal Keynesian fallacies and the monetary fine tuning fallacy.Monetary policy, inflation targeting, New Paradigm, stabilisation policy

    Blockchain Prediction Markets: Where They Came From, Why They Matter & How to Regulate Those Involved

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    This Note defends the social value produced by well-regulated prediction markets, then offers a novel approach for liability analysis in the context of markets formed using blockchain technology. After establishing the weaknesses of individual predictions and the benefits that forecasting tools can offer, Section I introduces prediction markets and explains how they generate valuable information. Section II then describes blockchain technology and the properties that make it so effective in the realm of prediction markets. Section III focuses on the regulatory environment surrounding prediction markets and considers the unique complications presented by distributed ledgers. Finally, Section IV depicts frameworks of liability analysis developed in intellectual property common law and proposes a novel application of these principals as applied to blockchain prediction markets
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