How to Solve the Price Puzzle? A Meta-Analysis

The short-run increase in prices following an unexpected tightening of monetary policy represents a frequently reported puzzle. Yet the puzzle is easy to explain away when all published models are quantitatively reviewed. We collect and examine about 1,000 point estimates of impulse responses from 70 articles using vector autoregressive models to study monetary transmission in various countries. We find some evidence of publication selection against the price puzzle in the literature, but our results also suggest that the reported puzzle is mostly caused by model misspecifications. Finally, the long-run response of prices to monetary policy shocks depends on the characteristics of the economy.Monetary policy transmission; Price puzzle; Meta-analysis; Publication selection bias

A New Vision for Health Care: A Leadership Role for Business

This report urges employers, along with government, not only to stay the course but to actively lead in implementing specific changes in private and public policies that could produce a health care system that works for all Americans. Since the publication of this report, CED has reversed its health care policy recommendations

Publication of original research in urologic journals - a neglected orphan?

The pathophysiologic mechanisms behind urologic disease are increasingly being elucidated. The object of this investigation was to evaluate the publication policies of urologic journals during a period of progressively better understanding and management of urologic disease. Based on the ISI Web of Knowledge Journal Citation Reports and the PubMed database, the number and percentage of original experimental, original clinical, review or commentarial articles published between 2002–2010 in six leading urologic journals were analyzed. “British Journal of Urology International”, “European Urology”, “Urologic Oncology-Seminars and Original Investigations” (“Urologic Oncology”), “Urology”, “The Journal of Urology”, and “World Journal of Urology” were chosen, because these journals publish articles in all four categories. The publication policies of the six journals were very heterogeneous during the time period from 2002 to 2010. The percentage of original experimental and original clinical articles, related to all categories, remained the same in “British Journal of Urology International”, “Urologic Oncology”, “Urology” and “The Journal of Urology”. The percentage of experimental reports in “World Journal of Urology” between 2002–2010 significantly increased from 10 to 20%. A distinct elevation in the percentage of commentarial articles accompanied by a reduction of clinical articles became evident in “European Urology” which significantly correlated with a large increase in the journal’s impact factor. No clearly superior policy could be identified with regard to a general increase in the impact factors from all the journals. The publication policy of urologic journals does not expressly reflect the increase in scientific knowledge, which has occurred over the period 2002–2010. One way of increasing the exposure of urologists to research and expand the interface between experimental and clinical research, would be to enlarge the percentage of experimental articles published. There is no indication that such policy would be detrimental to a journal’s impact factor

How to Solve the Price Puzzle? A Meta-Analysis

The short-run increase in prices following an unexpected tightening of monetary policy represents a frequently reported puzzle. Yet the puzzle is surprisingly easy to explain away when all published models are quantitatively reviewed. We collect about 1,000 point estimates of impulse responses from 70 articles using vector autoregressive models and present a simple method of research synthesis for graphical results. We find some evidence of publication selection against the price puzzle. Our results suggest that the reported impulse responses depend systematically on the study design: when misspecifications are filtered out, the average impulse response shows that prices decrease soon after a tightening. The long-run response of prices to monetary policy shocks depends on the characteristics of the economy.Meta-analysis, monetary policy transmission, price puzzle, publication selection bias.

Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters

This paper conducts a comparative analysis of the performances of the forward guidance strategies adopted by the Reserve Bank of New Zealand, the Norges Bank and the Riksbank, with the aim to gauge whether forward guidance via publication of an own interest rate path enhances a central bank’s ability to steer market expectations. Two main results emerge. First, we find evidence that all three central banks have been highly predictable in their monetary policy decisions and that long-term inflation expectations have been well anchored in the three economies, irrespective of whether forward guidance involved publication of an own interest rate path or not. Second, for New Zealand, we find weak evidence that a publication of a path could potentially enhance a central bank’s leverage on the medium term structure of interest rates. JEL Classification: E40, E43, E52central bank communication, forward guidance, monetary policy, Term structure of interest rates, transparency

Help Wanted: Policy Brief

In today's economy, strong basic skills and success in the workforce are intertwined. Employers across all industries demand a new kind of worker, and businesses can go virtually anywhere to find the right employees. In order to compete in today's global economy, Philadelphia must commit to becoming a city with a world-class, highly literate workforce. This policy brief, written in response to the publication Help Wanted: Knowledge Workers Needed, proposes strategies for uniting the full community to advance adult workforce literacy levels. Many of the strategies described in this policy brief are also applicable to areas throughout the country facing this same challenge

A Brief Summary of U.S. Farm Program Provisions

This brief publication began as a need for a short summary of farm programs and farm bills for two agricultural economics courses focusing on agricultural policy -- ag. economics 429, and ag. economics 614. It became clear that many students taking these courses had less and less background in agriculture and less (even cursory) knowledge of policies than those of the recent past. After this list was developed a number of other professional agricultural economists found copies and began to use it, hence its publication in a more structured form. The list of Farm Program Provisions is not all-inclusive. It certainly does not contain all the laws and provisions that have affected agriculture over the years. However, it is an easy reference to farm bills and provisions since 1933. We intend to update this list as time goes on to continue its usefulness to professionals and students alike.Agricultural and Food Policy,

The Medicaid Buy-In for Working People With Disabilities: Individuals With Disabilities Can Earn Significant Wages and Qualify for This Important Health Care Benefit

This policy-to-practice brief provides an in-depth illustrated description of the Plan for Achieving Self-Support (PASS) work incentives. This brief reviews how the PASS can be used to promote a work goal; the criteria for approving a PASS; and how the PASS can be used in conjunction with other programs to promote and achieve vocational success. Throughout the brief, examples are used to illustrate principles and provide an example in the appendices to show how to propose a PASS that meets all of SSA’s criteria for approval. Extensive citations to law, regulation, and policy appear in footnotes to maximize the usefulness of this publication to benefits planners who are engaged in writing PASS proposals for individuals

Information needs for environmental policy making : some orientations for the future

Chapter 12Recent good practice has highlighted the need for evidence-based policy in all fields, including that of the environment (1). There is an ongoing need for reliable information to inform the policymaking process. A strong evidence-base also contributes to more robust design and assessment of policy options. In the environmental field, the putting in place of environmental monitoring processes and the regular publication of state of the environment reports have contributed significantly to providing a better evidence base for policy. The EU-funded ERDF project has played an important role in upgrading national environmental monitoring programmes, and further related projects also addressing particular thematic areas in the environmental field are planned for the next structural funding period up to 2020. This paper puts forward a set of orientations for the future to be taken into account in order to improve the evidence base to support national environmental policy-making processes, including the monitoring of existing policies, now that the data from the ERDF monitoring project is becoming available. The basis of the analysis is the authors’ work on monitoring the implementation of the National Environment Policy and previously on state of the environment reporting.peer-reviewe