3,238 research outputs found
Macroeconomics - Which Way Now? Old versus New Styles
This paper contrasts the new style of doing macroeconomics, where the emphasis is on propositions rigorously derived from neoclassical micro foundations, with the old style associated with the work of Keynes in particular. The paper argues that the latter type of model, which is based on more realistic albeit informal behavioural micro foundations, is better suited to the concerns of policy makers. However, emphasis on the new style has led to an abandonment of research on adapting the old paradigms to new concerns, with a consequent loss for practical policy making especially with respect to macro stabilization. A perspective on how the new style can and cannot be helpful is provided.macroeconomic policy, neoclassical micro foundations, behavioural psychology
Reform options for pay-as-you-go public pension systems
Public pension schemes in many countries are predominantly of a pay-as-you-go (PAYG) type, particularly in advanced and transition economies. This paper reviews the types of stresses that PAYG systems can experience and discusses a range of policy options to preserve the financial stability of public PAYG systems. Section 1 introduces the basic policy levers of a stylized PAYG system. Section 2 discusses the key short- and long-run financial challenges faced by PAYG systems. Section 3 covers parametric adjustments in the basic PAYG policy levers as well as administrative reforms. Section 4 describes broader reform strategies for maintaining financial equilibrium in a PAYG system including the option of partial funding.Pensions&Retirement Systems,Environmental Economics&Policies,Economic Stabilization,Banks&Banking Reform,National Governance
Charge pumping in monolayer graphene driven by a series of time-periodic potentials
We applied the Floquet scattering-matrix formalism to studying the electronic
transport properties in a mesoscopic Dirac system. Using the method, we
investigate theoretically quantum pumping driven by a series of time-periodic
potentials in graphene monolayer both in the adiabatic and non-adiabatic
regimes. Our numerical results demonstrate that adding harmonic modulated
potentials can break the time reversal symmetry when no voltage bias is applied
to the graphene monolayer. Thus, when the system is pumped with proper dynamic
parameters, these scatterers can produce a nonzero dc pumped current. We also
find that the transmission is anisotropic as the incident angle is changed.Comment: 8 pages, 6 figure
The IMF, the credit crunch and Iceland: A new fiscal saga?
Iceland was badly hit by a fundamental mismatch between the assets and international
liabilities of her banking system, with severe consequences for the welfare of the
population. The country now has an IMF program. The paper asks three questions of
the program: is it too tight? Is the balance of payment’s target appropriate? How will
the country cope with the potentially huge transfer problem associated with the now
frozen external liabilities of the failed Icelandic banks? The paper notes several
problems and argues that an appropriately structured and expanded fiscal policy is
needed, together with burden sharing between Iceland and the international
communit
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