Global demographic change : some implications for central banks : overview panel

Population ; Banks and banking, Central

Le chômage en Europe : conclusions d’une analyse économétrique multinationale

Cet article résume les principales conclusions empiriques du European Unemployment Program. Il se base sur dix études nationales qui utilisent le cadre macroéconomique développé par Sneessens et Drèze (1986). Les principales conclusions sont les suivantes : (i) un problème majeur de l’Europe résulte de ce que les gains de productivité sont absorbés rapidement dans les salaires tandis que l’incidence du chômage sur les accords salariaux est généralement faible; (ii) la spirale salaires-prix-productivité rend les économies européennes vulnérables à l’inflation; (iii) la tension de la demande se résorbe par la balance des paiements plutôt que par des hausses de prix; (iv) le principal déterminant immédiat de l’emploi dans les années quatre-vingt est le niveau de la demande effective.The paper summarizes the principal empirical findings of the European Unemployment Program. It draws on 10 country studies which utilize the macroeconomic framework set out by Sneessens and Drèze (1986). The main conclusions are as follows: (i) a major problem in Europe is that productivity gains are quickly absorbed into wages and the effect of unemployment on wage settlements is generally weak; (ii) a wage-price-productivity spiral means the European economies are inflation-prone; (iii) demand pressures spill over into the balance of payments rather than leading to price increases; (iv) the major proximate determinant of employment in the 1980s is the level of effective demand

A Review Essay: David Kynaston's Till Time's Last Sand:: a history of the Bank of England, 1694-2013

This essay reviews Till Time's Last Sand: A History of the Bank of England, 1694-2013, David Kynaston's history of the Bank of England (the Bank) from its foundation in 1694 to the present day. I focus on three themes running through his narrative. First, for much of that time, the Bank was a private company playing a public role; how did it manage to do this and why was it eventually brought into public ownership? Second, I examine the various attempts to constrain the Bank's monetary policy to follow a simple rule; these almost invariably proved unsustainable unless the rule provided enough room for discretion. Finally, I cover the Bank's journey to becoming the lender of last resort, together with its evolving attitude to the associated risk of moral hazard

Unemployment equilibria and input prices: theory and evidence from the United States

This paper develops an efficiency-wage model where input prices affect the equilibrium rate of unemployment. We show that a simple framework based on only two prices (the real price of oil and the real rate of interest) is able to explain the main post-war movements in the rate of U.S. joblessness. The equations do well in forecasting unemployment many years out-of-sample, and provide evidence that the oil-price spike associated with Iraq’s invasion of Kuwait appears to be a component of the “mystery” recession which followed

Transiting Exoplanet Studies and Community Targets for JWST's Early Release Science Program

The James Webb Space Telescope will revolutionize transiting exoplanet atmospheric science due to its capability for continuous, long-duration observations and its larger collecting area, spectral coverage, and spectral resolution compared to existing space-based facilities. However, it is unclear precisely how well JWST will perform and which of its myriad instruments and observing modes will be best suited for transiting exoplanet studies. In this article, we describe a prefatory JWST Early Release Science (ERS) program that focuses on testing specific observing modes to quickly give the community the data and experience it needs to plan more efficient and successful future transiting exoplanet characterization programs. We propose a multi-pronged approach wherein one aspect of the program focuses on observing transits of a single target with all of the recommended observing modes to identify and understand potential systematics, compare transmission spectra at overlapping and neighboring wavelength regions, confirm throughputs, and determine overall performances. In our search for transiting exoplanets that are well suited to achieving these goals, we identify 12 objects (dubbed "community targets") that meet our defined criteria. Currently, the most favorable target is WASP-62b because of its large predicted signal size, relatively bright host star, and location in JWST's continuous viewing zone. Since most of the community targets do not have well-characterized atmospheres, we recommend initiating preparatory observing programs to determine the presence of obscuring clouds/hazes within their atmospheres. Measurable spectroscopic features are needed to establish the optimal resolution and wavelength regions for exoplanet characterization. Other initiatives from our proposed ERS program include testing the instrument brightness limits and performing phase-curve observations.(Abridged)Comment: This is a white paper that originated from an open discussion at the Enabling Transiting Exoplanet Science with JWST workshop held November 16 - 18, 2015 at STScI (http://www.stsci.edu/jwst/science/exoplanets). Accepted for publication in PAS

Predictions on B→πlˉνlB \to \pi \bar{l} \nu_l, D→πlˉνlD \to \pi \bar{l} \nu_l and D→KlˉνlD\to K \bar{l} \nu_l from QCD Light-Cone Sum Rules

The $f^+$ form factors of the $B\to \pi$, $D\to \pi$ and $D\to K$ transitions are calculated from QCD light-cone sum rules (LCSR) and used to predict the widths and differential distributions of the exclusive semileptonic decays $B\to \pi \bar{l}\nu_l$, $D \to\pi \bar{l}\nu_l$ and $D \to K \bar{l}\nu_l$, where $l=e,\mu$. The current theoretical uncertainties are estimated. The LCSR results are found to agree with the results of lattice QCD calculations and with experimental data on exclusive semileptonic D decays. Comparison of the LCSR prediction on $B\to \pi \bar{l} \nu_l$ with the CLEO measurement yields a value of |V_{ub}| in agreement with other determinations.Comment: 24 pages, 12 figures, Latex, epsfig, some additional remarks on the two-pole parameterization, prediction on the $B\to K$ form factor added, version to appear in Phys. Rev.

Ageing, Muscle Power and Physical Function: A Systematic Review and Implications for Pragmatic Training Interventions.

BACKGROUND: The physiological impairments most strongly associated with functional performance in older people are logically the most efficient therapeutic targets for exercise training interventions aimed at improving function and maintaining independence in later life. OBJECTIVES: The objectives of this review were to (1) systematically review the relationship between muscle power and functional performance in older people; (2) systematically review the effect of power training (PT) interventions on functional performance in older people; and (3) identify components of successful PT interventions relevant to pragmatic trials by scoping the literature. METHODS: Our approach involved three stages. First, we systematically reviewed evidence on the relationship between muscle power, muscle strength and functional performance and, second, we systematically reviewed PT intervention studies that included both muscle power and at least one index of functional performance as outcome measures. Finally, taking a strong pragmatic perspective, we conducted a scoping review of the PT evidence to identify the successful components of training interventions needed to provide a minimally effective training dose to improve physical function. RESULTS: Evidence from 44 studies revealed a positive association between muscle power and indices of physical function, and that muscle power is a marginally superior predictor of functional performance than muscle strength. Nine studies revealed maximal angular velocity of movement, an important component of muscle power, to be positively associated with functional performance and a better predictor of functional performance than muscle strength. We identified 31 PT studies, characterised by small sample sizes and incomplete reporting of interventions, resulting in less than one-in-five studies judged as having a low risk of bias. Thirteen studies compared traditional resistance training with PT, with ten studies reporting the superiority of PT for either muscle power or functional performance. Further studies demonstrated the efficacy of various methods of resistance and functional task PT on muscle power and functional performance, including low-load PT and low-volume interventions. CONCLUSIONS: Maximal intended movement velocity, low training load, simple training methods, low-volume training and low-frequency training were revealed as components offering potential for the development of a pragmatic intervention. Additionally, the research area is dominated by short-term interventions producing short-term gains with little consideration of the long-term maintenance of functional performance. We believe the area would benefit from larger and higher-quality studies and consideration of optimal long-term strategies to develop and maintain muscle power and physical function over years rather than weeks