Opening remarks : the Greenspan era : lessons for the future

Greenspan, Alan ; Monetary policy

Central bank perspectives on stabilization policy

For some time, the use of monetary and fiscal policies to smooth business cycle fluctuations has taken a back seat to longer term objectives of restoring price stability and fiscal balance. More recently, however, weaker economic performance in some of the world’s economies, most notably in Japan and the United States, has led to renewed interest in the use of short-run stabilization policy. ; This year the bank’s economic policy symposium, “Rethinking Stabilization Policy,” explored the potential scope for stabilization policy in this new environment. The papers presented at the symposium and the ensuing discussion focused on a number of key issues including: reasons for the renewed interest in stabilization policy, the effectiveness and limitations of stabilization policy, and whether the use of short-run stabilization policy conflicts with the pursuit of longer term macroeconomic objectives. ; The articles included in this special issue of the Economic Review provide perspectives on stabilization policy from five prominent central bank officials: Alan Greenspan, Otmar Issing, Guillermo Ortiz, Yukata Yamaguchi, and David Dodge. As these articles suggest, policymakers in different countries clearly share a common set of core values that guide policy. At the same time, monetary policy decisions must also be tailored to the unique circumstances of individual countries. Viewed individually, each of these presentations is highly interesting and informative. Taken together, they provide a broad perspective on the challenges facing policymakers in a changing economic environment.Monetary policy ; Fiscal policy

Analysis of proposed air drying process

An air drying process has been analyzed which is intended to reduce the water vapor content of a stratospheric sample to below one part per million by weight, based upon the removal of the water as it passes through a phosphorous pentoxide absorber. The analysis indicates that the method is feasible. Dependence on ram pressure to maintain flow through the absorber appears questionable and consideration should be given to other means

Toward domain-specific design environments: Some representation ideas from the telecommunications domain

ACME is an experimental environment for investigating new approaches to modeling and analysis of system requirements and designs. ACME is built on and extends object-oriented conceptual modeling techniques and knowledge representation and reasoning (KRR) tools. The most immediate intended use for ACME is to help represent, understand, and communicate system designs during the early stages of system planning and requirements engineering. While our research is ostensibly aimed at software systems in general, we are particularly motivated to make an impact in the telecommunications domain, especially in the area referred to as Intelligent Networks (IN's). IN systems contain the software to provide services to users of a telecommunications network (e.g., call processing services, information services, etc.) as well as the software that provides the internal infrastructure for providing the services (e.g., resource management, billing, etc.). The software includes not only systems developed by the network proprietors but also by a growing group of independent service software providers

Adolescent Mental Health Literacy: Young People\u27s Knowledge of Depression and Social Anxiety Disorder

Scott Greenspan outlines a brief overview of the introduction, methods, results, and implications of this study focusing on the level of knowledge young people have on mental health. The author makes the argument that school-based programs to increase mental health literacy will be of great benefit to students and the school community in general. The original study can be found in the Journal of Adolescent Health

Closing remarks : the Greenspan era : lessons for the future

Greenspan, Alan ; Monetary policy

The role of capital in optimal banking supervision and regulation

This paper was the keynote address at the conference "Financial services at the crossroads: capital regulation in the twenty-first century." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.Bank capital ; Bank supervision