A comprehensive revision of the U.S. monetary services (divisia) indexes

The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve’s H.6 statistical release. Several aspects of the new MSI differ from those previously published. One such change is that the checkable and savings deposit components of the MSI are now adjusted for the effects of retail sweep programs, beginning in 1994. Another change is that alternative MSI are provided using two alternative benchmark rates. In addition, the authors have simplified the procedure used to construct the own rate of return for small-denomination time deposits and have discontinued the previous practice of applying an implicit return to some or all demand deposits. The revised indexes begin in 1967 rather than 1960 because of data limitations.Money supply

Liquidity crises in the small and large

Federal Reserve programs during the recent financial crisis sought to provide liquidity to individual firms or industries. An interesting additional question is whether the aggregate amount of liquidity in the economy was appropriate before and during the recent financial crisis.Liquidity (Economics) ; Financial crises

Monetary aggregation theory and statistical index numbers

This paper is the first of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The second paper, Working Paper 96-008B, summarizes the methodology, construction and data sources for the an extensive new database of monetary services indices, often referred to as Divisia monetary aggregates, for the United States. This paper surveys the microeconomic theory of the aggregation of monetary assets, bringing together results that are not otherwise readily available in a single source. In addition to indices of the flow of monetary services, the Project's database contains dual user cost indices, measures of potential aggregation error in the monetary services indices, and measures of the stock of monetary wealth. An overview of the Project and the concept of monetary aggregation is included here as a preface. ; Earlier title: An introduction to monetary aggregation theory and statistical theory and statistical index numbersMonetary theory

Building new monetary services indices: methodology and source data

This paper is second of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The first paper, Working Paper 96-007B, surveys the microeconomic theory of the aggregation of monetary assets. This paper describe a new database of monetary services indices (MSI) for the United States. The MSI measure the flow of monetary services received each period by households from their holdings of monetary assets; the levels of the indices are often also referred to as Divisia monetary aggregates. In addition to indices of the flow of monetary services, the database contains dual user cost indices, measures of potential aggregation error in the monetary services indices, and measures of the stock of monetary wealth. An overview of the Project and the concept of monetary aggregation is included here as a preface.Monetary theory

Putting Privilege into Practice Through Intersectional Reflexivity: Ruminations, Interventions, and Possibilities

Engaging in intersectional reflexivity requires one to acknowledge one :S intersecting identities, both marginalized and privileged, and then employ self-reflexivity, which moves one beyond self-reflection to the often uncomfortable level of self-implication. This complex process may move critically minded people, both scholars and citizens, beyond individualized politics and expand our accountability from self, to others and self, creating possibilities for coalitional activism targeted toward broad-based social change. Further, privileged scholars should advocate for coalition building in cautious and reflexive ways that complement rather than appropriate the intellectual labor of scholars of color, who have long called for more intersectionality and critical self-reflexivity within the academy

Putting Privilege into Practice Through Intersectional Reflexivity: Ruminations, Interventions, and Possibilities

Engaging in intersectional reflexivity requires one to acknowledge one :S intersecting identities, both marginalized and privileged, and then employ self-reflexivity, which moves one beyond self-reflection to the often uncomfortable level of self-implication. This complex process may move critically minded people, both scholars and citizens, beyond individualized politics and expand our accountability from self, to others and self, creating possibilities for coalitional activism targeted toward broad-based social change. Further, privileged scholars should advocate for coalition building in cautious and reflexive ways that complement rather than appropriate the intellectual labor of scholars of color, who have long called for more intersectionality and critical self-reflexivity within the academy

What is the evidence of the impact of microfinance on the well-being of poor people?

The concept of microcredit was first introduced in Bangladesh by Nobel Peace Prize winner Muhammad Yunus. Professor Yunus started Grameen Bank (GB) more than 30 years ago with the aim of reducing poverty by providing small loans to the country’s rural poor (Yunus 1999). Microcredit has evolved over the years and does not only provide credit to the poor, but also now spans a myriad of other services including savings, insurance, remittances and non-financial services such as financial literacy training and skills development programmes; microcredit is now referred to as microfinance (Armendáriz de Aghion and Morduch 2005, 2010). A key feature of microfinance has been the targeting of women on the grounds that, compared to men, they perform better as clients of microfinance institutions and that their participation has more desirable development outcomes (Pitt and Khandker 1998). Despite the apparent success and popularity of microfinance, no clear evidence yet exists that microfinance programmes have positive impacts (Armendáriz de Aghion and Morduch 2005, 2010; and many others). There have been four major reviews examining impacts of microfinance (Sebstad and Chen, 1996; Gaile and Foster 1996, Goldberg 2005, Odell 2010, see also Orso 2011). These reviews concluded that, while anecdotes and other inspiring stories (such as Todd 1996) purported to show that microfinance can make a real difference in the lives of those served, rigorous quantitative evidence on the nature, magnitude and balance of microfinance impact is still scarce and inconclusive (Armendáriz de Aghion and Morduch 2005, 2010). Overall, it is widely acknowledged that no well-known study robustly shows any strong impacts of microfinance (Armendáriz de Aghion and Morduch 2005, p199-230). Because of the growth of the microfinance industry and the attention the sector has received from policy makers, donors and private investors in recent years, existing microfinance impact evaluations need to be re-investigated; the robustness of claims that microfinance successfully alleviates poverty and empowers women must be scrutinised more carefully. Hence, this review revisits the evidence of microfinance evaluations focusing on the technical challenges of conducting rigorous microfinance impact evaluations

Valley formation aridifies East Africa and elevates Congo Basin rainfall

East African aridification during the past 8 million years is frequently invoked as a driver of large-scale shifts in vegetation and the evolution of new animal lineages, including hominins. However, evidence for increasing aridity is debated5 and, crucially, the mechanisms leading to dry conditions are unclear6. Here, numerical model experiments show that valleys punctuating the 6,000-km-long East African Rift System (EARS) are central to the development of dry conditions in East Africa. These valleys, including the Turkana Basin in Kenya, cause East Africa to dry by channelling water vapour towards Central Africa, a process that simultaneously enhances rainfall in the Congo Basin rainforest. Without the valleys, the uplift of the rift system leads to a wetter climate in East Africa and a drier climate in the Congo Basin. Results from climate model experiments demonstrate that the detailed tectonic development of Africa has shaped the rainfall distribution, with profound implications for the evolution of African plant and animal lineages