54,791 research outputs found

    Two-Country Models of Monetary and Fiscal Policy: What Have We Learned? What More Can We Learn?

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    This paper surveys the literature that uses two-country models to analyze monetary and fiscal policy issues faced in interdependent economies. We discuss sources of structural interdependence that researchers typically include in these models. We describe many of the types of policy interactions that researchers have considered and summarize the key results that they have obtained. Finally, we briefly explain the limitations of two-country models and outline directions that this literature might usefully be extended

    Optimal Sterilization Policies in Interdependent Economies

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    In this paper, a two-country leader-follower model with imperfect asset substitution is used to derive the optimal sterilization coefficients for two-country flexible and fixed exchange rate regimes. It is found that, in general, incomplete sterilization is optimal. However, both the origin and the type of macroeconomic shocks the economies experience are important in determining the appropriate degree of sterilization. We also find that sterilization policies have spill-over effects (strategic complements) in both cases. Thus, in a competitive policy-making environment, greater sterilization by one country leads to greater sterilization by the other country. Further, the impact of increasing capital market integration is examined in particular. We show that greater integration compounds this problem, leading to full sterilization as the optimal outcome under perfect capital mobility

    Corporate manslaughter: new horizon or false dawn? Update: The Prosecution of Lion Steel

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    In Corporate Manslaughter: New Horizon of False Dawn? The author concluded with a somewhat melodramatic cliff-hanger as we awaited the trial of Lion Steel Equipment Ltd (‘LS’). In July 2012, Judge Gilbart QC, Honorary Recorder of Manchester, published his remarks on sentencing in the trial and, so, this paper becomes an essential sequel to the former, in which we analyse what progress, if any, can be said to have been achieved in the development of the current law in corporate accountability

    UNH Welcomes All To Homecoming Oct 15 17

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    UNH Reunion Welcomes Back Alumni

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    The Tenured Guy and the Chalk-Throwing Incident

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