Study of Potential Integrated Management of Water Resources in Las Vegas Valley

Water resource management under short term system perturbations such as storms and longer-term systemic changes caused by climate change such as droughts is a challenge when multiple agencies are involved. To address this challenge this research focuses on water management under changing climate conditions and population growth through understanding the agency water jurisdictions, management strategies, and modes of operation in Las Vegas Valley. A framework for integrated management through sharing data and models is presented that combines drinking water supply, flood control, and waste water treatment. This framework can be adopted to improve coordination among different water management agencies

Inflation Targeting, Price-Path Targeting and Output Variability

The dramatic improvement in macroeconomic outcomes during the 1990s - stable, low inflation and high, stable growth - can be at least partly ascribed to improved monetary policy. Central banks became more independent and many of them adopted inflation targeting. This paper examines the potential for further improvements by refining the concept of inflation targeting. We construct a general model that encompasses a broad array of possible target regimes, and apply it to the data. Our results suggest that the vast majority of countries could benefit from moving to pricepath targeting, where the central bank makes up for periods of above (below) target inflation with later periods of below (above) target inflation.