The Taylor rule and the transformation of monetary policy

This paper examines the intellectual history of the Taylor Rule and its considerable influence on macroeconomic research and monetary policy. The paper traces the historical antecedents to the Taylor rule, emphasizing the contributions of three prominent advocates of rules--Henry Simons, A.W. H. Phillips, and Milton Friedman. The paper then examines the evolution of John Taylor's thinking as an academic and policy advisor leading up to his formulation of the Taylor rule. Finally, the paper documents the influence of the Taylor rule on macroeconomic research and the Federal Reserve's conduct of monetary policy.Taylor's rule ; Taylor, John B. ; Simons, Henry ; Phillips, A.W.H. ; Friedman, Milton ; Monetary policy

The Taylor rule and the practice of central banking

The Taylor rule has revolutionized the way many policymakers at central banks think about monetary policy. It has framed policy actions as a systematic response to incoming information about economic conditions, as opposed to a period-by-period optimization problem. It has emphasized the importance of adjusting policy rates more than one-for-one in response to an increase in inflation. And, various versions of the Taylor rule have been incorporated into macroeconomic models that are used at central banks to understand and forecast the economy. ; This paper examines how the Taylor rule is used as an input in monetary policy deliberations and decision-making at central banks. The paper characterizes the policy environment at the time of the development of the Taylor rule and describes how and why the Taylor rule became integrated into policy discussions and, in some cases, the policy framework itself. Speeches by policymakers and transcripts and minutes of policy meetings are examined to explore the practical uses of the Taylor rule by central bankers. While many issues remain unresolved and views still differ about how the Taylor rule can best be applied in practice, the paper shows that the rule has advanced the practice of central banking.

Installment Three of "Creating a Sustainable Food Future": Achieving Replacement Level Fertility

How can the world adequately feed more than 9 billion people by 2050 in a manner that advances economic development and reduces pressure on the environment? This is one of the paramount questions the world faces over the next four decades. Answering it requires a "great balancing act" of three needs -- each of which must be simultaneously met. First, the world needs to close the gap between the food available today and that needed by 2050. Second, the world needs agriculture to contribute to inclusive economic and social development. Third, the world needs to reduce agriculture's impact on the environment. The forthcoming 2013-14 World Resources Report, Creating a Sustainable Food Future, seeks to answer this question by proposing a menu of solutions that can achieve the great balancing act. "Achieving Replacement Level Fertility" profiles one of these solutions or "menu items," and is an installment in a series of working papers leading up to the World Resources Report. Since the 1980s, the World Resources Report has provided decisionmakers from government, business, and civil society with analyses and insights on major issues at the nexus of development and the environment. For more information about the World Resources Report and to access previous installments and editions, visit www.worldresourcesreport.or

Psychological and environmental factors for older adults to exercise : a systematic review

Research investigation concerning potential motivators and psychological influences on health and physical exercise participation have increased worldwide in the last two decades. In contrast, few investigations have analysed this phenomenon in older people living in different contexts. Older adults suffer a notable diminution of physical functions that may be followed by psychological disorders and are detrimental to their affective and social relationships. Therefore, it is of great importance to find strategies that increase the participation of older adults' in regular exercise. A systematic review of 945 studies was conducted. All of the 27 studies reviewed, that met the inclusion criteria, have undertaken mixed-method, qualitative and qualitative approaches. The data were extracted based on the following variables: the methodology and the instrument/questionnaire used, the type of article, number of participants, duration and intensity of the interventions, profile of the older adults, most relevant findings and the country where the study was developed. The instruments used in the studies, were mainly semi-structured interviews, discussion groups and questionnaires, focusing mainly on the United States and Canada. The knowledge of psychological and environmental factors is a key aspect relevant to both the social and physical aspects and has a strong influence on older people's commitment to exercise, influencing their wellbeing. The aim of this study was to explore barriers and facilitators of adherence to a physical exercise programme for older adults.Las investigaciones sobre los posibles factores motivadores e influencias psicológicas sobre la salud y la participación en el ejercicio físico han aumentado en todo el mundo en las últimas dos décadas. En contraste, pocas investigaciones han analizado este fenómeno en adultos mayores que viven en varios contextos. Los adultos mayores sufren una disminución notable de las funciones físicas que pueden ser seguidas por trastornos psicológicos y un detrimento de las relaciones afectivas y sociales. Por lo tanto, es de suma importancia encontrar estrategias para aumentar la participación regular de los adultos mayores en prácticas de ejercicio físico dirigido. Se realizó una revisión sistemática de 945 estudios. Todos los 27 estudios revisados, que cumplieron con los criterios de inclusión, han adoptado métodos mixtos, cuantitativos y cualitativos. Los datos se extrajeron de acuerdo con las siguientes variables: metodología científica, el instrumento / cuestionario utilizado, tipo de artículo, número de participantes, duración e intensidad de las intervenciones, perfil del colectivo de adultos mayores, los hallazgos más relevantes y el país donde se realizó el estudio. Los instrumentos utilizados en los estudios fueron principalmente entrevistas semiestructuradas, grupos de discusión y cuestionarios, centrados principalmente en Estados Unidos y Canadá. El conocimiento sobre los factores psicológicos y ambientales es un aspecto clave que se encuentra adyacente tanto a los aspectos físicos como a los sociales y tiene una influencia relevante en el ejercicio y el bienestar de los adultos mayores. El objetivo de este estudio fue explorar las barreras y los facilitadores a la hora de realizar un programa de ejercicio físico para adultos mayores.Pesquisas sobre possíveis fatores motivadores e influências psicológicas na saúde e participação em exercícios físicos au-mentaram em todo o mundo nas últimas duas décadas. Por outro lado, poucas investigações analisaram esse fenômeno em idosos que vivem em vários contextos. Os idosos sofrem uma diminuição notável nas funções físicas que podem ser segui-das por distúrbios psicológicos e um prejuízo para as relações afetivas e sociais. Portanto, é de extrema importância encon-trar estratégias para aumentar a participação regular de idosos em práticas direcionadas de exercícios físicos. Uma revisão sistemática de 945 estudos foi realizada. Todos os 21 estudos revisados, que atenderam aos critérios de inclusão, adotaram métodos mistos, quantitativos e qualitativos. Os dados foram extraídos de acordo com as seguintes variáveis: metodologia científica, instrumento / questionário utilizado, tipo de artigo, número de participantes, duração e intensidade das interven-ções, perfil do grupo de idosos, achados mais relevantes e país onde o estudo foi realizado. Os instrumentos utilizados nos estudos foram principalmente entrevistos semiestruturadas, grupos de discussão e questionários, focados principalmente nos Estados Unidos e no Canadá. O conhecimento de fatores psicológicos e ambientais é um aspecto fundamental, adja-cente aos aspectos físicos e sociais, e tem uma influência relevante no exercício e no bem-estar dos idosos. O objetivo deste estudo foi explorar as barreiras e facilitadores na realização de um programa de exercícios físicos para idosos

Challenges and opportunities of Ageing Population

The advanced demographic transition is increasingly categorizing the need to address issues that are establishing patterns of how social events will be built in the next 50, 100 years and beyond. The fact that we are about to achieve, if it has not already been achieved, a radical population recomposition is becoming more and more important: one third of the population will be transformed into elderly people. One out of every three inhabitants will be 60 years old or older. &nbsp

Elderly Users’ Perspective on the Use of Technology in Daily Life: A Comparative Study of a sample in the UK and Brazil

This paper investigated the perceptions of sample composed by British and Brazilian adults and older people on the use of electronic devices in their daily lives. This is an exploratory, cross-sectional, descriptive study involving 100 adults and elderly subjects, 50 Brazilian and 50 British adults. The data collection included a social-economic questionnaire; an IDLA index – the Lawton & Brody scale (1969), and a self-reported and a structured questionnaire. The results show that exposure time to technology had a positive impact during the most advanced phases of usage, which was supported by reports of fewer difficulties in the use of such devices, a feeling of greater confidence, and a sense of belonging to the modern world. The frequency in the use electronic devices in daily life, the ability to use them, use perception in public as a stressful experience were shown to be the main differences between the British and Brazilian groups. Both are not comfortable in modern society, complain of unsuitable appliances and refer to their lack of contact with these devices in the past

Attitudes towards old age and age of retirement across the world: findings from the future of retirement survey

The 21st century has been described as the first era in human history when the world will no longer be young and there will be drastic changes in many aspects of our lives including socio-demographics, financial and attitudes towards the old age and retirement. This talk will introduce briefly about the Global Ageing Survey (GLAS) 2004 and 2005 which is also popularly known as “The Future of Retirement”. These surveys provide us a unique data source collected in 21 countries and territories that allow researchers for better understanding the individual as well as societal changes as we age with regard to savings, retirement and healthcare. In 2004, approximately 10,000 people aged 18+ were surveyed in nine counties and one territory (Brazil, Canada, China, France, Hong Kong, India, Japan, Mexico, UK and USA). In 2005, the number was increased to twenty-one by adding Egypt, Germany, Indonesia, Malaysia, Poland, Russia, Saudi Arabia, Singapore, Sweden, Turkey and South Korea). Moreover, an additional 6320 private sector employers was surveyed in 2005, some 300 in each country with a view to elucidating the attitudes of employers to issues relating to older workers. The paper aims to examine the attitudes towards the old age and retirement across the world and will indicate some policy implications

Effects of Aflatoxin B1 and Fumonisin B1 on Blood Biochemical Parameters in Broilers

The individual and combined effects of dietary aflatoxin B1 (AFB1) and fumonisin B1 (FB1) on liver pathology, serum levels of aspartate amino-transferase (AST) and plasma total protein (TP) of broilers were evaluated from 8 to 41 days of age. Dietary treatments included a 3 × 3 factorial arrangement with three levels of AFB1 (0, 50 and 200 μg AFB1/kg), and three levels of FB1 (0, 50 and 200 mg FB1/kg). At 33 days post feeding, with the exception of birds fed 50 mg FB1 only, concentrations of AST were higher (p < 0.05) in all other treatment groups when compared with controls. Plasma TP was lower (p < 0.05) at six days post feeding in groups fed 200 μg AFB1/kg alone or in combination with FB1. At day 33 days post feeding, with the exception of birds fed the highest combination of AFB1 and FB1 which had higher plasma TP than control birds, plasma TP of birds fed other dietary treatments were similar to controls. Broilers receiving the highest levels of AFB1 and FB1 had bile duct proliferation and trabecular disorder in liver samples. AFB1 singly or in combination with FB at the levels studied, caused liver damage and an increase in serum levels of AST

The impact of mortality development on the number of centenarians in England and wales

The world is ageing both at an individual and a population level, and population ageing is truly a global phenomenon. Life expectancies at birth have increased at the global level from 47 years in the mid-20th century to around 70 years today, and are expected to rise to 76 years by the mid-21st century. The proportion of the world’s population aged 60 years and over has increased from 8% in the mid-20th century to 12%, and by 2050 it is expected to reach 21%. The emergence of large numbers of centenarians has accompanied this development. This paper outlines this emergence historically and the likely growth in the number of centenarians in the 21st century, in particular in England and Wales, analysing mortality trends since 1840 and the rise in the number of centenarians in the 20th and 21st centuries. The number of centenarians in England and Wales increased from around 160 in 1922 to almost 12,500 by 2012, but if mortality at all ages had remained constant from 1912 to 2012, then by 2012 the number of centenarians would only have been around 720. By 2100, the number of centenarians is expected to reach around 1.4 million, but if future mortality at all ages were to remain constant, then by 2100 the number of centenarians would be around 78,000. However, if predicted mortality for those aged 55 years and over was to decrease by an additional 5% every 5 years until 2100, then the number of centenarians in England and Wales would reach around 1.8 million by the end of the century