For many motorcyclists, the next best thing to riding or working on their bikes is reading Peter Egan's Cycle World columns. His conversational style and adroit language make his writing appeal to all types of riders.
An unforgettable collection of feature articles and columns from Cycle World magazine by master writer Peter Egan, whose simple adventures of life remind us all why we love to ride.
In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key macroprudential instruments and capital flow measures in 13 Asian economies and 33 economies in other regions since 2000, and constructs various macroprudential policy indices, aggregating sub-indices on key instruments. Asian economies appear to have made greater use of macroprudential tools, especially housing-related measures, than their counterparts in other regions. The effects of macroprudential policy are then assessed through an event study, cross-country macro panel regressions and bank-level micro panel regressions. The analysis suggests that macroprudential policy and capital flow measures have helped curb housing price growth, equity flows, credit growth, and bank leverage. The instruments that have been particularly effective in this regard include loan-to-value ratio caps, housing tax measures, and foreign currency-related measures.
In returning to the classroom, schools are at a crossroads and uniquely positioned to recreate and reinvent themselves. The current issues of equity, social-emotional sensitivity, curriculum reform, civic involvement, public health policy and environmental infrastructure are opportunities to build more responsive schools with students better prepared for the future.
Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows that the optimized simple interest-rate rule features no response to the growth of bank credit. However, the welfare loss associated to the empirical responsiveness is small. The sources of business cycle fluctuations are crucial in determining whether a “leaning-against-the-wind” policy is optimal or not. In fact, the predominant role of supply shocks in the model gives rise to a trade-off between inflation and financial stabilization.
“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.
This book will expand the body of literature on capacity-building in science and improve public understanding of the issues regarding geographical concentration of federal research funding. The federal government has been the primary sponsor of academic research in the U.S., and the peer-review system has been the primary mechanism for distributing federal government funding for research among universities. The peer-review system ensures the production of the best science by funding the most capable researchers in the country. As a result, federal research funding has been concentrated in high-capacity states where many of the most capable researchers reside. Despite official action - such as the implementation of the Experimental Program to Stimulate Competitive Research (EPSCoR), which targets low capacity jurisdictions for federal funding - the amount of resources going to each state for research is highly uneven. This book provides recommendations on how to improve policy design and program implementation for better research capacity-building outcomes. The book lends itself to a wide audience, as it does not focus entirely on high-level statistical analysis, but will have specific appeal to researchers in science policy, federal budgeting and higher education policy.