An international university, the Secretary-General said, would be devoted to the Charter objectives of peace and progress. It would be staffed with professors from many nations and all parts of the world. The university would thus serve to break down the barriers that created misunderstanding and mistrust between nations and cultures.
The reason is that central banks react to variables, such as inflation and the output gap, which are endogenous to monetary policy shocks. Endogeneity implies a correlation between regressors and the error term, and hence, an asymptotic bias.
In principle, Instrumental Variables IV estimation can solve this endogeneity problem.
In practice, IV estimation poses challenges as the validity of potential instruments also depends on other economic relationships. We argue in favor of OLS estimation of monetary policy rules. To that end, we show analytically in the three-equation New Keynesian model that the asymptotic OLS bias is proportional to the fraction of the variance of regressors accounted for by monetary policy shocks.
Using Monte Carlo simulation, we then show that this relationship also holds in a quantitative model of the U. As monetary policy shocks explain only a small fraction of the variance of regressors typically included in monetary policy rules, the endogeneity bias is small.
Using simulations, we show that, for realistic sample sizes, the OLS estimator of monetary policy parameters outperforms IV estimators.The ability of the Treasury yield curve to predict future recessions has recently received a great deal of public attention. An inversion of the yield curve—when short-term interest rates are higher than long-term rates—has been a reliable predictor of recessions.
Acid throwing, also called an acid attack, a vitriol attack or vitriolage, is a form of violent assault defined as the act of throwing acid or a similarly corrosive substance onto the body of another "with the intention to disfigure, maim, torture, or kill".
Perpetrators of these attacks throw corrosive liquids at their victims, usually at their faces, burning them, and damaging skin tissue. Find essays and research papers on Economics at timberdesignmag.com We've helped millions of students since Join the world's largest study community.
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James Poterba, president James Poterba is President of the National Bureau of Economic Research. He is also the Mitsui Professor of Economics at M.I.T.
To get more insight on the reforms needed to India’s healthcare, NBR spoke with Victoria Fan, a research fellow at the Center for Global Development who wrote her Harvard School of Public Health dissertation on health systems in India.
Dr. Fan provides an assessment on the state of India’s health system, the potential for Universal Health .