We investigate whether forward guidance and large scale asset purchases are effective in steering economic expectations the US. Using series of monetary policy shocks recovered Swanson (2020), local projections, an algorithm to select best empirical model, we show that unconventional policies tilting a direction consistent with central bankers' will. Our findings provide two more insights: resp...

Abstract We study the long-run persistence of relative economic well-being under adverse government policies using a combination historical and contemporaneous data from Kyrgyzstan. After controlling for unobservable local effects, Kyrgyz households in 2010s correlates with early twentieth-century average wealth their tribes. Inequality at tribe level inequality twentieth century. The likely ch...

By utilizing systems methodology and thinking logic, this paper derives a general theorem to characterize when how market signals for additional competition from players. Then, it establishes conditions government policies actually work in real life, where firms' performances are effectively promoted no matter what offer the firms produce. Among others, established include improving managerial ...

2 Summary Economists generally argue that the level and structure of a country's own trade barriers, as well as the "quality" of its governance policies, such as regulations on foreign investment or bureaucratic "red tape" on commercial activity, will have a major influence on its economic growth and performance. However, a problem previously encountered in attempts to test these relations empi...

In the aftermath of the recent financial crisis, the U.S. government ran a deficit of 9.9 percent of gross domestic product (GDP) in 2009—an unprecedented level during peacetime. Figure 1 shows the United States’ deficit experience since World War II. Because U.S. history does not provide us with a guide for how fiscal balance will be restored, we look at the experiences of other countries that...

BACKGROUND Type 2 diabetes is associated with acute and chronic complications and poses a large economic, social, and medical burden on patients and their families as well as society. OBJECTIVE This study aims to evaluate the direct economic burden of type 2 diabetes in China. DATA SOURCE systematic review on cost of illness, health care costs, direct service costs, drug costs, and health e...

Nationwide efforts to protect the public against the health effects of secondhand smoke have prompted college and university administrators to adopt more restrictive smoking policies. Some campus officials are concerned that new policies will lead to student backlash, increased staff workloads, and an increased economic burden. To understand the impact of smoke-free residence hall policies, we ...