The paper evaluates the distributional effects of conventional and unconventional monetary policies for the USA. The distributional effects are evaluated for the overall impact on the income distribution, using Gini index. The paper also assesses the effects of conventional and unconventional monetary policies on the different parts of income distribution, employing corresponding percentile rat...

The accumulation of large amount of sovereign reserves has fuelled an intense debate on the associated costs. In a world with liquidity crises and strategic default, we model a contracting game between international lenders and a country, which delivers the country’s optimal portfolio choice and the cost of sovereign debt: at equilibrium, the sovereign chooses the amount of debt and decides on ...

a r t i c l e i n f o JEL classification: C1 C11 E5 F3 Keywords: Foreign exchange reserves Liquidity management Gamma process In order to cope with daily foreign currency exchange payments or trades and avoid liquidity crisis, central banks need to maintain the liquidity of foreign exchange reserves. In this paper, we develop a Foreign Exchange Reserves Liquidity Management (FERLM) model based ...

Marine reserves are quickly gaining popularity as a management option for marine conservation, fisheries, and other human uses of the oceans. Despite the popularity of marine reserves as a management tool, few reserves appear to have been created or designed with an understanding of how reserves affect biological factors or how reserves can be designed to meet biological goals more effectively ...

Power generation reserves play a central role for maintaining the balance of generation and consumption. Reserves, scheduled in advance, compensate for forecast error, variability and transmission losses. However, as reserves are a costly commodity, their amount should be carefully assessed to prevent unnecessary expense. Currently, the quantity of required reserves are determined based upon a ...

Some studies suggest that fishery yields can be higher with reserves than under conventional management. However, the economic performance of fisheries depends on economic profit, not fish yield. The predictions of higher yields with reserves rely on intensive fishing pressures between reserves; the exorbitant costs of harvesting low-density populations erode profits. We incorporated this effec...

We map and analyse the Human Footprint Index at 1 km scale for 1834 terrestrial Nature Reserves of mainland China. There are fewer, larger, more pristine reserves in the colder, drier, less densely-populated pastoral areas of the north and west; and more numerous, smaller, more heavily modified reserves in the warmer, wetter, more densely populated arable agricultural areas of the south and eas...

1. Invasive species threaten marine biodiversity on a global scale. 2. To test whether marine reserves provide resistance to invading species, the abundance of two conspicuous invaders, a seaweed and an oyster, were measured inside marine reserves and in comparable areas outside reserves in north-western Washington State. 3. Densities of both invaders were significantly higher in marine reserve...

Independently owned nature reserves are proliferating across the developing world. Nevertheless, the conservation community knows practically nothing about them. This paper examines the economic, ecological, and social impacts of ecotourism, as evidenced at thirty-two of these reserves. Ecotourism is shown to be the primary means through which reserves survive financially. This reliance provide...

Synopsis: The paper ‘bridges the divide’ between the biological and economic literature on marine reserves. It provides a selected review of the traditional use of reserves, the early reserve literature, the potential benefits of reserves, spillovers from reserves to harvested areas and bioeconomic models of marine reserves. The bioeconomics literature is examined from the perspectives of deter...